# In the matter of Innovative Infradevelopers Pvt. Ltd. Company Petition (IB) No. 485(PB)-2017

> NCLT judgment dated 2022-06-02. Citation: TCN-2022-NCLT-02476. The case involves a Company Petition (IB) No. 485(PB)/2017 filed under Section 7 of the…

- **Court:** NCLT
- **Order date:** 2 Jun 2022
- **Citation:** TCN-2022-NCLT-02476
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/innovative-infradevelopers-pvt-ltd-company-petition-ib-no-485pb-2017-0e9611ae

## Summary

### Background

The case involves a Company Petition (IB) No. 485(PB)/2017 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Meenu Chopra (Financial Creditor) against Innovative Infra Developers Pvt. Ltd. (Corporate Debtor). The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of Rs. 27,75,000. The petitioner and the corporate debtor had an agreement to sell dated 05.01.2015, regarding a unit in Hotel Towerant, Innovative Legend Heights. The corporate debtor failed to hand over possession of the unit within the agreed time and defaulted in paying the assured return from December 2016 to October 2017. The corporate debtor cited a stay order from the High Court of Punjab and Haryana as a reason for the delay

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## Facts

Meenu Chopra (Petitioner) filed a Company Petition (IB) No. 485(PB)/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Innovative Infra Developers Pvt. Ltd. (Corporate Debtor) seeking to initiate CIRP due to a default of Rs. 27,75,000. An agreement to sell dated 05.01.2015 was executed between the parties for a unit in Hotel Towerant, Innovative Legend Heights. The Corporate Debtor was to complete construction within 14 months. The Petitioner made payments totaling Rs. 25,00,000 to the Corporate Debtor via two cheques: Rs. 2,50,000 on 06.10.2014 and Rs. 22,50,000 on 10.12.2014. The Corporate Debtor failed to hand over possession and defaulted on assured returns from December 2016 to October 2017. The Corporate Debtor cited a stay order from the

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## Issues and analysis

### Issue 1: Whether the petition filed by a single real estate allottee is maintainable under Section 7 of the …

**Ratio:** The second and third provisos to Section 7 of the IBC stipulate that for financial

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**Reasoning:** The court reasoned that the petitioner, being a single real estate allottee, does not

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**Interpretation:** The interpretation of Section 7 of the IBC, particularly the provisos related

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**Application:** In this case, the petitioner is a single real estate allottee and has not filed

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash K.…
- **Appellants:** Meenu C…
- **Respondents:** Innovative Infra…

## Timeline

- **2014-10-06 — Payment by Pe…**: Petitioner paid Rs. 2,50,000…
- **2014-12-10 — Payment by Pe…**: Petitioner paid Rs.…

## 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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