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TMI Blog2023 (8) TMI 1362X X X X Extracts X X X X X X X X Extracts X X X X ..... cy & Bankruptcy Code, 2016 (I&B Code) for initiating Corporate Insolvency Resolution Process (CIRP) in the case of M/s. Ssakash Developers & Builders Pvt. Ltd, Corporate Debtor. 1.1 The total amount outstanding is Rs. 3,84,10,332/- (Rs. 2,50,00,000 principal amount Rs. 1,34,10,332/- from the date of the respective payments till 22.9.2022 however the same shall be subject to actual realization of payments) due and payable to the Corporate Debtor. The date of default as Specified in Part IV of the application "02.02.2020 two months from the order dated 02.12.2019 passed by Hon'ble RERA Tribunal". 2. The applicant had approached the Corporate Debtor for the purchase of 4 flats in "B" Wing, bearing flat nos. 1405, 1406, 1407 & 1408 (hereinaft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... leased to pass the order in favour of the Applicant, 8. That the Corporate Debtor had challenged the said order in an Appeal before Hon'ble Maharashtra Real Estate Appellate Tribunal, Mumbai wherein the Hon'ble Maharashtra Real Estate Appellate Tribunal was pleased to dismiss the appeal vide order dated 01/04/2022. 2.4. The Applicant states that the Corporate Debtor failed to comply with the order within the stipulated time of one month as directed by the MAHARERA. Therefor the applicant through its advocates vide notices dated 20.01.2022 and 09.05.2022 called upon the corporate debtor to repay amount of 2,50,00,000/- along with interest. 2.5. The Applicant/Financial Creditor states that after accommodating numerous assurances, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld be considered as "financial debt" within the ambit of Section 59(8) of Insolvency and Bankruptcy Code, 2016. It has also held that the underlying claim of the Bank/Claimant under the lending documents would have to be categorised as a "financial debt" under Insolvency and Bankruptcy Code, 2016. Therefore, a recovery certificate issued in respect of the same claim, which is essentially a crystallization of the claim through the process of adjudication, had also be classified as a "financial debt" under Insolvency and Bankruptcy Code, 2016. Consequently, the nature of the underlying claim of the creditor, would determine the categorisation of the amount payable under the final decree passed adjudication of the same claim. The liability ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubsequently becomes a Decree Holder under RERA Act, continues to be a creditor in the class of Home Buyers and shall continue to be governed by the threshold limit prescribed under second proviso to section 7(1) of the Code. 3.4. The second proviso to section 7(1) prescribes the threshold limit in relation to Home Buyers Class for filing an application u/s 7 of the Code Provided that for the financial creditors, referred to in clauses (a) and (b) of subsection (6A) of section 21, an application for initiation corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such creditors in the same class or not less than ten per cent. of the total number of such creditors in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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