This case involves an appeal against the admission of an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by the Adjudicating Authority (National Company Law Tribunal, New Delhi) against M/s. Ansal Properties and Infrastructure Limited (Corporate Debtor). The application was filed by Ashok Tripathi and Saurabh Tripathi, claiming to be Financial Creditors based on orders and a Recovery Certificate issued by the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) related to booking of dwelling units in a real estate project. The appellant, Sushil Ansal, challenged the admission order, arguing that the allottees did not meet the threshold limit criteria under the amended IBC and that the application was essentially for execution of a decree.
Mr. Ashok Tripathi and Mr. Saurabh Tripathi booked dwelling units in the 'Sushant Golf City' project developed by M/s. Ansal Properties and Infrastructure Limited (Corporate Debtor) in Lucknow. Ashok Tripathi paid Rs. 1,62,43,133/- on August 5, 2014, and Rs. 8,37,300 as booking advance for a unit admeasuring 3746 sq. ft. Saurabh Tripathi booked a separate unit admeasuring 1229 sq. ft. on July 16, 2014, and paid Rs. 1,63,994/- as booking advance. Builder-Buyer Agreements were executed in September 2014. The Corporate Debtor was to deliver possession within two years of construction commencement, with the project start date notified as September 22, 2015. The allottees alleged that the Corporate Debtor failed to complete construction and abandoned the project. They
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This case involves an appeal against the admission of an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by the Adjudicating Authority (National Company Law Tribunal, New Delhi) against M/s. Ansal Properties and Infrastructure Limited (Corporate Debtor). The application was filed by Ashok Tripathi and Saurabh Tripathi, claiming to be Financial Creditors based on orders and a Recovery Certificate issued by the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) related to booking of dwelling units in a real estate project. The appellant, Sushil Ansal, challenged the admission order, arguing that the allottees did not meet the threshold limit criteria under the amended IBC and that the application was essentially for execution of a decree.
Mr. Ashok Tripathi and Mr. Saurabh Tripathi booked dwelling units in the 'Sushant Golf City' project developed by M/s. Ansal Properties and Infrastructure Limited (Corporate Debtor) in Lucknow. Ashok Tripathi paid Rs. 1,62,43,133/- on August 5, 2014, and Rs. 8,37,300 as booking advance for a unit admeasuring 3746 sq. ft. Saurabh Tripathi booked a separate unit admeasuring 1229 sq. ft. on July 16, 2014, and paid Rs. 1,63,994/- as booking advance. Builder-Buyer Agreements were executed in September 2014. The Corporate Debtor was to deliver possession within two years of construction commencement, with the project start date notified as September 22, 2015. The allottees alleged that the Corporate Debtor failed to complete construction and abandoned the project. They
…Saurabh Tripathi booked…
Ashok Tripathi…