# In the matter of Spenta Enclave Private Limited

> NCLT judgment dated 2024-02-22. Citation: TCN-2024-NCLT-02482. Mr. Sanjay Vora and Mrs. Sweta Vora, as homebuyers, filed an application under Section 60(5) of…

- **Court:** NCLT
- **Order date:** 22 Feb 2024
- **Citation:** TCN-2024-NCLT-02482
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/spenta-enclave-private-limited-a7a04143

## Summary

### Background

Mr. Sanjay Vora and Mrs. Sweta Vora, as homebuyers, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking admission of their claim amount by the Resolution Professional for Spenta Enclave Private Limited, the Corporate Debtor. The applicants sought a claim of Rs. 1,16,23,694/-. They had booked a flat in the 'Altavista' project developed by Spenta Enclave, made initial down payments, and availed a loan from HDFC. Due to non-allotment of the flat, they had to book another flat and take a new loan. CIRP was initiated against Spenta Enclave Private Limited based on a petition filed by Aurum Commercials LLP.

## Facts

Mr. Sanjay Vora and Mrs. Sweta Vora booked a 2BHK flat in the 'Altavista' project developed by Spenta Enclave Private Limited (Corporate Debtor). They made an initial down payment of INR 5,00,000 on 2020-10-28 and another installment of INR 9,56,908. They also availed a loan of INR 1,29,77,000 at 6.7% p.a. from HDFC on 2021-04-23. HDFC disbursed INR 14,56,910 on 2021-05-20. The applicants did not receive the allotment of the flat and had to book another flat in Guru Ashish building, taking a new loan of INR 1,81,00,000 at 8.35% p.a. from HDFC. CIRP was initiated against Spenta Enclave Private Limited on 2023-03-24 based on a petition filed by Aurum Commercials LLP. The applicants filed a claim of Rs. 1,56,96,028, which included the principal amount, interest, and

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## Issues and analysis

### Issue 1: Whether the applicant's entire claim, including opportunity cost and EMI on a separate loan, …

**Ratio:** A 'Financial Creditor' is defined under Section 5(7) of the IBC as a person to whom a

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**Reasoning:** The court reasoned that the applicants failed to establish that the balance claim of Rs.

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**Interpretation:** The court interpreted that the term 'Financial Debt' under Section 5(8) of the

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**Application:** The court applied the ratio to the facts by stating that the applicant's claim

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Sanjay…
- **Respondents:** Spenta Enclave…; Rajesh Jhunjhunwal…

## Timeline

- **2020-10-28 — Initial Down…**: Applicants made an initial down…
- **2021-04-23 — Loan Ava…**: Applicants availed a loan of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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