# In the matter of Mantri Developers Private Limited C.P. (IB) No. 377-BB-2019

> NCLT judgment dated 2021-03-24. Citation: TCN-2021-NCLT-02584. Ms. Nupur Anchlia and another filed C.P.(IB)No.377/BB/2019 under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 24 Mar 2021
- **Citation:** TCN-2021-NCLT-02584
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mantri-developers-private-limited-cp-ib-no-377-bb-2019-ad239c0e

## Summary

### Background

Ms. Nupur Anchlia and another filed C.P.(IB)No.377/BB/2019 under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the I&B (AAA) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Mantri Developers Private Limited. The petitioners, acting as financial creditors, claimed that the corporate debtor defaulted on a total amount of Rs. 49,24,359/-. The financial creditors had advanced money to the corporate debtor based on agreements for sale and construction executed on 05.09.2011. The corporate debtor was to deliver possession of an apartment by 01.07.2013, but the date was extended multiple times, with a final promise of August 2016. The corporate debtor failed to hand over the apartment, leading

…

## Facts

Ms. Nupur Anchlia and another, the Financial Creditors, entered into agreements for sale and construction with M/s. Mantri Developers Private Limited, the Corporate Debtor, on 05.09.2011. The Financial Creditors advanced Rs. 49,24,359/- to the Corporate Debtor for an apartment in the project. The Corporate Debtor initially promised possession by 01.07.2013, but repeatedly extended the date, with the final assurance being August 2016. The Corporate Debtor failed to deliver possession, leading the Financial Creditors to seek a refund and cancel the booking on 10.07.2016. The Financial Creditors approached Grahak Suvidha Kendra, an NGO, for redressal. A consumer complaint was filed in April 2017, and the State Consumer Disputes Redressal Commission ordered the Corporate

…

## Issues and analysis

### Issue 1: Whether the Petitioners, being decree holders from a consumer dispute resolution, can initiate CIRP …

**Ratio:** A decree holder, though covered under the definition of creditor under Section 3(10) of

…

**Reasoning:** The court relied on the decision of the Hon'ble NCLAT in Sushil Ansal Vs. Ashok Tripathi

…

**Interpretation:** The interpretation of Section 5(8) of the IBC is crucial in determining whether

…

**Application:** In this case, the petitioners were decree holders from a consumer dispute

…

## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Nupur An…
- **Respondents:** M/s. Mantri…

## Timeline

- **2011-09-05 — Agreements for Sale and…**: Ms. Nupur Anchlia and another entered into agreements for sale and construction with M/s.…
- **2013-07-01 — Original Posses…**: Original date for possession 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/mantri-developers-private-limited-cp-ib-no-377-bb-2019-ad239c0e