# In the matter of Abloom Infotech Pvt. Ltd. I.A. 5985- ND-2022 in Company Petition No. (IB) – 2115-(ND)-2019

> NCLT judgment dated 2023-02-14. Citation: TCN-2023-NCLT-04603. The application, I.A. 5980/ND/2022, was filed by M/s Dauphin Cables Private Limited, a…

- **Court:** NCLT
- **Order date:** 14 Feb 2023
- **Citation:** TCN-2023-NCLT-04603
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abloom-infotech-pvt-ltd-ia-5985-nd-2022-in-company-petition-no-ib-2115-nd-2019-310a53ac

## Summary

### Background

The application, I.A. 5980/ND/2022, was filed by M/s Dauphin Cables Private Limited, a shareholder of the Corporate Debtor, Abloom Infotech Private Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant sought the rejection of the claim of Chandgi Ram Real Estate Consultant Pvt. Ltd. (CRC), which was allegedly wrongly admitted as a creditor. The applicant argued that CRC is a promoter and its rights are equivalent to equity shareholders, thus not entitled to preferential payments under Section 53 of the IBC. The Tribunal considered whether the application was maintainable and examined the agreements between the Corporate Debtor and CRC.

## Facts

DMI Finance Pvt. Ltd. is the Financial Creditor. M/s Abloom Infotech Pvt. Ltd. is the Corporate Debtor. M/s Dauphin Cables Private Limited, a shareholder of the Corporate Debtor, filed an application (I.A. 5980/ND/2022) seeking the rejection of the claim of Chandgi Ram Real Estate Consultant Pvt. Ltd. (CRC), arguing that CRC was wrongly admitted as a creditor. The applicant contended that CRC is a promoter and its rights are equivalent to equity shareholders, thus not entitled to preferential payments under Section 53 of the IBC. There was a subsisting agreement between CRC and the Corporate Debtor involving Co-Development of land. The Term Sheet, MoU, and Addendum to MoU contained an embargo on Abloom entering into any agreement without the consent of DMI Finance. CRC

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## Issues and analysis

### Issue 1: Whether the present application filed by a …

**Ratio:** The locus of a party must be seen with regard to its interests in the subject matter. A

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**Reasoning:** The Tribunal determined that the application was maintainable because the claim of CRC

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**Interpretation:** This clarifies that shareholders have a right to approach the NCLT if their

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**Application:** The applicant, being a shareholder, has a direct financial interest in the

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## Parties

- **Judges:** SHRI. BACHU…; RAHUL BHA…
- **Appellants:** DMI Finance Pvt.…
- **Respondents:** M/S Abloom…; RP MR. PARVEEN…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No. (IB) –…
- **2022-01-01 — Application…**: I.A. 5980/ND/2022 was filed by M/s…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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