# In the matter of Aastha Buildhome Developers Pvt. Ltd.

> NCLT judgment dated 2025-10-15. Citation: TCN-2025-NCLT-01606. The main petition was filed by Mrs. Saroj Gupta ('Financial Creditor') against the Corporate…

- **Court:** NCLT
- **Order date:** 15 Oct 2025
- **Citation:** TCN-2025-NCLT-01606
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/aastha-buildhome-developers-pvt-ltd-2303f76c

## Summary

### Background

The main petition was filed by Mrs. Saroj Gupta ('Financial Creditor') against the Corporate Debtor, Astha Buildhome Developers Private Limited ('Corporate Debtor'), under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was allowed, and CIRP was initiated against the Corporate Debtor.

## Facts

Mrs. Saroj Gupta filed a petition against Aastha Buildhome Developers Pvt. Ltd. under Section 7 of the IBC.

The Adjudicating Authority allowed the petition and initiated CIRP against the Corporate Debtor on 09.10.2022.

Ashish Heights Maintenance and Welfare Society filed IA No. 490/JPR/2023 for non-consideration of claim by the Resolution Professional.

The Applicant claimed to be a Financial Creditor based on amounts collected for maintenance and incomplete construction.

The Corporate Debtor failed to complete the project by 30.06.2016 and induced allottees to execute sale deeds while the project was pending.

The Corporate Debtor entered into an agreement with flat owners on 21.07.2018 acknowledging the incomplete project.

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## Issues and analysis

### Issue 1: Whether the claims filed by the Applicant based upon non-performance of contractual obligation on …

**Ratio:** The amendment made to the definition of 'Financial Debt' in 2018, which came into effect

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**Reasoning:** The Hon'ble NCLAT in the matter of Bhaskar Biswas v/s Avaani oxford Owners' Association

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**Interpretation:** Section 5(8)(f) Explanation makes it clear that any amount raised from an

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**Application:** The court applied the amended definition of 'Financial Debt' and the NCLAT's

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** Saroj G…; Ashish Heights…
- **Respondents:** Aastha Buildhome…; Prashant Agarwal…
- **Other parties:** Ashish Heights…; Flat owners of…; +1 more
- **Advocates:** Nitesh Shri…; Prakul Kh…; +1 more

## Timeline

- **2019 — CP No. (IB)- 297/7/JPR/2…**: Main petition filed against Aastha…
- **2022-10-09 — Order Da…**: Adjudicating Authority allowed the petition and initiated CIRP against the Corporate…

## 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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