# In the matter of P Dot G Constructions Private Limited MA-433-2019 in CP-193-IB-2018

> NCLT judgment dated 2019-12-31. Citation: TCN-2019-NCLT-00003. The case involves an application filed by Padam Kumar Tatia, a home buyer, against the…

- **Court:** NCLT
- **Order date:** 31 Dec 2019
- **Citation:** TCN-2019-NCLT-00003
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/p-dot-g-constructions-private-limited-ma-433-2019-in-cp-193-ib-2018-a87c0740

## Summary

### Background

The case involves an application filed by Padam Kumar Tatia, a home buyer, against the rejection of his claim of Rs. 25 Lakhs by the Resolution Professional, Sundaresan Nagarjan, in the Corporate Insolvency Resolution Process (CIRP) of M/s P Dot G Constructions Private Limited. The applicant filed the claim in Form CA under Regulation 8A of the Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Professional rejected the claim, citing delays in filing, inconsistencies in documents, and the applicant's status as a genuine home buyer.

## Facts

Padam Kumar Tatia filed a claim of Rs. 25 Lakhs as a home buyer in the CIRP of M/s P Dot G Constructions Private Limited. The claim was filed in Form CA under Regulation 8A of the Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, based on transactions dating back to 2011. The Resolution Professional, Sundaresan Nagarjan, rejected the claim due to delays in filing, inconsistencies between the registered sale agreement (Rs. 2.6 Lakhs) and the memorandum of agreement (Rs. 17.4 Lakhs), and the applicant's status as a genuine home buyer. The Resolution Professional also argued that the applicant's transactions were speculative and that the property in question was no longer an asset of the corporate debtor. The applicant

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## Issues and analysis

### Issue 1: Whether the applicant's claim as a home buyer should be admitted in the Corporate Insolvency …

**Ratio:** A speculative home buyer is not entitled to be considered a Financial Creditor under

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**Reasoning:** The court found that the applicant's transactions were speculative and that the claim

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**Interpretation:** The court interpreted the Supreme Court's ruling to mean that claims by

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

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** Padam Kumar…
- **Respondents:** M/s.P dot G…; Sundaresan…

## Timeline

- **2018-07-13 — CIRP Init…**: CIR Process against M/s. P Dot G…
- **2018-10-23 — Claim Lo…**: Claim was lodged in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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