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2021 (11) TMI 610 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors/Home Buyers - existence of debt and dispute or not - HELD THAT:- It is the version of the Appellant that it was created as a ‘Special Purpose Vehicle’ after erstwhile Andhra Pradesh Industrial Infrastructure Corporation Ltd pursuant to a process of international bidding and evaluation accepted the proposal of and accorded approval to the Appellant/Emaar Properties PJSC, Dubai for development and construction of a township as a part of an integrated project, spanning over 285 acres of land at Manikonda Village, Rajendranagar Mandal, Ranga Reddy District, Andhra Pradesh and accorded approval through Government Orders to it, for the implementation and execution of the township as part of the Integrated Project. It is brought to the Fore that the Insolvency and Bankruptcy Code (Amendment)Ordinance 2019 was promulgated by the Government of India on 28.12.2019 to amend the provisions of I&B Code. As a matter of fact, the Ordinance, among other things stated that an application under Section 7 of the Code for initiating CIRP against the Corporate Debtor shall be filed jointly by not less than 100 all such creditors (i.e. Home Buyers). Indeed, the Ordinance among other things mentions that an application under Section 7 of the code for initiating CIRP against the Corporate Debtor shall be filed jointly by not less than 100 all such creditors (i.e. home buyers) or not less than 10% of the total number or such creditors (Home Buyers) whichever is less. In the instant case on hand, the impugned order passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench, Hyderabad) does not contain any direction being issued to the Respondents and other purported allottees to amend their application as laid down under Section of the code. Without there being a direction issued to the concerned financial creditor/allottees to amend their applications as per Section 7 of the Code, the directions issued by the Adjudicating Authority to its Registry as in the impugned order to club such applications together and place before it for hearing cannot be countenanced in the eyes of law. The matter is remitted back to the Adjudicating Authority for passing de novo orders on the issue of maintainability pertaining to clubbing of all matters - Petition disposed off.
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