# In the matter of Marvel Realtors and Developers Limited

> NCLT judgment dated 2024-04-30. Citation: TCN-2024-NCLT-01523. The application, I.A. No. 3237 of 2023, was filed by Catalyst Trusteeship Limited, the…

- **Court:** NCLT
- **Order date:** 30 Apr 2024
- **Citation:** TCN-2024-NCLT-01523
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/marvel-realtors-and-developers-limited-24144b75

## Summary

### Background

The application, I.A. No. 3237 of 2023, was filed by Catalyst Trusteeship Limited, the Financial Creditor, seeking an amendment to the Company Petition (C.P. No. 431/IB/C-III/2023). The amendment sought to insert the date of default as 05.06.2022 in Part-IV of the petition. The Corporate Debtor, Marvel Realtors and Developers Limited, opposed the application, arguing that the amendment would change the nature of the case and that the petition was barred by Section 10A of the Insolvency and Bankruptcy Code (IBC). The Financial Creditor claimed the omission of the default date was due to inadvertence.

## Facts

Catalyst Trusteeship Limited, the Financial Creditor, filed an application (I.A. No. 3237 of 2023) seeking to amend the Company Petition (C.P. No. 431/IB/C-III/2023) by inserting the date of default as 05.06.2022 in Part-IV of the petition. Marvel Realtors and Developers Limited, the Corporate Debtor, opposed the amendment, arguing it would change the nature of the case and that the petition was barred by Section 10A of the IBC. The Corporate Debtor contended that the petition already indicated a default date of 31.12.2020 in Part-IV. The Financial Creditor claimed the omission of the default date was due to inadvertence. The court noted that Part-IV of the petition described various facilities with amounts due and due dates of payments, with some dates falling within

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## Issues and analysis

### Issue 1: Whether the amendment sought by the Financial Creditor to insert the date of default in the Company …

**Ratio:** Amendments to pleadings should be allowed liberally if they are necessary for determining

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**Reasoning:** The court reasoned that allowing the amendment to insert the date of default would not

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**Interpretation:** The principle is that amendments should be allowed to facilitate the

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**Application:** In this case, the court applied the principle by allowing the amendment,

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Catalyst Trusteesh…
- **Respondents:** Marvel Realtors…

## Timeline

- **2022-06-05 — Date of Default…**: The date of default that Catalyst Trusteeship Limited sought to insert into Part-IV of…
- **2023-01-01 — I.A. No.3237 of 2023…**: Catalyst Trusteeship Limited filed I.A. No.3237 of 2023 seeking amendment of the Company…

## 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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