Supreme Court of India
Vishal Chelani & Ors. v. Debashis Nanda
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
In view of the foregoing reasons, the impugned order is hereby set aside; the appellants are declared as fi nancial creditors within the meaning of Section 5(8)(f) (Explanation) and entitled to be treated as such along with other home buyers/fi nancial creditors for the purposes of the resolution plan which is awaiting fi nal decision before the adjudicating authority.
Judgment, page 8
From the headnote
Issue for consideration: The decision of the National Company Law Appellate Tribunal that the home buyer as benefi ciary of a decree by the Uttar Pradesh Real Estate Regulatory Authority, the order of the Resolution Professional proposing that they be treated diff erently from other home buyers allottees, does not call for interference, is under challenge. Insolvency and Bankruptcy Code, 2016 – s.5(8)(f) explanation – Financial Creditor – Home buyers allottees in real estate project who secured the decree from the Real Estate Regulatory Authority f or a refund of their investment, if could be
Sign in free to read it
- The full judgment, page by page, as published in the Supreme Court Reports
- The ratio: what the Court held, verbatim, with the page it sits on
- Every bench that relied on it, and every bench that argued against it
- Search every reported judgment, by party, citation or question
- Download the PDF, copy pinpoint citations ready for a filing
An email address, no password.