# In the matter of Real Tech Constructions Private limited

> NCLT judgment dated 2025-04-28. Citation: TCN-2025-NCLT-00163. The case involves a company petition filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 28 Apr 2025
- **Citation:** TCN-2025-NCLT-00163
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/real-tech-constructions-private-limited-698865d7

## Summary

### Background

The case involves a company petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Neeraj Arora and others (Financial Creditors/Allottees) against Real Tech Constructions Private Limited (Corporate Debtor). The Financial Creditors are allottees of a commercial project named 'City Emporio Mall' developed by the Corporate Debtor. The allottees claim that the Corporate Debtor failed to provide physical possession of the units despite receiving consideration. The Corporate Debtor, on the other hand, contends that the petition is not maintainable due to various reasons, including the allottees not meeting the threshold requirements under Section 7(1) of the IBC, the existence of pending litigations, and the project's completion with an occupancy

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## Facts

Real Tech Constructions Private Limited (Corporate Debtor) initiated a project called 'City Emporio Mall' in Chandigarh. Meters & Instruments Pvt. Ltd. ('Landholder') owned the land. A Property Development Agreement was executed between the Corporate Debtor and the Landholder on 2006-03-02, where the Landholder agreed to collaborate and develop the land. The Corporate Debtor was authorized to build and construct the project. The project was completed, and an occupancy certificate was received on 2012-01-02. The Corporate Debtor floated a scheme for the sale of commercial units. Disputes arose between the Landholder and the Corporate Debtor regarding rights under the agreement. The Landholder allegedly terminated the agreement fraudulently on 2018-02-12. Financial

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## Issues and analysis

### Issue 1: Whether the Financial Creditors/Allottees meet the threshold limit as prescribed under Section 7 of …

**Ratio:** The second proviso to Section 7(1) of the IBC states that for financial creditors who are

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**Reasoning:** The Adjudicating Authority considered the contentions of both parties regarding the

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**Interpretation:** The interpretation of Section 7(1) of the IBC, specifically the second proviso,

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**Application:** In this case, the Adjudicating Authority found that the Financial Creditors met

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. ANIL RAJ…
- **Appellants:** Neeraj…
- **Respondents:** Real Tech…
- **Advocates:** Nattasha…; Sahib K…; +1 more

## Timeline

- **2006-03-02 — Property Development…**: Execution of Property Development Agreement between Realtech Constructions Pvt. Ltd. and…
- **2012-01-02 — Occupancy Cer…**: Project completed and…

## 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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