# In the matter of T Bhimjyani Realty Private Limited

> NCLT judgment dated 2025-08-13. Citation: TCN-2025-NCLT-01251. Xanadu Realty Limited, an operational creditor, filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 13 Aug 2025
- **Citation:** TCN-2025-NCLT-01251
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/t-bhimjyani-realty-private-limited-b4ebaa85

## Summary

### Background

Xanadu Realty Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against T Bhimjyani Realty Private Limited, the corporate debtor, due to unpaid operational debt.

## Facts

Xanadu Realty Limited (Operational Creditor) filed a petition under Section 9 of the IBC against T Bhimjyani Realty Private Limited (Corporate Debtor).

The Operational Creditor and Corporate Debtor entered into a service agreement on 21.10.2022 for real estate marketing, sales, and project consultancy services.

The Operational Creditor raised 13 invoices on the Corporate Debtor between 16.11.2022 and 26.12.2023, with the first five invoices being paid in full.

The balance invoices remained outstanding for an aggregate amount of Rs. 3,73,66,865/-.

The Corporate Debtor claimed a pre-existing dispute based on an email dated 11.12.2023, regarding customer refunds and communications under a previous agreement.

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## Issues and analysis

### Issue 1: Whether there is a pre-existing dispute …

**Ratio:** A pre-existing dispute, as defined under Section 5(6) of the IBC, bars the initiation of

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**Reasoning:** The Corporate Debtor raised concerns about problematic situations due to certain

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**Interpretation:** The existence of a genuine and timely dispute, raised before the issuance of

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**Application:** In this case, the Adjudicating Authority found that the Corporate Debtor had

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Xanadu Realty…
- **Respondents:** T Bhimjyani…
- **Advocates:** Ashish…; Subhradeep…; +5 more

## Timeline

- **2018-10-19 — Service Agr…**: Operational Creditor and Corporate…
- **2022-09-27 — Settlement Ag…**: Operational Creditor and Corporate Debtor entered into a Settlement Agreement for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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