# In the matter of Cerebra lntegrated Technologies Limited

> NCLT judgment dated 2025-05-01. Citation: TCN-2025-NCLT-00141. The case involves an Interlocutory Application (IA No. 62/2025) filed in connection with a…

- **Court:** NCLT
- **Order date:** 1 May 2025
- **Citation:** TCN-2025-NCLT-00141
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cerebra-lntegrated-technologies-limited-3d3d32ca

## Summary

### Background

The case involves an Interlocutory Application (IA No. 62/2025) filed in connection with a Company Petition (CP (IB) No. 60/BB/2024) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant, Cerebra Integrated Technologies Limited (Corporate Debtor), sought to implead Sunstar Realty Development Private Limited and Mr. Sunil Bhandari as respondents in the main petition. The financial creditor, Manish Kumar Bharadwaj, initiated the CIRP against the corporate debtor for a default of Rs. 1,73,94,992/-. The corporate debtor claimed that the financial creditor fraudulently assigned the loan to recover the said amount, which was originally loaned by Sunstar Realty Development Private Limited (SRDL). The financial creditor opposed the impleadment,

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## Facts

Manish Kumar Bharadwaj, the Proprietor of Bhardwaj Enterprises, filed a Section 7 petition (CP (IB) 59/BB/2024) against Cerebra Integrated Technologies Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP) for a default of Rs. 1,73,94,992/-. The Corporate Debtor sought to implead Sunstar Realty Development Private Limited (SRDL) and Mr. Sunil Bhandari in the main petition. During 2021-22, the Corporate Debtor wanted to raise Rs. 200 Crores for business operations. Mr. Sunil Bhandari, Managing Director and CFO of Sunstar Realty Development Private Limited, facilitated a loan of Rs. 5,40,00,000 from SRDL to the Corporate Debtor. The mode of repayment was not finalized. Mr. Bhandari demanded immediate repayment with 50% annual interest and

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the impleadment of parties other than the Financial …

**Ratio:** In an application filed under Section 7 of the IBC, 2016, the Financial Creditor and the

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**Reasoning:** The court reasoned that at the pre-admission stage of a Section 7 application, the

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**Interpretation:** Section 7 of the IBC, 2016 provides a mechanism for initiating the Corporate

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**Application:** The court applied the ratio to the facts of the case, noting that the Corporate

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** Manish Kumar…
- **Respondents:** Cerebra Integrated…

## Timeline

- **2025-01-03 — Filing of Interlocutory…**: Interlocutory Application (IA No. 62/2025) filed by Cerebra Integrated Technologies…
- **2025-04-02 — Respondent's Statement…**: The Financial Creditor (Respondent) filed its statement of objections, opposing the…

## 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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