b) The FC had admitted itself to be an allottee under Section 2(d) of Real Estate (Regulation and Development) Act, 2016 (RERA Act) in its rejoinder dated 05.02.2019. On account of the amended Section 7 of the IBC w.e.f. 28.12.2019, the application for initiating CIRP against a corporate debtor was required to be filed by not less than 100 of allottees under the same real estate project or not less than 10% of the total number of allottees of such real estate project, whichever is less. The third proviso to Section 7, as inserted by the amendment, allows the persons who had already filed applications for initiating CIRP, to comply with the said requirement within 30 days of the date of commencement of the amendment, i.e., 28.12.2019. Otherwise, the application would be deemed to be withdrawn before its admission. However, the FC failed to take any steps to comply with the amended provision of third proviso to Section 7(1) of the IBC and, is, therefore, the sole applicant in the present Application. The total number of allottees in the aforesaid project is 1864, while the present Application is filed solely by the FC. The FC being a single allottee does not meet the threshold criteria as provided under the amended third proviso to Section 7(1) of the IBC, and on this ground alone, the application is not maintainable, according to the Ld. Sr. Counsel for the CD.
