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NATIONAL COMPANY LAW TRIBUNAL
K. R. SAJI KUMAR, J, SANJIV DUTT, T
AKRITI INFRASTRUCTURE PRIVATE LIMITED – Appellant
Versus
SHREEPATI BUILD INFRA INVESTMENT LIMITED – Respondent
Headnote: Read headnote
ORDER
[Per: K. R. SAJI KUMAR, MEMBER (JUDICIAL)]
1. BACKGROUND
1.1. This Company Petition bearing C.P. (IB) No. 4148/MB/2018 (Application) was filed on 10.08.2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (AA Rules) by Akriti Infrastructure Private Limited, the Financial Creditor (FC), through Mr. Bhaskarmoy Dey, representative of the FC, authorised vide Board Resolution dated 12.07.2018 for initiating Corporate Insolvency Resolution Process (CIRP) in respect of Shreepati Build Infra Investment Limited, the Corporate Debtor (CD).
1.2. The total amount of default involved in the matter is Rs. 11,68,58,087/- (Eleven Crores Sixty-Eight Lakhs Fifty-Eight Thousand Eighty-Seven Rupees) comprising of the principal amount of Rs. 3,30,00,000/- along with
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 ....
Investment agreements with assured returns classify creditors under IBC, necessitating compliance with Section 7 application thresholds.
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....
Parties to a joint development agreement cannot establish financial creditor status without substantiating claims and agreements directly correlating to the debt under the IBC.
An auction purchaser of real estate inherits financial obligations towards home allottees, affirming the binding nature of agreements despite prior judicial restraints.
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