Where an allottee of a commercial / residential property was assured of an annual return by the Builder and the Builder continued to pay the returns on or before the due dates, the application filed by the allottee under Section 7 of IBC as Financial Creditor to initiate CIRP against the Builder for failure to refund the deposit along with the interest as there had been an inordinate delay in handing over the possession of the property, did not succeed. NCLT held that there was no default in paying financial debt hence the applicant is not a financial creditor and set aside the application. (Pawan Dubey Vs JBK Developers Pvt Ltd – 16.02.2018).
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