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2020 (1) TMI 808 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor committed default in making repayment - Section 7 of Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - HELD THAT:- It can be said that the Applicants have not been able to establish a prime facie case of being a financial creditor and trigger Section 7 of the IBC as allottee in the real estate project as there was no default on the part of the Respondent to deliver the said flat as on 01.02.2019, when the applicants chose to seek refund of amounts paid to the Respondent. But the said flat was promptly offered for delivery on 07.06.2019 and there was a deemed extension of time due to force majeure, and granting of stay by the court for the period of six months, which caused a delay in construction of tower -3, which delayed the construction of the firefighting ram and common podium common to all the towers T-1 to T-6. Petition dismissed.
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