# In the matter of Acme Realties Private Limited

> NCLT judgment dated 2024-02-21. Citation: TCN-2024-NCLT-02502. The case involves a Company Petition (IB)-324(MB)/2023 filed under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 21 Feb 2024
- **Citation:** TCN-2024-NCLT-02502
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/acme-realties-private-limited-02785469

## Summary

### Background

The case involves a Company Petition (IB)-324(MB)/2023 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Abhishek Ranganathan and others, who are financial creditors/homebuyers/petitioners, against M/s. Acme Realties Private Limited, the corporate debtor/respondent. The petitioners allege a default in handing over possession of flats/apartments in the real estate project "Boulevard Tower 4" and "Boulevard Tower 5". The Maharashtra Housing and Area Development Authority (MHADA) owns the land where the project is situated. MHADA had constructed chawls on the land in 1980 and later the occupants formed a society that decided to undertake redevelopment. The society invited bids from developers, and J.P. Infra (Mumbai) Pvt. Ltd. (JPL)

…

## Facts

The case originates from a petition filed by multiple homebuyers (financial creditors) against Acme Realties Private Limited (corporate debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The homebuyers allege that Acme Realties defaulted on its promise to hand over possession of their purchased flats/apartments in the "Boulevard Tower 4" and "Boulevard Tower 5" projects. MHADA owns the land, and the project involves redevelopment of old chawls. The occupants of the chawls formed a society that appointed J.P. Infra (Mumbai) Pvt. Ltd. (JPL) for redevelopment. Acme Realties, JPL, and Keemaya Developers Pvt. Ltd. entered into joint venture agreements. Acme Realties was responsible for constructing buildings for rehabilitation and

…

## Issues and analysis

### Issue 1: Whether the Petitioners have failed to comply with Rule 4(3) of the IBBI (Application to …

**Ratio:** Rule 4(3) of the IBBI (Application to Adjudicating Authority) Rules, 2016 requires prior

…

**Reasoning:** The Ld. Counsel for the Petitioner submitted that the service was completed to the IBBI

…

**Interpretation:** The requirement of prior service to the IBBI is mandatory, but the defect can

…

**Application:** In this case, the Petitioners completed the service to the IBBI after filing

…

## Parties

- **Judges:** Charanjeet Singh…; Smt Lakshmi…
- **Appellants:** Abhishek Ranganath…
- **Respondents:** Acme Realties…
- **Advocates:** Shyam Ka…; Vishnu Sh…; +1 more

## Timeline

- **2013-01-01 — Marketing and Booking…**: Corporate Debtor began marketing and taking bookings for flats/apartments in Tower 4 and…
- **2013-01-01 — Issuance of…**: Corporate Debtor began issuing letters of allotment (“LOA”) and entered into various…

## 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)

---

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-division-bench-court-i-chenn/acme-realties-private-limited-02785469