# In the matter of Mantri Developers Private Limited C. P. (IB) No. 45-BB-2021

> NCLT judgment dated 2023-03-28. Citation: TCN-2023-NCLT-04040. The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 28 Mar 2023
- **Citation:** TCN-2023-NCLT-04040
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mantri-developers-private-limited-c-p-ib-no-45-bb-2021-56ca6074

## Summary

### Background

The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Mr. Ashish Rijhwani and 105 others (Petitioners/Financial Creditors/Home Buyers) against M/s. Mantri Developers Private Limited (Respondent/Corporate Debtor). The petitioners sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to default on financial debt related to purchased units.

## Facts

Mr. Ashish Rijhwani and 105 others, identified as Petitioners/Financial Creditors/Home Buyers, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Mantri Developers Private Limited, the Respondent/Corporate Debtor. The petition, CP (IB) No.45/BB/2021, was filed on 04.02.2021. The petitioners sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to defaults on financial debt related to units purchased from the corporate debtor. The Adjudicating Authority had reserved orders on the petition on 11.01.2023. Subsequently, another petition, CP (IB) No.94/BB/2022, was filed by M/s. Indiabulls Housing Finance Limited against the same Corporate Debtor, which resulted in the initiation of CIRP and the appointment of an

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## Issues and analysis

### Issue 1: Whether the petition filed by Mr. Ashish Rijhwani and others under Section 7 of the IBC, 2016, …

**Ratio:** The legal principle applied is that parallel CIRP proceedings against the same corporate

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**Reasoning:** The court reasoned that since CIRP had already been initiated against Mantri Developers

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**Interpretation:** The interpretation of the IBC, 2016, is that it aims to consolidate insolvency

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**Application:** The ratio and reasoning were applied to the specific facts of the case by

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Ashish Ri…
- **Respondents:** Mantri Developers…
- **Advocates:** Dhananjay…; Vach…; +3 more

## Timeline

- **2021-02-04 — Petition…**: CP (IB) No.45/BB/2021 filed by Mr. Ashish Rijhwani and others under Section 7 of the IBC,…
- **2023-01-11 — Order Res…**: The court reserved orders…

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