Whether in case of phase wise registration of Real Estate Projects under RERA, 2016, each RERA Registration constitutes a Real Estate Project for the purpose of calculation of threshold under Section 7 of IBC, 2016 for filing of Insolvency Petition? – Pankaj Mehta Vs. Ansal Hi-tech Township Ltd. – NCLAT New Delhi
In this important judgment, Hon’ble NCLAT held that:
(i) The provisions of RERA are beneficial to the Home Buyers and are meant to protect them, from any Deviant / Fraudulent Action.
(ii) A mere perusal of Section 3(1) Explanation of the Real Estate (Regulation & Development) Act, 2016, points out that where the real estate project is to be developed in phases, every such phases shall be considered a standalone real estate project and the Promoter shall obtain Registration under RERA Act, for each phase separately.
(iii) In the present case on hand, the foremost aspect to be taken into account is the RERA Registration of the Projects of the Corporate Debtor for ensuring the initial limit for pressing into service of the ingredients of Section 7 of the Code.
(iv) In the present case, the Financial Creditors are from different numerous projects and they have not established their case, as Creditors of a class concerning any particular project registered with the Real Estate (Regulation & Development) Act, 2016 with a view to fulfil the requirement of 10% or 100 Allottees as envisaged as per Section 7 (1) of the Code, 2016.
