# In the matter of ALKA VENTURES PRIVATE LIMITED

> NCLT judgment dated 2025-11-19. Citation: TCN-2025-NCLT-01672. The Petitioners, homebuyers in the SKYWINGS Township Project, filed a petition under Section 7…

- **Court:** NCLT
- **Order date:** 19 Nov 2025
- **Citation:** TCN-2025-NCLT-01672
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kochi/alka-ventures-private-limited-4a68a6c5

## Summary

### Background

The Petitioners, homebuyers in the SKYWINGS Township Project, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Alka Ventures Private Limited, due to defaults in project completion despite agreements and payments.

## Facts

The Petitioners are homebuyers in the SKYWINGS Township Project and members of the SKYWINGS Members Society, representing 98 allottees.

The SKYWINGS project, consisting of five residential towers and a commercial complex with over 600 apartments, was launched in 2007 by SRK Constructions with a promised completion date of September 2009.

The Corporate Debtor, M/s. Alka Ventures Private Limited, agreed to take over the project between 2012 and 2014, as per a Memorandum of Understanding dated 28.02.2013 and a final takeover agreement dated 29.11.2014.

The Corporate Debtor undertook to complete the King East and Queen East towers by 2015 and the full SKYWINGS project by 2018, but no meaningful progress was made.

…

## Issues and analysis

### Issue 1: Whether the Petitioners …

**Ratio:** The Code deems the sums paid by allottees/homebuyers to a real estate developer as

…

**Reasoning:** Section 5(8)(f) of the Code defines 'financial debt' to include amounts raised under any

…

**Interpretation:** The statutory explanation to Section 5(8)(f) and the Supreme Court's ruling in

…

**Application:** The Petitioners, being allottees in a real estate project, prima facie fall

…

## Parties

- **Judges:** Shri. Vina…; Madhu S…
- **Appellants:** Jacob…; TONY TH…; +43 more
- **Respondents:** M/S. ALKA…; M/s. Alka…
- **Other parties:** Jossy Steephen…
- **Advocates:** Mr Akhil…; Mr Ismail…

## Timeline

- **2007 — Project L…**: SKYWINGS project…
- **2009-09-01 — Original Comple…**: Promised completion date of 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)

---

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-kochi/alka-ventures-private-limited-4a68a6c5