# In the matter of Gayatri Infra Planner Pvt. Ltd. IA-946-2023 in CP (IB) – 350 (PB)-2021

> NCLT judgment dated 2023-03-28. Citation: TCN-2023-NCLT-04039. The case involves an application filed by Mr. Amit Joshi & Others, representing homebuyers as…

- **Court:** NCLT
- **Order date:** 28 Mar 2023
- **Citation:** TCN-2023-NCLT-04039
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gayatri-infra-planner-pvt-ltd-ia-946-2023-in-cp-ib-350-pb-2021-6bfbfb9d

## Summary

### Background

The case involves an application filed by Mr. Amit Joshi & Others, representing homebuyers as financial creditors, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Gayatri Infra Planners Pvt. Ltd, the corporate debtor. The application cites a total financial default of Rs. 25,13,10,207. The corporate debtor was incorporated on 16/12/2011. The application was filed on 16.06.2021, alleging default to 90 financial creditors. The corporate debtor was to complete construction within 40 months from the date of the allotment agreement with a 6-month grace period. The corporate debtor has filed IA-946/2023 seeking adjournment due to settlement talks.

## Facts

Mr. Amit Joshi & Others, representing homebuyers, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Gayatri Infra Planners Pvt. Ltd. The corporate debtor was incorporated on 16/12/2011. The application was filed on 16.06.2021, citing a total financial default of Rs. 25,13,10,207 to 90 financial creditors. The project was to be completed within 40 months from the date of booking with a 6-month extension. The corporate debtor defaulted in completing construction and delivering possession. The corporate debtor argued that the claims were time-barred and cited force majeure due to government regulations and the COVID-19 pandemic. The application was filed on behalf of 113 allottees. The default amount towards

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** The application is maintainable if it meets the minimum threshold required for filing a

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**Reasoning:** The Adjudicating Authority found that the petition was jointly filed on behalf of more

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**Interpretation:** Section 7 of the IBC allows financial creditors to initiate CIRP against a

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**Application:** The Adjudicating Authority applied the ratio to the facts, finding that the

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Amit J…
- **Respondents:** Gayatri Infra…

## Timeline

- **2011-12-16 — Incorporation of…**: Gayatri Infra Planners…
- **2021-06-16 — Application…**: The application under Section 7 of IBC…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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