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2018 (3) TMI 1266 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - exintence of eligible debt - cancellation of allotment of shop - failure to handover the possession of shop - construction has not been commenced - Held that:- the present claim falls within the purview of contractual liability requiring investigation and not a simplicitor “financial debt”. It is pertinent to note here that Claims of home buyers and claims arising out of complex financial instruments preferred before IRP under the Regulations are treated as different category claims, distinct and separate from claims of financial and operational creditors. Such home buyers and contractual claimants on suo moto cancellation of their respective contracts cannot come within purview of financial creditor. Neither the present claim can be termed as a financial debt nor do the applicants come within the meaning of financial creditor. Accordingly, the present application filed under Section 7 of the Code stands dismissed as not maintainable.
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