# In the matter of Blue Coast Infrastructure Development Private Limited CP (IB) No. 197-Chd-HP-2018

> NCLT judgment dated 2018-11-13. Citation: TCN-2018-NCLT-00348. The case pertains to an application filed by Eternity Investment Services Private Limited, a…

- **Court:** NCLT
- **Order date:** 13 Nov 2018
- **Citation:** TCN-2018-NCLT-00348
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/blue-coast-infrastructure-development-private-limited-cp-ib-no-197-chd-hp-2018-0922c500

## Summary

### Background

The case pertains to an application filed by Eternity Investment Services Private Limited, a financial creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate the insolvency resolution process against Blue Coast Infrastructure Development Private Limited, the respondent-corporate debtor. Eternity Investment Services Private Limited, as a Unit/Studio holder, had entered into an agreement with Blue Coast Infrastructure Development Private Limited for allotment of Studio/Unit No. 15 on leasehold basis in a commercial project. The financial creditor claimed default on the part of the corporate debtor in handing over possession and payment of assured returns. The petitioner had previously filed a similar petition, which was withdrawn with

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## Facts

Eternity Investment Services Private Limited (the petitioner) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Blue Coast Infrastructure Development Private Limited (the respondent). The petitioner, as a financial creditor, had entered into an agreement with the respondent for allotment of Studio/Unit No. 15 on leasehold basis in a commercial project. The petitioner paid installments towards the consideration for the unit. The respondent failed to hand over possession of the unit within the agreed timeframe. The respondent also failed to pay the assured monthly returns as per the agreement. The petitioner had previously filed a similar petition, which was withdrawn

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## Issues and analysis

### Issue 1: Whether the petitioner, Eternity Investment Services Private Limited, qualifies as a 'financial …

**Ratio:** The ratio decidendi is based on the interpretation of Section 5(8) of the Insolvency

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**Reasoning:** The court reasoned that the petitioner, having invested in a real estate project and

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**Interpretation:** The interpretation of Section 5(8) is broadened by the amendment to include

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**Application:** The court applied the ratio to the facts of the case, noting that Eternity

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Eternity Investmen…
- **Respondents:** Blue Coast…

## Timeline

- **2005-03-15 — Company Incor…**: The petitioner company…
- **2017-12-08 — Resolution for…**: The petitioner company passed a resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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