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NCLT admits insolvency resolution process against Parsvnath builders having defaulted in financial debt repayment

January 14, 2019[2019] 101 184 (NCLT - New Delhi)

IBC : Where corporate debtor i.e., Parsvnath builders, failed to handover physical possession of flat to allottees within agreed period of thirty six (36) months from date of commencement of construction of tower in which flat was located, amount of consideration paid was financial debt in terms of revised definition under section 5(8)(f) and application filed under section 7 by allottee-financial creditors for default committed by corporate debtor in repayment of outstanding debt was to be admitted

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