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

> NCLT judgment dated 2023-02-06. Citation: TCN-2023-NCLT-04758. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 6 Feb 2023
- **Citation:** TCN-2023-NCLT-04758
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ansal-hi-tech-townships-ltd-cp-ib-2944pb-2019-5c4ae767

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Prashant Gill & Ors., the Financial Creditors (FC)/Applicants, against M/S Ansal Hi Tech Township LTD., the Respondent/Corporate Debtor (CD). The applicants sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to a default in repayment of 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 advance payments and executing booking and allotment agreements, the Corporate Debtor failed to hand over possession of the plots. The applicants then approached the Uttar Pradesh Real Estate Regulatory Authority

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## Facts

The Financial Creditors/Applicants (Prashant Gill & Ors.) booked and purchased three plots jointly in the "SUSHANT MEGAPOLIS DA-2" project developed by the Corporate Debtor (M/S Ansal Hi Tech Township LTD.). The applicants made complete advance payments for the plots. The Corporate Debtor executed booking agreements with the applicants, promising possession within 24 months from the date of booking (08.11.2010), with a deadline of 26.12.2012. The Corporate Debtor executed plot allotment agreements with the Applicants in 2013. The Corporate Debtor failed to hand over possession of the plots despite the agreements and advance payments. One of the co-applicants transferred his share in one of the plots to another applicant. The applicants filed complaints

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## Issues and analysis

### Issue 1: Whether the applicants, being allottees/homebuyers with decrees from RERA, can maintain an …

**Ratio:** The second proviso to Section 7(1) of the Insolvency and Bankruptcy Code, 2016, requires

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**Reasoning:** The Adjudicating Authority reasoned that the applicants, being allottees under a real

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**Interpretation:** The second proviso to Section 7(1) of the IBC, 2016, imposes a mandatory

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**Application:** In this case, the applicants are allottees under a real estate project and have

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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…

## 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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