# In the matter of Mirador Construction Pvt. Ltd.  C.P.(IB)-1707(MB)-2019

> NCLT judgment dated 2021-03-02. Citation: TCN-2021-NCLT-02859. The case involves a company petition filed by a single investor in a real estate project named…

- **Court:** NCLT
- **Order date:** 2 Mar 2021
- **Citation:** TCN-2021-NCLT-02859
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mirador-construction-pvt-ltd-cpib-1707mb-2019-05b5b21c

## Summary

### Background

The case involves a company petition filed by a single investor in a real estate project named "Oasis Avani" launched by Mirador Construction Pvt Ltd, the Corporate Debtor. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. Subsequently, Section 7 was amended, prescribing a minimum requirement of 100 allottees or not less than 10% of the total number of allottees under the same real estate project, whichever is less, for filing a petition under Section 7. The petitioner, a single home buyer, did not meet the amended requirement of minimum allottees.

## Facts

Ketaki Shah Talati filed a company petition against Mirador Construction Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016, as a single investor in the real estate project "Oasis Avani". The petition was filed before an amendment to Section 7 came into effect. The amendment prescribed a minimum requirement of 100 allottees or 10% of the total allottees, whichever is less, for filing a petition under Section 7. Ketaki Shah Talati, being a single home buyer, did not meet this requirement. The agreement between the petitioner and the Corporate Debtor was deemed contractual in nature. The key fact is that the petitioner did not meet the amended minimum allottee requirement for the petition to be admitted.

## Issues and analysis

### Issue 1: Whether the company petition filed by a single investor is maintainable under Section 7 of the …

**Ratio:** The amended Section 7 of the Insolvency and Bankruptcy Code, 2016, prescribes a minimum

…

**Reasoning:** The court reasoned that the petitioner, being a single home buyer, did not meet the

…

**Interpretation:** The interpretation of the amended Section 7 is that it sets a threshold for the

…

**Application:** Since Ketaki Shah Talati did not meet the minimum allottee requirement, the

…

## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** Ketaki Shah…
- **Respondents:** Mirador Constructi…

## Timeline

- **2021-03-02 — Order Da…**: Order sheet of the hearing of Mumbai Bench…
- **2020-03-13 — Amendment to S…**: Section 7 of the code was amended through amendment which was published in Official…

## 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/mirador-construction-pvt-ltd-cpib-1707mb-2019-05b5b21c