# In the matter of Skytech Constructions Private Limited C.P. No.  IB-1418(PB)-2019

> NCLT judgment dated 2020-01-03. Citation: TCN-2020-NCLT-02531. The Petitioner, Abhishek Jana, claiming to be a 'Financial Creditor', filed a petition under…

- **Court:** NCLT
- **Order date:** 3 Jan 2020
- **Citation:** TCN-2020-NCLT-02531
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/skytech-constructions-private-limited-cp-no-ib-1418pb-2019-5de8edc1

## Summary

### Background

The Petitioner, Abhishek Jana, claiming to be a 'Financial Creditor', filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against Skytech Constructions Private Limited, the 'Corporate Debtor'. The petitioner, an allottee of a real estate project, booked a unit in the project 'Skytech-Merion Residency -II'. A tripartite agreement was executed between the petitioner, the Corporate Debtor, and Axis Bank concerning a housing loan facility. The petitioner terminated the agreement due to delays in handing over possession and sought a refund. The Corporate Debtor resisted the petition, arguing the absence of privity of contract due to the petitioner's cancellation of the flat booking. Axis Bank

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## Facts

Abhishek Jana, the petitioner, booked a flat in Skytech Constructions Private Limited's project 'Skytech-Merion Residency -II'. He availed a housing loan from Axis Bank, leading to a tripartite agreement. The petitioner paid Rs. 44,76,295/- towards the principal amount. Due to delays in handing over possession, the petitioner terminated the agreement on 17.05.2019 and sought a refund. The petitioner had earlier cancelled the booking on 27.09.2011. Axis Bank, due to the petitioner's default in EMI payments, requested Skytech Constructions to cancel the allotment and refund the outstanding loan amount of Rs. 3529702/-. The petitioner claimed a default of Rs. 52,86,038/- inclusive of interest as of 29.05.2019. The project was completed, and possession was offered to

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## Issues and analysis

### Issue 1: Whether the present petition is maintainable because of absence of the required privity of contract …

**Ratio:** The court considered the tripartite agreement between the petitioner, the Corporate

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**Reasoning:** The court noted that the petitioner had cancelled the booking of the flat. The court

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**Interpretation:** The court interpreted the tripartite agreement and the cancellation letter from

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**Application:** The court applied the interpretation of the tripartite agreement and the

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## Parties

- **Judges:** M. M. K…; DEEPTI M…
- **Appellants:** Abhishek…
- **Respondents:** Skytech Constructi…

## Timeline

- **2011-09-09 — Tripartite Ag…**: A tripartite agreement was executed between the petitioner, the Corporate Debtor, and…
- **2011-09-27 — Cancellation…**: The petitioner cancelled…

## 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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