Capacite Infraprojects Limited Vs Jayesh Natvarlal Sanghrajka (NCLT Mumbai)
NCLT Mumbai held that an operational creditor, cannot be converted into a financial creditor by way of a Settlement with the corporate debtor. Accordingly, application for classification of claim as financial creditor dismissed.
Facts- The Interlocutory Application has been filed by M/s Capacite Infraprojects Limited (Applicant) seeking setting aside the classification of the Applicant’s claim and direction to the RP for re-classification of its claim as “financial creditor in a class – homebuyer” from “other creditors”.
Conclusion- NCLT, New Delhi Bench in the matter of Mahi Buildhome Pvt. Ltd. vs. Unibera Developers Pvt. Ltd. has held that the claim of allotment of flats on account of adjustment of brokerage money cannot be classified as ‘financial creditor’ but directed the Resolution Professional to examine the claim as mentioned in the Settlement Deed as Operational Creditor.
In the present case also, the Applicant was allotted 10 flats on account of settlement with the corporate debtor towards unsatisfied operational debt and there is no money disbursed by the operational creditor to the CD. An operational creditor, cannot be converted into a financial creditor by way of a Settlement with the corporate debtor.
Held that the Applicant – a service provider to the corporate debtor having underlying claim in the nature of unsatisfied operational debt and no amount was given to the corporate debtor as an allottee under a real estate project, is not a financial creditor under section 5(8)(f) of the Code. Accordingly, the question is answered in negative.
