https://www.taxtmi.com/caselaws?id=450239 Protection under Section 53A of the Transfer of Property Act was unavailable where the transferee failed to pay the full consideration and otherwise perform obligations within the extended time under the agreement to sell and memorandum of understanding. The insolvency tribunal's jurisdiction under Section 60(5) of the Insolvency and Bankruptcy Code extended to a dispute over whether the property formed part of the corporate debtor's insolvency estate, as the question had a direct nexus with CIRP. The contractual claim for double refund of earnest money or specific performance also failed because it was contingent on the seller defaulting after the purchaser had complied, which was not the factual position. The order directing vacation of the property was upheld. en-us Tue, 27 Feb 2024 00:00:00 +0530 Thu, 29 Feb 2024 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450239 Protection under Section 53A of the Transfer of Property Act was unavailable where the transferee failed to pay the full consideration and otherwise perform obligations within the extended time under the agreement to sell and memorandum of understanding. The insolvency tribunal's jurisdiction under Section 60(5) of the Insolvency and Bankruptcy Code extended to a dispute over whether the property formed part of the corporate debtor's insolvency estate, as the question had a direct nexus with CIRP. The contractual claim for double refund of earnest money or specific performance also failed because it was contingent on the seller defaulting after the purchaser had complied, which was not the factual position. The order directing vacation of the property was upheld. Case-Laws Insolvency and Bankruptcy Tue, 27 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450239