# In the matter of Marvel Realtors and Developers Limited

> NCLT judgment dated 2024-04-30. Citation: TCN-2024-NCLT-01509. 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-01509
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/marvel-realtors-and-developers-limited-6b12cc96

## 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 in Part-IV of the petition as June 5, 2022. The Applicant stated that the date of default was not mentioned in Part-IV due to inadvertence. 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).

## Facts

Catalyst Trusteeship Limited, the Financial Creditor, filed an application (I.A. No. 3237 of 2023) to amend the Company Petition (C.P. No. 431/IB/C-III/2023) by inserting the date of default as June 5, 2022, in Part-IV of the petition. The Financial Creditor claimed the omission was due to inadvertence. Marvel Realtors and Developers Limited, the Corporate Debtor, opposed the amendment, arguing it would change the nature of the case and was an attempt to circumvent Section 10A of the IBC, which bars certain applications. The Corporate Debtor pointed out that the petition already mentioned amounts due for the quarter ended December 31, 2020. The court noted that Part-IV of the petition described various facilities with amounts due and due dates, with some dates falling

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## Issues and analysis

### Issue 1: Whether the Tribunal should allow the amendment of the Company Petition to insert the date of …

**Ratio:** Amendments to pleadings should be allowed liberally to determine the real question in

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**Reasoning:** The court reasoned that allowing the amendment would not prejudice the respondent because

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**Interpretation:** The principle is that amendments should be permitted if they clarify the issues

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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…; SH. CHARANJEET…
- **Appellants:** Catalyst Trusteesh…
- **Respondents:** Marvel Realtors…

## Timeline

- **2022-06-05 — Proposed Date o…**: Catalyst Trusteeship Limited sought to insert this date as the date of default in Part-IV…
- **2023-01-01 — Filing of I.A.…**: Catalyst Trusteeship Limited filed the application 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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