# In the matter of Jamvant Estates Pvt. Ltd. IB)-168(PB)-2019

> NCLT judgment dated 2019-11-01. Citation: TCN-2019-NCLT-00751. The case involves an application filed by Edelweiss Asset Reconstruction Company Ltd. under…

- **Court:** NCLT
- **Order date:** 1 Nov 2019
- **Citation:** TCN-2019-NCLT-00751
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jamvant-estates-pvt-ltd-ib-168pb-2019-2bd4cf00

## Summary

### Background

The case involves an application filed by Edelweiss Asset Reconstruction Company Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016 (CIRP) against Adel Landmarks Ltd. The Hon'ble Appellate Tribunal had set aside an earlier order dated 07.03.2019 passed by the Adjudicating Authority/NCLT, Special Bench, which had dismissed the petition. The Appellate Tribunal directed the admission of some petitions in its order dated 20.09.2019.

## Facts

Edelweiss Asset Reconstruction Company Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against Adel Landmarks Ltd. The Adjudicating Authority/NCLT had previously dismissed the petition, but the Hon'ble Appellate Tribunal set aside this order and directed the admission of some petitions. The Appellate Tribunal's order, dated 20.09.2019, directed the admission of applications under Section 7 filed by Edelweiss Asset Reconstruction Company Limited against 'Sachet Infrastructure Pvt. Ltd.', 'Magad Realtors Pvt. Ltd.'; 'Mehak Realtech Pvt. Ltd.'; 'Sameeksha Estate Pvt. Ltd.' and 'Jamvant Estates Pvt. Ltd.' and appoint the 'Resolution Professional' of 'Adel Landmarks Limited'- (Developer) ('Principal Borrower') as common 'Resolution

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## Issues and analysis

### Issue 1: Whether the applications filed by Edelweiss Asset Reconstruction Company Ltd. under Section 7 of …

**Ratio:** The Hon'ble Appellate Tribunal had already directed the admission of some petitions. The

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**Reasoning:** The NCLT considered the directions issued by the Hon'ble Appellate Tribunal in its order

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**Interpretation:** The interpretation of the Appellate Tribunal's order is that the NCLT must

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**Application:** The NCLT applied the ratio by admitting the applications filed by Edelweiss

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Adel Landmarks…
- **Advocates:** Sanjay…; Akshit…; +10 more

## Timeline

- **2019-03-07 — Previous…**: Order passed by the Adjudicating Authority/NCLT, Special Bench, dismissing the petition…
- **2019-09-20 — Appellate Tribu…**: The Hon'ble Appellate Tribunal issued directions for the admission of some of 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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