# In the matter of Acme Realties Private Limited

> NCLT judgment dated 2024-02-21. Citation: TCN-2024-NCLT-02493. 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-02493
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/acme-realties-private-limited-e0ec9bb0

## 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 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. In 1980, MHADA constructed 88 chawls on the land and allotted 655 tenements. The occupants formed a society, which later decided to undertake redevelopment. The society invited bids from developers, and J.P. Infra

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## Facts

The Petitioners, comprising 75 homebuyers in the "Boulevard Tower 4" and "Boulevard Tower 5" projects developed by Acme Realties Private Limited, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging default in handing over possession of their flats. MHADA owns the land, and the project involves redevelopment of old chawls. Acme Realties entered into a joint venture with JPL and Keemaya for the project. The Petitioners entered into LOA/ATS with Acme Realties, but the possession was delayed. The original possession dates were December 2018 or December 2019, excluding grace periods. The Corporate Debtor unilaterally extended the possession dates. The Petitioners paid approximately 90% of the purchase consideration. The

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## Issues and analysis

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

**Ratio:** The requirement of prior service to the IBBI under Rule 4(3) is a procedural requirement.

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

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

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## Parties

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

## Timeline

- **1980-01-01 — MHADA Const…**: MHADA constructed 88 chawls on the…
- **2008-01-01 — Society De…**: The occupants' society decided to…

## 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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