# In the matter of Amit Katyal Vs. Meera Ahuja and others, Civil Appeal No. 3778 OF 2020

> SC judgment dated 2022-03-03. Citation: TCN-2022-SC-00067. The case involves a civil appeal against an order by the National Company Law Appellate Tribunal…

- **Court:** SC
- **Order date:** 3 Mar 2022
- **Citation:** TCN-2022-SC-00067
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/amit-katyal-vs-meera-ahuja-and-others-civil-appeal-no-3778-of-2020-5864a961

## Summary

### Background

The case involves a civil appeal against an order by the National Company Law Appellate Tribunal (NCLAT), New Delhi, which upheld the admission of a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Jasmine Buildmart Pvt. Ltd. (Corporate Debtor). The appellant, a promoter/majority shareholder of the Corporate Debtor, challenged the NCLAT's order. The Corporate Debtor had initiated a housing project named Krrish Provence Estate but failed to complete it after eight years, leading home buyers to file a Section 7 application seeking initiation of CIRP. The NCLT admitted the application, which was challenged before the NCLAT, and subsequently before the Supreme Court.

## Facts

Jasmine Buildmart Pvt. Ltd. (Corporate Debtor) launched a housing project, Krrish Provence Estate, in Gurgaon but failed to complete it within eight years. Aggrieved, some home buyers (respondents 1-3) filed a Section 7 application under the Insolvency and Bankruptcy Code (IBC) before the NCLT, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The NCLT admitted the application, leading to a challenge by the appellant (promoter/majority shareholder) before the NCLAT, which dismissed the appeal. The appellant then appealed to the Supreme Court. During the proceedings, the appellant deposited Rs. 3,36,02,000/- with the court registry. Subsequently, a majority of the home buyers (82 out of 128) settled the dispute with the Corporate Debtor, and the

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## Issues and analysis

### Issue 1: Whether the Supreme Court should permit the withdrawal of the CIRP proceedings initiated against …

**Ratio:** The Supreme Court has the power under Article 142 of the Constitution of India to pass

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**Reasoning:** The Court reasoned that a majority of the home buyers (82 out of 128) had settled the

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**Interpretation:** Article 142 of the Constitution provides the Supreme Court with broad

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**Application:** The Court applied this ratio by exercising its powers under Article 142 to

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## Parties

- **Judges:** M.R.…; B.V. NAGA…
- **Appellants:** Amit Ka…
- **Respondents:** Jasmine Buildmart…; Meera A…

## Timeline

- **2018-12-06 — Section 7 Application…**: Home buyers filed Section 7 application before the Adjudicating Authority/NCLT, Delhi…
- **2019-11-28 — Section 7 Application…**: The NCLT/Adjudicating Authority admitted the Section 7 application and appointed 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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