In a landmark judgment passed by Hon'ble NCLT, Delhi in CP(IB) No. 2584(ND) of 2019, Ashok Tripathi and Anr. v. Ansal API, the Hon'ble Tribunal has been pleased to admit the petition and has directed for initiation of CIRP against M/s. Ansal API.
This petition under Section 7 of IBC was filed jointly by two homebuyers against the builder (ANSAL API) who failed to deliver the possession within time, despite a clear-cut order passed by Hon'ble RERA & thus made a deliberate default.
However, despite the recent Amendment dated 28.12.2019 which created a rider for allottees/homebuyers to approach the NCLT under Section 7 IBC, the Hon'ble Tribunal adopted a wider approach and "recognised the claim of the Financial Creditor on the basis of Decree passed by RERA" and further observed (Para 22) that-
'Claim' of the Financial Creditors having been arisen out of the Orders and Recovery Certificate issued by "UP RERA", which being an 'adjudicated debt' determined by an authority of appropriate jurisdiction, the case of the Financial Creditors is not hit by the Ordinance dated 28.12.2019.'
The petition was filed by Mr. Devesh Saxena, Managing Partner, S&D Legal Associates along with his colleagues Adv. Asmita Chaudhary & Adv. Upmanyu Kumar in New Delhi.
(Image Source: theeconomictimes.com)