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NATIONAL COMPANY LAW TRIBUNAL
SHRI. MAHENDRA KHANDELWAL, SHRI RAHUL BHATNAGAR, JJ
Neeraj Kumar Dubey & Ors – Appellant
Versus
Rudra Buildwell Projects Pvt. Ltd. – Respondent
Headnote: Read headnote
ORDER
PER- RAHUL BHATNAGAR, MEMBER (TECHNICAL) Order Pronounced on: 11.03.2024
1. This application has been filed under Section 60 (5) read with Section 65 (1) of the Insolvency and Bankruptcy Code , 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016 seeking dismissal of the captioned Petition CP (IB) 888/PB/2022.
2. The applicant in the present application has prayed for the following reliefs: -
a) Delete Applicants 5, 85, 90 and 100 from the Memo of Parties for not being a part of the class of “allottees under a real estate project” since they had already withdrawn from the Project by approaching UPRERA for cancellation of their allotments, and which relief was duly granted by UPRERA; and being guilty of
The Tribunal held that applicants who withdrew from a real estate project and obtained Recovery Certificates cannot pursue corporate insolvency under IBC, thus failing to meet the mandatory allottees....
Investment agreements with assured returns classify creditors under IBC, necessitating compliance with Section 7 application thresholds.
The Financial Creditor's status as an allottee under RERA is recognized; however, the application was dismissed for failing to meet the amended compliance thresholds of the Insolvency and Bankruptcy ....
Homebuyers are recognized as financial creditors under the Insolvency Code, critical for determining claims irrespective of the investor's speculative intentions.
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