# In the matter of International Land Developers Private Limited C.P. (IB)- 250 (ND)-2020

> NCLT judgment dated 2022-06-03. Citation: TCN-2022-NCLT-04694. The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLT-04694
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/international-land-developers-private-limited-cp-ib-250-nd-2020-a1031220

## Summary

### Background

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Naresh Kumar, claiming to be a Financial Creditor, for initiation of Corporate Insolvency Resolution Process (CIRP) against International Land Developers Pvt. Ltd.

## Facts

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.

Naresh Kumar claimed to be a Financial Creditor.

The application seeks initiation of Corporate Insolvency Resolution Process (CIRP) against International Land Developers Pvt. Ltd.

International Land Developers Private Limited was incorporated on 28.07.2006.

The registered office of International Land Developers Private Limited is situated at B-418, New Friends Colony, New Delhi-110025.

The authorized share capital of International Land Developers Private Limited is Rs. 36,00,00,000/- and paid up capital is Rs.35,77,54,000/-.

The Corporate Debtor had committed default as per Section 3, subsection 12 of the Code for the non-payment of Debt.

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## Issues and analysis

### Issue 1: Whether the Applicant is a Financial Creditor and whether the alleged debt due and default being …

**Ratio:** The Hon'ble NCLAT Delhi Bench has held "If the claimant claims to be 'Financial

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**Reasoning:** The amount has been disbursed directly to the Corporate Debtor and the same is reflected

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**Interpretation:** The applicant must demonstrate that the debt is due and was disbursed for the

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**Application:** The applicant demonstrated to the satisfaction of this bench that it is a

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; HEMANT KUMAR…
- **Appellants:** Naresh…
- **Respondents:** International…

## Timeline

- **2022-06-03 — Order Pron…**: Order pronounced on…
- **2022-07-04 — Next Hearin…**: The Registry is directed to list 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)

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