# In the matter of Sreemitra Townships Private Limited

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01604. The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01604
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sreemitra-townships-private-limited-a5160500

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed by M/s. Four Square Homes Private Limited, the Financial Creditor, against M/s. Sreemitra Townships Private Limited, the Corporate Debtor.

## Facts

M/s. Four Square Homes Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Sreemitra Townships Private Limited, the Corporate Debtor. The National Company Law Tribunal (NCLT), Hyderabad Bench-1, found that the averments and descriptions in the application were not in consonance with the legal requirements under Section 7 of the IBC. Consequently, the NCLT rejected the application but granted the petitioner the liberty to file a proper company petition. The order was passed on September 15, 2023.

## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the IBC meets the legal requirements for its …

**Ratio:** An application under Section 7 of the IBC must strictly adhere to the prescribed legal

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**Reasoning:** The court found that the averments and descriptions in the application were not in

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**Interpretation:** Section 7 of the IBC sets out specific requirements for initiating the

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**Application:** In this case, the application was rejected because it did not meet the legal

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** M/s. Four Square…
- **Respondents:** M/s. Sreemitra…

## Timeline

- **2023-09-15 — Order Da…**: The NCLT Hyderabad Bench-1 rejected the application filed under Section 7 of the IBC but…

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