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2021 (4) TMI 945 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditor is an individual allottee - existence of debt and dispute or not - HELD THAT:- Without going through the merits of the matter, the present petition is not maintainable in the light of the judgment of the Hon'ble Supreme Court in MANISH KUMAR VERSUS UNION OF INDIA AND ANOTHER [2021 (1) TMI 802 - SUPREME COURT], in terms of which the Hon'ble Supreme Court has upheld the amendment made by the Insolvency and Bankruptcy Code (Amendment) Act, 2020 with retrospective effect from 28/12/2019. In terms of the amendment, [Second proviso to sub-section (1) of section 7] an application u/s. 7(1) of Insolvency and Bankruptcy Code can be maintained only if an application for initiating corporate insolvency resolution process against the corporate debtor has been filed jointly by not less than one hundred of such allottees under the same real estate project or not less than ten per cent of the total number of such allottees, whichever is less. Thus, Financial Creditor being an individual allottee, does not satisfy the requirements of the second proviso to section 7(1) of the Insolvency and Bankruptcy Code, 2016. Thus, the petition is not maintainable and, therefore, is dismissed.
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