# In the matter of Precision Realty Developers Private Limited I.A. 1535 of 2023 in C.P.(IB) No. 163-MB-2023

> NCLT judgment dated 2023-06-30. Citation: TCN-2023-NCLT-02734. Phoenix ARC Private Limited filed an application under Section 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 30 Jun 2023
- **Citation:** TCN-2023-NCLT-02734
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/precision-realty-developers-private-limited-ia-1535-of-2023-in-cpib-no-163-mb-20-052e956b

## Summary

### Background

Phoenix ARC Private Limited filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an injunction on the disposal of assets by Precision Realty Developers Private Limited, the Corporate Debtor. This application was filed in relation to a Company Petition No. 163 of 2023, initiated by Phoenix ARC against Precision Realty Developers to commence Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Code, concerning a debt of approximately Rs. 118.95 Crore.

## Facts

Phoenix ARC Private Limited filed an application seeking an injunction against Precision Realty Developers Private Limited to prevent them from disposing of assets. This application was connected to a Company Petition filed by Phoenix ARC to initiate Corporate Insolvency Resolution Process (CIRP) against Precision Realty Developers due to a debt of approximately Rs. 118.95 Crore. Phoenix ARC argued that Precision Realty Developers was attempting to dispose of assets to defeat their claim and jeopardize the CIRP process. They also mentioned previous requests for loan restructuring and subsequent defaults by the Corporate Debtor. Precision Realty Developers countered that the application lacked substantiation and the allegations were vague, arguing that the applicant

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## Issues and analysis

### Issue 1: Whether the Applicant has made out a case for grant of injunction against the Corporate Debtor from …

**Ratio:** To grant an injunction, especially at the pre-admission stage, the applicant must

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**Reasoning:** The court reasoned that the Applicant failed to provide specific details regarding the

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**Interpretation:** The interpretation of the law requires the applicant to provide concrete

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**Application:** In this case, the Applicant did not provide sufficient details about the assets

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Phoenix Arc…
- **Respondents:** Precision Realty…
- **Advocates:** Nishit D…; Ritin…; +3 more

## Timeline

- **2023-01-01 — Company Petiti…**: Company Petition No. 163 of 2023 filed by Phoenix ARC against Precision Realty Developers…
- **2023-01-01 — Application for…**: Phoenix ARC filed an application seeking an injunction to restrain Precision Realty…

## 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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