# In the matter of Logix Infrastructure Private Limited

> NCLT judgment dated 2023-07-14. Citation: TCN-2023-NCLT-05321. M/s. Experts Realty Professionals Pvt Ltd., the Financial Creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 14 Jul 2023
- **Citation:** TCN-2023-NCLT-05321
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/logix-infrastructure-private-limited-38dba95e

## Summary

### Background

M/s. Experts Realty Professionals Pvt Ltd., the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Logix Infrastructure Pvt Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP) due to a default in payment of Rs. 15,29,55,385/-.

## Facts

M/s. Experts Realty Professionals Pvt Ltd. (Financial Creditor) filed an application under Section 7 of the IBC against M/s. Logix Infrastructure Pvt Ltd. (Corporate Debtor) on 06.04.2023.

The Corporate Debtor defaulted on a payment of Rs. 15,29,55,385/- as of 15.01.2022.

The Financial Creditor and Corporate Debtor entered into a business transaction regarding the purchase of 1,37,918 sq. ft. of area in the project Logix Blossom County.

The Applicant agreed to invest in the project at Rs. 2,200/- per sq. ft., and the Respondent consented to transfer the sale proceeds over and above the said price.

Advances amounting to Rs. 15,00,00,000/- were made by the Applicant to the Corporate Debtor from 22.10.2020 to 09.02.2021.

…

## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the IBC is complete and meets the requirements of …

**Ratio:** The application is complete in

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**Reasoning:** The Adjudicating Authority noted that the application contained all necessary information

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**Interpretation:** The application fulfills the statutory

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**Application:** The application was deemed

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** M/s. Experts…; M/s. Expert…
- **Respondents:** M/s. Logix…
- **Other parties:** Pawan Kumar…
- **Advocates:** SS Mi…; Ketan M…; +1 more

## Timeline

- **2020-10-20 — MoU Date…**: Date of the Binding Agreement (MoU)…
- **2020-10-22 — Advance Payment Start…**: Start date of advance payments made by…

## 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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