# In the matter of A. Gangwal Real Estate LLP CP No. IB-291-7-JPR-2019

> NCLT judgment dated 2021-10-13. Citation: TCN-2021-NCLT-00740. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Sh.…

- **Court:** NCLT
- **Order date:** 13 Oct 2021
- **Citation:** TCN-2021-NCLT-00740
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/a-gangwal-real-estate-llp-cp-no-ib-291-7-jpr-2019-2d872619

## Summary

### Background

The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Sh. Shankar Khandelwal, through his attorney holder Mr. Tikam Khandelwal, seeking to initiate Corporate Insolvency Process against A. Gangwal Real Estate LLP. The financial creditor claimed that the corporate debtor defaulted on a total debt of ₹18,84,74,920/-, with the total amount claimed in default being ₹38,73,94,501/- (including principal and interest). The date of default was stated as 17.04.2017.

## Facts

Sh. Shankar Khandelwal, through his attorney holder Mr. Tikam Khandelwal, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Process against A. Gangwal Real Estate LLP. The financial creditor claimed a total debt of ₹18,84,74,920/- with a default amount of ₹38,73,94,501/-, including principal and interest, as of 17.04.2017. The corporate debtor issued six post-dated cheques totaling ₹6,07,00,000/- against an unsecured loan, which were dishonored in April 2017. The corporate debtor argued that no proof of the advanced sum was provided and the balance due was only ₹5,16,55,842/- as per the 2015-16 balance sheet, claiming repayment to M/s Guman Builders and Developers Private Limited. The financial creditor

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## Issues and analysis

### Issue 1: Whether the petition filed by the financial creditor is complete and establishes a default in …

**Ratio:** Section 7(5) of the IBC allows for the admission of a petition if it is complete and

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**Reasoning:** The court found that the petition was complete and that the financial creditor had

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**Interpretation:** Section 7 of the IBC provides the mechanism for initiating the corporate

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**Application:** The court applied Section 7(5) to the facts, noting that the petition was

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## Parties

- **Judges:** Ajay Kumar…; RaghuNa…
- **Appellants:** Sh. Shankar…
- **Respondents:** A. Gangwal Real…

## Timeline

- **2016-01-21 — Power of Attorney…**: Shankar Khandelwal executed a special power of attorney authorizing Mr. Tikam Khandelwal…
- **2014-08-05 — Corporate Debtor…**: A. Gangwal Real Estate LLP was formed…

## 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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