# In the matter of Parinee Developers Private Limited C.P.(IB)-4147(MB-II)-2019

> NCLT judgment dated 2020-08-06. Citation: TCN-2020-NCLT-00894. The case involves STCI Finance Limited initiating insolvency proceedings against Parinee…

- **Court:** NCLT
- **Order date:** 6 Aug 2020
- **Citation:** TCN-2020-NCLT-00894
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parinee-developers-private-limited-cpib-4147mb-ii-2019-671c5887

## Summary

### Background

The case involves STCI Finance Limited initiating insolvency proceedings against Parinee Developers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The matter was heard by the Mumbai Bench-II of the National Company Law Tribunal (NCLT). During the proceedings, a praecipe was filed for correction of names of Counsel representing various parties. The NCLT admitted the petition on 09.06.2020.

## Facts

STCI Finance Limited initiated insolvency proceedings against Parinee Developers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The matter was heard by the Mumbai Bench-II of the NCLT on multiple dates: 02.01.2020, 06.02.2020, and 02.03.2020. A praecipe was filed by the Financial Creditor's Counsel, Ms. Ferzana Z Behramkamdin, on 25.07.2020, seeking correction of the names of Counsel who appeared for various parties. The NCLT admitted the petition on 09.06.2020. Mr. Rohit Gupta appeared for the Shah Group, and Ms. Prachi Wazalwar appeared for the Patel Group, both representing shareholder-directors of the Corporate Debtor. The NCLT noted that the matter of service of affidavit filed by the Patel Group was under appeal before the NCLAT.

## Issues and analysis

### Issue 1: Whether the names of Counsel appearing for various parties should be corrected to accurately …

**Ratio:** The principle is that the record of appearances should accurately reflect the

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**Reasoning:** The NCLT considered the submissions of both Counsel representing the Shah Group and the

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**Interpretation:** This issue involves the interpretation of procedural rules regarding the

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**Application:** The NCLT applied this principle by directing that the appearances for the

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## Parties

- **Judges:** SHRI. RAJASEKHAR…; Ravikumar…; +1 more
- **Appellants:** STCI Finance…
- **Respondents:** Parinee Developers…
- **Advocates:** Ferzana Z…; Prachi Wa…; +4 more

## Timeline

- **2020-01-02 — Hearing…**: The matter was heard by…
- **2020-02-06 — Hearing…**: The matter was heard by…

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