2020 (7) TMI 762 - AT - Insolvency and Bankruptcy

Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors or not - existence of debt and dispute or not - Section 5(8)(f) explanation read with Section 5(7) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT - Issue notice. Mr. Manik Dogra, Advocate accepts notice on behalf of the Respondent. No further notice need be issued to him. He may file reply-affidavit within two weeks. Rejoinder, if any, may be filed within two weeks thereof. List the appeal for admission (after notice) on 4th September, 2020.

Summary

The appeal concerns whether the Appellant qualifies as a 'Financial Creditor' under the Insolvency and Bankruptcy Code, 2016 due to being an allottee of nine flats in a Real Estate Project. The Adjudicating Authority's decision that the Appellant does not meet this definition is being challenged. Notice has been issued to the Respondent, with a deadline for filing a reply-affidavit, and the appeal is scheduled for admission on 4th September, 2020. Any action related to the Resolution Plan approval is contingent upon the appeal's outcome.