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2021 (10) TMI 709 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - in terms of allotment letter no Builder Buyer Agreement was executed in between the parties - Financial Creditor or allottee? - HELD THAT:- Since the amount is raised under the real estate project for the allotment of two units, therefore, as per Section 5(8)(f) Explanation (i), the amount having the commercial effect of a borrowing; and the Petition an allottee under the real estate project - the applicant is well advised to file an application in terms of the amendment made in Section 7 of IBC. Since, the application is not in terms of the amendment made in Section 7 of the IBC, we are not inclined to issue notice upon the respondent. Application dismissed.
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