# In the matter of PAN Realtors Private Limited Company Petition no. (IB)-1221-2016

> NCLT judgment dated 2018-05-16. Citation: TCN-2018-NCLT-01402. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 16 May 2018
- **Citation:** TCN-2018-NCLT-01402
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pan-realtors-private-limited-company-petition-no-ib-1221-2016-5cc5f957

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by JK Lakshmi Cement Ltd., an Operational Creditor, against PAN Realtors Private Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for Ready Mixed Concrete (RMC) supplied for a project in Noida. The Corporate Debtor raised objections, including non-compliance with MCA notifications, failure to deliver a demand notice in the prescribed format, and disputes regarding the quality of the supplied RMC. The Corporate Debtor also claimed that the petition was not filed by a competent person and that the board resolution submitted by the Operational

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## Facts

JK Lakshmi Cement Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against PAN Realtors Private Limited (Corporate Debtor) for unpaid dues related to the supply of Ready Mixed Concrete (RMC) for a project in Noida. The Operational Creditor claimed that Rs. 26,18,048/- was due as of 13.09.2014, and the Corporate Debtor acknowledged a sum of Rs. 24,62,242/-. The Corporate Debtor allegedly admitted the debt in a statement of account and a separate letter. The Operational Creditor issued a legal notice, which the Corporate Debtor replied to through counsel on 08.07.2016. The Corporate Debtor raised objections, including non-compliance with MCA notifications, failure to deliver a demand notice in the prescribed

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## Issues and analysis

### Issue 1: Whether the instant petition stands abated for non-compliance of provisions in view of the MCA …

**Ratio:** The petitioner was under obligation to comply with the mandatory provisions as specified

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**Reasoning:** The respondent argued that the petition should be abated due to non-compliance with the

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**Interpretation:** The MCA notification aimed to streamline the transfer of pending proceedings by

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**Application:** The court considered the respondent's argument regarding non-compliance with

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## Parties

- **Judges:** M. M. K…; Deepa Kr…; +1 more
- **Appellants:** JK Lakshmi Cement…
- **Respondents:** PAN Realtors…

## Timeline

- **2006-10-19 — Power of At…**: Operational Creditor appointed and…
- **2001-01-25 — Board Reso…**: Board Resolution placed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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