# In the matter of HBS View Private Limited CP (IB) No.3082/MB.IV/2019

> NCLT judgment dated 2020-09-23. Citation: TCN-2020-NCLT-00540. The case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 23 Sept 2020
- **Citation:** TCN-2020-NCLT-00540
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hbs-view-private-limited-cp-ib-no3082mbiv2019-b3e41fa0

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Jenis Vora, through her attorney Viraj Vora, against HBS View Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed on the grounds that the Corporate Debtor failed to make payment of ₹2,16,00,000.00 as principal and ₹67,42,750.00 as interest as on 30.10.2017. The dispute arose from a transaction where the petitioner agreed to sell a flat to the respondent for ₹2.40 crore. The respondent paid an earnest deposit of ₹24.00 lakh but failed to pay the balance. The respondent issued cheques which were dishonored, leading to criminal complaints and subsequent settlement terms. The petitioner then filed this petition

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## Facts

Jenis Vora, through her attorney Viraj Vora, filed a petition under Section 9 of the IBC against HBS View Private Limited. The dispute originated from a property transaction where Vora agreed to sell a flat to HBS View for ₹2.40 crore. HBS View paid ₹24.00 lakh as an earnest deposit but failed to pay the remaining amount. HBS View issued a cheque for ₹2,13,84,000 which they requested not to be deposited due to financial constraints. Subsequently, two fresh cheques were issued, one for ₹1,14,84,000 and another for ₹99,00,000, but were also dishonored. Vora filed a criminal complaint under Section 138 of the Negotiable Instruments Act, which was later settled with consent terms. HBS View then cancelled the Memorandum of Understanding (MoU) and requested Vora to refund

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## Issues and analysis

### Issue 1: Whether the petition filed by a power of …

**Ratio:** Based on the judgment in Palogix Infrastructure Private Limited v ICICI Bank Limited, the

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**Reasoning:** The court relied on the NCLAT's interpretation of the Supreme Court's judgment in

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**Interpretation:** This interpretation clarifies that only the financial creditor, operational

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**Application:** Since the present petition was filed by a power of attorney holder on behalf of

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** Jenis…
- **Respondents:** HBS View Private…

## Timeline

- **2012-02-14 — Incorporation of…**: HBS View Private Limited…
- **2017-03-01 — Petitioner Offered to…**: Jenis Vora offered to sell the flat she was entitled to in the new building to HBS View…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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