# In the matter of Shraman Estates Pvt. Ltd. IA-251 & 445-2023 in (IB)-1358(ND)-2019

> NCLT judgment dated 2023-01-23. Citation: TCN-2023-NCLT-04953. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 23 Jan 2023
- **Citation:** TCN-2023-NCLT-04953
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shraman-estates-pvt-ltd-ia-251-445-2023-in-ib-1358nd-2019-78e782e1

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The National Company Law Tribunal (NCLT), New Delhi, is addressing the matter. The Hon'ble NCLAT passed an order dated 11.01.2023 in Company Appeal (AT) Insolvency No. 1336/2019, admitting IB-1358/ND/2019.

## Facts

M/s. Shrem Residency Pvt. Ltd. filed an application/petition against M/s. Shraman Estates Pvt. Ltd. under Section 7 of the IBC, 2016. The NCLT admitted the application based on an order from the NCLAT in Company Appeal (AT) Insolvency No. 1336/2019, which pertained to IB-1358/ND/2019. Mr. Shailesh Desai was appointed as the Interim Resolution Professional (IRP). The order imposes a moratorium, preventing actions against the corporate debtor. The Financial Creditor is directed to deposit Rs. 2,00,000 with the IRP for immediate expenses. The NCLAT order is under challenge before the Supreme Court.

## Issues and analysis

### Issue 1: Whether the application under Section 7 …

**Ratio:** The NCLT is bound by the order of the NCLAT, which has already admitted the insolvency

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**Reasoning:** The NCLT relies on the NCLAT's order in Company Appeal (AT) Insolvency No. 1336/2019,

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**Interpretation:** Section 7 of the IBC allows for the initiation of the Corporate Insolvency

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**Application:** The NCLT applies the NCLAT's order to admit the application under Section 7 of

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## Parties

- **Judges:** Sh. Ashok Kumar…; ATUL CHAT…
- **Appellants:** M/s Shrem…
- **Respondents:** M/s. Shraman…
- **Advocates:** Pulkit…; Ayushman B…; +4 more

## Timeline

- **2023-01-11 — NCLAT Or…**: The Hon'ble NCLAT passed an order in Company Appeal (AT) Insolvency No. 1336/2019, which…
- **2023-01-23 — NCLT Ord…**: The NCLT passed an order admitting the application under Section 7 of the IBC, appointing…

## 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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