# In the matter of Global Mega Ventures Private Limited

> NCLT judgment dated 2025-07-28. Citation: TCN-2025-NCLT-01143. This case involves a petition filed by S.K. Dutta & Ors. (Financial Creditors) under Section 7…

- **Court:** NCLT
- **Order date:** 28 Jul 2025
- **Citation:** TCN-2025-NCLT-01143
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/global-mega-ventures-private-limited-c4018fe5

## Summary

### Background

This case involves a petition filed by S.K. Dutta & Ors. (Financial Creditors) under Section 7 of the Insolvency and Bankruptcy Code, 2016, 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 Corporate Debtor's project, GMV OLAAN, and allege default in handing over possession.

## Facts

The petition was filed on 22.09.2020 by S.K. Dutta & 19 others (Financial Creditors) against Global Mega Ventures Private Limited (Corporate Debtor) under Section 7 of the IBC.

The Financial Creditors are homebuyers who booked units in the GMV OLAAN project of the Corporate Debtor between 2013 and 2017.

The total amount disbursed by the Financial Creditors is Rs. 5,74,64,973.

The Corporate Debtor defaulted in handing over possession of the units by the committed dates since October 2016.

The total default amount, including interest, is Rs. 13,25,42,438.

The Applicants represent more than 10% of the total units in the project.

The Corporate Debtor filed a reply denying the debt and arguing that the applicants are not financial creditors.

…

## 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

…

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

…

**Interpretation:** Homebuyers are considered financial creditors and are entitled to initiate CIRP

…

**Application:** The Tribunal found that the Financial Creditors have discharged their burden of

…

## Parties

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

## Timeline

- **2020-09-22 — Petition…**: Petition CP (IB) No.71/7/MP/2020 was initially filed on 22.09.2020 by the Applicants -Mr.…
- **2025-07-28 — Order Del…**: Order delivered on…

## 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)

---

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-indore/global-mega-ventures-private-limited-c4018fe5