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2021 (5) TMI 582 - Tri - Insolvency and BankruptcyInitiation of CIRP - Petitioner are Homebuyers - Petitioner does not meet the minimum threshold of 10% of Financial Creditors of the same class - existence of debt and dispute or not - Respondent charged higher price of the changed apartment than the earlier one, which was not accepted by the Applicants and hence no agreement was signed for the same. - RERA directed the Corporate Debtor to refund the amount of ₹ 21,94,222/- with interest @ 9% per annum - The Corporate Debtor failed to comply with the order passed by the K-RERA HELD THAT:- As per the insolvency and Bankruptcy Code, (Amendment) Ordinance, 2019 dated 28.12.2019 the financial creditors who are homebuyers of Real Estate Project can file a petition under section 7 of the Code, 2016, jointly only if there are 100 of such homebuyers or if they are 10% of total homebuyers whichever is less. However, in the instant petition, only 2 Homebuyers have filed the case which neither amounts to 10% of the total class of financial creditors or 100 Financial Creditors and therefore this petition cannot be entertained. In the instant case, the Petitioners have already obtained order from the relevant forum under the RERA Act and the same can be executed before relevant forum. A case under the Code, 2016 is not made out as the petition is clearly an attempt to substitute the recovery mechanism and amounts to forum shopping. Further, since the Petitioner does not meet the minimum threshold of 10% of Financial Creditors of the same class, the petition fails and deserves to be dismissed. Petition dismissed.
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