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2020 (10) TMI 9 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Financial Debt or not - Financial Creditors or not - HELD THAT:- The Petitioner has approached this Tribunal in the clothe of Financial Creditor, within the meaning of Section 5(8) in respect of Financial Debt in respect of which he has submitted a Memorandum dated 05.02.2020. Admittedly, an allottee is eligible to apply under Section 7 as a Financial Creditor in the event of failure to deliver the residential apartment as per the Sale Agreement. Here the Applicant claims that he has advanced to land owners as requested by the Respondent towards the purchase cost of 700 sq.ft. undivided share in the land belonged to Mr. Ponnuswamy and Mr. G. Jayajothi. It has been ascertained that a Sale Agreement has been executed on 20.06.2016 followed by an Agreement for Construction dated 20.06.2016. The Respondent has completed the construction and carried out the interior work in the apartment as demanded by the Petitioner, which was ready for delivery and handed over to him and the petitioner has accepted the same and as such now he cannot choose to claim the money back as Financial Creditor - further, the right to claim money by the allottee of a Residential Apartment eminates is maintained only in the event of non-delivery of the apartment to the allottee. The application of the Petitioner for initiating CIRP against the Corporate Debtor, LLP stands dismissed.
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