# In the matter of Aegis Value Homes Limited IA-1314-ND-2022 in C.P. (IB) No. 2900 of 2019

> NCLT judgment dated 2022-09-22. Citation: TCN-2022-NCLT-00964. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 22 Sept 2022
- **Citation:** TCN-2022-NCLT-00964
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aegis-value-homes-limited-ia-1314-nd-2022-in-cp-ib-no-2900-of-2019-40abc213

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Gitasha Khanna and other financial creditors against Aegis Value Homes Limited, the corporate debtor. The financial creditors, who are homebuyers, entered into agreements with the corporate debtor for residential flats in the 'Aegis Woods Scheme' project in Haryana. They made payments but did not receive possession of the properties within the agreed timeframe. The financial creditors claimed a default of Rs. 6,26,84,477/- including interest.

## Facts

Gitasha Khanna and others, acting as financial creditors, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aegis Value Homes Limited, the corporate debtor. The financial creditors, consisting of homebuyers, had entered into agreements with Aegis Value Homes Limited for residential flats in the 'Aegis Woods Scheme' project in Haryana. They made payments totaling Rs. 6,26,84,477/-, but possession of the properties was not delivered within the stipulated 42 months plus a 180-day grace period. A demand letter was sent on 30/07/2019 but was returned undelivered. The project consists of 122 flats. The corporate debtor argued non-compliance with mandatory timelines, failure to meet the minimum threshold of applicants (13 applicants

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** An application under Section 7 of the IBC is maintainable if the debt is proved to be due

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**Reasoning:** The tribunal found that the financial creditors had placed sufficient material on record

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**Interpretation:** Section 7 of the IBC allows financial creditors to initiate the Corporate

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**Application:** In this case, the financial creditors, who are homebuyers, had entered into

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## Parties

- **Judges:** Sh. Dharminder…; BINOD KUMAR…
- **Appellants:** Gitasha K…
- **Respondents:** AEGIS VALUE HOMES…

## Timeline

- **2019-12-28 — Insolvency and Bankruptcy Code (Amendment)…**: The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 was issued, modifying the…
- **2019-07-30 — Demand Lett…**: The applicant financial creditor sent a demand letter to the corporate debtor, which was…

## 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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