# In the matter of Parsvnath Developers Ltd. (IB)-480(ND)2019

> NCLT judgment dated 2019-04-15. Citation: TCN-2019-NCLT-03891. The case involves M/s. Kalista Realtors Pvt. Ltd. V/s. M/s. Parsvnath Developers Ltd. Before…

- **Court:** NCLT
- **Order date:** 15 Apr 2019
- **Citation:** TCN-2019-NCLT-03891
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parsvnath-developers-ltd-ib-480nd2019-637b2ae3

## Summary

### Background

The case involves M/s. Kalista Realtors Pvt. Ltd. V/s. M/s. Parsvnath Developers Ltd. Before the National Company Law Tribunal (NCLT), Special Bench (Court II). The court noted a stay order dated February 11, 2019, issued by the Hon'ble Apex Court, which impacts further proceedings before the NCLT.

## Facts

The case involves M/s. Kalista Realtors Pvt. Ltd. V/s. M/s. Parsvnath Developers Ltd. The NCLT is hearing the case under Section 7 of the IBC, 2016. During the proceedings on April 15, 2019, the court acknowledged a stay order issued by the Hon'ble Apex Court on February 11, 2019, which affects further proceedings before the NCLT. The stay order was brought to the court's attention by the Ld. Counsel for the Respondent. The court then adjourned the matter 'Sine-die', allowing for its revival based on the outcome of the Hon'ble Apex Court's decision in the writ petition. The tentative listing date for the writ petition was May 6, 2019. Sachin Jain, Isha Aggarwal, and Ashutosh appeared as advocates for the Petitioner, while Mr. Varun Garg appeared as advocate for the

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## Issues and analysis

### Issue 1: Whether the proceedings before the NCLT should be adjourned in light of the stay order issued by …

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

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**Reasoning:** The NCLT acknowledged the stay order issued by the Hon'ble Apex Court, recognizing the

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**Interpretation:** The interpretation of the law is that a stay order effectively halts the

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**Application:** The NCLT applied this principle by adjourning the case 'Sine-die', meaning

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## Parties

- **Judges:** V.K. SUB…; DEEPTI M…
- **Appellants:** M/s. Kalista…
- **Respondents:** M/s. Parsvnath…
- **Advocates:** Sachin…; Isha Agg…; +2 more

## Timeline

- **2019-02-11 — Stay Order by A…**: The Hon'ble Apex Court issued a stay order…
- **2019-03-06 — Court Acknowl…**: The NCLT acknowledged the stay order…

## 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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