Unless there is allotment in favour of the allotee in a real estate insolvency, he cannot be treated to be a financial creditor in a class – Bhagwan Dass Arora Vs. Ashish Singh RP of Piyush Colonisers Ltd. – NCLAT New Delhi

Hon’ble NCLAT held that be as it may even if the amount was invested by the appellant for the future projects unless there is allotment in favour of the appellant he cannot be treated to be a financial creditor in a class. His amount has already been admitted by the RP as a financial creditor.

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

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