TaxTMI 
TaxTMI 
2020 (4) TMI 703
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....application; (E) Such other and further reliefs as this Hon'ble Tribunal may deem fit in the interest of justice. 2. The brief facts of the case are as under: 2.1 Applicant claim to have paid Rs. 2 crores as earnest money towards the purchase of land of the Corporate Debtor. To that effect, the Applicant has filed proof of RTGS as well as account transfer receipt. It is submitted by the Applicant that in response to the advertisement made by the IRP, that he has submitted his claim as per prescribed Form-F i.e. submission of claim by the creditor (other than Financial Creditor and Operational Creditor) under regulation 9-A of the Insolvency & Bankruptcy Board of India (Insolvency Regulation Process of Corporate Person) Regulation, 2016 vide application dated 21.05.2019, being unaware of the technicalities of Law. 2.2 It is further submitted that the Applicant later-on realizing that the Applicant's claim falls under the provision of regulation-8 of the Insolvency & Bankruptcy Board of India (Insolvency Regulation Process of Corporate Person) Regulation, 2016 and subsequently, revised his claim by filing the prescribed "Form-C" i.e. submission o....
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....he Corporate Debtor against the purchase of the assets of the Corporate Debtor as earnest money. On perusal of the record, it is found that there is no agreement, as such, with regard to the sale and purchase between the Corporate Debtor and Applicant. In support of the contention, the Applicant has annexed a letter dated 27.02.2019 as Annexure-B purported to be issued in the name of Corporate Debtor and E-receipt of transfer of funds showing transfer of the amount in the account of beneficiary viz. Digjam Ltd. (Corporate Debtor). Apart from these documents, no other document(s) is/are annexed, where from it can be deduced that the amounts are paid against the agreement for the sale of assets of Corporate Debtor. 5. Further, one document i.e. Annexure-B at Page No. 12 dated 27.02.2019 claimed to be issued in the name of Digjam Ltd. by the Applicant with regard to the offer/proposal for purchase of surplus land available at Mills Premises in Jamnagar of the Corporate Debtor. In the said offer, there are as many as 4 conditions. For the sake of convenience, those conditions are reproduced herein below; -Rate: Rs. 2,25,00,000/- (Rupees Two Crores Twenty-Five Lakhs only) pe....
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....Industries Ltd. v. Mohan Investments & Properties (P.) Ltd. AIR 1992 Delhi 305. Cardinal principle in the light of section 7 of the Act, is that the offer and acceptance of an offer must be absolute without giving any room of doubt. 8. It is well settled that the offer and acceptance must be based or founded on three components - certainty, commitment and communication. If any one of the three components is lacking either in the offer or in the acceptance, there cannot be a valid contract. 9. Applicant in this case totally failed to produce any document in support of his claim which would make the Applicant even entitled in the category of other "stakeholder." Even if it is assumed for the time, that the alleged letter dated 27.02.2019 of the Applicant is received by the Corporate Debtor, then even law does not cast a duty on the person to whom a proposal is made to reply to that proposal and hence acceptance cannot be inferred from the silence of the offeree and as a general rule, a proposal is not accepted by mere silence on the part of the offeree. 10. Further to consider as 'financial creditor', we need to look at the definition of "Financial Creditor" as claim....
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....mself in the category stated in clause (f) sub-section 8 of section 5 which speaks about "any amount raised under any other transaction, including any forward sell or purchase agreement having the commercial effect of borrowing". In the instant matter, the Applicant has failed to produce any documents/purchase agreement to substantiate his claim and/or show his bona flde as 'financial debt' so as to stand in the footing of "Financial Creditor". 12. Not only this, there is also shadow of doubt on Annexure-B i.e. letter dated 27-2-2019 of the applicant upon which total claim is based as the claimant failed to produce proof of dispatch, claiming that applicant has paid the amount against the land of the Corporate Debtor as earnest money, the claim cannot be accepted in absence of any acceptance from the side of Corporate Debtor, so as to term it as valid contract. It maybe presumed to be a manufactured document as the applicant has failed to show his bona fide. Under such circumstances, his claim as other stakeholders is/are also clouded and needs thorough verification by RP. 13. The Applicant in the application pleaded that the amount is paid as earnest money. Basica....