# In the matter of Premia Projects Ltd. C.P. No.IB-104(PB)-2018

> NCLT judgment dated 2018-05-30. Citation: TCN-2018-NCLT-01353. The Petitioner, Shri Tek Chand, claiming to be a financial creditor, filed a petition under…

- **Court:** NCLT
- **Order date:** 30 May 2018
- **Citation:** TCN-2018-NCLT-01353
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/premia-projects-ltd-cp-noib-104pb-2018-5076ab39

## Summary

### Background

The Petitioner, Shri Tek Chand, claiming to be a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the respondent company, M/s. Premia Projects Ltd. The petition was filed due to the corporate debtor's failure to pay assured returns as per a Memorandum of Understanding (MOU) entered into between the parties on 2013-10-11. The petitioner disbursed a total sale consideration of Rs. 3,03,73,754/- under the MOU and was to receive monthly assured returns of Rs. 3,04,167/- until 50 months or offer of possession, whichever was later. The corporate debtor stopped making payments in April 2016, leading to the default.

## Facts

Shri Tek Chand, the petitioner, claimed to be a financial creditor of M/s. Premia Projects Ltd., the corporate debtor. On 2013-10-11, they entered into a sale/purchase MOU where the petitioner was to purchase 3500 sq. ft. of constructed space in Tower-A, Unit No. 4, property No. 201 in Sector KP-V, Greater Noida. The petitioner disbursed Rs. 3,03,73,754/- to the corporate debtor under the MOU. The petitioner opted for an assured returns plan, where the corporate debtor was to pay Rs. 3,04,167/- monthly until 50 months or offer of possession, whichever was later. The corporate debtor stopped making payments in April 2016, resulting in a default. The corporate debtor was incorporated on 2012-04-19, with CIN U45200DL2012PLC235075. The financial creditor issued a demand

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## Issues and analysis

### Issue 1: Whether the application filed by the financial creditor under Section 7 of the Insolvency and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency

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**Reasoning:** The court examined the application and found that it was filed in the prescribed proforma

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP if a default

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**Application:** The court applied the provisions of Section 7 and Rule 4 to the facts of the

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## Parties

- **Judges:** M. M. K…; Dr.Deepti…
- **Appellants:** Tek C…
- **Respondents:** M/s. Premia…

## Timeline

- **2012-04-19 — Incorporation of…**: M/s. Premia Projects…
- **2013-10-11 — MOU between Petitioner…**: Shri Tek Chand and M/s. Premia Projects Ltd. entered into a sale/purchase MOU for a…

## 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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