# In the matter of Ornate Spaces Private Limited IA-593 & 594-2023 in CP-IB-4469-(MB)-2019

> NCLT judgment dated 2023-05-02. Citation: TCN-2023-NCLT-03495. M/s Alpine Corporate Advisors Private Limited filed applications IA-593/2023 and IA-594/2023…

- **Court:** NCLT
- **Order date:** 2 May 2023
- **Citation:** TCN-2023-NCLT-03495
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ornate-spaces-private-limited-ia-593-594-2023-in-cp-ib-4469-mb-2019-71412c96

## Summary

### Background

M/s Alpine Corporate Advisors Private Limited filed applications IA-593/2023 and IA-594/2023 seeking directions from the NCLT Mumbai Bench-IV to correctly classify and categorize the Financial Creditor as a Real Estate Allottee. The applicant was allotted 4 units in "The Grove Towers" and sought inclusion in the Resolution Plan the amounts paid as consideration towards the allotment of the units. The Resolution Professional, Committee of Creditors, and the Resolution Applicant had incorrectly classified the allotment amount paid by the Applicant as loans and liabilities payable by the Corporate Debtor.

## Facts

M/s Alpine Corporate Advisors Private Limited, the applicant, sought directions from the NCLT to be classified as a Real Estate Allottee and have their payments included in the Resolution Plan. The applicant was allotted four units in "The Grove Towers" and had paid Rs. 4,50,00,000 towards the allotment. The applicant had deducted and deposited TDS for the allotment amount and executed allotment agreements with the Corporate Debtor. The Resolution Professional initially classified the amount as loans and liabilities. The applicant's claim was filed after the approval of the resolution plan by the CoC. The director of the Corporate Debtor misled the Applicant into believing that he would be allotted the 4 Units within a stipulated time period and despite

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## Issues and analysis

### Issue 1: Whether the applicant should be classified as a …

**Ratio:** The Hon'ble NCLAT in the case of Puneet Kaur held that non-consideration of claims

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**Reasoning:** The NCLT considered the facts presented by the applicant, including the allotment

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**Interpretation:** The interpretation of the law is that even if a claim is filed after the

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**Application:** The NCLT applied the ratio and reasoning to the specific facts of the case,

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** M/s Niche…
- **Respondents:** Ornate Spaces…; Jayesh Sang…
- **Advocates:** Omar…; Eesha B…; +7 more

## Timeline

- **2018-09-21 — Allotment Agree…**: Date of the allotment agreement between…
- **2020-07-01 — CIRP Commen…**: Commencement of Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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