# In the matter of Green Peace Construction Pvt. Ltd. IBA-1286-2019

> NCLT judgment dated 2021-09-28. Citation: TCN-2021-NCLT-00966. The case involves an application filed by Mr. S. Lakshmanan, acting as the Power Agent for Mr.…

- **Court:** NCLT
- **Order date:** 28 Sept 2021
- **Citation:** TCN-2021-NCLT-00966
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/green-peace-construction-pvt-ltd-iba-1286-2019-6fb89a66

## Summary

### Background

The case involves an application filed by Mr. S. Lakshmanan, acting as the Power Agent for Mr. L. Sriram Lakshmanan, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Green Peace Construction Pvt. Ltd. The applicant claimed that the corporate debtor defaulted in repaying a sum of Rs. 60,00,000 paid in 2013 towards booking a flat in the 'Emerald Enclave' project. The financial creditor wanted to cancel the booking due to lack of progress and sought a refund, which the corporate debtor allegedly failed to provide. The corporate debtor challenged the maintainability of the application, arguing that it was filed by a Power Agent and that the claim was time-barred.

## Facts

Mr. S. Lakshmanan, as Power Agent for Mr. L. Sriram Lakshmanan, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Green Peace Construction Pvt. Ltd. The applicant had paid Rs. 60,00,000 in 2013 to the corporate debtor for booking a flat in the 'Emerald Enclave' project. Due to lack of progress in construction, the financial creditor sought to cancel the booking and requested a refund. The corporate debtor allegedly agreed to refund the amount via email dated 07.08.2015 but defaulted. The Interim Resolution Professional (IRP) caused a public announcement on 07.09.2018, and the applicant submitted a claim of Rs. 90,00,000 to the IRP on 15.09.2018, which was admitted on

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## Issues and analysis

### Issue 1: Whether the present Application has been filed by the Financial Creditor in the capacity as a 'home …

**Ratio:** The application's maintainability depends on whether the financial creditor is considered

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**Reasoning:** The tribunal considered whether the applicant met the requirements for filing as a 'home

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**Interpretation:** The interpretation of 'financial debt' and the capacity of the financial

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**Application:** The tribunal determined that the applicant did not meet the requirements for

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## Parties

- **Judges:** Sucharit…; Anil Ku…
- **Appellants:** S. Laksh…
- **Respondents:** Green Peace…
- **Advocates:** Thilak Nar…

## Timeline

- **2013-01-01 — Payment for Fla…**: Applicant paid Rs. 60,00,000 to the Corporate Debtor for booking a flat in the 'Emerald…
- **2015-08-07 — Email Regardin…**: Corporate Debtor allegedly agreed to…

## 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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