# In the matter of Omkar Realtors Pvt. Ltd. C.P.(IB)825-MB-2020

> NCLT judgment dated 2022-11-16. Citation: TCN-2022-NCLT-00429. The case pertains to a Company Petition bearing C.P.(IB)825/MB/2020. The Financial Creditor's…

- **Court:** NCLT
- **Order date:** 16 Nov 2022
- **Citation:** TCN-2022-NCLT-00429
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/omkar-realtors-pvt-ltd-cpib825-mb-2020-6552cbfa

## Summary

### Background

The case pertains to a Company Petition bearing C.P.(IB)825/MB/2020. The Financial Creditor's counsel stated that the default amount has been paid by the Corporate Debtor.

## Facts

The Financial Creditor filed a Company Petition C.P.(IB)825/MB/2020 against Omkar Realtors Pvt Ltd due to a default in payment. During the proceedings, the Corporate Debtor, Omkar Realtors Pvt Ltd, paid the outstanding default amount to the Financial Creditor. Consequently, the Financial Creditor's counsel informed the court that the default amount had been settled. The payment of the default amount is a key fact, as it directly led to the closure of the petition.

## Issues and analysis

### Issue 1: Whether the Company Petition C.P.(IB)825/MB/2020 should be closed given the payment of the default …

**Ratio:** When a default amount that forms the basis of a Company Petition is paid by the Corporate

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**Reasoning:** The court accepted the statement from the Financial Creditor's counsel that the default

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**Interpretation:** This legal issue involves interpreting the implications of settling a financial

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**Application:** In this specific case, the Corporate Debtor's payment of the default amount

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## Parties

- **Judges:** SH. SHYAM BABU…; P.N. Des…
- **Appellants:** Rajeev Si…
- **Respondents:** Omkar Realtors…

## Timeline

- **2022-11-16 — Order Sheet of the…**: The court heard the matter and noted that the default amount had been paid by the…

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