# In the matter of Krrish Shalimar Projects Pvt. Ltd. (IB)-113(PB)-2019

> NCLT judgment dated 2019-05-08. Citation: TCN-2019-NCLT-03375. The case involves Mr. Jyoti Handa as the applicant/petitioner and Krrish Shalimar Projects Pvt.…

- **Court:** NCLT
- **Order date:** 8 May 2019
- **Citation:** TCN-2019-NCLT-03375
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/krrish-shalimar-projects-pvt-ltd-ib-113pb-2019-e3b44737

## Summary

### Background

The case involves Mr. Jyoti Handa as the applicant/petitioner and Krrish Shalimar Projects Pvt. Ltd. as the respondent. The matter was brought before the National Company Law Tribunal (NCLT), New Delhi, under Section 7 of the Insolvency & Bankruptcy Code, 2016. The petitioner's counsel presented an order dated 03.05.2019 passed by the Supreme Court in Writ Petition Civil No. 577 of 2019, concerning Krrish Shalimar Projects Pvt. Ltd. v. Union of India & Ors.

## Facts

Mr. Jyoti Handa filed a petition against Krrish Shalimar Projects Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. During the proceedings, the petitioner's counsel presented an order dated 03.05.2019 from the Supreme Court in Writ Petition Civil No. 577 of 2019, involving Krrish Shalimar Projects Pvt. Ltd. v. Union of India & Ors. The respondent's counsel stated that they would refund the petitioner's money within three months, as per the Supreme Court's order and an agreement reached with Manjula Khullar. This statement was crucial as it led the NCLT to conclude that the petition was no longer necessary, given the impending refund.

## Issues and analysis

### Issue 1: Whether the statement by the respondent's counsel regarding the refund of money to the petitioner, …

**Ratio:** When a respondent makes a clear statement of intent to refund the petitioner's money, as

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**Reasoning:** The NCLT reasoned that the respondent's commitment to refund the money, as recorded in

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**Interpretation:** The legal issue revolves around the impact of a subsequent event (the agreement

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**Application:** In this specific case, the respondent's agreement to refund the money, as per

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## Parties

- **Judges:** DEEPTI M…; SH. S.K MOH…
- **Appellants:** Jyoti H…
- **Respondents:** Krrish Shalimar…

## Timeline

- **2019-05-03 — Supreme Cour…**: The Supreme Court passed an order in Writ Petition Civil No. 577 of 2019 (Krrish Shalimar…
- **2019-05-08 — NCLT Ord…**: The NCLT disposed of CP No. (IB)-113(PB)/2019 after the respondent's counsel stated they…

## 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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