# 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-01791. 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-01791
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sarvottam-realcon-pvt-ltd-company-petition-no-ib-140nd2019-0bf9bba3

## 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 admitted, and the order initiating CIRP was passed.

## 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 application, CP. No. (IB)-901/(ND)/2020, was admitted on 09.07.2021, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant is permitted to file a claim before the IRP. If the CIRP order is set aside, the applicant retains the right to take recourse under the law.

## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the Insolvency and Bankruptcy Code is admissible …

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

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**Reasoning:** The court reasoned that the application met the necessary criteria for initiating CIRP,

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

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

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No. IB…
- **2020-01-01 — Application…**: 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)

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