# In the matter of Sampark Land Developers Private Limited CP (IB) No. 887-KB-2020

> NCLT judgment dated 2021-04-30. Citation: TCN-2021-NCLT-02238. Sampark Land Developers Private Limited, along with its two group companies, launched a real…

- **Court:** NCLT
- **Order date:** 30 Apr 2021
- **Citation:** TCN-2021-NCLT-02238
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sampark-land-developers-private-limited-cp-ib-no-887-kb-2020-c0bda5bd

## Summary

### Background

Sampark Land Developers Private Limited, along with its two group companies, launched a real estate project called 'Baruipur Bloomfield'. The project faced internal issues, including the resignation of key directors, leading to delays and financial challenges. Plot holders withheld payments, and the company defaulted on loan payments to financial creditors. The Corporate Applicant then filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP).

## Facts

Sampark Land Developers Private Limited, along with its group companies, launched a real estate project named 'Baruipur Bloomfield' in February 2011. Plot buyers made payments to the Corporate Applicant, who then distributed funds to its group companies. Internal issues arose when two directors managing acquisition and development resigned in October 2015, causing project delays. Plot holders withheld payments, demanding refunds. The Corporate Applicant faced financial challenges, taking loans from Greenland Project and Toddlen Fashions Private Limited. The company purchased 146 bighas of land, with 120 bighas registered and advance payment made for the remaining 26 bighas. The Corporate Applicant defaulted on payments to financial creditors and failed to deliver

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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 Insolvency and Bankruptcy Code, 2016, allows a corporate applicant to

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**Reasoning:** The Adjudicating Authority considered the petition, supplementary affidavits, and

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

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**Application:** The Adjudicating Authority found that the Corporate Applicant was in default

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Sampark Land…
- **Advocates:** Manju Bhu…; Sourav…

## Timeline

- **2011-02-01 — Incorpor…**: The Corporate Applicant was…
- **2011-02-01 — Project L…**: The Corporate Applicant and its group companies launched the 'Baruipur Bloomfield'…

## 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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