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NATIONAL COMPANY LAW TRIBUNAL
Rajeev Agnihotri – Appellant
Versus
Nirmal Kumar Jain – Respondent
NATIONAL COMPANY LAW TRIBUNAL
COURT NO. 1
ITEM Nos.3 & 4
Item No.3 – Inv.P/8(MP)2024 Item No.4 – IA/371(MP)2024
IN
CP(IB)/26(MP)2024
Proceedings under Section 7 IBC
IN THE MATTER OF:
Nirmal Kumar Jain & Ors ........Applicants
V/s
Pushp Ratna Realty Pvt Ltd ........Respondent
Order delivered on 11/09/2024
Coram:
Chitra Ram Hankare, Hon’ble Member(J)
Kaushalendra Kumar Singh, Hon’ble Member(T)
PRESENT:
For the Applicants : For the Respondent :
<
The court affirmed that once debt and default are established under Section 7 of the IBC, admission into CIRP is mandatory, preventing misuse of the process as merely a recovery mechanism.
The court established that insolvency processes for real estate should be project-specific, protecting homebuyers and ensuring fair treatment of creditors.
(1) License does not create any interest in immovable property.
(2) Development rights created in favour of Corporate Debtor constitute “property” within meaning of expression under Section 3(27) ....
The proceedings under Section 7 of the Insolvency and Bankruptcy Code cannot be barred by the pendency of separate proceedings under the Debts Recovery Tribunal, given the overriding effect of IBC pr....
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....
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