# In the matter of Raheja Developers Ltd. (IB)-34431PB)-2019

> NCLT judgment dated 2020-01-06. Citation: TCN-2020-NCLT-02484. The case involves Mr. Dheraj Raikhy & Mrs. Bhavna Pant as the applicant/petitioner against M/s.…

- **Court:** NCLT
- **Order date:** 6 Jan 2020
- **Citation:** TCN-2020-NCLT-02484
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/raheja-developers-ltd-ib-34431pb-2019-648213e2

## Summary

### Background

The case involves Mr. Dheraj Raikhy & Mrs. Bhavna Pant as the applicant/petitioner against M/s. Raheja Developers Ltd. as the respondent. The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLAT granted a stay in Company Appeal (AT) (Insolvency) No. 864 of 2019, vide order dated 17.09.2019, preventing the Interim Resolution Professional from making any publication for claims or constituting a Committee of Creditors until further orders.

## Facts

Mr. Dheraj Raikhy & Mrs. Bhavna Pant filed an application against M/s. Raheja Developers Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLAT granted a stay order in Company Appeal (AT) (Insolvency) No. 864 of 2019, preventing the Interim Resolution Professional from making any publication for claims or constituting a Committee of Creditors. The NCLT acknowledged the stay order and directed the registry not to list the matter until the appellate tribunal pronounces its judgment. The appellant, Mr. Navin Raheja, was given the opportunity to negotiate with the respondents.

## Issues and analysis

### Issue 1: Whether the proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 should be …

**Ratio:** An appellate court's stay order must be respected by the lower court to maintain judicial

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**Reasoning:** The NCLT acknowledged the stay order granted by the NCLAT in Company Appeal (AT)

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**Interpretation:** The interpretation is that a stay order from a higher court (NCLAT) effectively

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**Application:** The NCLT applied the ratio by directing the registry not to list the matter

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## Parties

- **Judges:** B.S.V. Prakash…; SH. S. K.…
- **Appellants:** Dheraj R…
- **Respondents:** M/s. Raheja…

## Timeline

- **2019-09-17 — NCLAT Or…**: NCLAT grants stay in Company Appeal…
- **2020-01-06 — NCLT Ord…**: NCLT acknowledges NCLAT stay order and…

## 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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