# In the matter of Color Homes Developers Pvt. Ltd. IBA-106-2019

> NCLT judgment dated 2019-04-09. Citation: TCN-2019-NCLT-04027. The case involves a hearing at the National Company Law Tribunal, Chennai Bench, regarding an…

- **Court:** NCLT
- **Order date:** 9 Apr 2019
- **Citation:** TCN-2019-NCLT-04027
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/color-homes-developers-pvt-ltd-iba-106-2019-a5f82e88

## Summary

### Background

The case involves a hearing at the National Company Law Tribunal, Chennai Bench, regarding an application under the Insolvency and Bankruptcy Code. The Corporate Debtor's counsel filed a Schedule for Payment, which was rejected by the Operational Creditor. The Corporate Debtor's counsel also presented a Demand Draft to the Operational Creditor's counsel.

## Facts

The case is before the National Company Law Tribunal (NCLT), Chennai Bench. The Petition Number is IBA/106/2019. Sakthi Ferro Alloys (India) Pvt Ltd is the transferor, and Color Homes Developers Pvt Ltd is the transferee. The Corporate Debtor's counsel filed a Schedule for Payment, which the Operational Creditor rejected. The Corporate Debtor's counsel provided a Demand Draft of Rs.3,76,500/- dated 2019-04-05 drawn on Lakshmi Vilas Bank to the Operational Creditor's counsel. The court directed the Corporate Debtor to file a revised payment schedule with no more than six installments.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be …

**Ratio:** The court has the authority to direct the Corporate Debtor to revise the Schedule for

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**Reasoning:** The Operational Creditor rejected the initial Schedule for Payment, indicating a

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**Interpretation:** This demonstrates the court's role in overseeing the insolvency resolution

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**Application:** The court applied its authority by directing the Corporate Debtor to revise the

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Respondents:** Color Homes…; PA-DELLHI…

## Timeline

- **2019-04-05 — Demand Draf…**: Demand Draft of Rs.3,76,500/-…
- **2019-04-09 — Hearing…**: Hearing of Chennai Bench, Chennai…

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