# M P Krishnan vs. M/s. Frontier Shelters Pvt. Ltd

> NCLT judgment dated 2026-07-30. Citation: TCN-2026-NCLT-00820. M P Krishnan, representing himself and other homebuyers, filed a petition under Section 7 of…

- **Court:** NCLT
- **Order date:** 30 Jul 2026
- **Citation:** TCN-2026-NCLT-00820
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/m-p-krishnan-vs-ms-frontier-shelters-pvt-ltd-8rz3w

## Summary

### Background

M P Krishnan, representing himself and other homebuyers, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Frontier Shelters Private Limited (Corporate Debtor). The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to the Corporate Debtor's failure to complete the 'Frontier Heights' project and deliver possession of allotted flats by the stipulated date of 23.12.2021. An outstanding debt of INR 14,85,13,500/- was claimed. The Corporate Debtor acknowledged the debt and default, consenting to the initiation of CIRP, citing severe financial distress and inability to meet its obligations.

## Facts

M P Krishnan (Petitioner/Financial Creditor) filed a petition under Section 7 of IBC, 2016 on 25.06.2025.

The petition was filed against Frontier Shelters Private Limited (Respondent/Corporate Debtor).

The outstanding debt claimed is INR 14,85,13,500/-.

The date of default is 23.12.2021.

The Applicants (plot owners, represented by M P Krishnan) originally purchased plots in Sy. Nos. 49/1 and 49/2, Haralur Village, Varthur Hobli, Bengaluru East Taluk, between 1997-1999.

The Corporate Debtor proposed to develop the property into a residential apartment project.

An Agreement of Understanding dated 27.03.2015 was executed between the plot owners and the Corporate Debtor, where development rights were surrendered in exchange for residential flats.

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## Issues and analysis

### Issue 1: Whether a financial debt exists …

**Ratio:** At the stage of admission, the Adjudicating Authority is only required to ascertain the

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**Reasoning:** The Corporate Debtor's reply explicitly accepted and acknowledged the debt and default,

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**Interpretation:** The material on record clearly establishes the existence of a financial debt

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**Application:** The NCLT was satisfied that a financial debt of the Homebuyers exists against

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## Parties

- **Judges:** Shri. Sunil Kumar…; Shri. Radhakrishna…
- **Appellants:** M P Kri…; 6 allot…
- **Respondents:** Frontier Shelters…; M/s. Frontier…
- **Other parties:** Committee of…; C. An…; +6 more
- **Advocates:** Saji P…

## Timeline

- **1997-1999 — Original Plot…**: The Applicants (plot owners) originally purchased plots in Haralur Village, Varthur…
- **2015-03-27 — Agreement of Understandi…**: An Agreement of Understanding was executed between the plot owners and the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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