2017 (8) TMI 454

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.... has named the respondent as Corporate Debtor. 2. Brief facts of the case necessary for disposal of the controversy may first be noticed. The Applicant has averred that in pursuance of the representations made by the respondent, he was induced to deposit advance amount for purchase of a plot in the Ozone City which is a residential township belonging to respondent with a promise for its allotment within a period of one year from the date of payment. Accordingly, he deposited a sum of Rs. 50,00,000/- (Rupees Fifty Lakhs only) for booking of plots. A sum of Rs. 30,00,000/- (Rupees Thirty Lakhs only) was paid on 22-2-2013 in cash against the receipt issued by the respondent. After a gap of three months, the balance amount of Rs. 20,00,000/- (....

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.... not been shown by the respondent that any suit or arbitration proceedings in terms of section 8(2)(a) of the Insolvency and Bankruptcy Code are pending so as to stop initiation of insolvency process. It is pertinent to notice that in their reply dated 6-2-2017, the respondent has taken a stand that a sum of Rs. 30,00,000/- (Rupees Thirty Lakhs only) was deposited by the Applicant for taking allotment of plot/flat in Ozone City, Aligarh and the money was invested in the project. It was further clarified that the refund was not possible but they were committed to allot a unit to the Applicant and has given two options namely allotment of flats or land lying vacant with the respondent. 4. We have heard the learned counsel at a considerable l....

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....n respect of provision of goods or services including dues on account of employment or a debt in respect of repayment of dues arising under any law for the time being in force and payable to Centre or State Government or local authority. It is thus clear that debt may arise out of provision of goods or services or dues arising out of employment or dues arising under any law for time being in force and payable to the Centre/State Government. The framer of the Code have also defined the expression 'Financial Debt' in section 5(8) to mean a debt which is disbursed against the consideration of time value of money. However the framer of the Code has not included in the expression 'Operation Debt' as any debt other than the 'F....