# In the matter of Suryodaya Realtors Private Limited CP No.889-KB-2020

> NCLT judgment dated 2021-04-30. Citation: TCN-2021-NCLT-02246. Suryodaya Realtors Private Limited filed a company petition under Section 10 of the Insolvency…

- **Court:** NCLT
- **Order date:** 30 Apr 2021
- **Citation:** TCN-2021-NCLT-02246
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/suryodaya-realtors-private-limited-cp-no889-kb-2020-7443dd6b

## Summary

### Background

Suryodaya Realtors Private Limited filed a company petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The company, along with its group companies Sampark Land Developers Private Limited and Sampark Land and Builders Private Limited, launched a real estate project called 'Baruipur Bloomfield'. Internal issues, including the resignation of directors responsible for land acquisition and development, led to project delays and financial challenges. The corporate applicant defaulted on payments to plot buyers.

## Facts

Suryodaya Realtors Private Limited, along with Sampark Land Developers Private Limited and Sampark Land and Builders Private Limited, launched the 'Baruipur Bloomfield' real estate project in February 2011. Sampark Land Developers Private Limited handled the marketing, and plot buyers made payments to them. The total payment received by Sampark Land Developers Private Limited was ₹36,67,00,275/-, out of which ₹9,00,91,816/- was distributed to Suryodaya Realtors Private Limited. Two directors responsible for land acquisition and development resigned in October 2015, causing project delays. Plot holders withheld payments, demanding refunds. Sampark Land Developers Private Limited took a loan of ₹35,00,000/- from Greenland Project, pledging 76% of the promoters'

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## Issues and analysis

### Issue 1: Whether the petition made by the Corporate Applicant …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the

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**Reasoning:** The Adjudicating Authority reviewed the petition and supplementary affidavits, along with

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**Interpretation:** The completeness of the application is a prerequisite for initiating CIRP. The

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**Application:** The court found that the petition was complete in all respects as required by

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## Parties

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

## Timeline

- **2011-02-01 — Project L…**: Suryodaya Realtors Private Limited and its group companies launched the 'Baruipur…
- **2015-10-01 — Directors' Res…**: Two directors responsible for land…

## 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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