# In the matter of Krrish Realtech Pvt. Ltd. New IA-5140-2021, New IA-5344-2021, New INV-32,33,34 & 35-2021 in IB-(PP)-02-ND-2021

> NCLT judgment dated 2021-11-23. Citation: TCN-2021-NCLT-00437. The application has been filed under Section 54(c) of the IBC, 2016 for the pre-packaged…

- **Court:** NCLT
- **Order date:** 23 Nov 2021
- **Citation:** TCN-2021-NCLT-00437
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/krrish-realtech-pvt-ltd-new-ia-5140-2021-new-ia-5344-2021-new-inv-323334-35-2021-038a6a9f

## Summary

### Background

The application has been filed under Section 54(c) of the IBC, 2016 for the pre-packaged insolvency of M/s Krrish Realtech Pvt. Ltd. Several IAs have been filed by various stakeholders objecting to the application.

## Facts

M/s Krrish Realtech Pvt. Ltd. has filed an application under Section 54(c) of the Insolvency and Bankruptcy Code (IBC), 2016 for pre-packaged insolvency. Several Interlocutory Applications (IAs) have been filed by various stakeholders objecting to the application. Mr. Sandeep Bajaj, one of the objectors, shared an order dated 22nd November, 2021, of the Hon'ble High Court of Delhi. The court has directed the applicant to file replies to each of these IAs along with a synopsis of the objection-wise reply within 2 weeks. Rejoinder, if any, to be filed within 1 week thereafter. The matter is listed on 20th December, 2021.

## Issues and analysis

### Issue 1: Whether the application filed under Section 54(c) of the IBC, 2016 for pre-packaged insolvency of …

**Ratio:** The admission of an application for pre-packaged insolvency under Section 54(c) of the

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**Reasoning:** The court must ensure that the applicant has met all the conditions prescribed under

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**Interpretation:** Section 54(c) of the IBC, 2016 allows for pre-packaged insolvency resolution,

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**Application:** In this case, the court has directed the applicant to file replies to the

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## Parties

- **Judges:** Bhaskara Pantula…; L. N. G…
- **Respondents:** M/s Krrish…
- **Advocates:** Ashish Ma…; Deep B…; +10 more

## Timeline

- **2021-11-22 — Order by High Court of…**: Mr. Sandeep Bajaj, one of the Objectors shared an order dated 22nd November, 2021 of the…
- **2021-11-23 — Order Del…**: Order delivered on 23.11.2021 regarding the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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