Case Law Details
Ajit Kaur Gill Vs Raheja Developers Limited (NCLT Delhi)
The said question was analyzed, in the matter Mrs. Ajit Kaur Gill vs. Raheja Developers Limited (dated 12th May, 2023), by Principal Bench of Hon’ble NCLT, New Delhi. Basically, an application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (the Code), r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, (Adjudicating Authority Rules), for initiating the Corporate Insolvency Resolution Process (‘CIRP’) against the Corporate Debtor viz., M/s Raheja Developers Limited (hereinafter referred as ‘CD’) for due amount of Rs. 3,03,30,000/- (Rupees Three Crore, Three Lac, Thirty Thousand Only/-) as on 30.09.2018 which was payable by CD as part consideration under MOU dated 07.10.2016.
The applicant along with three land owners (Collectively known as Land Owners) executed a Collaboration Agreement dated 13.08.2012 with Corporate Debtor (as Developer) which was further amended by Supplementary Collaboration Agreement dated 25.06.2013 (collectively known as “collaboration agreements”) for the development of certain land measuring 24.1563 acres land (Total Land) in which applicant and the other Land owners have an undivided share. Out of total land, CD obtained a license for 12.48675 acres (Licensed Land) of Land from the Directorate of Town and Country Planning (DTCP) for the development of a residential group Housing Project known as “Raheja Vanya”. Balanced land measuring 11.6695 acres remained unlicensed. A revised understanding through MOU dated 07.10.2016 was entered into between the parties wherein Applicant along with other land owners agreed to permit the CD to construct, develop, maintain, and sell the Land Owners’ share subject to other terms and conditions of MOU.
Section 5(21) of the IBC defines the term ‘operational debt’ as:
“Operational debt” means a claim in respect of the provisions of goods or services including employment or a debt in respect of the payment of dues arising under any law for the time being in force and payable to Central Government, any State Government or any local authority”
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