# In the matter of Sachet Infrastructure Pvt. Ltd. (IB)-190(PB)-2019

> NCLT judgment dated 2019-11-01. Citation: TCN-2019-NCLT-00750. The case involves an application filed by Edelweiss Asset Reconstruction Company Ltd. under…

- **Court:** NCLT
- **Order date:** 1 Nov 2019
- **Citation:** TCN-2019-NCLT-00750
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sachet-infrastructure-pvt-ltd-ib-190pb-2019-bfe5413a

## Summary

### Background

The case involves an application filed by Edelweiss Asset Reconstruction Company Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016 (CIRP) against Adel Landmarks Ltd. The Hon'ble Appellate Tribunal had set aside an earlier order dated 07.03.2019 passed by the Adjudicating Authority/NCLT, Special Bench, which had dismissed the petition. The Appellate Tribunal issued directions on 20.09.2019 for the admission of some of the petitions.

## Facts

Edelweiss Asset Reconstruction Company Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against Adel Landmarks Ltd. The Adjudicating Authority/NCLT, Special Bench, had previously dismissed the petition, but the Hon'ble Appellate Tribunal set aside that order. The Appellate Tribunal directed the admission of some petitions. The case involves multiple companies, including Sachet Infrastructure Pvt. Ltd., Magad Realtors Pvt. Ltd., Mehak Realtech Pvt. Ltd., Sameeksha Estate Pvt. Ltd., and Jamvant Estates Pvt. Ltd. The order also addresses the appointment of a Resolution Professional and the need for a consolidated resolution plan for the 'Residential Plotted Colony' at village Palwal. A general complaint was received against financial

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## Issues and analysis

### Issue 1: Whether the applications filed by Edelweiss Asset Reconstruction Company Ltd. under Section 7 of …

**Ratio:** Section 7 of the Insolvency & Bankruptcy Code, 2016 allows a financial creditor to

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**Reasoning:** The Hon'ble Appellate Tribunal had set aside the previous dismissal of the petition and

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

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**Application:** The NCLT applied the Appellate Tribunal's direction and admitted the

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Adel Landmarks…

## Timeline

- **2019-03-07 — Original…**: Adjudicating Authority/NCLT,…
- **2019-09-20 — Appellate Tribu…**: Hon'ble Appellate Tribunal issued directions…

## 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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