The National Company Law Tribunal (NCLT), Chandigarh Bench of Justice Harnam Singh Thakur, (Judicial Member) and Sh. Shishir Agarwal (Technical Member) has held that the claim of an allottee cannot be rejected solely on the ground of being a speculative investor. An allottee does not cease to be a financial creditor merely because they qualify as a speculative investor.
The present application has been filed under section 60(5) read with section 21 of the Insolvency and Bankruptcy Code, 2016 (IBC) to exclude the Respondents from the Committee of Creditors (CoC) as they are not financial creditors or allottees but business/services providers and speculative investors.
The Applicant submitted that the Respondent no(s) 2…