IN THE NATIONAL COMPANY LAW TRIBUNAL

NEW DELHI, COURT - IV

(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)

In the matter of:

M/s Shubham Projects Private Limited

… Financial Creditor

VERSUS

M/s Mahavir Hanuman Developers Private Limited

…Corporate Debtor / Respondent

Pronounced on: 20.12.2024

CORAM:

SHRI MANNI SANKARIAH SHANMUGA SUNDARAM, HON’BLE

MEMBER (JUDICIAL)

DR. SANJEEV RANJAN, HON’BLE MEMBER (TECHNICAL)

Present:

For FC : Mr. Vishal Ganda, Ms. Akansha Mathur, Mr.

Ashraf Belal, Advs.

For Respondent : Mr. Gursat Singh Vachher, Advs.

ORDER

PER: DR. SANJEEV RANJAN, MEMBER (TECHNICAL)

1. This Petition is filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by M/s Shubham Projects Private Limited & 5 others (“Petitioners”) seeking to initiate Cor

2. porate Insolvency Resolution Process (“CIRP”) against M/s Mahavir Hanuman Developers Private Limited [CIN:

U45201DL2005PTC141332] (“Corporate Debtor”).

3. The Corporate Debtor undertook the development of the project named "Udyog Park" (“the Project”) located on Delhi Subhanpur Highway Nasoli, Tehsil Khekra in Khasra No. 297, 299, 281 to 295, 272, 277, 270 which is located in Jahangirpur Dudahera Khasra No. 38, 44, and 45. The Petitioner No. 1 i.e. M/s Shubham Projects Private Limited is an allottee of 13 units/plots of the said project and the remaining Petitioners namely Ms. Madhu Jain, Mr. Sanjay Jain, Mr. Saurabh Gupta, Mr. Rachit Gupta And Mr. Amit Jain holding 1 unit/plot each collectively sums up to 18 units/plots.

4. The Corporate Debtor was incorporated on 30.09.2005, under the Companies Act, 1956. Its registered office is at D-104, Mangal Apartments, Vasundhra Enclave, Delhi, India, 110096.

Therefore, this Bench has jurisdiction to deal with this petition.

5. The Ld. Counsel for the Petitioner has putforth the following submissions:

4.1 It is submitted that the Petitioner No.1 had initially booked 52 plots in its name and remaining Petitioners, had booked one plot each in their respective names. The payment details against the

52 plots made by the Petitioner No. 1 is given below:

4.2 However, in case of Petitioner No.1, due to the change in the area of land and subsequently the number of plots under the Project “Udyog Park” it was decided that the payment of Rs. 91,80,000/-

will be considered as 40% payment against 13 Plots.

4.3 It is submitted that the total amount of Debt is Rs. 4,89,53,273 comprising of principal Amount of Debt (Paid against the booking of plots by Applicants 1-18) = Rs. 1,10,28,960 along with Interest = Rs. 3,79,24,313 (calculated @ 24% Pg no @ 32) (Annexure No. 1 - Working sheet for calculation of Debt @ Pg No. 32-35 of the Application).

4.4 It is further submitted that Petitioner No. 1 also entered into other transactions with the Corporate Debtor namely, ‘Brokerage Transaction ‘whereby the Petitioner No. 1 agreed to help get the bookings for the Corporate Debtor’s project in lieu of commission and ‘Financer/Lender Transaction’ whereby the Petitioner No. 1 gave a loan of Rs. 39,85,000 to the Corporate Debtor. However, it is clarified by the Petitioner No. 1 that these transactions are not a subject matter of the present Petition.

4.5 It is further submitted that the Petitioners made the initial payments and booked the plots in industrial project of Corporate Debtor named as “Udyog Park” on different dates and different rates ranging from 30 July, 2007 – 15 May, 2008.

4.6 The debt is substantiated through various documents, including payment receipts, allotment letters, and the Corporate Debtor's balance sheets from FY 2007–08 to FY 2021–22 consistently acknowledge this liability under the head "Advance from Customers against Sale" and specifically detail advances for plots in the Udyog Park project. The liability's acknowledgment is further supported by balance sheets for FY 2016–17 and 2017–18.

4.7 It is argued that the Petitioners meet the threshold unde