TaxTMI 
TaxTMI 
2019 (1) TMI 1503
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....ith 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 to the Respondents, it is not maintainable as no joint ....
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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 "said Colony/Complex/Project"). NOW THEREFORE, THESE PRESENTS WITNESS and it is hereby referred declared and....
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.... 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 execute and register sale deed(s) of the executed portions of the project after offering/delivering physical possession of the proportionate all....
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....gistered 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 Intending Allotee(s) shall unless repugnant to the context or meaning thereof, be deemed to include their respective heirs, executors, administrators, legal representatives, successors and permitted assigns. WHEREAS the Company has requisite rights of development/construction/marketing/selling of t....
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....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/booking of the unit. The Applicant acknowledges that the Intending Allottee(s) has clearly understood his rights, duties, responsibilities, obligations and limitations under each and every clause of this MOU and the Application Form. III. The failure of either party to insist upon strict performance of any provision of this MOU or to exercise any option, right or remedies, contained in this MOU shall not constitute a waiver or a r....
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....e 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, executors, permitted assigns, etc.): 1. DETAILS OF THE COMMERCIAL UNIT: (A) Said Commercial Unit TYPE - MULTIPLEX (Hereinafter referred to as the "Unit") (B) UNIT AREA- That the Allottee(s) has intended for the allotment of bare shell Unit, after getting duly satisfied with respect to the details of the Unit as detailed hereunder: Unit No. AUDI -01 Unit Area 4,000.00 sq. ft. ( 371.61 sq. meter) on the 2 Floor in Block D, in the Project named "Earth Sky Gate". 2. UNIT SALE CONSIDERATION (A) That the Unit Sa....