# In the matter of Ireo Residences Co. Pvt. Ltd. CP No. (IB)-3080-ND-2019

> NCLT judgment dated 2021-02-24. Citation: TCN-2021-NCLT-02926. The case involves a Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 24 Feb 2021
- **Citation:** TCN-2021-NCLT-02926
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ireo-residences-co-pvt-ltd-cp-no-ib-3080-nd-2019-b9ddc764

## Summary

### Background

The case involves a Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) by M/S Cornerstone Infrarealty Pvt. Ltd. (Financial Creditor) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Ireo Residences Co. Pvt. Ltd. (Corporate Debtor). The Respondent Company Ireo Residences Co. Pvt. Ltd, was incorporated on 16.06.2010. The Tribunal adjourned the matter due to a Supreme Court order regarding pending applications. The Hon'ble Supreme Court passed an order on 19.01.2021 in Manish Kumar v. UOI & ORS.

## Facts

M/S Cornerstone Infrarealty Pvt. Ltd. (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Ireo Residences Co. Pvt. Ltd. (Corporate Debtor). Ireo Residences Co. Pvt. Ltd. was incorporated on 16.06.2010. The matter was initially listed on 03.12.2019. The Tribunal adjourned the matter on 11.02.2020 due to a Supreme Court order in Writ Petition (Civil) No. 26/2020. The Hon'ble Supreme Court passed an order on 19.01.2021 in Manish Kumar v. UOI & ORS. The case was reserved for order on 17.02.2021. The key fact is the applicability of the Insolvency and Bankruptcy Code (Amendment) Act, 2020, which introduced new requirements for financial

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## Issues and analysis

### Issue 1: Whether the application filed by the financial creditor needs to be modified to comply with the …

**Ratio:** The ratio is based on the Insolvency and Bankruptcy Code (Amendment) Act, 2020, which

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**Reasoning:** The court reasoned that the amendment to the IBC requires financial creditors to meet

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**Interpretation:** The interpretation of the amendment to the IBC is that it aims to protect the

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**Application:** The court applied this ratio to the specific facts of the case by directing the

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## Parties

- **Judges:** P.S.N. P…; V.K. SUB…
- **Appellants:** M/S Cornerstone…
- **Respondents:** Ireo Residences…
- **Advocates:** Satvik…; Tanveer O…; +4 more

## Timeline

- **2010-06-16 — Incorporation of…**: Ireo Residences Co. Pvt.…
- **2019-12-03 — First Li…**: The matter was first…

## 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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