# In the matter of Shubhkamna Buildwell And Estates Private Limited

> NCLT judgment dated 2023-04-25. Citation: TCN-2023-NCLT-03636. The case involves a winding-up petition initiated in the Delhi High Court under Sections 439,…

- **Court:** NCLT
- **Order date:** 25 Apr 2023
- **Citation:** TCN-2023-NCLT-03636
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shubhkamna-buildwell-and-estates-private-limited-16f0ca07

## Summary

### Background

The case involves a winding-up petition initiated in the Delhi High Court under Sections 439, 433(e), and 434 of the Companies Act, 1956 against Shubhkamna Buildwell and Estates Pvt. Ltd. The High Court admitted the petition, appointed an Official Liquidator, and directed the liquidator to take over the assets and records of the company. Subsequently, 122 applicants claiming to be homebuyers sought the transfer of the winding-up proceedings to the National Company Law Tribunal (NCLT) and a stay on liquidation. The NCLT is now considering the transfer of the case and the initiation of Corporate Insolvency Resolution Process (CIRP).

## Facts

On 06.08.2018, the Delhi High Court passed an order for winding up Shubhkamna Buildwell and Estates Pvt. Ltd. under Sections 439, 433(e), and 434 of the Companies Act, 1956. The High Court appointed an Official Liquidator and directed the takeover of assets. 122 homebuyers applied for the transfer of the winding-up proceedings to the NCLT and a stay on liquidation. The Official Liquidator attempted to dispose of the company's properties, but it was unsuccessful. The NCLT considered these facts, along with the applications filed in Form 1 and Form 2, and initiated CIRP, appointing Mr. Shailendra Singh as the IRP. The IRP is directed to take charge from the Provisional Liquidator. The order also mentions Section 53 of the IBC, 2016, regarding the priority of distribution

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## Issues and analysis

### Issue 1: Whether the winding-up petition initiated in the Delhi …

**Ratio:** The ratio is based on the fact that no irretrievable steps have been taken in the

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**Reasoning:** The court reasoned that since no significant steps have been taken in the liquidation

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**Interpretation:** This involves interpreting the provisions of the Companies Act and the IBC to

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** P.S.N. P…; BINOD KUMAR…
- **Appellants:** Japna Estates…
- **Respondents:** Shubhkamna…; Shubhkamna…

## Timeline

- **2018-08-06 — Delhi High Cou…**: The Hon'ble Delhi High Court passed an order…
- **2022-11-09 — Delhi High Court Order…**: The Hon'ble Delhi High Court considered applications by 122 homebuyers seeking transfer…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 53 — Distribution of assets](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-53)

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