# in the matter of Hahnemann Housing and Development Private LImited CP(IB) No. 275-KB-2018

> NCLT judgment dated 2018-04-26. Citation: TCN-2018-NCLT-01482. The case involves an application filed by Supriyo Rana, the petitioner, under Section 7 of the…

- **Court:** NCLT
- **Order date:** 26 Apr 2018
- **Citation:** TCN-2018-NCLT-01482
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hahnemann-housing-and-development-private-limited-cpib-no-275-kb-2018-2112c1c4

## Summary

### Background

The case involves an application filed by Supriyo Rana, the petitioner, under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking the initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Hahnemann Housing and Development Private Limited. The applicant contends that an agreement was concluded for the purchase of a plot being developed by the Corporate Debtor, purchased under an 'Appreciation Clause'. The agreement stipulated that upon payment of the entire consideration within three years, the amount would be refunded in exchange for the plot. The applicant claims that after paying the entire consideration, the Corporate Debtor refused to refund the money, leading to the application under Section 7 of the IBC.

## Facts

Supriyo Rana, the applicant/financial creditor, entered into an agreement with Hahnemann Housing and Development Private Limited, the corporate debtor, for the purchase of a plot under an 'Appreciation Clause'. The agreement stipulated that upon payment of the entire consideration amount within a stipulated time of 3 years, the amount would be refunded back in exchange for the plot. The applicant paid the entire consideration amount but the corporate debtor refused to refund the money. The applicant contends that the corporate debtor's actions constitute a default. The applicant also contends that the financial creditor, after making payment of the entire consideration amount, had the option to claim refund of the entire consideration along with appreciation in the

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## Issues and analysis

### Issue 1: Whether the Applicants would be covered by the expression 'Financial Creditor' within the meaning …

**Ratio:** A 'Financial Creditor' is a person to whom a financial debt is owed and includes a person

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**Reasoning:** The court reasoned that the definition of 'Financial Creditor' refers to a person to whom

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**Interpretation:** The interpretation of 'Financial Creditor' hinges on the existence of a

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**Application:** In this case, the applicant disbursed money to the corporate debtor under an

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## Parties

- **Judges:** Jinan…; Madan B.…
- **Appellants:** Supriyo…
- **Respondents:** Hahnemann Housing…; Hahnemann Housing…

## Timeline

- **2018-04-26 — Order Da…**: Date of pronouncement…
- **2018-07-02 — Next Hea…**: Matter listed for…

## 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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