Primezone DevelopersPrivate Limited
Corporate Insolvency Resolution Process

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Case information and verified corporate details for the CIRP of Primezone Developers Private Limited.

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Statutory notice: The powers of the Board of Directors stand suspended and management of the company’s affairs is vested in the Interim Resolution Professional.

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Case overview

Corporate Insolvency Resolution Process

The CIRP of Primezone Developers Private Limited commenced pursuant to an order dated 05.06.2026 passed by the National Company Law Tribunal, Chandigarh Bench, in CP (IB) No. 128/Chd/Hry/2022 under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The application was jointly filed by 33 allottees and financial creditors of the real estate project “Prime City-Assandh” after the Corporate Debtor failed to develop the project and hand over possession of allotted plots despite receiving substantial payments.

Claimed default₹6,76,19,846
Date of default30 June 2019
Applicants33 allottees
Corporate debtor

Company profile

Primezone Developers Private Limited is a private limited company incorporated on 07 February 2011 under the Companies Act, 1956. Registered with the Registrar of Companies, Delhi, the company operates in the real estate and construction sector, primarily in building completion and development activities.

Corporate identity numberU45400HR2011PTC042024
Company statusActive
Date of incorporation07 February 2011
Company typePrivate Limited Company
Authorised share capital₹2,00,00,000
Paid-up share capital₹1,00,00,000
Registered office109–110, Main Market, Sector-8, Urban Estate, Karnal, Haryana – 132001
Principal business activityBuilding completion and related construction activities
Project background

Prime City-Assandh

The Corporate Debtor launched the project in 2013 and allotted plots to various purchasers. Although consideration was received from the allottees, the project remained undeveloped and possession was not handed over.

The allottees initiated consumer proceedings and approached the Hon’ble Punjab & Haryana High Court regarding non-development of the project. The circumstances eventually led to cancellation of the project licence.

Tribunal findings

Findings of the Hon’ble NCLT

After considering the pleadings and evidence on record, the Hon’ble NCLT held that:

  • The application satisfied the threshold requirement under the second proviso to Section 7(1) of the IBC.

  • The petition was filed within the prescribed limitation period.

  • The amounts paid by the allottees constituted financial debt under Section 5(8)(f) of the IBC.

  • The Corporate Debtor had committed default in meeting its obligations towards the allottees.

Accordingly, the application was admitted under Section 7(5) of the Code and CIRP commenced against Primezone Developers Private Limited on 05.06.2026.

Need assistance?

Contact the Interim Resolution Professional

Mr. Hemanshu Jetley has been appointed as the IRP by the Hon’ble NCLT.

Correspondence emailcirp.primezonedevelopers@gmail.comRegistered emailhejetley@gmail.comPhone+91 98759 21490

IBBI registrationIBBI/IPA-001/IP-P00219/2017-2018/10457