# In the matter of IIFL Home Finance Ltd. vs. Shiv Nandan Sharma RP Saha Infratech Pvt. Ltd.

> NCLAT judgment dated 2024-05-20. Citation: TCN-2024-NCLAT-00425. This appeal arises from an order dated 2024-01-23 by the National Company Law Tribunal…

- **Court:** NCLAT
- **Order date:** 20 May 2024
- **Citation:** TCN-2024-NCLAT-00425
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/iifl-home-finance-ltd-vs-shiv-nandan-sharma-rp-saha-infratech-pvt-ltd-d448025c

## Summary

### Background

This appeal arises from an order dated 2024-01-23 by the National Company Law Tribunal (NCLT), New Delhi, dismissing an application filed by IIFL Home Finance Ltd. The application sought a direction to the Resolution Professional to acknowledge or admit their claim and create a chart regarding flats developed by the Corporate Debtor, Saha Infratech Pvt. Ltd. The NCLT had initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor following a Section 7 application under the Insolvency and Bankruptcy Code (IBC), 2016.

## Facts

IIFL Home Finance Ltd. provided loans to flat buyers, including Mr. Vikas Pandhi and Mr. Vinod Kumar, for purchasing flats in a project developed by Saha Infratech Pvt. Ltd. (Corporate Debtor). Loan agreements were executed, and the flats were mortgaged as security. The NCLT initiated CIRP against Saha Infratech Pvt. Ltd. based on a Section 7 application under the IBC. IIFL Home Finance Ltd. filed a claim with the Resolution Professional, which was not admitted. Consequently, IIFL Home Finance Ltd. filed an application before the NCLT seeking a direction to the Resolution Professional to acknowledge their claim, which was dismissed. A quadrapartite agreement existed amongst Logix city Developers Pvt. ltd., Saha Infratech Pvt. Ltd., Mr. Vikas Pandhi and Anu Pandhi, and

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## Issues and analysis

### Issue 1: Whether banks/financial institutions that have advanced loans to homebuyers should be considered …

**Ratio:** The principle laid down by the Supreme Court in 'Pioneer Urban Land & Infrastructure

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**Reasoning:** The court reasoned that including banks/financial institutions as 'Financial Creditors'

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**Interpretation:** The interpretation of the IBC suggests that the focus should be on the

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**Application:** In this case, the court applied the principle that the homebuyers should be

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…; +1 more
- **Appellants:** IIFL Home Finance…
- **Respondents:** Saha Infratech…; Shiv Nandan…

## Timeline

- **2024-01-23 — NCLT Ord…**: The National Company Law Tribunal (NCLT), New Delhi, passed an order dismissing the…
- **2020-02-28 — CIRP Commen…**: The NCLT, Delhi admitted CP (IB) – 1781/ND/2018 filed by one Financial Creditor under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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