# In the matter of Shreepati Build Infra Investment Limited

> NCLT judgment dated 2024-03-13. Citation: TCN-2024-NCLT-02061. Akriti Infrastructure Private Limited, the Financial Creditor (FC), filed a Company Petition…

- **Court:** NCLT
- **Order date:** 13 Mar 2024
- **Citation:** TCN-2024-NCLT-02061
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shreepati-build-infra-investment-limited-7c43524f

## Summary

### Background

Akriti Infrastructure Private Limited, the Financial Creditor (FC), filed a Company Petition (CP(IB) No. 4148/MB/2018) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shreepati Build Infra Investment Limited, the Corporate Debtor (CD). The FC claimed a default of Rs. 11,68,58,087/-, comprising a principal amount of Rs. 3,30,00,000/- and interest. The CD contested the application, arguing that the FC was an allottee under the RERA Act and did not meet the threshold requirements for initiating CIRP after amendments to the IBC. The CD also raised concerns about a similar application filed by the FC's sister concern and criminal proceedings initiated by the FC.

## Facts

Akriti Infrastructure Private Limited (FC) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Shreepati Build Infra Investment Limited (CD). The FC and CD are both engaged in real estate construction. The FC claimed that the CD defaulted on a payment of Rs. 11,68,58,087/-, which included a principal amount of Rs. 3,30,00,000/- and interest. The FC had made advance payments to the CD for the purchase of flats in a proposed building. An agreement was entered into on 15.03.2011 for the purchase of flats. The CD had issued a letter on 01.04.2012 confirming receipt of Rs. 3,30,00,000/-. The CD later confirmed the conversion of the advance payments into a loan account. The

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## Issues and analysis

### Issue 1: Whether the FC is to be treated as an 'allottee' in a 'real estate project' within the meaning of …

**Ratio:** The definition of 'allottee' under Section 2(d) of the RERA Act includes a person to whom

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**Reasoning:** The NCLT considered the documents, including the allotment letter, agreement, and letters

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**Interpretation:** The term 'allottee' under the RERA Act encompasses individuals who have been

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**Application:** The NCLT found that the FC was an allottee based on the allotment letter and

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Akriti Infrastruct…
- **Respondents:** Shreepati Build…

## Timeline

- **2018-08-10 — Application…**: Company Petition (CP(IB) No. 4148/MB/2018)…
- **2009-08-21 — RTGS Pay…**: FC made a payment of 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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