# In the matter of Revital Reality Private Limited

> NCLT judgment dated 2024-06-04. Citation: TCN-2024-NCLT-01247. The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 4 Jun 2024
- **Citation:** TCN-2024-NCLT-01247
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/revital-reality-private-limited-136f42b1

## Summary

### Background

The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Manish Aneja & Ors. (Financial Creditors) against M/s Revital Reality Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditors are allottees in a real estate project named 'Basera' and claim that the Corporate Debtor defaulted on delivering possession of the units by the agreed-upon date. The petition was originally filed by 172 allottees, but some withdrew due to settlements. The Corporate Debtor argued that there was no default because the occupancy certificate was not received, and the delay was due to force majeure events and Section 10A of IBC.

## Facts

The Financial Creditors, consisting of 147 unit-holders, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, Revital Reality Private Limited, seeking to initiate CIRP. The Financial Creditors had booked residential units in the Corporate Debtor's project 'Basera' between 2014 and 2017 under the 'Affordable Group Housing Policy, 2013'. The Corporate Debtor issued Allotment Letters and entered into Flat Buyer's Agreements (BBAs) with the Financial Creditors. As per Clause 3.1 of the BBAs, the Corporate Debtor was to complete the project and hand over possession within 4 years from the date of approval of the building plan or grant of Environmental Clearance, whichever was later. The building plan was approved on

…

## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditors meets the threshold limit of allottees as …

**Ratio:** Section 7 of the IBC requires that for financial creditors who are allottees under a real

…

**Reasoning:** The Adjudicating Authority observed that the petition was originally filed by 172

…

**Interpretation:** The threshold requirement ensures that a significant number of allottees

…

**Application:** In this case, the Adjudicating Authority found that the petition fulfilled the

…

## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** Manish…
- **Respondents:** Revital Reality…

## Timeline

- **2011-04-06 — Incorporation of…**: Revital Reality Private…
- **2014-12-19 — Building Plan…**: Building plan for the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/revital-reality-private-limited-136f42b1