# In the matter of BCIL Red Earth Developers India Pvt Ltd. I.A. No. 380 & 381-2019 in C.P. (IB) No.06-BB-2019

> NCLT judgment dated 2019-08-09. Citation: TCN-2019-NCLT-02012. The document pertains to multiple applications (IAs) filed within the Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 9 Aug 2019
- **Citation:** TCN-2019-NCLT-02012
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bcil-red-earth-developers-india-pvt-ltd-ia-no-380-381-2019-in-cp-ib-no06-bb-2019-0f9ac7e5

## Summary

### Background

The document pertains to multiple applications (IAs) filed within the Corporate Insolvency Resolution Process (CIRP) of BCIL Red Earth Developers India Private Limited. These applications address issues such as approval of resolution plans, fraudulent transactions, and claims by financial creditors. The CIRP was initiated following a petition by Reliance Nippon Life Asset Management Limited. The document details the progression of the CIRP, including the appointment of Resolution Professionals, the constitution of the Committee of Creditors (CoC), and the various meetings held to consider resolution plans.

## Facts

Reliance Nippon Life Asset Management Limited initiated CIRP against BCIL Red Earth Developers India Private Limited. Nidhi Seksaria was appointed as Interim Resolution Professional (IRP), later replaced by Amit Chandrakant Shah. Multiple IAs were filed, including those by creditors like Jamal Ahmad and Akash Gupta, whose claims were disputed. The CoC approved a resolution plan by Citrus Ventures Private Limited. Allegations of fraudulent transactions led to a forensic audit and referral to SFIO. Key facts involve disputes over financial debt, related party transactions, and compliance with IBC regulations. The resolution plan's fairness to all stakeholders, including homebuyers and operational creditors, was a central concern. The Adjudicating Authority approved the

…

## Issues and analysis

### Issue 1: Whether the Applicant is a …

**Ratio:** The definition of 'financial debt' under Section 5(8) of the IBC requires a debt to be

…

**Reasoning:** The Adjudicating Authority examined the Share Subscription and Shareholders Agreement

…

**Interpretation:** The interpretation of 'financial debt' requires a direct correlation between

…

**Application:** In the case of Akash Gupta, the Adjudicating Authority concluded that the

…

## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Jamal A…
- **Respondents:** BCIL Red Earth…; Amit Chandrakant…

## Timeline

- **2018-08-09 — CIRP Init…**: Adjudicating Authority admits the Company Petition filed by Reliance Nippon Life Asset…
- **2018-08-09 — Appointment…**: Mrs. Nidhi Seksaria appointed as…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/bcil-red-earth-developers-india-pvt-ltd-ia-no-380-381-2019-in-cp-ib-no06-bb-2019-0f9ac7e5