# In the matter of Anushree Home Developers Pvt.  Ltd. Company Petition IB (IBC) NO. 762 of 2020

> NCLT judgment dated 2023-04-20. Citation: TCN-2023-NCLT-03696. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 20 Apr 2023
- **Citation:** TCN-2023-NCLT-03696
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anushree-home-developers-pvt-ltd-company-petition-ib-ibc-no-762-of-2020-9fa8ea68

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Uttam Singhal & Ors (Financial Creditors) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Anushree Home Developers Private Limited and Swatantra Land and Finance Private Limited (Corporate Debtors). The Financial Creditors, a group of 13 individuals, invested in 10 flats/units in the Corporate Debtors' real estate project, SLF Anushree Apartments, based on advertisements and representations. The Corporate Debtors defaulted on payments amounting to Rs. 2,88,76,277/- as of 26.10.2018 and 28.02.2020. The Financial Creditors claim to fulfill the threshold limit of 10% of allottees required to initiate CIRP.

## Facts

The Financial Creditors, a group of 13 individuals, invested in 10 flats/units in the SLF Anushree Apartments project, a real estate project developed by M/s Anushree Home Developers Private Limited and Swatantra Land and Finance Private Limited (Corporate Debtors). The investment was made based on advertisements and representations by the Corporate Debtors. The Corporate Debtors defaulted on payments amounting to Rs. 2,88,76,277/- as of 26.10.2018 and 28.02.2020. The Financial Creditors filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP against the Corporate Debtors. The Financial Creditors claimed to meet the threshold requirement of 10% of allottees needed to initiate CIRP. The Corporate Debtors argued that the

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC is maintainable given the threshold requirements …

**Ratio:** The second proviso to Section 7(1) of the IBC stipulates that for financial creditors who

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**Reasoning:** The NCLT considered the details provided by the Haryana Real Estate Authority, which

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**Interpretation:** The interpretation of Section 7(1) of the IBC, specifically the second proviso,

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**Application:** In this case, the Financial Creditors did not meet the threshold requirement of

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## Parties

- **Judges:** P.S.N. P…; BINOD KUMAR…
- **Appellants:** Uttam Si…
- **Respondents:** M/s Anushree Home…
- **Advocates:** Ashwarya…; Alok K.…; +1 more

## Timeline

- **2015-01-12 — Agreement between…**: Corporate Debtors agreed to transfer the land with approvals to The Paradise Welfare…
- **2015-10-26 — Execution of Builder…**: Builder Buyer Agreements were…

## 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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