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2022 (9) TMI 15 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors/allottees under a real estate project - transfer of corpus funds into the loan account - Financial Debt or not - existence of debt and dispute or not - HELD THAT:- As per the facts in the present matter, it is clearly established that the Financial Creditors are the allottees under a real estate project and thus reference needs to be made to Section 7 of the Code - For the want of fulfilment of the criteria set by the Insolvency and Bankruptcy Code, 2016 in matter of Real Estate projects, this Petition cannot be allowed as it is filed only by a single allottee and cannot be considered as per the provision laid down in Section 7(1) of the Code. Under the Code, a minimum of 100 people or 10% of the total allotee must be there to initiate a proceeding in IB Code. There are no material to conclude that the Financial Creditors amount to minimum 10 percent. Accordingly, the Financial Creditors are not eligible to file a Petition before this forum. The present transaction was in pursuance of the sale agreement. There was no other agreement formed between the parties for amount claimed in default/amount transferred towards corpus fund, hence the given transaction of transfer of corpus funds into the loan account would not qualify as a financial debt as per the definition laid down in Section 5(8) - Applicant failed to qualify the threshold prescribed in the proviso laid down under section 7 (1). Therefore, this Petition is liable to be rejected. Petition dismissed.
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