# In the matter of Pushp Ratna Realty Private Limited

> NCLT judgment dated 2024-09-11. Citation: TCN-2024-NCLT-00617. The case involves an intervention petition (Inv.P/8(MP)2024) and another application…

- **Court:** NCLT
- **Order date:** 11 Sept 2024
- **Citation:** TCN-2024-NCLT-00617
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pushp-ratna-realty-private-limited-01fcf84f

## Summary

### Background

The case involves an intervention petition (Inv.P/8(MP)2024) and another application (IA/371(MP)2024) filed by Rajeev Agnihotri in the matter of a Section 7 IBC petition (C.P.(IB)/26(MP)2024) initiated by homebuyers against Pushp Ratna Realty Pvt Ltd. Agnihotri sought to be arrayed as a respondent in the C.P.(IB)/26(MP)2024 and objected to its maintainability, arguing that the homebuyers' application was barred by limitation and that there were disputes between shareholders. Agnihotri claimed to hold 50% shareholding in the corporate debtor, Pushp Ratna Realty Pvt Ltd, in lieu of land transferred for a township project. He also stated that he had initiated arbitration proceedings regarding disputes with the company.

## Facts

Rajeev Agnihotri, the applicant/intervener, filed Inv.P/8(MP)2024 seeking to be arrayed as a respondent in C.P.(IB)/26(MP)2024, a Section 7 IBC petition filed by homebuyers against Pushp Ratna Realty Pvt Ltd. Agnihotri also filed IA/371(MP)2024 objecting to the maintainability of the said C.P.(IB)/26(MP)2024. Agnihotri claimed to hold 50% shareholding in Pushp Ratna Realty Pvt Ltd in lieu of land transferred for a township project. He argued that the homebuyers' application was barred by limitation and that there were disputes between shareholders. Agnihotri had also initiated arbitration proceedings under Section 11(6) of the Arbitration and Conciliation Act, 1996 in the Hon'ble High Court of M. P. Bench at Indore. The homebuyers had previously filed

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## Issues and analysis

### Issue 1: Whether the applicant/intervener, Rajeev Agnihotri, can be arrayed as a respondent in the Section 7 …

**Ratio:** An individual shareholder does not have locus standi in a Section 7 petition filed under

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**Reasoning:** The court reasoned that the Section 7 petition is for initiating insolvency proceedings

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**Interpretation:** The interpretation of Section 7 of the IBC, 2016, is that the proceedings are

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**Application:** The court applied this principle to the facts of the case, stating that Rajeev

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## Parties

- **Judges:** Chitra Ram…; KAUSHALENDRA…
- **Appellants:** Nirmal Kuma…
- **Respondents:** Pushp Ratna…; Pushp Ratna…
- **Advocates:** Nipun Si…; Mayur Jug…; +3 more

## Timeline

- **2024-01-01 — Filing of C.P.(IB)/26(MP…**: Homebuyers filed a Section 7 petition (C.P.(IB)/26(MP)2024) under the IBC, 2016 against…
- **2024-01-01 — Filing of Inv.P/8(MP)202…**: Rajeev Agnihotri filed an intervention petition (Inv.P/8(MP)2024) seeking to be arrayed…

## 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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