# In the matter of Mehak Realtech Pvt. Ltd. (IB)-168(PB)-2019

> NCLT judgment dated 2019-11-01. Citation: TCN-2019-NCLT-00748. The case involves an application filed by Edelweiss Asset Reconstruction Company Ltd. under…

- **Court:** NCLT
- **Order date:** 1 Nov 2019
- **Citation:** TCN-2019-NCLT-00748
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mehak-realtech-pvt-ltd-ib-168pb-2019-75bf3f15

## 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 had initially dismissed the petition, but the Hon'ble Appellate Tribunal set aside this order. The Appellate Tribunal directed the admission of applications against Adel Landmarks Ltd. and other related companies, including Sachet Infrastructure Pvt. Ltd., Magad Realtors Pvt. Ltd., Mehak Realtech Pvt. Ltd., Sameeksha Estate Pvt. Ltd., and Jamvant Estates Pvt. Ltd. The case involves a 'Residential Plotted Colony' at village Palwal at Sectors 8 & 9. Mr. Udayraj Patwardhan was appointed as the Interim Resolution Professional. The financial creditor was directed to deposit Rs. 2 Lacs

…

## 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

…

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

…

**Interpretation:** The interpretation of Section 7 involves determining whether a default has

…

**Application:** The ratio and reasoning were applied to the facts of the case, where the

…

## Parties

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

---

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/mehak-realtech-pvt-ltd-ib-168pb-2019-75bf3f15