2018 (6) TMI 1061

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....ion 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the "I&B Code') for initiation of 'Corporate Insolvency Resolution Process' against M/s. Megha Soft Infrastructure Pvt. Ltd. The Adjudicating Authority (National Company Law Tribunal), New Delhi by impugned order dated 23rd August, 2017 admitted the application, passed the order of moratorium and appointed Insolvency Resolution Professional giving rise to the present appeal. 2. Learned counsel appearing on behalf of the appellant submits that the respondent is not a 'financial creditor' within the meaning of sub-section (7) read with sub-section (8) of Section 5 of the I & B Code. On the other hand, according Company Appeal (AT) (Insolvency) No. 185 of 2017 to ....

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....anasi 221005, (hereinafter referred to as the "Second Party" which expression shall, unless it be repugnant to the context or meaning therefore, be deemed to include their legal heirs, successors, representatives, nominees and permitted assigns) of the second party; The "FIRST PARTY" and "SECOND PARTY" are collectively being referred to as the "PARTIES" In terms of the clause No. B and 8 of the earlier valid agreement dated 06.10.2008 entered between the same parties, the first party was to handover the vacant possession of space of about 2004 sq. ft. on 3rd floor in tower 1 in the proposed IT complex cum corporate hub to be constructed at plot No. 02/02 situated at sector - 154, in the name & style "The Grid" of the unit ....

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....o pay to the Second Party the outstanding amount on every due date as indicated above along with the interest @12.5% p.a. reckoned from 01.06.2014 till the actual date of payment is made. However in case First Party makes default in making payment on due date as per this agreement then the rate of interest shall be calculated @15% p.m. on the unpaid due amount & shall be paid only for the outstanding period till the date of actual payment. Further, in case the default continues for a period of 90 days the party of the first part shall discharge his obligation towards the second party by discharging his rights/interest/share in M/s. Mega Soft Infrastructure (P) Ltd. to the extent of outstanding amount including interest thereof without any g....