# In the matter of Shreepati Build Infra Investment Limited

> NCLT judgment dated 2023-07-28. Citation: TCN-2023-NCLT-02295. The case involves an application (IA/739/2022) filed in connection with a company petition…

- **Court:** NCLT
- **Order date:** 28 Jul 2023
- **Citation:** TCN-2023-NCLT-02295
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shreepati-build-infra-investment-limited-052c2a1a

## Summary

### Background

The case involves an application (IA/739/2022) filed in connection with a company petition (C.P.(IB)-4149(MB)/2018) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. The initial company petition was filed by Abhigyan Developers Private Limited against Shreepati Build Infra Investment Limited, seeking to initiate CIRP. The NCLAT had previously set aside an order admitting the company petition and remanded the case back to the Adjudicating Authority to consider the objection of maintainability under the third proviso of Section 7(1) of the IBC. The core issue revolves around a transaction where the Financial Creditor (Abhigyan Developers) paid Rs. 3.50 crore to the Corporate Debtor (Shreepati Build Infra) for the purchase of flats, which later

…

## Facts

Abhigyan Developers Private Limited (Financial Creditor) paid Rs. 3,50,00,000 to Shreepati Build Infra Investment Limited (Corporate Debtor) for the purchase of flats under an agreement dated 15.02.2011. The flats were Flat No. 4201 (4232.15 sq. ft.) and Flat No. 4202 (4694.38 sq. ft.) in a proposed building named 'Shreepati Estate'. Due to lack of necessary permissions, the Corporate Debtor could not commence construction. The amount was then converted into a loan account. On 01.04.2012, the Corporate Debtor confirmed the receipt of Rs. 3,50,00,000 in its books. On 31.03.2015, Shreepati Build Infra Investment Ltd. assured Abhigyan Developers Private Limited that the amount would be repaid with 12% cumulative interest if permissions could not be obtained. On

…

## Issues and analysis

### Issue 1: Whether the company petition (CP(IB)/4149/2018) filed by Abhigyan Developers Private Limited is …

**Ratio:** The third proviso to Section 7(1) of the IBC, as amended, requires that applications for

…

**Reasoning:** The Tribunal reasoned that the main Company Petition was filed by a single allottee, and

…

**Interpretation:** The interpretation of the third proviso to Section 7(1) of the IBC is that it

…

**Application:** In this case, the application was filed by a single allottee, Abhigyan

…

## Parties

- **Judges:** Shyam Babu…; Kuldip Kumar…
- **Respondents:** Shreepati Build…; Abhiyan Developers…
- **Advocates:** Rohit G…; Kritika…; +3 more

## Timeline

- **2011-02-15 — Agreement for Purchase…**: Agreement between Financial Creditor and…
- **2012-04-01 — Confirmation o…**: Corporate Debtor issued a letter…

## 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)

---

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/shreepati-build-infra-investment-limited-052c2a1a