# In the matter of Cerebra lntegrated Technologies Limited

> NCLT judgment dated 2025-05-01. Citation: TCN-2025-NCLT-00140. The case involves an Interlocutory Application (IA No. 62/2025) filed in a Company Petition (CP…

- **Court:** NCLT
- **Order date:** 1 May 2025
- **Citation:** TCN-2025-NCLT-00140
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cerebra-lntegrated-technologies-limited-970d7ea6

## Summary

### Background

The case involves an Interlocutory Application (IA No. 62/2025) filed in a Company Petition (CP (IB) No. 60/BB/2024) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of NCLT Rules, 2016. Cerebra Integrated Technologies Limited, the Corporate Debtor/Applicant, sought to implead Sunstar Realty Development Private Limited and Mr. Sunil Bhandari as Respondents in the main petition. The Financial Creditor, Manish Kumar Bharadwaj, had filed a Section 7 petition against the Corporate Debtor to initiate Corporate Insolvency Resolution Process (CIRP) for a payment default of Rs. 1,73,94,992/-. The Corporate Debtor argued that the loan was originally given by Sunstar Realty Development Private Limited (SRDL) and that SRDL and Mr. Sunil

…

## Facts

Manish Kumar Bharadwaj, the Financial Creditor and Proprietor of Bhardwaj Enterprises, filed a Section 7 petition (CP (IB) 59/BB/2024) against Cerebra Integrated Technologies Limited, the Corporate Debtor, to initiate CIRP for a payment default of Rs. 1,73,94,992/-. The Corporate Debtor sought to implead Sunstar Realty Development Private Limited (SRDL) and Mr. Sunil Bhandari as Respondents in the main petition, arguing that the loan was originally given by SRDL. During 2021-22, the Corporate Debtor sought to raise funds of Rs.200 Crores, facilitated by Mr. Sunil Bhandari of Sunstar Realty. SRDL arranged a loan of Rs.5,40,00,000 for the Corporate Debtor. The Corporate Debtor claims to have repaid Rs.7,46,69,150/- to SRDL through Mrs. Medha Hegde selling shares and

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should allow the impleadment of Sunstar Realty Development …

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

…

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

…

**Interpretation:** Section 7 of the IBC, 2016 outlines the procedure for initiating the Corporate

…

**Application:** The NCLT applied the principle that only the Financial Creditor and the

…

## Parties

- **Judges:** SH. SUNIL KUMAR…; SH. RADHAKRISHNA…
- **Appellants:** Manish Kumar…
- **Respondents:** Cerebra Integrated…; 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 Respondent/Financial Creditor filed its statement of objections to the Interlocutory…

## 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/cerebra-lntegrated-technologies-limited-970d7ea6