{"id":201829,"date":"2018-09-15T18:22:39","date_gmt":"2018-09-15T12:52:39","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=201829"},"modified":"2019-02-06T14:50:24","modified_gmt":"2019-02-06T09:20:24","slug":"allottees-of-real-estate-project-financial-creditors-under-amended-section-58f-of-i-appeal-against-nclt-order-allowed","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/09\/15\/allottees-of-real-estate-project-financial-creditors-under-amended-section-58f-of-i-appeal-against-nclt-order-allowed\/","title":{"rendered":"Allottees of real estate project \u2018financial creditors\u2019 under amended Section 5(8)(f) of I&B Code; appeal against NCLT order allowed"},"content":{"rendered":"

National Company Law Appellate Tribunal (NCLAT):<\/strong> A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice A.I.S. Cheema, Member (Judicial) allowed an appeal filed against the order of National Company Law Tribunal, New Delhi whereby appellant\u2019s application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was dismissed.<\/p>\n

The appellant was an allottee of a residential apartment in Earth Gracia<\/em> developed by the respondent Credit Debtor\u00a0 \u2014 Earth Gracia Buildcon (P) Ltd. The Adjudicating Authority (NCLT) dismissed the said application on the ground that disbursement made by the appellant did not come within the meaning of financial debt<\/em>. Aggrieved thereby, the appellant filed the instant appeal.<\/p>\n

The Appellate Tribunal noted that the allotment letter<\/em> from the respondent showed that a residential apartment in the proposed group housing complex, Earth Gracia<\/em>, had been allotted in favour of the appellant, wherein provision of assured return <\/em>had also been shown. The Appellate Tribunal followed its earlier decision in Nikhil Mehta and Sons <\/em>v. AMR Infrastructure Ltd., <\/em>Company Appeal (AT) (Insolvency) No. 7 of 2017, dated 21-7-2017, wherein it was held that allottees of residential units are also financial creditors. <\/em>Subsequently, by the Insolvency and Bankruptcy Code (Amendment) Act, 2018, an explanation <\/em>was inserted in Section 5(8)(f) as per which, any amount raised from an allottee under a real estate project shall be deemed to be an amount having the commercial effect of a borrowing. Therefore, after the amendment, the allottees of real estate project have been treated as financial creditors<\/em>. In light of the above, the Appellate Tribunal allowed the appeal, set aside the order impugned and directed NCLT to admit appellant\u2019s application and initiate the Corporate Insolvency Resolution Process. [Rajendra Kumar Saxena v. Earth Gracia Buildcon (P) Ltd., 2018 SCC OnLine NCLAT 711<\/b><\/a>, Order dated 11-09-2018]<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice A.I.S. Cheema, Member (Judicial) allowed <\/p>\n","protected":false},"author":8808,"featured_media":153604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[25934,31804,4132],"class_list":["post-201829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-financial-creditor","tag-i-b-code","tag-real-estate"],"yoast_head":"\nAllottees of real estate project \u2018financial creditors\u2019 under amended Section 5(8)(f) of I&B Code; appeal against NCLT order allowed | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2018\/09\/15\/allottees-of-real-estate-project-financial-creditors-under-amended-section-58f-of-i-appeal-against-nclt-order-allowed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Allottees of real estate project \u2018financial creditors\u2019 under amended Section 5(8)(f) of I&B Code; appeal against NCLT order allowed\" \/>\n<meta property=\"og:description\" content=\"National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. 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Mukhopadhaya (Chairperson); Justice A.I.S Cheema, Member (Judicial) and Kanthi Narahari, Member (Technical) dismissed an appeal filed by the appellant-Director of Corporate Debtor against the order of the National Company Law Appellate Tribunal (New Delhi) whereby it had admitted the application filed\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":201242,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/09\/03\/application-under-sections-7-9-or-10-i-nclt-not-required-to-record-detailed-decision-thereunder-nclat\/","url_meta":{"origin":201829,"position":3},"title":"Application under Sections 7, 9 or 10 I&B Code not adversarial litigation; NCLT not required to record detailed decision thereunder: NCLAT","author":"Bhumika Indulia","date":"September 3, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial)\u00a0 dismissed an appeal filed against the order of the National Company Law Tribunal, Chennai whereby the application filed by the Financial Creditor under Section 7 of the Insolvency\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":200535,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/08\/23\/disputed-question-of-facts-cannot-be-determined-by-nclt-application-under-section-9-ib-code-rejected-nclat\/","url_meta":{"origin":201829,"position":4},"title":"Disputed question of facts cannot be determined by NCLT; application under Section 9 I&B Code rejected: NCLAT","author":"Bhumika Indulia","date":"August 23, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial) dismissed an appeal filed against the order of National Company Law Tribunal, Hyderabad whereby appellant\u2019s application under Section 9 of the Insolvency and Bankruptcy Code, 2016 was dismissed.\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":197276,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/06\/20\/proceedings-under-section-9-of-the-ib-code-not-valid-in-absence-of-notice-under-section-81-to-the-corporate-debtor\/","url_meta":{"origin":201829,"position":5},"title":"Proceedings under Section 9 of the I&B Code not valid in absence of notice under Section 8(1) to the Corporate Debtor","author":"Bhumika Indulia","date":"June 20, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal: A two-member bench comprising of S.J. Mukhopadhaya, J. (Chairperson) and Bansi Lal Bhat, J. 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