# In the matter of Raheja Developers Ltd. C.P. No. IB-1321(PB)-2018

> NCLT judgment dated 2019-08-20. Citation: TCN-2019-NCLT-01895. The case involves a petition filed by Ms. Shilpa Jain and another, claiming to be financial…

- **Court:** NCLT
- **Order date:** 20 Aug 2019
- **Citation:** TCN-2019-NCLT-01895
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/raheja-developers-ltd-cp-no-ib-1321pb-2018-993aea58

## Summary

### Background

The case involves a petition filed by Ms. Shilpa Jain and another, claiming to be financial creditors, against Raheja Developers Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioners, as allottees under a real estate project, sought to initiate Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's failure to hand over possession of an apartment booked by them. The corporate debtor raised objections, citing lack of 'default' and delays due to infrastructure provisioning by the government. The petitioners claimed that the maximum period for possession had expired, and the amount was due and payable.

## Facts

Ms. Shilpa Jain and another filed a petition against Raheja Developers Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petitioners are financial creditors as allottees under a real estate project. They booked an apartment in Raheja's Sampada, a residential project developed by Raheja Developers Ltd. The corporate debtor issued a joint allotment letter on 2012-08-03 and executed a Flat Buyer's Agreement on the same date. The financial creditors made payments amounting to Rs. 86,62,691/- to the corporate debtor. The corporate debtor was incorporated on 1990-11-27. The petitioners claimed that the total amount in default due and payable by the corporate debtor is Rs. 86,62,691/-

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## Issues and analysis

### Issue 1: Whether the requirements of Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating …

**Ratio:** The provisions of Section 7 (2) and Section 7

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**Reasoning:** The court, having heard the learned counsels for the Financial Creditor and Corporate

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**Interpretation:** Section 7 of the IBC outlines the procedure for initiating CIRP by a financial

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**Application:** The court determined that the petitioners had met the requirements of Section

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## Parties

- **Judges:** M. M. K…; Pradeep R.…
- **Appellants:** Shilpa…
- **Respondents:** Raheja Developers…

## Timeline

- **1990-11-27 — Incorporation of…**: Raheja Developers…
- **2012-08-03 — Joint Allotment Letter and Flat Buyer's…**: The Corporate Debtor issued a joint allotment letter and executed a Flat Buyer's…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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