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

> NCLT judgment dated 2019-04-10. Citation: TCN-2019-NCLT-03973. 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-03973
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parsvnath-developers-ltd-ib-465nd-2019-94103126

## 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 National Company Law Tribunal (NCLT) and pertains to Section 7 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor's counsel has submitted directions from the Hon'ble Apex Court in Writ Petition No. 147/2019, which granted a stay against further proceedings before the NCLT. Consequently, the NCLT has adjourned the matter Sine-die, allowing for its revival based on the Apex Court's final 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 adjourned Sine-die in light of the stay order …

**Ratio:** A stay order issued by a higher court (in this case, the Hon'ble Apex Court) generally

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**Reasoning:** The NCLT adjourned the matter Sine-die because the Hon'ble Apex Court had granted a stay

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**Interpretation:** The stay order is interpreted as a temporary suspension of the NCLT

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**Application:** The stay order from the Apex Court directly applies to the NCLT proceedings,

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Appellants:** M/s. Prem Sagar…
- **Respondents:** M/s. Parsvnath…

## Timeline

- **2019-04-10 — Hearing…**: Hearing before the New Delhi Bench of the National Company Law Tribunal (NCLT) on…
- **2019-01-01 — Writ Petition No.…**: The Hon'ble Apex Court granted a stay against further proceedings before the NCLT in Writ…

## 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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