# In the matter of Sheltrex Developers Private Limited IA(I.B.C)-1245(CHE)-2020 in CP(IB)-889(CHE)-2019

> Read the full IBC case summary for In the matter of Sheltrex Developers Private Limited IA(I.B.C)-1245(CHE)-2020 in CP(IB)-889(CHE)-2019. NCLT judgment dated…

- **Court:** NCLT
- **Order date:** 25 Apr 2022
- **Citation:** TCN-2022-NCLT-04913
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sheltrex-developers-private-limited-iaibc-1245che-2020-in-cpib-889che-2019-61302e72

## Summary

### Background

The Resolution Professional filed an application under Section 60(5) of the IBC, 2016, seeking permission to constitute project-based Committees of Creditors and issue separate Expressions of Interest for each project of the Corporate Debtor, as mandated by NCLAT in Flat Buyers Association vs. UmangRealtech Pvt. Ltd.

## Facts

The Corporate Debtor, M/s. Sheltrex Developers Pvt. Ltd., was ordered into Corporate Insolvency Resolution Process (CIRP) on December 10, 2019. The applicant, Mr. N. Kumar, was appointed as the Interim Resolution Professional and subsequently as the Resolution Professional. The Resolution Professional sought to constitute project-based Committees of Creditors and issue separate Expressions of Interest for each project, citing the NCLAT judgment in Flat Buyers Association vs. UmangRealtech Pvt. Ltd.

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional for project-based Committee of…

**Ratio:** The Corporate Insolvency Resolution Process under the IBC, 2016, is for the entire…

**Reasoning:** The NCLT found that the IBC, 2016, and its regulations do not provide for a limited or…

**Interpretation:** The NCLT interpreted the IBC, 2016, as envisaging the insolvency of the…

**Application:** Given that the IBC, 2016, does not stipulate project-wise splitting of a…

## Parties

- **Judges:** (Retd.) S.…; Anil Ku…
- **Advocates:** Avinash Krishnan…; Jerin Asher…; +2 more

## Timeline

- **December 10, 2019 — CIRP Commen…**: The Company was ordered into Corporate…
- **February 4, 2020 — NCLAT Or…**: Hon'ble NCLAT issued an order in Flat Buyers Association Vs. UmangRealtech Pvt. Ltd.…

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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/sheltrex-developers-private-limited-iaibc-1245che-2020-in-cpib-889che-2019-61302e72