TaxTMI 
TaxTMI 
2019 (1) TMI 1503
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....ntly against the two 'Corporate Debtors', with following observations: "9. Submissions made by the Ld. Counsel appearing for Corporate Debtor No.1 merit consideration. The present petition suffers from several infirmities. The payment is alleged to be made to Corporate Debtor No.2 while Insolvency Resolution Process is sought to initiated against Corporate Debtor Nos.1 and 2. There is no provision under the Code where a petition for Insolvency Resolution Process can be initiated against two Corporate Debtors who have collaborated for a Joint Venture. Even otherwise, it is seen that this petition does not adhere to the format required under the Code. The financial creditor is bound to name the Insolvency Resolution Professional which they have not done in the present petition. This is a clear infirmity of the requirements of Clause 3 of Sub-Section 3 of Section 7 of the Code." 2. The question arises for consideration in this appeal is whether the application under Section 9 is jointly maintainable against 1st and 2nd Respondents ('Corporate Debtors') or not? 3. While according to the Appellant, it is maintainable in the facts and circumstances of the case, according t....
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....nbsp; xxx AND WHEREAS the DEVELOPER after due diligence and verifying the Documents/revenue records including the above letter of intent dated 01.12.2012. The owner has transfer their rights to Developer, to undertake planning, desiging, construction, development, selling and marketing of the Project on the said Land with its own resources and to collect and receive sales consideration as per the terms of this agreement and utilize the same in manner stated in this contract. The DEVELOPER has further agreed to undertake the development of the Said Land on the terms and conditions mentioned in this contract. Accordingly, the instant contract has been executed between the parties in respect of said Land. The DEVELOPER has received to undertake the development of a Commercial Complex on collaboration basis on the said land at DEVELOPER'S expense and to share the saleable area as mentioned hereunder amongst themselves (hereinafter referred to as "....
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....uch approvals as may be required to be obtained from any authority for the purpose of raising construction and sale of areas forming part of its allocation, including right to execute application form, Space-Buyer Agreement, sale deed/conveyance deed as other document as enumerated in this agreement. The Power of Attorney shall also authorize the DEVELOPER to discharge its part of the obligations under this collaboration agreement and to let out/sell the constructed/unconstructed and/or developed/undeveloped portions of the Project. The Power of Attorney shall also authorize, the DEVELOPER to exercise all rights under this Collaboration Agreement.- 10. That it has been mutually agreed between the parties that the DEVELOPER deed(s) in respect of area forming part of the project in phases and shall deliver physical possession thereof in favour of prospective purchasers only after offering/delivering physical possession of the allocation of the OWNER. It has further been agreed between the parties that in case the DEVELOPER proceeds to undertake the implementation of the project in phases, in that event the DEVELOPER shall be entitled to deliver physical possession and/or to ....
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....his Memorandum of Understanding is made at New Delhi on 20th day of June 2014 BETWEEN Earth Infrastructure Ltd., a Company registered under the Companies Act, 1956 having its Registered office at 26, First Floor, Pusa Road, Karol Bagh, New Delhi - 110005 through its Authorized Signatory, Mr. ......... (hereinafter referred to as the "Company" of the First Part). AND I. Mr./Mrs./Ms. MAMTHA S/D/W of MR. SUDARSHAN R/o OLD#26, NEW # 63, EAST ANJANAYA TEMPLE ROAD, NEXT TO YOGA APT., BASAVANA GUDI, BANGALORE, KARNATAKA-560004 II. Mr./Mrs./Ms. ................................................ S/D/W of ...................................................... R/o ............................................................. .................................................................. Regd. Office: 6, Pusa Road, 3rd Floor, Karol Bagh, New Delhi-110005 Tel.: 011-41107050 E-mail: [email protected]/www.earthinfra.com (hereinafter jointly/severally referred to as the "Intending Allotee(s)" of the Second Part). The expressions Company and In....
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....As per Annexure II attached hereto, simultaneous with the execution of this MOU, the receipt of which the Company hereby acknowledges. The Intending Allottee(s) hereby acknowledges that this MOU shall be enforceable only after realization of all the cheques issued by the Intending Allottee(s) towards booking of the Unit. 3. The Intending Allottee(s) shall make the balance payment as per the payment plan opted. 4. MISCELLANEOUS I. The Intending Allottee(s) shall be entitled to get the conveyance deed executed in his own name or in the name of any other person so nominated by him. All the expenses with respect to the execution of the conveyance deed, including the expenses on stamp duty, registration fees, legal/advocate fees, etc., shall be borne by the Intending Allottee(s) exclusively. II. The Intending Allottee(s) hereby confirms that the Intending Allotee(s) is booking the Unit after having complete reading and understanding all the terms and conditions contained in this MOU and the Application Form signed by him. The terms and conditions mentioned in the Application From shall form an integral part of this MOU for the purpose of purchase/book....
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....tion dated 12-Jan-2015 hereinafter referred to as 'Developer' of the ONE PART. AND M/s. AMB Infrabuild (P.) Ltd., a Company registered under the Companies Act, 1956 having its Registered Office at D-62, Ground Floor, Defence Colony, New Delhi-110024, represented through Mr. Sanjeev Khiawasia authorized Signatory appointed by Developer who is duly constituted attorney by the Land Owner (hereinafter reffered to as the "Land Owner") AND Name Relationship Relative Name R/o/(Address) Mr. Mamatha W/o J. Sudarshan 26, East Anjanaya Tempal Road, Next to Yoga Appt, Basavanagudi, Bangalore-560004, Karnataka, India (Hereinafter severally/jointly referred to as the "Allottee") of the OTHER PART; 'Developer', 'Land Owner' and 'Allottee' are hereafter individually referred to as the 'Party' and collectively referred to as the 'Parties'. The Developer and Land Owner are jointly reffered to as the "Company". The expression 'Developer', 'Land Owner' and 'Altottee' shall, unless repugnant to the meaning or context herein, be deemed to mean and include its authorized representatives, nominees, administrators, successors-in-interest, executor....
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....abuild Pvt. Ltd.' and the 'Developer'- 'Earth Galleria Pvt. Ltd.' shows that the 'Developer' will sell the flats to the extent of its own shares and the 'Land Owner' will sell the developed portion of its own shares. The 'Land Owner' have agreed to make it as a 'Joint Venture Project' and treated the 'Joint Venture Project' for all purpose as evident from Clause 55 of the 'Collaboration Agreement' dated 3rd May, 2013 read with Memorandum of Understanding reached between three allottees, the Appellant and the 1st and 2nd Respondents dated 6th February, 2016. 12. The 'Developer'- 'M/s. Earth Galleria Pvt. Ltd.' having been empowered by 'M/s. AMB Infrabuild Pvt. Ltd.'- ('Land Owner') to advertise the project and for marketing the developed property as a 'Joint Venture Project', in terms with the said 'Collaboration Agreement' on behalf of the joint venture, if the Memorandum of Understanding dated 20th June, 2014 has been reached between the 'Earth Infrastructure Ltd.' and the Appellant- Mrs. Mamtha, the 2nd Respondent cannot take a plea that it is not a signatory to the Memorandum of Understanding dated 20th June, 2014, the 2nd Respondent being represented by 'Earth Infrastructure....