# In the matter of Akshar Shanti Realtors Pvt. Ltd. Vs. Amish Jaysukhlal Sanghrajka & Anr CA(AT)(Insolvency)357-2019

> NCLAT judgment dated 2019-04-22. Citation: TCN-2019-NCLAT-00661. The respondent filed an application under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLAT
- **Order date:** 22 Apr 2019
- **Citation:** TCN-2019-NCLAT-00661
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/akshar-shanti-realtors-pvt-ltd-vs-amish-jaysukhlal-sanghrajka-anr-ca-e707e1ec

## Summary

### Background

The respondent filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, as an Operational Creditor. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, through an order dated February 25, 2019, noted that the respondent did not fall within the meaning of 'Operational Creditor' but was an allottee of real estate, allowing the respondent to file an application under Section 7 of the I&B Code, based on the 'Explanation' below Section 5(8)(f) of the I&B Code.

## Facts

The respondent filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming to be an Operational Creditor. The Adjudicating Authority, Mumbai Bench, found that the respondent was an allottee of real estate and not an Operational Creditor. However, the Adjudicating Authority allowed the respondent to file an application under Section 7 of the I&B Code. The appellant challenged this order, arguing that the amendment to the I&B Code, which inserted 'allottees' as 'Financial Creditors,' should not be applied retrospectively. The appellate tribunal dismissed the appeal, stating that it would not deliberate on the issue at this stage, as the respondent was only given liberty to file an application under Section 7. The appellant was given

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in allowing the respondent, an allottee of real estate, to …

**Ratio:** The Adjudicating Authority has the discretion to allow an applicant to proceed under a

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**Reasoning:** The court reasoned that the Adjudicating Authority's decision to allow the respondent to

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**Interpretation:** This issue involves interpreting the scope of the Adjudicating Authority's

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**Application:** In this specific case, the Adjudicating Authority determined that the

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** M/s. Akshar…
- **Respondents:** Amish Jaysukhlal…

## Timeline

- **2019-02-25 — Adjudicating Authority…**: The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, issued…
- **2019-04-22 — Respondent Files…**: The respondent filed an application under Section 9 of the Insolvency and Bankruptcy…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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