# In the matter of Acme Realties Private Limited

> NCLT judgment dated 2024-02-21. Citation: TCN-2024-NCLT-02504. 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-02504
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/acme-realties-private-limited-64581d25

## 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 other homebuyers/financial creditors against M/s. Acme Realties Private Limited, the corporate debtor, due to defaults in handing over possession of flats/apartments in the real estate project "Boulevard Tower 4" and "Boulevard Tower 5". The project is located on land owned by MHADA, which had initially constructed chawls on the land and later allowed for redevelopment. The Apex Society, representing the chawl occupants, appointed JPL for redevelopment, followed by a joint venture agreement involving JPL, Keemaya Developers, and the Corporate Debtor. The Corporate Debtor was responsible for construction

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## Facts

MHADA owned a land of 40,429.64 sq meters in Village Majas. In 1980, MHADA constructed 88 chawls on the land, allotting 655 tenements. The occupants formed the Majaswadi Sarvodayanagar Sahakari Grihnirman Sanstha Society, later renamed Majaswadi Sarvodayanagar Co-operative Housing Society Limited (Apex Society). In 2008, the society decided to redevelop the property. They invited bids and appointed J.P. Infra (Mumbai) Pvt. Ltd. (JPL). Two Development Agreements were signed in 2009, granting development rights to JPL. In 2010, the Apex Society consented to a joint venture agreement between JPL, Keemaya Developers, and Acme Realties Pvt. Ltd. (Corporate Debtor). MHADA and the Apex Society entered into a lease agreement in 2010, and a Deed of Sale in 2011. The Corporate

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## Issues and analysis

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

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

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

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**Interpretation:** The rule requires prior service to the IBBI to ensure that the IBBI is informed

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**Application:** The court found that the defect was cured by the Petitioners completing the

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## Parties

- **Judges:** Charanjeet Singh…; Smt Lakshmi…
- **Appellants:** Abhishek Ranganath…
- **Respondents:** Acme Realties…; M/s. Acme…

## Timeline

- **1980-01-01 — MHADA Construc…**: MHADA constructed 88 chawls on the…
- **2008-01-01 — Society Decides to…**: The Apex Society decided to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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