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2021 (8) TMI 18 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The bench notes that the applicant is basically an allottee in the Real Estate project. Therefore, the agreement cited by the Financial Creditor is effectively an allotment letter of the flat with the schedule of the payment of the flat. Further, the return of investment as provided in Clause 10, does not provide for any fixed return but is conditional upon completion of the project. It has also provided that the payment will not be due in the event of force majeure issue. The Bench is clear that the petitioner is an allottee and the flat purchaser in a Real Estate Project as the petitioner has been allotted flat no. 1902 in the said project - Therefore, an allottee in a real estate project is a Financial Creditor. However, under Section 7 for the purposes of initiation of CIRP there is a threshold limit with regard to number of allottee who can jointly file petition to initiate CIRP against the Corporate Debtor. There is no iota of doubt that the applicant in this case who is an allottee and who has applied singly for commencement of CIRP against the Corporate Debtor does not meet the bench mark of jointly filling by 100 allottee or not less than 10% of number of allottee. Therefore, this petitioner filed by the single homebuyer does not qualify as a fit Application as per Section 7 of IBC, 2016 as amended from time to time to be considered under CIRP. This bench dismisses the petition of a single allottee to commence the CIRP against the Corporate Debtor - petition dismissed.
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