The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT) concerning a 'Booking Application Form' signed by the Appellant and accepted by the Respondent, who is also the 'Corporate Debtor'. The terms of the form stipulate that if the apartment is not completed within the agreed timeframe, the 'Corporate Debtor' is obligated to refund the amount with interest within a scheduled time. The Appellant contends that the terms and conditions of the Booking Form qualify them as a 'Financial Creditor' of the 'Corporate Debtor' under Section 5(7) read with Section 5(8) of the Insolvency & Bankruptcy Code, 2016.
Rajendra Kumar Saxena (Appellant) entered into a 'Booking Application Form' with Earth Gracia Buildcon Private Limited (Respondent/Corporate Debtor). The agreement stipulated that if the apartment was not completed within the agreed timeframe, the Corporate Debtor would refund the amount with interest within a scheduled time. The Appellant claims that the terms and conditions of the Booking Form qualify them as a 'Financial Creditor' of the 'Corporate Debtor' under Section 5(7) read with Section 5(8) of the Insolvency & Bankruptcy Code, 2016. This claim is based on the premise that the unfulfilled obligation to deliver the apartment or refund the amount constitutes a financial debt. The relevance of these facts lies in determining whether a 'financial debt' exists
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The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT) concerning a 'Booking Application Form' signed by the Appellant and accepted by the Respondent, who is also the 'Corporate Debtor'. The terms of the form stipulate that if the apartment is not completed within the agreed timeframe, the 'Corporate Debtor' is obligated to refund the amount with interest within a scheduled time. The Appellant contends that the terms and conditions of the Booking Form qualify them as a 'Financial Creditor' of the 'Corporate Debtor' under Section 5(7) read with Section 5(8) of the Insolvency & Bankruptcy Code, 2016.
Rajendra Kumar Saxena (Appellant) entered into a 'Booking Application Form' with Earth Gracia Buildcon Private Limited (Respondent/Corporate Debtor). The agreement stipulated that if the apartment was not completed within the agreed timeframe, the Corporate Debtor would refund the amount with interest within a scheduled time. The Appellant claims that the terms and conditions of the Booking Form qualify them as a 'Financial Creditor' of the 'Corporate Debtor' under Section 5(7) read with Section 5(8) of the Insolvency & Bankruptcy Code, 2016. This claim is based on the premise that the unfulfilled obligation to deliver the apartment or refund the amount constitutes a financial debt. The relevance of these facts lies in determining whether a 'financial debt' exists
…Learned Counsel for the Appellant referred…
Deadline for filing…