# In the matter of Kavya Build-con Pvt. Ltd.

> NCLT judgment dated 2024-02-22. Citation: TCN-2024-NCLT-02461. The applicant, Bhupendra Pancholi, filed an application seeking the restoration of a Company…

- **Court:** NCLT
- **Order date:** 22 Feb 2024
- **Citation:** TCN-2024-NCLT-02461
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kavya-build-con-pvt-ltd-6160d64e

## Summary

### Background

The applicant, Bhupendra Pancholi, filed an application seeking the restoration of a Company Petition (C.P. (IB) No. 216/MB/2019) that was initially disposed of based on consent terms agreed upon between the applicant and the respondent/corporate debtor, M/s Kavya Buildcon Pvt. Ltd. The original petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, after the applicant purchased a flat from the respondent and issued a letter of allotment dated 14.01.2016. The applicant claimed the respondent failed to comply with the consent terms, leading to the present application for restoration.

## Facts

Bhupendra Pancholi (Applicant) purchased a flat from M/s Kavya Buildcon Pvt. Ltd. (Respondent/Corporate Debtor) for Rs. 65,68,664/-. The Respondent issued a letter of allotment dated 2016-01-14. The Applicant, as a Financial Creditor, filed C.P (IB)/216(MB)/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor. Consent terms were executed, and the petition was disposed of on 2019-10-17. The Corporate Debtor was obligated to pay Rs. 80,68,664/- as per the consent terms but failed to comply. The Applicant issued a notice dated 2021-03-05 to the Respondent. The Financial Creditor (Applicant) died. An amendment to Section 7 of the Insolvency and Bankruptcy Code, 2016, requires a minimum number of allottees to jointly file for CIRP.

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## Issues and analysis

### Issue 1: Whether the application for restoration of the Company Petition is maintainable despite the death …

**Ratio:** The cause of action survives even after the death of the applicant, and the legal heir

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**Reasoning:** The court considered the argument that the cause of action survives and an application

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**Interpretation:** The interpretation involves balancing the principle that a cause of action

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**Application:** The court applied the ratio by allowing the application for restoration but

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Bhupendra P…
- **Respondents:** M/s Kavya…

## Timeline

- **2016-01-14 — Letter of Al…**: Respondent issued a letter of…
- **2019-10-17 — Petition Di…**: The original petition was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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