# In the matter of Vijay Citispace Private Limited

> NCLT judgment dated 2023-11-29. Citation: TCN-2023-NCLT-00545. The application was filed by Amit Gupta and Reena Vira, homebuyers, under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 29 Nov 2023
- **Citation:** TCN-2023-NCLT-00545
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vijay-citispace-private-limited-36624439

## Summary

### Background

The application was filed by Amit Gupta and Reena Vira, homebuyers, under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, against the Resolution Professional of Vijay Citispace Private Limited, seeking a direction to admit their claim as financial creditors in a class and to admit them to the Committee of Creditors (CoC). The applicants had entered into a Registered Agreement for Sale with the Corporate Debtor in 2018 and made payments towards the consideration of the premises. They filed their claim with a delay of 723 days, which the Resolution Professional rejected, citing the CoC's approval of the Resolution Plan.

## Facts

Amit Gupta and Reena Vira, the Applicants, entered into a Registered Agreement for Sale dated 18.04.2018 with Vijay Citispace Private Limited, the Corporate Debtor, for Flat No. 805 in the Project known as “Vijay Enclave”. The Applicants made payments to the Corporate Debtor towards the consideration of the premises, which was acknowledged by the Corporate Debtor. The Applicants also obtained a loan from the bank to make payment towards the consideration of the flat and are repaying the said loan through monthly instalments. The Applicants were unable to follow up with the Corporate Debtor in 2021 due to personal circumstances. The Company Petition was filed under section 9 in 2019 by Regency Ispat Private Limited (Operational Creditor) against the Corporate Debtor,

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## Issues and analysis

### Issue 1: Whether the delay of 723 days in filing the …

**Ratio:** The principle established in Puneet Kaur vs. K V Developers Private Limited Company

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**Reasoning:** The court reasoned that the Applicants' claim existed in the Corporate Debtor's records

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**Interpretation:** The interpretation is that if the details of the homebuyers are reflected in

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**Application:** The court applied this principle to the present case, noting that the

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## Parties

- **Judges:** Charanjeet Singh…; LAKSHMI G…
- **Appellants:** Amit G…
- **Respondents:** Vijay Citispace…; Ashish…

## Timeline

- **2018-04-18 — Agreement f…**: Applicants entered into a Registered…
- **2019-01-01 — Company Petiti…**: Company Petition was filed under section 9 by Regency Ispat Private Limited against the…

## 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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