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2019 (9) TMI 1456 - Tri - Insolvency and BankruptcyInitiation of CIRP - default in handing over possession - it is contended by the CD that the FC for the termination of the agreement has relied upon a wrong clause, as invocation of clause 6.4 of the Agreement is completely misplaced on the part of the FC - HELD THAT:- It is clearly evident that even after the offer of possession made in the year 2017 by the CD effective possession of the property contracted to each of the parties have not been given by the CD which is also admitted by CD, however, wants to consider exclusion of time of delay as beyond its control, which plea cannot be entertained. It is required to be kept in mind by this Tribunal the recent pronouncement made by the Hon'ble Supreme Court of India in the matter of Pioneer Land & Infrastructure Ltd. & another Vs. Union of India and others [2019 (8) TMI 532 - SUPREME COURT], wherein the Hon'ble Supreme Court after considering several objections raised by the Real Estate Developers as to whether a Home Buyer can be considered as an FC, has categorically come to the conclusion that Home Buyers can be considered as FCs, both prior to as well as subsequent to the amendment of Sec. 5(8) (f) of IBC 2016 by Amendment Act of 2018 incorporating the explanation to the said provisions as the Home Buyers finance the project significantly as developed by the Real Estate Developers. It is clearly evident that even after the offer of possession made in the year 2017 by the CD effective possession of the property contracted to each of the parties have not been given by the CD which is also admitted by CD, however, wants to consider exclusion of time of delay as beyond its control, which plea cannot be entertained - Petition admitted - moratorium declared.
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