# In the matter of K V Developers Private Limited IA-3447-2021 & IA-3583-2022 in Company Petition No. IB-236(ND)-2020

> NCLT judgment dated 2023-04-17. Citation: TCN-2023-NCLT-03774. The application was filed under Section 30(6) read with Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 17 Apr 2023
- **Citation:** TCN-2023-NCLT-03774
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/k-v-developers-private-limited-ia-3447-2021-ia-3583-2022-in-company-petition-no-a7a5d1b8

## Summary

### Background

The application was filed under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, on behalf of Mr. Pankaj Narang, the Resolution Professional of M/s. K V Developers Private Limited, seeking approval of the Resolution Plan submitted by the consortium of M/s Brijkishor Trading Private Limited and Mr. Sumit Kumar Khanna, which was approved by the Committee of Creditors with a 100% majority. The Corporate Insolvency Resolution Process was initiated against K V Developers Private Limited by the NCLT on 28.10.2020, following a petition under Section 7 of the Code filed by LIC Housing Finance

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. K V Developers Private Limited ('Corporate Debtor') by Hon'ble NCLT on 28.10.2020, following a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by M/s. LIC Housing Finance Limited ('Financial Creditor'). Mr. Pankaj Narang was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The Corporate Debtor is engaged in real estate activities, including the development and sale of land and cemetery lots, and operates apartment hotels and residential/mobile home sites. The Corporate Debtor has a real estate project named KVD Wind Park in Greater Noida, comprising 924 residential units in 7 towers and 44 commercial shops,

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## Issues and analysis

### Issue 1: Whether the objections raised by Greater Noida Industrial Development Authority (GNIDA) pose a …

**Ratio:** Section 238 of the IBC grants it an overriding effect, ensuring its provisions prevail

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**Reasoning:** The Adjudicating Authority considered GNIDA's objections regarding non-verification of

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**Interpretation:** Section 238 of the IBC establishes the supremacy of the Code over other laws,

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**Application:** The Adjudicating Authority held that GNIDA's objections did not pose a legal

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## Parties

- **Judges:** BACHU VENKAT…; BINOD KUMAR…
- **Appellants:** LIC Housing…
- **Respondents:** K V Developers…

## Timeline

- **2020-10-28 — Initiation…**: Hon'ble NCLT initiated the Corporate Insolvency Resolution Process against M/s. K V…
- **2020-10-30 — Public Annou…**: Public announcement in Form A…

## 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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