# In the matter of Ansal Properties and Infrastructure Ltd. (IB)-1538(ND)2018

> NCLT judgment dated 2020-01-07. Citation: TCN-2020-NCLT-02465. The case pertains to a company petition filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 7 Jan 2020
- **Citation:** TCN-2020-NCLT-02465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ansal-properties-and-infrastructure-ltd-ib-1538nd2018-ad0d93a8

## Summary

### Background

The case pertains to a company petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by financial creditors against M/s Ansal Properties and Infrastructure Ltd., the corporate debtor. The matter was initially listed for pronouncement of order on 02.01.2020. However, the Ld. Counsel for the Corporate Debtor brought to the Bench's attention a Gazette Notification dated 28.12.2019, which was reported to have a bearing on the outcome of the case, leading to the deferment of the pronouncement. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019, amending the IBC, 2016, was published in the Gazette of India on 28.12.2019 and came into force with effect from 28th December, 2019.

## Facts

Mr. Ankur Gupta and Ms. Ruchi Varshney, representing financial creditors, filed a company petition against M/s Ansal Properties and Infrastructure Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The case was initially scheduled for order pronouncement on 02.01.2020. However, the Corporate Debtor's counsel highlighted a Gazette Notification dated 28.12.2019, which had implications for the case's outcome. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019, published on 28.12.2019, introduced new provisos to Section 7, requiring joint applications by a minimum number of financial creditors, especially allottees in real estate projects. The court then directed the Corporate Debtor to provide information on the

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## Issues and analysis

### Issue 1: Whether the pending application under Section 7 of the IBC is required to be modified in light of …

**Ratio:** The ratio is that amendments to laws, especially those affecting procedural requirements

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**Reasoning:** The court reasoned that since the ordinance came into effect before the admission of the

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**Interpretation:** The interpretation involves understanding that legislative changes affecting

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**Application:** The court applied this ratio by directing the Petitioners to modify their

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## Parties

- **Judges:** Ina Mal…; Shri. L. N.…
- **Appellants:** Ankur G…
- **Respondents:** M/s. Ansal…; Rakesh…

## Timeline

- **2020-01-02 — Scheduled Order…**: The case was initially listed…
- **2019-12-28 — Gazette Notif…**: The Ld. Counsel for the Corporate Debtor drew attention to the Gazette Notification dated…

## 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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