# In the matter of Sampark Land and Builders Private Limited CP (IB) No. 888-KB-2020

> NCLT judgment dated 2021-04-30. Citation: TCN-2021-NCLT-02243. Sampark Land and Builders Private Limited, along with its two group companies, launched a real…

- **Court:** NCLT
- **Order date:** 30 Apr 2021
- **Citation:** TCN-2021-NCLT-02243
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sampark-land-and-builders-private-limited-cp-ib-no-888-kb-2020-87dfb5f4

## Summary

### Background

Sampark Land and Builders Private Limited, along with its two group companies, launched a real estate project called 'Baruipur Bloomfield' in February 2011. The project faced setbacks due to the resignation of key directors, leading to delays and financial challenges. Plot holders withheld payments, and the company defaulted on its obligations. The Corporate Applicant filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP).

## Facts

Sampark Land and Builders Private Limited (Corporate Debtor) filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant, along with two group companies, launched a real estate project called 'Baruipur Bloomfield' in February 2011. The project faced delays due to the resignation of directors responsible for land acquisition and development in October 2015. Plot holders withheld payments, leading to financial challenges. The Corporate Applicant was unable to give possession of the plots or refund the amounts demanded by plot buyers. A Board Meeting was held on May 26, 2020, resolving to convene an Extraordinary General Meeting (EGM) on June 18, 2020, to

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## Issues and analysis

### Issue 1: Whether the petition filed by the Corporate Applicant under Section 10 of the Insolvency and …

**Ratio:** Section 10 of the IBC allows a corporate debtor to initiate CIRP if it is in default.

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**Reasoning:** The Adjudicating Authority considered the documents submitted by the Corporate Applicant,

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**Interpretation:** Section 10 of the IBC provides a mechanism for corporate debtors to initiate

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**Application:** The Adjudicating Authority found that the Corporate Applicant had complied with

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Sampark Land and…

## Timeline

- **2011-02-01 — Project L…**: Sampark Land and Builders Private Limited and its two group companies launched the…
- **2015-10-01 — Director Resi…**: Directors responsible for land acquisition…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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