# In the matter of Royal Buildspare Pvt. Ltd. CP No. (IB)-303-7-JPR-2019

> NCLT judgment dated 2021-07-15. Citation: TCN-2021-NCLT-01749. The case pertains to CP No. (IB)-303/7/JPR/2019 filed under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 15 Jul 2021
- **Citation:** TCN-2021-NCLT-01749
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/royal-buildspare-pvt-ltd-cp-no-ib-303-7-jpr-2019-0c571ecd

## Summary

### Background

The case pertains to CP No. (IB)-303/7/JPR/2019 filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter involves Shri Shailendra Bhandari as the Financial Creditor and Royal Buildsquare Pvt. Ltd. as the Corporate Debtor. The case is being heard at the Jaipur Bench of the National Company Law Tribunal (NCLT) through a web-based video conferencing platform.

## Facts

Shri Shailendra Bhandari, the Financial Creditor, filed CP No. (IB)-303/7/JPR/2019 against Royal Buildsquare Pvt. Ltd., the Corporate Debtor, under Section 7 of the IBC, 2016. The case was heard at the Jaipur Bench of the NCLT. The matter pertains to home buyers and is covered by the judgment of the Hon'ble Supreme Court in Manish Kumar Vs. Union of India (UOI) and Ors. Writ Petition (C) No. 26/2020 dated 19.01.2021. The CP was subsequently dismissed by the NCLT, with liberty granted in terms of the said judgment.

## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the IBC, 2016, should be admitted considering the …

**Ratio:** The ratio is based on the principle of following judicial precedents, particularly the

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**Reasoning:** The NCLT dismissed the CP, indicating that the issues raised in the application were

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**Interpretation:** The interpretation is that matters pertaining to home buyers and insolvency

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**Application:** The ratio and reasoning are applied to the specific facts of the case by

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## Parties

- **Judges:** Ajay Kumar…; RaghuNa…
- **Appellants:** Shailendra…
- **Respondents:** Royal Buildsquare…

## Timeline

- **2019-01-01 — CP Filed…**: CP No. (IB)-303/7/JPR/20…
- **2021-01-19 — Supreme Court…**: Judgment in Manish Kumar Vs. Union of India…

## 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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