# In the matter of Ajnara Realtech Limited

> NCLT judgment dated 2024-04-15. Citation: TCN-2024-NCLT-01728. The case pertains to an application filed by Mr. Sachin Dhiman and 167 other home buyers,…

- **Court:** NCLT
- **Order date:** 15 Apr 2024
- **Citation:** TCN-2024-NCLT-01728
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ajnara-realtech-limited-9c83ad0d

## Summary

### Background

The case pertains to an application filed by Mr. Sachin Dhiman and 167 other home buyers, acting as financial creditors, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Ajnara Real Tech Limited. The application was based on the corporate debtor's alleged default in payment of Rs. 43,89,73,868/-. The applicants, being allottees of the 'Ajnara Le Garden' project, claimed that the corporate debtor defaulted by not delivering possession of the units/flats and not paying the amount in lieu of the units purchased. The corporate debtor raised objections, including the maintainability of the application due to the applicants belonging to different classes of creditors and the application

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## Facts

Mr. Sachin Dhiman and 167 other home buyers filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Ajnara Real Tech Limited, citing a default of Rs. 43,89,73,868/-. The applicants are allottees in the 'Ajnara Le Garden' project, a multi-tower residential project in Greater Noida. The corporate debtor, engaged in real estate, launched the project with promises of timely delivery, but delayed possession of units. The corporate debtor sold units between 2014 and 2017, executing allotment letters/builder buyer agreements. The corporate debtor allegedly bifurcated the project and registered it with RERA in different parts without prior approval of allottees. The corporate debtor raised objections, claiming the

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## Issues and analysis

### Issue 1: Whether the Applicants are fulfilling the threshold limit of the second proviso to Section 7(1) of …

**Ratio:** Section 7(1) of the IBC, along with its second proviso, specifies the threshold for

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**Reasoning:** The court examined the number of allottees and the total number of flats/units in the

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**Interpretation:** The court interpreted Section 7(1) of the IBC and the definitions of 'Allottee'

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**Application:** Based on the facts that the application was filed on behalf of 168 allottees,

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Sachin D…
- **Respondents:** Ajnara Real Tech…; M/s Ajnara Real…

## Timeline

- **2021-01-01 — Filing of Company…**: Mr. Sachin Dhiman and 167 other home buyers filed the Company Application under Section 7…
- **2021-09-17 — Direction to Issue…**: The Adjudicating Authority directed the Applicant/Financial Creditor to issue notice to…

## 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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