| Application No | I.A. No. 525/2019 in CP. IB-1059/(ND)/2018 |
| Applicant | Mr. Gulshan Sethi |
| Respondent | Resolution Professional |
| Subject | Section 60(5) of the Insolvency and Bankruptcy Code, 2016 |
| Order Date | 23.07.2021 |
Case Summary :
Application filed by the Home Buyers/ Financial Creditor for seeking directions against the Resolution Professional of M/s. Subhkamna Buildtech Private Limited to admit the entire claim filed by him. The court allowed the application as there was a clause mentioned in the Resolution Plan for admission of claims within 60 days from the effective date.
Facts of the Case :
1. An application was filed by a Home Buyer/ Financial Creditor Applicant against the Resolution Professional of M/s. Subhkamna Buildtech Private Limited, Corporate Debtor under Section 60(5) of the Insolvency and Bankruptcy Code, 2016.
2. The Applicant states that she and his spouse bought 15 flats in the 2 projects of the Corporate Debtor. It was promised at the time of purchase that the flats will handed over to the allotees within a specific period of time. But the corporate debtor had failed to handed over the flats to the claim. The Applicant had given a FIR against the Corporate Debtor for cheating.
3. The applicant submits that the Corporate Debtor entered into a Settlement Agreement with the husband of the Applicant and agreed to refund.
4. After the Corporate Debtor when into CIRP process, the Applicant had submitted a claim for including them as a Financial Creditor. The respondent i.e acknowledged the receipt of the claim but refused to mention the status of the claim submitted. Even after frequent follow up with the RP, the efforts went in vain.
5. The RP in his reply stated that the Applicants were not the home buyers but the speculative investors. Invested in flats for good returns. The settlement agreement had no legal sanctity as the promoter director was suspended at time of entering into the agreement. He further stated they cannot be accepted as the Financial Creditor since the Applicant had received commission on purchased flats which amounts to operational debt.
NCLT’s Observation :
The Hon’ble NCLT has taken into consideration the rejoinder filed by the Applicant for the respondent’s reply the allegations. The applicant stated the investments were made with a view to use it personal use and also stated that she was not aware of the fact that the promoter director was suspended at the entering into the agreement.
Judgement :
The Hon’ble National Company Law Tribunal (Principal Bench, New Delhi) had allowed the Application upon satisfaction on the clause mentioned in the Resolution Plan for admission of claims within 60 days from the effective date.
Rishi M
Article Assistant