# In the matter of Mirador Construction Private Limited

> NCLT judgment dated 2025-05-08. Citation: TCN-2025-NCLT-00101. This case involves an application (IA No. 3892/MB/2024) filed by Sujata Shekar Shah and others…

- **Court:** NCLT
- **Order date:** 8 May 2025
- **Citation:** TCN-2025-NCLT-00101
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mirador-construction-private-limited-107ccdc5

## Summary

### Background

This case involves an application (IA No. 3892/MB/2024) filed by Sujata Shekar Shah and others (Financial Creditors) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking permission to amend their Company Petition (CP(IB) No. 2054 of 2019). The applicants are allottees in a real estate project named 'Oasis Avani' launched by Mirador Construction Private Limited (Corporate Debtor). They invested sums in the project, which the Corporate Debtor was obligated to repay with interest. The Corporate Debtor failed to fulfill its obligations. The applicants filed the main application on 03.06.2019. Section 7 of the Code was amended, prescribing a minimum of 100 allottees or not less than 10% of the total number of allottees for jointly filing an application.

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## Facts

Sujata Shekar Shah and others, acting as Financial Creditors, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) to amend their Company Petition. They are allottees in the 'Oasis Avani' real estate project by Mirador Construction Private Limited (Corporate Debtor). The applicants invested in the project, with the Corporate Debtor obligated to repay the amount with interest. The Corporate Debtor failed to meet these obligations. The initial application was filed on June 3, 2019. An amendment to Section 7 of the IBC required a minimum of 100 allottees or 10% of total allottees for filing such applications. The Main Application was dismissed due to insufficient allottees. An appeal to NCLAT resulted in the matter being sent back to the

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## Issues and analysis

### Issue 1: Whether the Applicants/Financial Creditors and the proposed Financial Creditors are allottees of a …

**Ratio:** The legal principle applied is the definition of 'allottee' under Section 2(d) of the

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**Reasoning:** The Tribunal reasoned that the Applicants/Financial Creditors and the Proposed Financial

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**Interpretation:** The interpretation of the term 'allottee' is central to determining whether the

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**Application:** The Tribunal applied the definition of 'allottee' to the specific facts of the

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## Parties

- **Judges:** SANJIV…; K. R. SAJI…
- **Appellants:** Sujata Shekhar…
- **Respondents:** Mirador Constructi…

## Timeline

- **2019-06-03 — Main Applicati…**: The Applicants/Financial Creditors filed the…
- **2019-12-28 — Amendment to Section 7…**: Section 7 of the IBC was amended, prescribing a minimum number of allottees for filing…

## 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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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mirador-construction-private-limited-107ccdc5