# In the matter of Shree Ahuja Properties and Realtors Private Limited C.P (IB) No. 4217-MB-2019

> NCLT judgment dated 2022-08-30. Citation: TCN-2022-NCLT-01213. The case involves a petition filed by Mr. Amit Rajpal and Mrs. Sheetal Nityanand Samant, the…

- **Court:** NCLT
- **Order date:** 30 Aug 2022
- **Citation:** TCN-2022-NCLT-01213
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-ahuja-properties-and-realtors-private-limited-cp-ib-no-4217-mb-2019-49e196d2

## Summary

### Background

The case involves a petition filed by Mr. Amit Rajpal and Mrs. Sheetal Nityanand Samant, the Financial Creditors, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Shree Ahuja Properties and Realtors Private Limited, the Corporate Debtor. The Financial Creditors and Corporate Debtor entered into an agreement for sale on 01.10.2014, where the Financial Creditor became the owner of a flat in Ahuja Towers. The Financial Creditor paid a total consideration of Rs. 23,00,00,000/- to the Corporate Debtor. After the formation of the society, the committee member of the said society was demanding for payments of the corpus fund amount from the Financial Creditor for the said flat. The said

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## Facts

Mr. Amit Rajpal and Mrs. Sheetal Nityanand Samant (Financial Creditors) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shree Ahuja Properties and Realtors Private Limited (Corporate Debtor). The Financial Creditors and the Corporate Debtor entered into an agreement for sale on 01.10.2014, where the Financial Creditors became the owners of Flat No. A-44 in Ahuja Towers, having paid Rs. 23,00,00,000/-. The Financial Creditors made several payments to the Corporate Debtor between 01.10.2014 and 20.11.2015, totaling Rs. 1,09,22,500/-. The flat owners of Ahuja Towers formed a co-operative society registered on 02.09.2016. The society demanded payment of a corpus fund of Rs.

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditors under Section 7 of the Insolvency and …

**Ratio:** Section 7(1) of the Insolvency and Bankruptcy Code, 2016, requires that for real estate

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**Reasoning:** The Tribunal observed that the Financial Creditors are allottees in a real estate project

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**Interpretation:** Section 7(1) of the IBC imposes a specific requirement for initiating CIRP in

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**Application:** The Financial Creditors, being single allottees in a real estate project, did

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Amit Ra…
- **Respondents:** Shree Ahuja…

## Timeline

- **2014-10-01 — Agreement f…**: Financial Creditor and Corporate Debtor…
- **2014-10-01 — Payment by Financial…**: Financial Creditor paid Rs.…

## 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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