# In the matter of Dharitri Infraventure Private Limited C.P. (IB) No. 1173-KB-2019

> NCLT judgment dated 2019-12-19. Citation: TCN-2019-NCLT-00065. Ashoke Kumar Dasgupta, a home buyer, filed a petition as a financial creditor under Section 7…

- **Court:** NCLT
- **Order date:** 19 Dec 2019
- **Citation:** TCN-2019-NCLT-00065
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dharitri-infraventure-private-limited-cp-ib-no-1173-kb-2019-28b3dde5

## Summary

### Background

Ashoke Kumar Dasgupta, a home buyer, filed a petition as a financial creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Dharitri Infraventure Private Limited, the respondent/corporate debtor, for defaulting on refund of deposited amount. The respondent had confirmed the booking of a flat measuring 600 sq. ft. in its project named Royal Enclave to the applicant via a letter dated 19.01.2016. Since no construction steps were taken, the petitioner sent a notice on 04.09.2017 claiming a refund of Rs. 3,60,000/- paid in two installments.

## Facts

Ashoke Kumar Dasgupta, a home buyer, booked a flat measuring 600 sq. ft. in a project named Royal Enclave developed by Dharitri Infraventure Private Limited. The booking was confirmed via a letter dated 2016-01-19. The home buyer paid Rs. 2,00,000 at the time of booking and an additional Rs. 1,60,000 in February 2016, totaling Rs. 3,60,000. Since no construction commenced, the home buyer sent a notice on 2017-09-04 seeking a refund. The respondent agreed to refund the amount but denied any interest liability. A demand notice was sent on 2018-12-05, which was delivered on 2018-12-06, but the respondent did not reply. The petitioner then filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The Corporate Debtor failed to appear

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the Insolvency & …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016 allows a financial creditor to

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**Reasoning:** The court observed that the financial creditor had provided sufficient evidence,

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**Interpretation:** Section 7 of the IBC is interpreted to provide a mechanism for financial

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**Application:** The court applied the provisions of Section 7 to the facts of the case, noting

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Ashoke Kumar…
- **Respondents:** Dharitri Infravent…

## Timeline

- **2016-01-19 — Booking Confi…**: Respondent confirmed the booking…
- **2016-02-01 — Advance P…**: Applicant advanced Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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