# In the matter of UTC Softech Pvt. Ltd. C.P. No.IB-1100(PB)-2018

> NCLT judgment dated 2019-01-17. Citation: TCN-2019-NCLT-05225. Noble Buildtech LLP, claiming to be a financial creditor, filed a petition under Section 7 of…

- **Court:** NCLT
- **Order date:** 17 Jan 2019
- **Citation:** TCN-2019-NCLT-05225
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/utc-softech-pvt-ltd-cp-noib-1100pb-2018-acc18f15

## Summary

### Background

Noble Buildtech LLP, claiming to be a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against UTC Softech Pvt. Ltd. The petitioner had booked a commercial unit in a project developed by the respondent and made regular payments as per the allotment letter. However, the corporate debtor failed to deliver possession of the unit within the agreed timeframe. The corporate debtor denied any default, claiming the petitioner had not made payments on time. The petitioner refuted this, stating substantial payments were made.

## Facts

Noble Buildtech LLP (Petitioner) claimed to be a financial creditor of UTC Softech Pvt. Ltd. (Respondent/Corporate Debtor). The Petitioner booked a commercial unit in a project named Urbtech Trade Centre developed by the Respondent. As per the allotment letter dated 2013-11-22, the Petitioner made regular payments. The Respondent was to deliver possession within 42 months. The Petitioner claimed that even after making regular payments for 3 years, there was no development at the construction site. The Respondent was supposed to handover the possession by 2017-05-27 but failed to do so. The total amount in default as of 2018-07-21 was Rs. 47,50,676/-. The Petitioner proposed Mr. Anup Kumar as the Insolvency Professional. The Respondent denied any default, claiming the

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## Issues and analysis

### Issue 1: Whether the requirements of Section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016 allows a financial creditor to

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**Reasoning:** The court considered the submissions of both parties, including the evidence of financial

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**Interpretation:** Section 7 is interpreted to provide a mechanism for financial creditors to

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**Application:** The court found that the petitioner had met the requirements of Section 7 by

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## Parties

- **Judges:** M. M. K…; DEEPTI M…
- **Appellants:** Noble Buildtech…
- **Respondents:** UTC Softech Pvt.…

## Timeline

- **2007-11-08 — Incorporation of…**: UTC Softech Pvt. Ltd. was…
- **2013-11-22 — Allotment…**: Date of the Allotment Letter between…

## 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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