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TMI Blog2023 (2) TMI 1199X X X X Extracts X X X X X X X X Extracts X X X X ..... E COURT] held that once the Recovery Certificate has been issued, the party in possession of the Recovery Certificate is to be considered as a Financial Creditor. There are no merit in the present appeal and the same is hereby dismissed. - [Justice Rakesh Kumar Jain] Member (Judicial) And [Mr. Naresh Salecha] Member (Technical) For the Appellants : Mr. Shashwat Anand, Mr. Dhruva Vig Mr. Shashwat Parihar, Advocates. For the Respondent : Mr. Nipun Gautam Mr. Abhishek Anand, for RP. ORDER [Per: Justice Rakesh Kumar Jain (Oral)] The brief facts of the case are that the Canara Bank (Erstwhile Syndicate Bank) filed an application under Section 7 of the I B Code, 2016 (in short Code ) against M/s Bulland B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il dated 27.10.2021 that :- Request to file you claim as FC in Form C Bulland Buildtech [email protected] 27.10.2021 2.43 PM To: [email protected] [email protected] . Dear Sir, This is for your kind information that as you had filed your complaint in RERA, UP, vide complaint no. NCR144/11/0927/2019 and vide its order dated 15th September, 2020, the Hon ble RERA Bench has ordered for refund till 30.11.2020 but the Corporate Debtor did not comply with the same. Pursuant to the non-compliance, you had filed for execution of the order dated 15.09.2020 and the Hon ble RERA Bench had ordered for refund by issuing RC amounting to Rs. 52,23,536.82 dated 27.01.2021. Based on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore the Tribunal in which the Tribunal has taken the following view:- We are unable to accept the contention of the applicants that they may be permitted to file a claim in Form-CA and direction be given to the RP to consider the claim in Form-CA. In our considered view, once the Ld. UPRERA has passed a decree directing the Corporate Debtor to refund the amount and in pursuant of that, all the applicants had submitted their claim in Form C, which were duly considered by the respondent/ R.P, and only on the ground that the entire claims of the applicants are not admitted and applicants are treated as a Financial Creditor on the basis of that decree and not as a Creditors of Class, we are unable to accept the submission of the applican ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xclude a liability in respect of a claim arising out of a Recovery Certificate from the definition of the term financial debt , when such a liability in respect of a claim simpliciter would be included in the definition of the term financial debt 11. On the other hand, Counsel appearing on behalf of the RP has submitted that there is no error in the impugned order which may require any interference by this Tribunal. It is submitted that as per scheme of the Act and the Regulations the Appellant after obtaining a decree from the UPRERA regarding refund of their amount, invested for the purpose of purchase of the flat, shall fall within the definition of a Financial Creditor and not in a class of creditor for the purpose of pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bulland Buildtech Pvt. Ltd. under Section 31 of the UP Real Estates (Regulation Development Act, 216). Pursuant to the order dated 04.10.2019 passed by the UPRERA, a Recovery Certificate was also issued on 21.09.2020 under Section 40 of the Act, 2016 qua the refund of the amount with interest, invested by the Appellant for the purchase of the Flat. It has also come on record that execution was also filed on the basis of the Recovery Certificate. 16. During the course of hearing, Counsel for the Appellant categorically submitted that the Appellants are no more interested in the refund of money but are interested only in the allotment of the Flat which has been three times priced in the Resolution Plan and are now beyond their reach. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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