# In the matter of Krrish Realtech Pvt. Ltd.

> NCLT judgment dated 2025-04-03. Citation: TCN-2025-NCLT-01027. The application was filed by Mr. M.K. Jain, claiming to be a Financial Creditor, along with and…

- **Court:** NCLT
- **Order date:** 3 Apr 2025
- **Citation:** TCN-2025-NCLT-01027
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/krrish-realtech-pvt-ltd-184522bc

## Summary

### Background

The application was filed by Mr. M.K. Jain, claiming to be a Financial Creditor, along with and on behalf of Applicant Nos. 2 to 4, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Krrish Realtech Pvt. Ltd.

## Facts

A Memorandum of Understanding (MOU) dated 28.07.2018 was entered into between the Financial Creditors and the Corporate Debtor.

The Financial Creditors agreed to invest a sum of INR 15,00,00,000/- in the Corporate Debtor.

The Corporate Debtor was required to allot Kelvin Plots to the Financial Creditors by a cut-off date of 15.09.2018.

The Corporate Debtor failed to allot the Kelvin Plots to the Financial Creditors.

The Financial Creditors terminated the MOU vide its letter dated 05.11.2019 and sought a refund along with interest @24% per annum.

The Corporate Debtor acknowledged the execution of the MoU and admitted to the receipt of INR 13,63,14,463/-.

The Corporate Debtor agreed to refund an amount of INR 13,08,61,884.48/- but failed to make any payment.

…

## Issues and analysis

### Issue 1: Whether the amount disbursed by the Financial Creditors to the Corporate Debtor constitutes a …

**Ratio:** The Adjudicating Authority relied on the definition of 'financial debt' under Section

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**Reasoning:** The Authority considered the terms of the MoU, which described the Financial Creditors as

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**Interpretation:** The Authority interpreted the MoU as containing reciprocal rights and

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**Application:** Based on the interpretation of the MoU and the nature of the transaction, the

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** M.K.…; Neeru…; +2 more
- **Respondents:** Krrish Realtech…
- **Other parties:** Ajit Bhar…; Amit Ka…; +2 more
- **Advocates:** Gaurav…; Vipul W…; +1 more

## Timeline

- **2018-07-28 — MOU Exec…**: Memorandum of Understanding (MOU) dated 28.07.2018 was entered into between the Financial…
- **2018-09-15 — Cut Off…**: Corporate Debtor was required to allot Kelvin Plots to the Financial Creditors by 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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