# In the matter of Omkar Realtors & Developers Private Limited

> NCLT judgment dated 2024-05-15. Citation: TCN-2024-NCLT-01351. The case involves a Company Petition (IB)-762(MB)/2022 filed under Section 9 of the Insolvency…

- **Court:** NCLT
- **Order date:** 15 May 2024
- **Citation:** TCN-2024-NCLT-01351
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/omkar-realtors-developers-private-limited-7690e261

## Summary

### Background

The case involves a Company Petition (IB)-762(MB)/2022 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Aluplex India Private Limited (Operational Creditor/Petitioner) against Omkar Realtors and Developers Private Limited (Corporate Debtor/Respondent) for default in repayment of Rs. 27,46,44,092.56. The Corporate Debtor is involved in real estate development, specifically the Omkar Worli Project, and engaged the Operational Creditor for Façade Labour Works under a contract dated 28.10.2015. Disputes arose regarding payments for the work done, leading to the filing of the petition.

## Facts

Aluplex India Private Limited (Operational Creditor) filed a petition against Omkar Realtors and Developers Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for a default of Rs. 27,46,44,092.56. The Corporate Debtor engaged the Operational Creditor for Façade Labour Works for the Omkar Worli Project under a contract dated 28.10.2015. The Operational Creditor completed work, raised payment receipts, and followed up for payments, but the Corporate Debtor failed to pay the amount due. Several communications were exchanged between the parties regarding the release of payments. The Operational Creditor sent a Demand Notice in Form 3 on 31.08.2021, which the Corporate Debtor replied to, denying the amount owed. The Operational

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## Issues and analysis

### Issue 1: Whether the contract between the Corporate Debtor and Operational Creditor is valid despite being …

**Ratio:** Even if the agreement is considered to be insufficiently stamped, debt and default can

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**Reasoning:** The Hon'ble NCLAT has clearly held that even if the agreement is considered to be

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**Interpretation:** The interpretation is that the validity of the contract based on stamp duty is

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**Application:** In this case, even if the contract was insufficiently stamped, the court

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## Parties

- **Judges:** Charanjeet Singh…; KISHORE VEMULAPALL…
- **Appellants:** Aluplex India…
- **Respondents:** Omkar Realtors…

## Timeline

- **2015-10-28 — Work Con…**: A work contract was executed between the Corporate Debtor and Operational Creditor for…
- **2019-06-28 — Payment R…**: The Operational Creditor raised a Payment Receipt for the Work Order completed and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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