# In the matter of NHA INFRABUILD PRIVATE LIMITED

> NCLT judgment dated 31 Jan 2025. Citation: TCN-2025-NCLT-00546. An application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by 22…

- **Court:** NCLT
- **Order date:** 31 Jan 2025
- **Citation:** TCN-2025-NCLT-00546
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ts-party-asit-upadhyaya-vs-ts-party-m-s-n-h-a-infrabuild-private-ltd-03c8e0ed

## Summary

### Background

An application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by 22 allottees (home buyers) as financial creditors against M/s NHA Infrabuild Private Limited, alleging default in handing over possession of flats and non-completion of the project. The corporate debtor filed an Interlocutory Application (IA) seeking dismissal of the Section 7 application, arguing that the financial creditors did not meet the mandatory threshold of allottees, had already withdrawn from the project, received refunds, and were engaged in forum shopping and fraudulent activities. The financial creditors countered these arguments by citing various Supreme Court and NCLAT judgments, asserting that the corporate debtor's IA was not maintainable because the corporate

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## Facts

The application was filed on January 19, 2024, by 22 allottees, acting as applicant financial creditors, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application was filed against M/s NHA Infrabuild Private Limited, referred to as the respondent corporate debtor. The application, in Form 1, detailed a default in respect of a total financial debt of Rs. 14,57,41,930.00, which includes Rs. 5,71,35,420.00 towards interest at 8% payable by the corporate debtor as of March 31, 2023. This debt pertains to 34 units of flats allotted to the 22 financial creditors.

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## Issues and analysis

### Issue 1: Whether the application filed by the allottees meets the eligibility criteria under the second…

**Ratio:** The eligibility criteria for filing an application under Section 7 of the IBC by…

**Reasoning:** The corporate debtor argued that 18 out of 22 applicants (30 unit holders) had already…

**Interpretation:** The court would need to interpret whether the applicants, after accounting for…

**Application:** In this case, the total number of allottees was 247, with 10% being 25. The…

## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Asit Upad…; Nandini…; +14 more
- **Respondents:** M/s NHA Infrabuild…
- **Advocates:** For Financial…; Babita Jain, Adv.…

## Timeline

- **August 20, 2003 — Cooperative Society…**: Maa Mansa Devi Shahkari Awas Samiti Ltd Agra, a cooperative society, was registered with…
- **July 28, 2012 — Plan App…**: The Agra Development Authority approved the plan for a multistoried building complex. The…

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