# In the matter of Unrivalled Projects Private Limited I.A. (IB) 1054-KB-2020 and C.P. (IB) No. 771-KB-2020

> Read the full IBC case summary for In the matter of Unrivalled Projects Private Limited I.A. (IB) 1054-KB-2020 and C.P. (IB) No. 771-KB-2020. NCLT judgment…

- **Court:** NCLT
- **Order date:** 30 Jun 2022
- **Citation:** TCN-2022-NCLT-04629
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/unrivalled-projects-private-limited-ia-ib-1054-kb-2020-and-cp-ib-no-771-kb-2020-d4db3a68

## Summary

### Background

The case involves a Company Petition filed by Raiyan Hotels & Resorts Private Limited (Financial Creditor) under section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Unrivalled Projects Private Limited (Corporate Debtor). Concurrently, the Corporate Debtor filed an application under section 65 of the IBC, read with rule 11 of the NCLT Rules, 2016 and section 340 of the Code of Criminal Procedure, 1973, seeking to prosecute Partha Sarathi Dey for perjury.

## Facts

Raiyan Hotels & Resorts Private Limited, the Financial Creditor, filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Unrivalled Projects Private Limited, the Corporate Debtor. The petition was filed by Partha Sarathi Dey, a director of the Financial Creditor, based on a Board Resolution dated July 20, 2020. The Financial Creditor claimed a financial debt of Rs.13,24,16,700/- as of May 1, 2020, with the date of default being December 28, 2017, which was the date of acknowledgment of liability and payment of Rs.1,00,000/-.

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by the…

**Ratio:** The Company Petition is not complete in terms of section 7 of the Code due to various…

**Reasoning:** The court observed several defects in the Company Petition, including signatures on the…

**Interpretation:** The court interpreted the requirements of section 7 of the Code and rule 9(1)…

**Application:** The procedural defects, such as pasted signatures, unnotarized affidavits, and…

## Parties

- **Judges:** Rajasekha…; Balraj…
- **Advocates:** P.S. R…; Kumar Anura…; +9 more

## Timeline

- **September 27, 2014 — Sale Agre…**: An indenture (sale agreement) was entered into between the Financial Creditor and the…
- **December 30, 2015 — Last Tranche…**: The last and final tranche of payment was allegedly made by the Corporate Debtor after…

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