# In the matter of Orris Infrastructure Pvt. Ltd.

> NCLT judgment dated 2023-09-19. Citation: TCN-2023-NCLT-01533. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 19 Sept 2023
- **Citation:** TCN-2023-NCLT-01533
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/orris-infrastructure-pvt-ltd-ae181b84

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Ms. Rita Malhotra and Ors. (Financial Creditor) against M/s Orris Infrastructure Pvt. Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The application was initially filed on 23.01.2019. The financial creditor claimed a default of Rs. 3,60,612/-. The Corporate Debtor was incorporated on 26.07.2006 and is involved in real estate activities. The applicants had entered into an agreement with the Corporate Debtor for allotment of office space in a commercial project, with an assured return on their investment. The applicants alleged breach of the agreement due to non-payment of the assured return.

## Facts

Ms. Rita Malhotra and Ms. Bina Chopra (Financial Creditors) applied for allotment of office space in a commercial project developed by M/s Orris Infrastructure Pvt. Ltd. (Corporate Debtor). They paid Rs. 2,00,000 on 14.04.2010, Rs. 5,00,000 on 17.04.2010, and Rs. 22,98,000 on 24.04.2010. An agreement was entered on 24.04.2010, allotting them office space admeasuring 1071 Sq. Ft. on the 14th floor with Unit No.1414 at Rs.2799.253 per Sq. Ft., totaling Rs. 29,98,000. A Space Buyers Agreement was executed on 26.04.2010. The agreement stipulated an assured investment return of Rs. 60 per sq.ft. per month. The Corporate Debtor offered temporary possession on 10.03.2017. The Financial Creditors filed a previous petition (IB-640(PB)/2018) which was withdrawn after a

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## Issues and analysis

### Issue 1: Whether the applicants meet the threshold requirements for filing a Section 7 petition under the …

**Ratio:** The amended Section 7 of the IBC requires financial creditors who are allottees under a

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**Reasoning:** The court reasoned that the applicants, being joint allottees of a single unit, do not

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**Interpretation:** The interpretation of the amended Section 7 focuses on the collective nature of

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**Application:** In this case, the applicants, being only two individuals, do not represent the

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Rita Mal…
- **Respondents:** M/s. Orris…

## Timeline

- **2019-01-23 — Application…**: The present application was filed on 23.01.2019 before this Adjudicating Authority under…
- **2010-04-14 — Application for…**: Applicants applied for allotment of Office…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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