Principal amount paid to corporate debtor by home buyers is a financial debt

Yadubir Singh Sajwan Vs Sam Resorts Private Limited (NCLT Delhi)

Held that the petition filed by financial creditors (home buyers) is admitted and principal amount paid to corporate debtor is also accepted as financial debt.

Facts-

The instant petition has been Tiled jointly by Mr. Yadubir Singh Sajwan and 25 other financial creditors/ home buyers (Petitioners’) in a class of creditors under Section 7 of the Insolvency and Bankruptcy Code, 2016 (`Code’) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (`CIRP’) against M/s. Som Resorts Private Limited (Respondent/Corporate Debtor’) on the ground that the Corporate Debtor committed a default in payment of Rs.15,37,19,463/- (Rupees Fifteen Crores Thirty-Seven Lacs Nineteen Thousand Four Hundred Sixty-Three Only) including interest @ 18% p.a.

Conclusion-

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