Financial Creditors cannot be impleaded as a party in the application under Section 9 of the IBC, filed by Operation Creditors – Ashok Manchanda Vs. M/s Ramprastha Promoters & Developers Pvt. Ltd. – NCLT Chandigarh Bench

The Adjudicating Authority held that it is pertinent to mention that applicants are homebuyers/plot allottees and fall within the definition of financial creditors, whereas the present petition CP (IB) No. 17/CHD/HRY/2019 is under Section 9 filed by the operational creditor. Thus, the financial creditors cannot be impleaded as a party in the application under Section 9 of the Code the CP (IB) No. 17/CHD/HRY/2019 which is pending since long for the last about three and half years and at the stage there is no evidence present on the record that the respondent corporate debtor is conniving with the petitioner/operational creditor. Be that as it may. If the CP (IB) No. 17/CHD/HRY/2019 is admitted then the applicants are having remedy by filing their claims with the IRP. Moreso, if applicants (homebuyers) are having any grievance then they can independently approach this authority under Section 7 of the Code as it is pleaded that hundreds of homebuyers/financial creditors are suffering because of the attitude of the respondent/corporate debtor by duping after extracting huge amount of money from them for plots allotments.

Financial Creditors cannot be impleaded as a party in the application under Section 9 of the IBC, filed by Operation Creditors – Ashok Manchanda Vs. M/s Ramprastha Promoters & Developers Pvt. Ltd. – NCLT Chandigarh Bench Read Post »