Cancelled Allotment & Belated Claim Not Financial Debt: NCLT Chandigarh

Radhey Sham Midha Vs Rahul Jindal (NCLT Chandigarh) The Applicants filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 seeking directions to the Resolution Professional (RP) to admit their claim of ₹4,05,88,558 as a financial debt and include them as Financial Creditors in the Committee of Creditors (CoC). They contended that they had entered into an Apartment Buyers Agreement with the Corporate Debtor on 09.02.2013, paid ₹25,48,000 towards the purchase of a flat, and that the amount was acknowledged by the Corporate Debtor. They further alleged that the RP...