# In the matter of Neelkamal Realtors Tower Pvt. Ltd. CP(IB)-4256(MB)-2019

> NCLT judgment dated 2021-04-07. Citation: TCN-2021-NCLT-02452. The case involves Synergyone Infrastructure & Projects Pvt. Ltd. as the applicant/financial…

- **Court:** NCLT
- **Order date:** 7 Apr 2021
- **Citation:** TCN-2021-NCLT-02452
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/neelkamal-realtors-tower-pvt-ltd-cpib-4256mb-2019-c9463e45

## Summary

### Background

The case involves Synergyone Infrastructure & Projects Pvt. Ltd. as the applicant/financial creditor and Neelkamal Realtors Tower Pvt. Ltd. as the respondent/operational creditor. The applicant, a home buyer, had filed a Section 7 application against the respondent before the NCLT, Mumbai Bench. The applicant sought to withdraw the petition due to amendments in the Insolvency & Bankruptcy Code (Amendment) Act, 2020, which amended the minimum threshold for initiating the insolvency process under Section 7 for home buyers, and the Supreme Court's order dated 19.01.2021 in the matter of Manish Kumar vs. Union of India.

## Facts

Synergyone Infrastructure & Projects Pvt. Ltd., acting as the applicant and financial creditor (also identified as a home buyer), initiated a Section 7 application under the Insolvency and Bankruptcy Code against Neelkamal Realtors Tower Pvt. Ltd., the respondent and operational creditor, before the NCLT Mumbai Bench. Subsequent to filing the application, amendments were made to the Insolvency & Bankruptcy Code (Amendment) Act, 2020, which altered the minimum threshold requirements for home buyers initiating insolvency proceedings under Section 7. Furthermore, the Supreme Court of India upheld the IBC case vide its order dated 19.01.2021 in the matter of Manish Kumar vs. Union of India (Writ Petition (C) 26 of 2020). Due to these changes, the applicant sought

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## Issues and analysis

### Issue 1: Whether the Petitioner should be allowed to withdraw the Section 7 application in light of the …

**Ratio:** The legal principle applied is that a petitioner can withdraw a petition if there are

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**Reasoning:** The court reasoned that the petitioner's request for withdrawal was based on the

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**Interpretation:** The interpretation involves understanding the impact of legislative amendments

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

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## Parties

- **Judges:** RAJESH S…; SUCHITRAKAN…
- **Appellants:** Synergyone…
- **Respondents:** Neelkamal…
- **Advocates:** Sharique…; Sanket…; +3 more

## Timeline

- **2021-01-19 — Supreme Cour…**: The Supreme Court of India issued an order in the matter of Manish Kumar vs. Union of…
- **2021-04-07 — Order Sheet of…**: The NCLT, Mumbai Bench, held a hearing where the petitioner sought to withdraw 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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