# In the matter of International Land Developers Private Limited C.P. (IB)- 250 (ND)-2020

> Read the full IBC case summary for In the matter of International Land Developers Private Limited C.P. (IB)- 250 (ND)-2020. NCLT judgment dated 2022-06-03.…

- **Court:** NCLT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLT-04705
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/international-land-developers-private-limited-cp-ib-250-nd-2020-93d35b16

## Summary

### Background

The applicant, Mr. Naresh Kumar, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. International Land Developers Pvt. Ltd., claiming to be a financial creditor.

## Facts

Mr. Naresh Kumar, identifying as a 'Financial Creditor', submitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application sought the initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. International Land Developers Pvt. Ltd., the 'Corporate Debtor'. The order was pronounced on June 3, 2022, by the National Company Law Tribunal, Bench V, New Delhi.

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## Issues and analysis

### Issue 1: Whether the Applicant is a Financial Creditor and whether the alleged debt due and default being…

**Ratio:** The Tribunal found that the applicant satisfied the conditions to be considered a…

**Reasoning:** The applicant demonstrated that Mr. Naresh Kumar is a "Financial Creditor" within the…

**Interpretation:** The court interpreted "Financial Creditor" under Section 5(7) and "default"…

**Application:** Based on the loan agreements, bank statements, and the Corporate Debtor's…

## Parties

- **Judges:** ABNI RANJAN KUMAR…; HEMANT KUMAR…
- **Advocates:** For the Applicant:…

## Timeline

- **July 28, 2006 — Incorporation of…**: M/s. International Land Developers Private Limited was incorporated under the provisions…
- **June 3, 2022 — Order Pron…**: The order in the matter was pronounced…

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