# In the matter of Imperia Wishfield Private Limited

> NCLT judgment dated 2024-05-29. Citation: TCN-2024-NCLT-01277. The petition was filed by Mr. Raj Kumar Shrivastava and other allottees of units in the…

- **Court:** NCLT
- **Order date:** 29 May 2024
- **Citation:** TCN-2024-NCLT-01277
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/imperia-wishfield-private-limited-2e4b02ec

## Summary

### Background

The petition was filed by Mr. Raj Kumar Shrivastava and other allottees of units in the 'Elvedor' commercial project developed by Imperia Wishfield Private Limited ('Corporate Debtor') between 2013 and 2016. The financial creditors sought to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to alleged default in repayment of debt amounting to INR 7,97,22,190/-. The Corporate Debtor was to deliver possession of the units between 2018 and 2021 as per the Retail Buyers' Agreement (RBA), Builder Buyers' Agreement (BBA), and Studio Apartment Buyers' Agreement (SBA). The Corporate Debtor contended delays were due to non-payment by the financial creditors and the COVID-19 pandemic.

## Facts

Mr. Raj Kumar Shrivastava and other allottees filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Imperia Wishfield Private Limited. The allottees had been allotted units in the 'Elvedor' commercial project between 2013 and 2016. The total debt claimed was INR 7,97,22,190/-. The allottees had paid a total sale consideration of Rs. 6,97,08,167/- to the Corporate Debtor. As per Clause 14 of the RBA/BBA/SBA, the Corporate Debtor was liable to pay compensation for delays in completion. The Corporate Debtor failed to deliver possession of the units between 2018 and 2021 as agreed. The Corporate Debtor contended that the delays were due to non-payment by the financial creditors and the COVID-19 pandemic. The Corporate

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** Section 7 of the IBC, 2016, allows a financial creditor to initiate CIRP against a

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**Reasoning:** The Adjudicating Authority considered the submissions and documents presented by both

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**Interpretation:** Section 7 of the IBC, 2016, provides a mechanism for financial creditors to

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**Application:** The Adjudicating Authority found that the financial creditors had established

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## Parties

- **Judges:** SHRI. MAHENDRA…; SHRI. RAHUL…
- **Appellants:** Raj Kumar…
- **Respondents:** Imperia Wishfield…; M/s. Imperia…

## Timeline

- **2013-01-01 — Allotment o…**: Allotment of units to the financial creditors in the 'Elvedor' commercial project between…
- **2018-01-01 — Scheduled Pos…**: The Corporate Debtor was to deliver possession of the units between 2018 and 2021 as per…

## 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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