# In the matter of Ratandeep Infrastructure Private Limited Company Petition (IB)No.45-ALD-2019

> NCLT judgment dated 2019-04-16. Citation: TCN-2019-NCLT-03826. The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 16 Apr 2019
- **Citation:** TCN-2019-NCLT-03826
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ratandeep-infrastructure-private-limited-company-petition-ibno45-ald-2019-cad321fa

## Summary

### Background

The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by financial creditors/homebuyers against Ratandeep Infrastructure Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The financial creditors had booked residential apartments in the respondent's project, "Silver Homes," based on representations made by the corporate debtor. Allotment letters were issued, and payments were made in installments. However, the project's progress was limited to basement structure work, and the possession was not delivered as promised.

## Facts

Ratandeep Infrastructure Private Limited, incorporated on 13/06/2012, launched a residential project called "Silver Homes." Mr. Rachit Singhal, director of Ratandeep Infrastructure, approached financial creditors for booking apartments. Based on the corporate debtor's representations, the financial creditors/homebuyers booked residential apartments. Allotment letters were issued on 17.05.2016 and 21.08.2016 to financial creditors No. 1 and No. 2, respectively. Financial creditor No. 1 paid Rs 18,01,017.18 for Unit No. 506, and financial creditor No. 2 paid Rs 2,388,687 for Unit No. 305. Clause 25 of the allotment letter dated 17.05.2016 stipulated possession by December 2018. Upon visiting the site, the financial creditor found only basement structure work

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## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** Section 7 of the IBC, 2016 allows a financial creditor to initiate CIRP against a

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**Reasoning:** The court noted that the application was filed in the prescribed format under Rule 4(2)

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**Interpretation:** Section 7 provides the mechanism for financial creditors to trigger the

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**Application:** The court applied the provisions of Section 7 and Rule 4(2) to the facts of the

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## Parties

- **Judges:** Harihar Prakash…; Saroj Ra…
- **Appellants:** NITIN JAIN…
- **Respondents:** Ratandeep…

## Timeline

- **2012-06-13 — Incorporation of…**: Ratandeep Infrastructure…
- **2016-05-17 — Allotment Letter to…**: Corporate debtor issued allotment…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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