# In the matter of Senior Builders Limited CP (IB) - 457(PB)-2022

> NCLT judgment dated 2023-01-05. Citation: TCN-2023-NCLT-05187. The case originates from an application filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Jan 2023
- **Citation:** TCN-2023-NCLT-05187
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/senior-builders-limited-cp-ib-457pb-2022-c115cf44

## Summary

### Background

The case originates from an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by financial creditors who booked a total of 26 units in the real estate project 'Senior Builder Mall, Sector-32 NOIDA'. The application seeks initiation of the Corporate Insolvency Resolution Process (CIRP) against Senior Builders Limited, the corporate debtor, for dues amounting to Rs. 11,94,29,229/-. The Adjudicating Authority is seeking clarification on the status of the land on which the project is situated, as the lease deed was allegedly cancelled by the NOIDA Authority. The Authority also seeks clarification regarding the registration of the project with the RERA authority.

## Facts

Financial creditors filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP against Senior Builders Limited, the corporate debtor. The financial creditors had booked 26 units in the 'Senior Builder Mall, Sector-32 NOIDA' real estate project. The total dues claimed amount to Rs. 11,94,29,229/-. The corporate debtor stated that the land for the project is on lease taken by M/S MMT Amusement Park Pvt. Ltd., which is not a party to the petition. The corporate debtor also claimed that the completion certificate could not be obtained because NOIDA Authority cancelled the lease deed executed in favor of M/S MMT Amusement Park Pvt. Limited. The building plans were sanctioned by NOIDA Authority vide letter No.

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## Issues and analysis

### Issue 1: Whether the allottees are aware of the fact that the lease of the land in question has been …

**Ratio:** The ratio is based on the principle of transparency and informed consent in contractual

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**Reasoning:** The court seeks to determine if the financial creditors were aware of the lease

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**Interpretation:** This issue interprets the rights and responsibilities of parties in a real

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**Application:** If the allottees were unaware of the lease cancellation, it could affect the

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** LT. COL RETD. SPS…
- **Respondents:** SENIOR BUILDERS…

## Timeline

- **2022-10-14 — Matter Heard and…**: The matter was heard and…
- **2003-01-07 — Building Plans…**: Building plans were sanctioned by NOIDA Authority vide letter no.…

## 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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