# In the matter of O3 Developers Pvt. Ltd.

> NCLT judgment dated 2023-12-08. Citation: TCN-2023-NCLT-00333. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 8 Dec 2023
- **Citation:** TCN-2023-NCLT-00333
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/o3-developers-pvt-ltd-aad6a57f

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC). The applicant, Piramal Capital & Housing Finance Ltd, filed an application against the respondent, O3 Developers Pvt Ltd. The applicant was required to file additional documents, including a registered copy of the deed of assignment and Form-D, which serves as a record of default issued by NeSL. The applicant failed to file the Form-D despite due notice and opportunity provided by the Tribunal.

## Facts

Piramal Capital & Housing Finance Ltd initiated proceedings under Section 7 of the IBC against O3 Developers Pvt Ltd. The applicant was directed to file an additional affidavit along with a registered copy of the deed of assignment dated 30.06.2023, which was registered on 11.09.2023. A key requirement was the submission of Form-D, a record of default issued by NeSL. Despite receiving due notice and opportunity, the applicant failed to file the Form-D. The Tribunal determined that the application was incomplete due to the absence of this record of default. Consequently, IA/1019(AHM)2023, along with the main petition, was dismissed.

## Issues and analysis

### Issue 1: Whether the applicant's failure to submit Form-D, a record of default issued by NeSL, renders the …

**Ratio:** The ratio is that an application under Section 7 of the IBC must be complete and

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**Reasoning:** The Tribunal reasoned that the Form-D is a critical document that establishes the record

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**Interpretation:** This issue involves the interpretation of procedural requirements under the IBC

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**Application:** In this specific case, the applicant's failure to submit the Form-D, despite

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Piramal Capital…
- **Respondents:** O3 Developers Pvt…

## Timeline

- **2023-06-30 — Deed of Assign…**: The deed of assignment…
- **2023-09-11 — Deed of Assignment…**: The deed of assignment was…

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