# In the matter of Gagan I-Land Township Private Limited

> NCLT judgment dated 2023-11-01. Citation: TCN-2023-NCLT-00912. The case pertains to IA/5004/2023 in C.P. (IB)/1221(MB)2021 before the National Company Law…

- **Court:** NCLT
- **Order date:** 1 Nov 2023
- **Citation:** TCN-2023-NCLT-00912
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gagan-i-land-township-private-limited-60415038

## Summary

### Background

The case pertains to IA/5004/2023 in C.P. (IB)/1221(MB)2021 before the National Company Law Tribunal, Mumbai Bench. ICICI Prudential Real Estate AIF-I is the petitioner, and GAGAN I-LAND TOWNSHIP PRIVATE LIMITED is the respondent. The application is filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Facts

ICICI Prudential Real Estate AIF-I filed an application (I.A. 5004/2023) against GAGAN I-LAND TOWNSHIP PRIVATE LIMITED under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) held a meeting on 2023-10-25. The court considered the commercial wisdom of the CoC in its decision-making process. The application was subsequently allowed.

## Issues and analysis

### Issue 1: Whether I.A. 5004/2023 should be allowed based on the commercial wisdom of the Committee of …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is a primary consideration in

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**Reasoning:** The court based its decision on the commercial wisdom of the CoC, as expressed in their

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**Interpretation:** The court interprets that the CoC's decision, reflecting their commercial

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** ICICI PRUDENTIAL…
- **Respondents:** GAGAN I-LAND…
- **Advocates:** Chetan Ka…; Rohan Ag…; +3 more

## Timeline

- **2023-10-25 — CoC Meet…**: The Committee of…
- **2023-11-01 — Order Del…**: The order was delivered on…

## 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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