# In the matter of Ansal Properties and Infrastructure Ltd. (IB)-2584(ND)2019

> NCLT judgment dated 2020-03-17. Citation: TCN-2020-NCLT-01481. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 17 Mar 2020
- **Citation:** TCN-2020-NCLT-01481
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ansal-properties-and-infrastructure-ltd-ib-2584nd2019-d52b72ed

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Ashok Tripathi and Mr. Saurabh Tripathi (Financial Creditors) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Ansal Properties and Infrastructure Limited (Corporate Debtor). The Financial Creditors sought to recover dues related to booked units in the Corporate Debtor's project, for which they had obtained a Recovery Certificate from the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) due to non-payment of principal amount and penalty.

## Facts

Mr. Ashok Tripathi and Mr. Saurabh Tripathi, the Financial Creditors, jointly booked a unit in the 'Sushant Golf City' project developed by M/s. Ansal Properties and Infrastructure Ltd., the Corporate Debtor. They paid a booking advance and entered into a Built-Up Agreement/Builder Buyer Agreement. The Corporate Debtor failed to complete construction and give possession of the unit within the stipulated time. The Financial Creditors obtained orders from UP RERA for non-payment of the principal amount and penalty, and a Recovery Certificate for Rs. 73,35,686.43. The Corporate Debtor made partial payments in compliance with the RERA order. The Corporate Debtor claimed delays were due to unforeseen market conditions and force majeure events, citing Clause 23 of the

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## Issues and analysis

### Issue 1: Whether the case of the Financial Creditors …

**Ratio:** The definition of 'Claim' under Section 3(6) of the IBC includes a right to payment,

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**Reasoning:** The Bench is of the view that the 'Claim' of the Financial Creditors having been arisen

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**Interpretation:** The court interpreted the definitions of 'Claim' and 'Creditor' under the IBC

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**Application:** Since the Financial Creditors had obtained a Recovery Certificate from UP RERA,

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## Parties

- **Judges:** Ch. Mohd Sharief…; Shri. L. N.…
- **Appellants:** Ashok Tri…
- **Respondents:** Ansal Properties…; Arti Ra…

## Timeline

- **1967-06-30 — Corporate Debtor…**: M/s Ansal Properties and Infrastructure…
- **2014-07-16 — Booking o…**: Financial Creditor No. 2 booked a…

## 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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