# In the matter of Sanjeev Sharma Vs. Aamir Jamal & Anr. CA(AT)(Ins) No. 1065 of 2019

> NCLAT judgment dated 2020-01-30. Citation: TCN-2020-NCLAT-00481. This case involves an appeal against the admission of an application under Section 7 of the…

- **Court:** NCLAT
- **Order date:** 30 Jan 2020
- **Citation:** TCN-2020-NCLAT-00481
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sanjeev-sharma-vs-aamir-jamal-anr-ca-fb68d2c0

## Summary

### Background

This case involves an appeal against the admission of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Aamir Jamal, a financial creditor (allottee), against Futec Shelters Private Limited, the corporate debtor. The Adjudicating Authority (National Company Law Tribunal) admitted the application, leading to the appeal. The corporate debtor argued delays in construction were due to force majeure events, including restrictions imposed by the National Green Tribunal and orders from the Allahabad High Court. The appellant contended that the allottee defaulted on payments and the project faced roadblocks due to external factors. During the appeal, the parties reached a settlement.

## Facts

Mr. Aamir Jamal, an allottee, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Futec Shelters Private Limited, the corporate debtor, due to non-delivery of possession of a flat. The corporate debtor was incorporated on 04.07.2006. The allottee had entered into a Flat Buyer Agreement with the corporate debtor on 3.8.2012 for a flat in a project named Gardenia Gateway. The agreed price was Rs. 54,16,250, and the allottee paid Rs. 44,10,784. The corporate debtor was to deliver possession by December 2014. The corporate debtor cited delays due to restrictions imposed by the National Green Tribunal and orders from the Allahabad High Court. The allottee filed a complaint with RERA, which directed the corporate debtor to provide

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in admitting the application under Section 7 of the …

**Ratio:** The ratio is based on the principle that once a prima facie case of default is

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**Reasoning:** The court reasoned that the parties had settled the matter during the appeal, indicating

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate the corporate

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**Application:** In this case, the court applied the ratio by considering the settlement

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Sanjeev S…
- **Respondents:** Futec Shelters…; Aamir J…
- **Advocates:** Himanshu…; Vaibhav S…; +2 more

## Timeline

- **2006-07-04 — Incorporation of…**: Futec Shelters Private…
- **2012-08-03 — Flat Buyer Ag…**: Aamir Jamal entered into a Flat Buyer…

## 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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