# In the matter of Advantage Projects & Consultants Pvt. Ltd. C.P No. (IB) -112-(PB)-2017

> NCLT judgment dated 2017-05-30. Citation: TCN-2017-NCLT-00841. The case involves an application filed under Section 7 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 30 May 2017
- **Citation:** TCN-2017-NCLT-00841
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/advantage-projects-consultants-pvt-ltd-cp-no-ib-112-pb-2017-708ab136

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, alleging a default of Rs. 5 lakhs. The application was filed before the National Company Law Tribunal (NCLT), Principal Bench, New Delhi. The applicant claims that the default is evident from document Annexure 'B', and Annexure 'D' shows the computation of amount and days of default in a tabulated form. The Paper Book indicates compliance with Section 7 provisions and accompanying rules.

## Facts

An application was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, alleging a default of Rs. 5 lakhs by Om Shivay Real Estate Pvt. Ltd. The applicant, Advantage Projects & Consultants Pvt. Ltd., submitted documents, including Annexure 'B' and Annexure 'D', to support the claim. Annexure 'B' allegedly provides evidence of the default, while Annexure 'D' presents a computation of the amount and days of default. The Paper Book submitted by the applicant purportedly demonstrates compliance with the provisions of Section 7 and the accompanying rules. The Corporate Debtor's counsel did not dispute the Financial Creditor's stand and admitted to the same after obtaining instructions. This admission was a key factor in the court's decision.

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency & Bankruptcy Code, 2016 is complete …

**Ratio:** Section 7 of the Insolvency & Bankruptcy Code, 2016, outlines the procedure for

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**Reasoning:** The court examined the documents submitted by the applicant, including Annexures 'B' and

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**Interpretation:** Section 7 requires the applicant to provide evidence of a default and

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**Application:** In this case, the court found that the applicant had provided sufficient

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## Parties

- **Judges:** CHIEF JUSTICE…; DeepaKr…
- **Appellants:** Advantage…
- **Respondents:** Om Shivay Real…

## Timeline

- **2017-05-30 — Hearing…**: Hearing before the Principal Bench of…
- **2016-01-01 — Enactment…**: Insolvency & Bankruptcy…

## 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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