IN THE NATIONAL COMPANY LAW TRIBUNAL

COURT-V NEW DELHI BENCH

COMPANY PETITION IB (IBC) NO. 337/ND/2025

A petition under section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating

Authority) Rules, 2016.

IN THE MATTER OF

MR. MRIDUL DHANUKA

(KARTA, MRIDUL DHANUKA HUF)

R/o 809B, THE CAMELLIAS, GOLF LINKS, SECTOR-42,

GURUGRAM, HARYANA-122009

…APPLICANT/FINANCIAL CREDITOR

Versus

M/S INTERNATIONAL LAND DEVELOPERS PRIVATE LIMITED

(NOW KNOWN AS ILD HOUSING PROJECTS PRIVATE LIMITED)

(THROUGH ITS DIRECTORS, MR. ALIMUDDIN & MR. SALMAN AKBAR

JALALUDDIN)

REGISTERED OFFICE AT: 6-11-A, DEVIKA TOWER 6, NEHRU PLACE,

NEW DELHI- 110019

MR. ALIMUDDIN (DIRECTOR)

B-418, NEW FRIENDS COLONY,

NEW DELHI, DELHI- 110065

MRS. NUZHAT ALIM

B-418, NEW FRIENDS COLONY,

NEW DELHI, DELHI- 110065

MR. SALMAN JALALUDDIN AKBAR

B-418, NEW FRIENDS COLONY,

NEW DELHI, DELHI- 110065

…RESPONDENT/CORPORATE DEBTOR

Order Delivered on: 10.11.2025

CORAM:

SHRI MAHENDRA KHANDELWAL MS. ANU JAGMOHAN SINGH HON’BLE MEMBER (JUDICIAL) HON’BLE MEMBER (TECHNICAL)

APPEARANCES:

For the Applicant: Mr. Himanshu Sharma, Adv.

For the Respondent:

ORDER

1. This is a Company Application filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity “the Code”) read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Mr. Mridul Dhanuka (HUF) (hereinafter referred to as ‘Financial Creditor’),through its Authorized Representative Himanshu Sharma, seeking to initiate Corporate Insolvency Resolution Process (“CIRP”) against M/s International Land Developers Private Limited (Now Known as ILD Housing Projects Private Limited (“Corporate Debtor”). The Financial Creditor was incorporated on 28.07.2006.

2. The Corporate Debtor was incorporated on 28.07.2006 under the Companies Act, 1956. Its registered office is at 611-A, Devika Tower 6, Nehru Place, New Delhi, Delhi - 110019. Therefore, this Bench has jurisdiction to deal with this petition. The Authorized Share Capital of the Corporate Debtor is Rs. 36,00,00,000/-. The Paid-Up Capital of the Corporate Debtor is Rs. 35,77,54,000/-.

3. The present application was filed on 25.04.2025 before this Adjudicating Authority on the ground that the Corporate Debtor has defaulted to make a payment of a sum of Rs. 55,57,60,000/- (Rupees Fifty-Five Crore Fifty-Seven Lakh Sixty Thousand Only) as on alleged date of default i.e. 12.04.2025. On 22.09.2025, submission on behalf of the Financial Creditor were heard on the issue of maintainability of the present petition and he was directed to file written submissions along with judicial decisions. However, no written submission has been filed by the Applicant. The present order deals only with respect to maintainability of the petition.

4. Submissions of Learned Counsel appearing for the Applicant are as under: -

5. The details of transactions leading to the filing of this petition as averred by the Financial Creditor is as follows:

a) The present petition has been filed by a HUF through its Karta, Mr. Mridul Dhanuka. The Applicant entered into a contract in the form of a Collaboration Agreement dated 27.09.2012, with the Corporate Debtor, M/s International Land Developers Private Limited (Now Known as ILD Housing Projects Private Limited) through its directors for the development of 1 Acre of land and handover the possession of flats which was agreed as Nineteen Flats as per letter of allotment dated 01.09.2014, Demand Letter cum Invoice dated 08.01.2015, Construction update letter dated 05.05.2015, Allotment Letter dated 22.02.2016, allotment letter dated 15.03.2016. This land more particularly described as Khewat No. 265, Khata No. 280, Mustil 40, Kila No. 23 (8-0), measuring a total of 8 Kanal, 0 Marla, situated in the Revenue Estate of Village-Dhunela, Tehsil-Sohna, District Gurgaon, Haryana.

b) Under the terms and conditions outlined in the Collaboration Agreement dated

27.09.2012, the Corporate Debtor was under an obligat