2018 (6) TMI 852

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....Mr. Rajiv Shankar Dwivedi, Md. Ziauddin Ahmad and Ms. Aarti Dwivedi, Advocates For The Respondents : Mr. Ashok Jung, Advocate And Mr. Devinder Arora, RP ORDER This appeal has been preferred by Mr. Atul Mittal, Director of APS Buildtech Pvt. Ltd. ('Corporate Debtor') against an order dated 09.02.2018 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi in (IB) 19(ND) ....

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....ct under flexi payment plan of the First Party for a lock in period of one year with an option to either to exit from the Project with assured return of 27% after the expiry of the lock in period from the date of execution of this MOU or to sell the said flats prior to expiry of the one year period (directly) in the market or to continue and retain the same till completion of the project after mak....

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....e booking/holding of the said flat. It is submitted that no record was brought to the notice of the Adjudicating Authority to show that the 1st Respondent opted for 'assured return' within one month and thereby the agreement was not given effect in its letter and spirit. Without discussing the aforesaid issue and on mere presumption the 1st Respondent has been treated as 'Financial Creditor'. 4. ....

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.... aforesaid, we set aside the impugned order dated 09.02.2018 passed by the Adjudicating Authority in (IB) 19(ND) 2018. The 1st Respondent having paid the total dues, we direct the Adjudicating Authority to close the proceeding. 7. In effect, order(s) passed by the Adjudicating Authority appointing 'Interim Resolution Professional', declaring moratorium, freezing of account and all other order(s) ....