# Mr. Satyabrata Mitra and Ors. vs. Earth Towne Infrastructure Private Limited

> NCLT judgment dated 2026-06-01. Citation: TCN-2026-NCLT-00552. Mr. Satyabrata Mitra and 145 other homebuyers (Applicants/Financial Creditors) filed a Section…

- **Court:** NCLT
- **Order date:** 1 Jun 2026
- **Citation:** TCN-2026-NCLT-00552
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/mr-satyabrata-mitra-and-ors-vs-earth-towne-infrastructure-private-limited-xxhc7

## Summary

### Background

Mr. Satyabrata Mitra and 145 other homebuyers (Applicants/Financial Creditors) filed a Section 7 application under the IBC, 2016, to initiate CIRP against Earth Towne Infrastructure Private Limited (Corporate Debtor). The Corporate Debtor was developing the 'Earth Towne' project on land leased from Greater Noida Industrial Development Authority (GNIDA). The applicants had paid Rs. 28,64,48,786/- towards their units, but the Corporate Debtor defaulted by failing to deliver possession by the committed date of 31.12.2021. The original petition was dismissed on 21.10.2024 for not meeting the threshold requirement but was subsequently restored by the NCLAT on 04.09.2025. The Corporate Debtor failed to appear despite multiple service attempts.

## Facts

Mr. Satyabrata Mitra and 145 other homebuyers (Applicants/Financial Creditors/Allottees) filed an application under Section 7 of the IBC, 2016.

The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Earth Towne Infrastructure Pvt Ltd. (Respondent/Corporate Debtor).

The Corporate Debtor was developing the project 'Earth Towne' on Plot No. GH-04, Sector-01, Greater Noida, admeasuring 73942.00 Sq. meter.

The land was allotted to the Corporate Debtor by Greater Noida Industrial Development Authority (GNIDA) via a Lease Deed dated 01.09.2010.

The Corporate Debtor committed a default of Rs. 28,64,48,786/- (Rupees Twenty Eight Crores, Sixty Four Lakhs, Forty Eight Thousand, Seven Hundred Eighty Six Only).

…

## Issues and analysis

### Issue 1: Whether there exists a financial debt …

**Ratio:** As per Innoventive Industries Ltd. v. ICICI Bank (2018) 1 SCC 407, the Adjudicating

…

**Reasoning:** The applicants, as homebuyers, paid substantial amounts for units in the 'Earth Towne'

…

**Interpretation:** Payments made by homebuyers for the purchase of units, where the

…

**Application:** The facts presented, including the substantial payments by 146 homebuyers for

…

## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** Satyabrata…; 145 other home…
- **Respondents:** Earth Towne…
- **Other parties:** Rajiv B…; Manoj Kulsh…; +2 more
- **Advocates:** Vatsala…; Kavya Tek…

## Timeline

- **2010 — Scheme L…**: Greater Noida Industrial Development Authority (GNIDA) launched Scheme Code No.…
- **2010-03-04 — Award of…**: A consortium led by M/s Earth Infrastructure Limited (EIL Lead Member) was awarded Plot…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(1) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

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-new-delhi/mr-satyabrata-mitra-and-ors-vs-earth-towne-infrastructure-private-limited-xxhc7