# In the matter of Suresh Eknath Kolhakar vs. Abhiyan Developers Private Limited & Ors.

> NCLAT judgment dated 2022-03-07. Citation: TCN-2022-NCLAT-00599. The appeal was filed by Suresh Eknath Kolhakar against an order dated 29.10.2021 passed by…

- **Court:** NCLAT
- **Order date:** 7 Mar 2022
- **Citation:** TCN-2022-NCLAT-00599
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/suresh-eknath-kolhakar-vs-abhiyan-developers-private-limited-ors-3e744d92

## Summary

### Background

The appeal was filed by Suresh Eknath Kolhakar against an order dated 29.10.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai) in CP (IB) No. 4149/NB/C-II/2018, which initiated Corporate Insolvency Resolution Process (CIRP) against Respondent No. 2, Shreepati Build Infra Investment Ltd., on an application filed by Respondent No. 1, Abhiyan Developers Private Limited. The appellant, a flat purchaser, challenged the maintainability of the Section 7 application filed by Respondent No. 1, arguing that it should have been filed jointly with other allottees as per the amended provisions of the Insolvency and Bankruptcy Code (IBC).

## Facts

Suresh Eknath Kolhakar, the appellant, filed an appeal against the initiation of CIRP against Shreepati Build Infra Investment Ltd. (Respondent No. 2) based on an application by Abhiyan Developers Private Limited (Respondent No. 1). Respondent No. 1 had booked two flats in a project by Shreepati Build Infra Investment Limited, paying Rs. 3.50 crores between 2009 and 2010. An agreement was executed on 15.3.2011 for the purchase of flats. Due to delays in approvals, the project did not progress, and the deposited amount was converted into a loan. Respondent No. 2 issued letters confirming the receipt of Rs. 3.50 crores and promising repayment with interest. When the amount was not repaid, Respondent No. 1 filed a Section 7 application under the IBC, which was admitted by

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC filed by Respondent No. 1, a real estate …

**Ratio:** The third proviso to Section 7(1) of the IBC stipulates that for financial creditors who

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**Reasoning:** The NCLAT reasoned that the third proviso to Section 7(1) of the IBC makes it obligatory

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**Interpretation:** The interpretation of Section 7(1) and its third proviso is that after the

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**Application:** In this case, Respondent No. 1, being a real estate allottee, did not file the

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## Parties

- **Judges:** Ashok Bh…; Alok Sriv…
- **Appellants:** Suresh Eknath…
- **Respondents:** Shreepati Build…; Abhiyan Developers…

## Timeline

- **2009-08-21 — Payment of Ins…**: Appellant paid…
- **2010-02-04 — Payment of Ins…**: Appellant paid…

## 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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