# In the matter of GARIMA REAL ESTATE & ALLIED LIMITED

> NCLT judgment dated 2025-10-09. Citation: TCN-2025-NCLT-01459. The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 Oct 2025
- **Citation:** TCN-2025-NCLT-01459
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/garima-real-estate-amp-allied-limited-b31b872b

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Bhojraj Verma & Ors (Financial Creditors) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Garima Real Estate & Allied Limited (Corporate Debtor).

## Facts

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The application was filed by Bhojraj Verma & Ors, referred to as Financial Creditors.

The Corporate Debtor is Garima Real Estate & Allied Limited.

The Corporate Debtor was incorporated on 29.10.2007.

The Financial Creditors claimed a financial debt of Rs. 4,51,000/- initially, which later aggregated to Rs. 9,52,000/- including interest.

The maturity date for repayment was 30.04.2017, and the Corporate Debtor defaulted.

The Financial Creditors executed Application Forms and Application-cum-Agreements with the Corporate Debtor under an allegedly illegal investment scheme.

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## Issues and analysis

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

**Ratio:** Section 7(1) of the Code empowers a Financial Creditor to initiate CIRP against a

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**Reasoning:** The Applicants have complied with statutory requirements introduced by the Amendment Act

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**Interpretation:** The Adjudicating Authority interpreted Section 7(1) to allow the initiation of

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**Application:** The Adjudicating Authority found that the Financial Creditors had met the

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## Parties

- **Judges:** Mohan P.…; SANJEEV S…
- **Appellants:** Bhojraj…
- **Respondents:** Garima Real…; Garima Real…
- **Other parties:** Gagan G…
- **Advocates:** Sunil Bh…

## Timeline

- **2019-11-06 — Application…**: Application filed under Section 7 of the…
- **2020-01-27 — Amended Affida…**: An amended affidavit was filed confirming that 125 investors had jointly instituted 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)

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