# In the matter of GLOBAL MEGA VENTURES PRIVATE LIMITED

> NCLT judgment dated 2025-07-28. Citation: TCN-2025-NCLT-01230. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 28 Jul 2025
- **Citation:** TCN-2025-NCLT-01230
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/global-mega-ventures-private-limited-b37cc69a

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by S.K. Dutta & Ors (Financial Creditors) against Global Mega Ventures Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The financial creditors are homebuyers who booked units in the GMV OLAAN project and defaulted on possession.

## Facts

The petition was filed by 20 applicants/financial creditors, later amended to 27 homebuyers.

The applicants booked units in the GMV OLAAN project of the Corporate Debtor between 2013 and 2017.

The total amount disbursed by the applicants was Rs. 5,74,64,973, later claimed as Rs. 18,38,75,938 including interest.

The Corporate Debtor failed to hand over possession of the units by the committed dates, starting from October 2016.

The applicants represent more than 10% of the total units in the project and the default amount exceeds Rs. 1 Crore.

The Corporate Debtor contended that the petition was not maintainable as the debt was not a financial debt and the petition was time-barred.

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** The Hon'ble Supreme Court in the matter of Pioneer judgment has explicitly classified

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**Reasoning:** The applicants have placed on record sample builder buyer agreements, payment receipts,

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**Interpretation:** Homebuyers are considered financial creditors under Section 5(8)(f) of the IBC,

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**Application:** The petition is maintainable as the applicants are homebuyers (financial

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** S K D…; Sudhanshu S…; +25 more
- **Respondents:** Global Mega…; Global Mega…
- **Other parties:** Gaurav Sriv…; Amar…
- **Advocates:** Mohit Kr.…; Saurabh P…; +2 more

## Timeline

- **2020-09-22 — Initial F…**: Petition CP (IB) No.71/7/MP/2020 was initially filed by the Applicants -Mr. S.K. Dutta &…
- **2025-07-28 — Order Del…**: Order delivered on 28/07/2025 admitting 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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