# In the matter of Sarvottam Realcon Pvt. Ltd. Company Petition No. IB 140-ND-2019

> NCLT judgment dated 2021-07-09. Citation: TCN-2021-NCLT-01800. The case pertains to a company petition filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 Jul 2021
- **Citation:** TCN-2021-NCLT-01800
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sarvottam-realcon-pvt-ltd-company-petition-no-ib-140-nd-2019-c1ae59b3

## Summary

### Background

The case pertains to a company petition filed under Section 7 of the Insolvency and Bankruptcy Code against M/S Sarvottam Realcon Pvt. Ltd. by Col. Dinesh Kumar Verma, the applicant and financial creditor. The application was filed as CP No. (IB)-901/(ND)/2020 and was admitted on 09.07.2021, initiating the Corporate Insolvency Resolution Process (CIRP).

## Facts

Col. Dinesh Kumar Verma, acting as the applicant and financial creditor, filed a company petition against M/S Sarvottam Realcon Pvt. Ltd., the respondent and corporate debtor, under Section 7 of the Insolvency & Bankruptcy Code. The petition was registered as CP No. (IB)-901/(ND)/2020. The court admitted the application on 09.07.2021, thereby initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The applicant is permitted to file a claim before the Interim Resolution Professional (IRP). The order clarifies that if the CIRP order is set aside for any reason, the applicant retains the right to take recourse under the law.

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code should be admitted, …

**Ratio:** The legal principle applied is that if the requirements under Section 7 of the Insolvency

…

**Reasoning:** The court reasoned that the application being CP. No. (IB)-901/(ND)/2020 met the

…

**Interpretation:** Section 7 of the Insolvency and Bankruptcy Code allows a financial creditor to

…

**Application:** The court applied the ratio to the facts by determining that the application

…

## Parties

- **Judges:** DEEPTI M…; SUMΙΤΑ PURK…
- **Appellants:** Col. Dinesh Kumar…
- **Respondents:** M/S Sarvottam…

## Timeline

- **2020-01-01 — Application…**: CP No. (IB)-901/(ND)/2020 filed…
- **2021-07-09 — Application A…**: Application being CP. No.…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/sarvottam-realcon-pvt-ltd-company-petition-no-ib-140-nd-2019-c1ae59b3