# In the matter of Homigo Realty Private Limited CP (IB) No.103-BB-2022

> NCLT judgment dated 2023-02-22. Citation: TCN-2023-NCLT-04497. M/s Homigo Realty Private Limited filed a petition under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 22 Feb 2023
- **Citation:** TCN-2023-NCLT-04497
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/homigo-realty-private-limited-cp-ib-no103-bb-2022-8191c739

## Summary

### Background

M/s Homigo Realty Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of itself. The company cited financial difficulties, including an inability to refund security deposits to dissatisfied customers, dishonored cheques, and defaults in payments to employees and statutory authorities. The company acknowledged owing Rs. 19,85,78,993/- to Operational Creditors, Financial Creditors, and Statutory Liabilities. The Corporate Applicant applied before the Tribunal to initiate proceedings under Section 10 of the IBC, 2016 for commencing Corporate Insolvency Resolution Process.

## Facts

M/s Homigo Realty Private Limited, a private limited company incorporated on 22.06.2015, filed a petition under Section 10 of the IBC, 2016, seeking to initiate CIRP. The company's registered office is located in Bangalore. The authorized capital of the company is Rs. 4,00,000/-, and the paid-up capital is Rs. 3,19,100/-. The company is engaged in the business of real estate, specifically renting residential dwellings and providing property maintenance services. The company collected security deposits from customers, but due to dissatisfaction with the services, customers wished to terminate their contracts. Due to a cash crunch, the company was unable to refund these deposits. The company issued various cheques to creditors that were dishonored, leading to cases filed

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor satisfies the conditions for initiating an Application U/s 10 of the …

**Ratio:** Section 10 of the IBC allows a Corporate Applicant to initiate CIRP if there is a debt, a

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**Reasoning:** The Tribunal observed that the Corporate Debtor was unable to repay its debts and was not

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**Interpretation:** Section 10 of the IBC provides the conditions under which a Corporate Applicant

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**Application:** The Tribunal found that the Corporate Debtor satisfied the conditions for

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## Parties

- **Judges:** T. Krishn…; SATHYA RANJAN…
- **Respondents:** M/s Homigo Realty…

## Timeline

- **2015-06-22 — Incorporation o…**: M/s Homigo Realty Private…
- **2021-04-05 — Special Res…**: Shareholders passed a special…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 11 — Persons not entitled to make application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-11)

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