The case involves an appeal against an order dated June 13, 2018, by the NCLT, Principal Bench, New Delhi, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Rachel L. Chand against Bhasin Infotech & Infrastructure Pvt. Ltd. (Corporate Debtor). The appellant, a shareholder of the Corporate Debtor, challenged the order, arguing that Rachel L. Chand is not a 'financial creditor' and that there was no debt or default to justify the application under Section 7. The NCLAT is reviewing whether the NCLT's decision to initiate the corporate insolvency resolution process was justified.
Rachel L. Chand applied to purchase a commercial unit in the 'Grand Venesia' shopping mall and paid Rs. 8,54,835/- in advance to Bhasin Infotech & Infrastructure Pvt. Ltd. (Corporate Debtor). The Corporate Debtor allotted a commercial space to Rachel L. Chand. The total cost of the space was Rs. 85,48,340/-. Rachel L. Chand made further payments totaling Rs. 55,56,411/-, including the initial payment. Subsequently, Rachel L. Chand defaulted on balance payments. The Corporate Debtor obtained a completion certificate on April 16, 2015, and offered possession on July 15, 2015, demanding Rs. 36,52,448/-. Rachel L. Chand, via email on July 24, 2015, expressed interest in taking possession but stated inability until December 2015, requesting no interest for delayed
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Completion cer…
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The case involves an appeal against an order dated June 13, 2018, by the NCLT, Principal Bench, New Delhi, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Rachel L. Chand against Bhasin Infotech & Infrastructure Pvt. Ltd. (Corporate Debtor). The appellant, a shareholder of the Corporate Debtor, challenged the order, arguing that Rachel L. Chand is not a 'financial creditor' and that there was no debt or default to justify the application under Section 7. The NCLAT is reviewing whether the NCLT's decision to initiate the corporate insolvency resolution process was justified.
Rachel L. Chand applied to purchase a commercial unit in the 'Grand Venesia' shopping mall and paid Rs. 8,54,835/- in advance to Bhasin Infotech & Infrastructure Pvt. Ltd. (Corporate Debtor). The Corporate Debtor allotted a commercial space to Rachel L. Chand. The total cost of the space was Rs. 85,48,340/-. Rachel L. Chand made further payments totaling Rs. 55,56,411/-, including the initial payment. Subsequently, Rachel L. Chand defaulted on balance payments. The Corporate Debtor obtained a completion certificate on April 16, 2015, and offered possession on July 15, 2015, demanding Rs. 36,52,448/-. Rachel L. Chand, via email on July 24, 2015, expressed interest in taking possession but stated inability until December 2015, requesting no interest for delayed
…Completion cer…
The Corporate Debtor offered possession of the…