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2020 (8) TMI 836 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Differentiation of class of Financial Creditors - Allotment of commercial units - claims of the Applicants were admitted by the Respondent on the basis of the 'Addendum to MOU' - Respondent himself has been of the opinion that the MOU and Addendum to MOU having been executed just before the initiation of CIRP were of suspicious nature - whether the claim of the Applicants shall be admitted as 'independent Financial Creditor' or a 'Financial Creditor in a class'? - HELD THAT:- That from the contents of the Clause 3 of the MOU dated 10.06.2019, it is amply clear that the Allotment of the earlier allotted units shall stand cancelled with the issuance of Letter of Allotment individually for each Service Apartment in the Ninex Mall - However, in actual neither any allotment letter for Service Apartments were issued nor the earlier letters of allotment of the commercial units issued in 2015-16 were cancelled by the Corporate Debtor. The same has been confirmed by the Respondent in its Affidavit dated 21.08.2020. That the plea taken by the Respondent, during the course of arguments, with respect to double allotment too does not merit consideration since the Respondent himself has submitted on affidavit dated 21.08.2020 that the Applicants were either the first allottees (in respect of seven units) or holding clear allotment (in respect of four units). None of these letters of allotment of the commercial units have been cancelled. Therefore, this Bench of the view that the earlier allotment letters issued in respect of 1 1 units by the Corporate Debtor in favour of applicants in the year 2015 and 2016 stand valid and cannot be treated as null and void. This Bench is of the opinion that the claims of the Applicants being the allottees of commercial units will fall under the Category of 'Financial Creditor in a class' - application allowed.
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