# In the matter of Ansal Hi-Tech Townships Ltd. CP (IB) – 2944(PB)-2019

> NCLT judgment dated 2023-02-06. Citation: TCN-2023-NCLT-04753. The case involves an application filed by Prashant Gill and others (Financial…

- **Court:** NCLT
- **Order date:** 6 Feb 2023
- **Citation:** TCN-2023-NCLT-04753
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ansal-hi-tech-townships-ltd-cp-ib-2944pb-2019-34ef5e93

## Summary

### Background

The case involves an application filed by Prashant Gill and others (Financial Creditors/Applicants) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/S Ansal Hi Tech Township LTD. The applicants claimed that the Corporate Debtor defaulted in repaying Rs. 1,20,59,942.12/-. The applicants, who are related parties, had booked and purchased three plots jointly in a project developed by the Corporate Debtor. Despite making complete advance payments, the Corporate Debtor failed to hand over possession of the plots. The applicants also pursued remedies under the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA), which ordered the Corporate Debtor to refund the principal amount

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## Facts

The Financial Creditors/Applicants (Prashant Gill & Ors.) booked and purchased three plots jointly in the project "SUSHANT MEGAPOLIS DA-2" developed by the Corporate Debtor (M/S Ansal Hi Tech Township LTD.). The applicants made complete advance payments for the plots. However, the Corporate Debtor failed to hand over possession of the plots as per the booking agreement. The applicants approached the UP-RERA, which ordered the Corporate Debtor to refund the principal amount along with delay interest. The Corporate Debtor settled with Applicant No. 1 but did not settle with Applicants No. 2 and 3. The total debt due upon the Corporate Debtor was Rs.2,08,02,809/-. The applicants filed an application under Section 7 of the Insolvency and Bankruptcy Code,

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## Issues and analysis

### Issue 1: Whether the applicants, being allottees under a real estate project, meet the threshold criteria …

**Ratio:** Section 7(1) of the IBC, as amended, requires that for financial creditors who are

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**Reasoning:** The NCLT reasoned that the applicants, being allottees under a real estate project, must

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**Interpretation:** The interpretation of Section 7(1) of the IBC, as amended, is that allottees

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**Application:** In this case, the applicants did not meet the threshold criteria of having at

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Prashant…
- **Respondents:** M/S Ansal Hi Tech…

## Timeline

- **2006-11-06 — Incorporation of…**: The Corporate Debtor, M/S Ansal Hi…
- **2010-10-20 — Advance Payments by…**: The Applicants made advance payments for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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