# In the matter of Bhumiraj Builders Private Limited

> NCLT judgment dated 2025-08-04. Citation: TCN-2025-NCLT-01268. Edelweiss Asset Reconstruction Company Limited filed a Company Petition (CP.(IB)/1210/2021)…

- **Court:** NCLT
- **Order date:** 4 Aug 2025
- **Citation:** TCN-2025-NCLT-01268
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/bhumiraj-builders-private-limited-a849fb78

## Summary

### Background

Edelweiss Asset Reconstruction Company Limited filed a Company Petition (CP.(IB)/1210/2021) under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Bhumiraj Builders Private Limited. During the proceedings, the parties entered into a Restructuring Agreement dated 4th November 2023, and the Company Petition was withdrawn with liberty to revive it in case of default by the Corporate Debtor.

## Facts

Edelweiss Asset Reconstruction Company Limited filed a Company Petition (CP.(IB)/1210/2021) against Bhumiraj Builders Private Limited under Section 7 of IBC.

The parties entered into a Restructuring Agreement dated 4th November 2023, leading to the withdrawal of the Company Petition with liberty to revive.

Bhumiraj Builders Private Limited defaulted on the terms of the Restructuring Agreement.

Edelweiss Asset Reconstruction Company Limited filed a Restoration Application to revive the original Company Petition.

The Respondent argued that there is no provision for revival and restoration of Company Petition under the Insolvency and Bankruptcy Code, 2016.

The Tribunal considered Rule 11 of the NCLT Rules, 2016, regarding the inherent powers of the Tribunal.

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## Issues and analysis

### Issue 1: Whether the Tribunal can exercise its inherent powers under Rule 11 of the NCLT Rules, 2016, to …

**Ratio:** The Tribunal has the inherent power to make such orders as may be necessary for meeting

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**Reasoning:** The Tribunal relied on Rule 11 of the NCLT Rules, 2016, and various judgments of the

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**Interpretation:** The inherent powers of the Tribunal are not limited by the express provisions

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**Application:** The Tribunal exercised its inherent powers to restore the Company Petition,

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Bhumiraj Builders…
- **Other parties:** Bhupendra…
- **Advocates:** Shyam Ka…; Varun Na…; +7 more

## Timeline

- **2021-08-28 — Company Petiti…**: Edelweiss Asset Reconstruction Company Limited filed a Company Petition under Section 7…
- **2023-11-04 — Restructuring…**: The parties entered into a…

## 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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