# In the matter of Magad Realtors Pvt. Ltd. (IB)-169(PB)-2019

> NCLT judgment dated 2019-11-01. Citation: TCN-2019-NCLT-00749. The case involves an application filed by Edelweiss Asset Reconstruction Company Ltd. under…

- **Court:** NCLT
- **Order date:** 1 Nov 2019
- **Citation:** TCN-2019-NCLT-00749
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/magad-realtors-pvt-ltd-ib-169pb-2019-cc021780

## 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 issued directions on 20.09.2019 for the admission of some of the petitions.

## 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, Special Bench, had initially dismissed the petition, but the Hon'ble Appellate Tribunal set aside this order. The Appellate Tribunal directed the admission of some of the petitions. The case also involves other companies, including Sachet Infrastructure Pvt. Ltd., Magad Realtors Pvt. Ltd., Mehak Realtech Pvt. Ltd., Sameeksha Estate Pvt. Ltd., and Jamvant Estates Pvt. Ltd., against whom Edelweiss Asset Reconstruction Company Ltd. filed petitions. Mr. Udayraj Patwardhan was appointed as the Interim Resolution Professional. A general complaint was received against financial creditors,

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## Issues and analysis

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

**Ratio:** Section 7 of the Insolvency & Bankruptcy Code, 2016 allows a financial creditor to

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**Reasoning:** The Hon'ble Appellate Tribunal had set aside the earlier order dismissing the petition

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**Interpretation:** Section 7 provides the mechanism for a financial creditor to trigger the

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**Application:** The NCLT, complying with the directions of the Appellate Tribunal, admitted the

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Adel Landmarks…; Adel Landmarks…

## Timeline

- **2019-03-07 — Order by Adjudicating…**: The Adjudicating Authority/NCLT, Special Bench,…
- **2019-09-20 — Directions by Hon'ble…**: 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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