# In the matter of Marvel Landmarks Private Limited > NCLT judgment dated 2025-06-13. Citation: TCN-2025-NCLT-00893. The case involves an application filed by 12 Applicants/Financial Creditors (home buyers) under… - **Court:** NCLT - **Order date:** 13 Jun 2025 - **Citation:** TCN-2025-NCLT-00893 - **Category:** IBC - **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/marvel-landmarks-private-limited-fb0a6d3f ## Summary ### Background The case involves an application filed by 12 Applicants/Financial Creditors (home buyers) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Marvel Landmarks Private Limited, the Corporate Debtor, due to failure to hand over possession of flats as promised and failure to refund the amounts with interest. ## Facts 12 Applicants/Financial Creditors (home buyers) jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against Marvel Landmarks Private Limited. The Applicants booked homes in the 'Marvel Isola Phase II' project and entered into registered Agreements for Sale with the Corporate Debtor. The Corporate Debtor failed to hand over possession of the flats to the Applicants as promised, with the promised date of possession varying from December 2015 to July 2016. The total debt amount claimed to be in default is Rs.17,05,00,068/- plus interest of Rs.8,71,31,884 at 9% p.a. up to 31.10.2019. The Corporate Debtor argued that the Applicants did not meet the minimum threshold of allottees required under the amended IBC. … ## Issues and analysis ### Issue 1: Whether the Applicants satisfy the minimum threshold in terms of percentage/number of allottees so … **Ratio:** The second proviso to Section 7(1) of the Code requires that for financial creditors who … **Reasoning:** The Tribunal observed that there were 44 allottees in the 'Marvel Isola J Building' … **Interpretation:** The Tribunal interpreted the second proviso to Section 7(1) of the Code to mean … **Application:** The Tribunal applied the second proviso to Section 7(1) of the Code to the … ## Parties - **Judges:** K. R. SAJI…; SANJIV… - **Appellants:** Jay Nih… - **Respondents:** Marvel Landmarks… - **Other parties:** Vijay P.…; Gagan Pro…; +1 more - **Advocates:** Chaitanya B…; Esha M…; +3 more ## Timeline - **2019-11-29 — Application…**: The Applicants filed the main Application on 29.11.2019 claiming to be Financial… - **2021-03-22 — Affidavit-in-Re…**: The Corporate Debtor filed its… ## 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-mumbai/marvel-landmarks-private-limited-fb0a6d3f