# In the matter of Rohan Developers Private Limited

> NCLT judgment dated 2025-02-06. Citation: TCN-2025-NCLT-00517. This case involves a Company Petition filed by Rajendra Raja Bali Singh and others, who are…

- **Court:** NCLT
- **Order date:** 6 Feb 2025
- **Citation:** TCN-2025-NCLT-00517
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rohan-developers-private-limited-e76b6f9f

## Summary

### Background

This case involves a Company Petition filed by Rajendra Raja Bali Singh and others, who are home buyers, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Rohan Developers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioners, as financial creditors, claim a financial debt of Rs. 82,23,15,906/- with a default date of 30.12.2023. The corporate debtor is responsible for the development of the project '7 HUGHES' in Mumbai. The petitioners entered into agreements with the corporate debtor for residential units in the project. The corporate debtor has failed to deliver the promised flats despite receiving substantial payments. The project was initially scheduled for completion by 31.03.2020, later revised to

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## Facts

Rajendra Raja Bali Singh and other home buyers filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rohan Developers Private Limited. The petitioners claimed a financial debt of Rs. 82,23,15,906/- with a default date of 30.12.2023. The petitioners are home buyers in the '7 HUGHES' project developed by Rohan Developers. They entered into agreements to purchase residential units but the project was delayed. The initial completion date was 31.03.2020, later revised to 30.12.2023, but construction progress was minimal. The petitioners collectively hold 7 allotments/units. The corporate debtor argued that some petitioners are assignees of original tenants and their claims are under

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## Issues and analysis

### Issue 1: Whether the petitioners qualify as financial creditors under Section 7 of the Insolvency and …

**Ratio:** The definition of 'Financial Creditor' under Section 5(8) of the Code is inclusive and

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**Reasoning:** The NCLT found that the assignments in favor of Petitioner Nos. 2 and 4 were executed

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**Interpretation:** Section 5(8) of the IBC defines 'financial debt' broadly to include amounts

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**Application:** The NCLT applied the inclusive definition of 'Financial Creditor' under Section

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Rajendra Raja…
- **Respondents:** Rohan Developers…
- **Advocates:** Ayush R…; Khushboo…; +2 more

## Timeline

- **2016-04-12 — Joint Development…**: A Joint Development Agreement (JDA) was executed and registered between the Corporate…
- **2018-07-31 — Agreement f…**: Mr. Rajendra Raja Bali Singh (Petitioner No. 1) entered into an agreement dated…

## 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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