# In the matter of Intellicity Business Park Pvt. Ltd. IB-17-ND-2019

> NCLT judgment dated 2019-05-27. Citation: TCN-2019-NCLT-03198. Ample Infrastructure Pvt. Ltd. filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 27 May 2019
- **Citation:** TCN-2019-NCLT-03198
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/intellicity-business-park-pvt-ltd-ib-17-nd-2019-74d9d943

## Summary

### Background

Ample Infrastructure Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Intellicity Business Park Pvt. Ltd. The application was based on a claim of Rs. 2,10,14,570/-.

## Facts

Ample Infrastructure Pvt. Ltd. (the Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Intellicity Business Park Pvt. Ltd. (the Respondent) for a claim of Rs. 2,10,14,570/-. The Applicant and the Respondent entered into two Builder Buyer Agreements (BBAs) dated 17.04.2013 and 03.10.2013, whereby the Applicant purchased units No. A-46 and A-12, Block A, respectively, each admeasuring 1765 sq. ft. The total sale consideration for each unit was Rs. 1,08,42,950/-. Both BBAs stipulated that possession would be handed over within 4 years from the date of signing the agreement. On 25.07.2017, the Respondent informed the Applicant that the unit number A-46 had been

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## Issues and analysis

### Issue 1: Whether the application filed by Ample Infrastructure Pvt. Ltd. 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 considered the two Builder Buyer Agreements (BBAs) entered into between the

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**Interpretation:** Section 7 provides a mechanism for financial creditors to recover their dues by

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

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## Parties

- **Judges:** Ina Mal…; V.K. SUB…
- **Appellants:** Ample Infrastructu…
- **Respondents:** Intellicity…; M/s Intelicity…

## Timeline

- **2013-04-17 — Builder Buyer Agreement…**: Applicant entered into a BBA with the…
- **2013-10-03 — Builder Buyer Agreement…**: Applicant entered into a BBA with the…

## 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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