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Case Law Details

Case Name : Ashoka Hi-Tech Builders Pvt. Ltd. Vs Sanjay Kundra & Anr. (NCLAT, Delhi)
Appeal Number : Company Appeal (AT) (Insolvency) No. 46 of 2023
Date of Judgement/Order : 18/01/2023
Related Assessment Year :
Courts : NCLAT
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Ashoka Hi-Tech Builders Pvt. Ltd. Vs Sanjay Kundra & Anr. (NCLAT)

The Hon’ble National Company Law Appellate Tribunal in a recent judgment i.e. Ashoka Hi-Tech Builders Pvt. Ltd. v Sanjay Kundra & Anr[i]., held that the Landowners who have not invested any money and are the collaborators in the development agreements cannot be termed as a financial creditor and the said transaction cannot be considered as disbursement against the time value of money.

FACTS OF THE CASE :- 

1. The Appellant i.e. the Landowner of the development project was admitted as a Financial Creditor in the COC. The Homebuyers filed the IA to remove the landowner from the COC.

2. The Landowner entered into development agreement with the Corporate Debtor. That as per the said agreement upon the construction of the land, the landowner is entitled to receive 32% of the total saleable area and the Corporate Debtor is liable to receiver 68% of the total saleable area.

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