# In the matter of Iceberg Developers Pvt. Ltd. IB-380-ND-2018

> NCLT judgment dated 2019-05-06. Citation: TCN-2019-NCLT-03463. Iceberg Developers Pvt. Ltd. filed an application under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 6 May 2019
- **Citation:** TCN-2019-NCLT-03463
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/iceberg-developers-pvt-ltd-ib-380-nd-2018-05e76c7d

## Summary

### Background

Iceberg Developers Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate its own corporate insolvency resolution process (CIRP) due to a default of Rs. 28,59,70,100/- to its financial creditor, CHD Blueberry Realtech Pvt. Ltd. CHD objected to the application, alleging that Iceberg Developers was attempting to initiate insolvency resolution fraudulently. CHD claimed that Iceberg Developers made material omissions in its balance sheet and transferred assets to related parties to defraud CHD. The application was filed in the National Company Law Tribunal (NCLT), New Delhi.

## Facts

Iceberg Developers Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate its own CIRP, claiming a default of Rs. 28,59,70,100/- to CHD Blueberry Realtech Pvt. Ltd. CHD objected, alleging fraudulent intent. CHD claimed Iceberg Developers made material omissions in its balance sheet, particularly regarding loans repayable by Amit Katiyal and Deepali Katiyal, former directors. CHD also pointed out asset transfers to related parties, including Krrish Realtech Pvt. Ltd., the holding company. An agreement dated 2010-12-21 between Iceberg Developers and CHD involved CHD advancing Rs. 15,33,40,000/- for a project subject to DTCP Haryana license. The license was not granted, leading CHD to initiate arbitration. An arbitral

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## Issues and analysis

### Issue 1: Whether the Applicant is initiating the CIRP fraudulently or with a malicious intent for purpose …

**Ratio:** The CIRP is to be triggered only if the debtor/corporate applicant makes a true and full

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**Reasoning:** The Tribunal found that the Corporate Applicant had suppressed details about its current

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**Interpretation:** Section 10 of the IBC requires the corporate applicant to make full and true

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**Application:** The Tribunal applied the ratio to the facts of the case and found that the

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## Parties

- **Judges:** Ina Mal…; V.K. SUB…
- **Respondents:** Iceberg Developers…; CHD Blueberry…
- **Advocates:** Abhay A…; Jeevesh N…; +2 more

## Timeline

- **2010-12-21 — Agreement between…**: Iceberg Developers and CHD entered into an agreement where CHD agreed to acquire a…
- **2013-09-06 — Supplementary…**: The agreement dated 2010-12-21 was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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