# In the matter of Raheja Developers Limited C.A.-1420 (PB)-2020 in C.P. (IB)-409(PB)-2019

> NCLT judgment dated 2023-05-12. Citation: TCN-2023-NCLT-03380. This case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 12 May 2023
- **Citation:** TCN-2023-NCLT-03380
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/raheja-developers-limited-ca-1420-pb-2020-in-cp-ib-409pb-2019-c4ee837d

## Summary

### Background

This case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Mrs. Ajit Kaur Gill, an applicant/operational creditor, against Raheja Developers Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The claim pertains to a default amount of Rs. 3,03,30,000/- due as of 30.09.2018, arising from a Collaboration Agreement and subsequent Memorandum of Understanding (MOU) between the applicant (along with other land owners) and the corporate debtor for the development of land. The corporate debtor was incorporated on 27.11.1990 and is engaged in real estate development. The applicant, along with other landowners, had entered into a Collaboration Agreement with the corporate debtor on

…

## Facts

Mrs. Ajit Kaur Gill, the applicant, along with three other land owners, entered into a Collaboration Agreement with Raheja Developers Limited, the corporate debtor, on 13.08.2012 for the development of certain land. This agreement was further amended by a Supplementary Collaboration Agreement dated 25.06.2013. A revised understanding was reached through an MOU dated 07.10.2016, wherein the land owners agreed to permit the corporate debtor to construct, develop, maintain, and sell their share of the land. The corporate debtor agreed to develop the project and pay certain amounts to the land owners, including revenue sharing. The applicant claimed that the corporate debtor defaulted on payments amounting to Rs. 3,03,30,000/- as of 30.09.2018. The applicant served a

…

## Issues and analysis

### Issue 1: Whether the dues to Land owners under collaboration agreements read with agreement dated 25.10.2016 …

**Ratio:** The definition of 'operational debt' under Section 5(21) of the IBC means a claim in

…

**Reasoning:** The Adjudicating Authority reasoned that the nature of the transactions involved in the

…

**Interpretation:** The definition of operational debt is comprehensive and must be understood

…

**Application:** In this case, the Adjudicating Authority found that the agreements between the

…

## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Ajit Kaur…
- **Respondents:** Raheja Developers…

## Timeline

- **1990-11-27 — Incorporation of…**: Raheja Developers Limited was…
- **2012-08-13 — Collaboration…**: Applicant along with three land owners executed a Collaboration Agreement with Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

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/raheja-developers-limited-ca-1420-pb-2020-in-cp-ib-409pb-2019-c4ee837d