# In the matter of Futec Shelters Private Ltd. IB-1598-(ND)-2018

> NCLT judgment dated 2019-10-09. Citation: TCN-2019-NCLT-01064. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 9 Oct 2019
- **Citation:** TCN-2019-NCLT-01064
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/futec-shelters-private-ltd-ib-1598-nd-2018-ee01e073

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Aamir Jamal, a home buyer acting as a Financial Creditor (FC), against Futec Shelters Private Ltd., the Corporate Debtor (CD). The applicant seeks initiation of the Corporate Insolvency Resolution Process (CIRP) against the CD due to default in payment of financial debt arising from a Flat Buyer Agreement.

## Facts

Aamir Jamal, a home buyer, filed an application against Futec Shelters Private Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor (CD) was incorporated on 4.7.2006 with a nominal share capital of Rs.1,20,00,000/- and a paid-up share capital of Rs.3,75,000/-. The registered office is located in Delhi. The debt claimed by the applicant is Rs.44,10,784/-, with payments commencing from 9.7.2011 and ending on 5.8.2016. The total amount claimed, including interest computed till 10.8.2018, is Rs.1,00,85,842/-. The initial date of default was stated as 31.12.2014. The claim arises from a Flat Buyer Agreement dated 3.8.2012 for a flat in Gardenia Gateway, Noida. The agreed project price was Rs.54,16,250/-, and the applicant claims to have

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** The Supreme Court's judgment in Pioneer Urban Land and Infrastructure Limited clarified

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**Reasoning:** The Tribunal considered the Supreme Court's judgment, which held that money paid by home

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**Interpretation:** The interpretation of Section 5(8)(f) of the IBC, as clarified by the Supreme

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**Application:** The Tribunal applied the Supreme Court's ruling to the facts, concluding that

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## Parties

- **Judges:** R. VARADH…; K.K. V…
- **Appellants:** Aamir J…
- **Respondents:** Futec Shelters…

## Timeline

- **2006-07-04 — Incorporation of…**: Futec Shelters Private…
- **2012-08-03 — Flat Buyer Ag…**: A Flat Buyer Agreement was executed between Aamir Jamal and Futec Shelters Private Ltd.…

## 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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