# In the matter of Parsvnath Developers Ltd. (IB)-465(ND)-2019

> NCLT judgment dated 2019-04-10. Citation: TCN-2019-NCLT-03983. The case involves M/s. Prem Sagar Garg V/s. M/s. Parsvnath Developers Ltd. before the New Delhi…

- **Court:** NCLT
- **Order date:** 10 Apr 2019
- **Citation:** TCN-2019-NCLT-03983
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parsvnath-developers-ltd-ib-465nd-2019-5b9cbe4e

## Summary

### Background

The case involves M/s. Prem Sagar Garg V/s. M/s. Parsvnath Developers Ltd. before the New Delhi Bench of the National Company Law Tribunal (NCLT). The matter pertains to Section 7 of the Insolvency and Bankruptcy Code (IBC).

## Facts

The case involves M/s. Prem Sagar Garg as the petitioner and M/s. Parsvnath Developers Ltd. as the respondent. The matter is being heard before the New Delhi Bench of the NCLT under Section 7 of the IBC. The Corporate Debtor's counsel presented directions from the Hon'ble Apex Court, including a stay order against further proceedings before the NCLT in Writ Petition No. 147/2019. The NCLT has adjourned the case Sine-die, allowing for revival based on the Apex Court's decision in the writ petition. The key fact is the stay order from the Apex Court, which directly impacts the NCLT proceedings.

## Issues and analysis

### Issue 1: Whether the proceedings before the NCLT should be stayed in light of the directions and stay order …

**Ratio:** A lower court or tribunal must adhere to the directions and orders issued by a higher

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**Reasoning:** The NCLT acknowledged the directions from the Hon'ble Apex Court, specifically the stay

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**Interpretation:** The stay order from the Apex Court effectively suspends the proceedings before

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**Application:** Given the stay order from the Apex Court, the NCLT correctly applied the

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Appellants:** M/s. Prem Sagar…
- **Respondents:** M/s. Parsvnath…
- **Advocates:** Prachi…; Yash V…; +1 more

## Timeline

- **2019-04-10 — Hearing…**: Hearing before the New Delhi Bench of…
- **2019-01-01 — Writ Petition No.…**: Hon'ble Apex Court issued a stay against…

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