TaxTMI 
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2020 (9) TMI 123
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.... March, 2020 stating that Respondent No.2 & Respondent No.4 were served with notice through speed post. They have not appeared and treated as 'ex parte'. The Appellant has given loan of Rs. 40 Lakhs to the Respondent No.1 - Invest Care Real Estate LLP, incorporated under the LLP Act, 2008 and the same was to be repaid in four instalments. She has also submitted that she has not been paid neither the principal amount nor interest thereon. Her grievance is there that the 'loan' has been converted into 'equity' on 25.03.2014. She has also averred that there is irregularity in purchase of Non-judicial e-Stamp paper of dated 05th June, 2013 and amount paid from the account of Respondent No.1. She has also alleged that the loan has been converted into equity, which is against the terms and conditions of 'Loan Agreement' dated 09.07.2013. The 'Loan Agreement' is elaborate and contains terms of repayment including penalty. It is also averred in the Application that in the same LLP, her late husband has also invested Rs. 1 Crore and her late husband - Mr. Sudhir Kapur has also not been repaid either principal amount nor interest amount. She has also raised the issue that she is a 'Financial....
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....nclusion arrived at, Reasons substitute subjectively by objectivity." d. In the decision of Hon'ble Supreme Court 2009 13 JT 366: Revajeetu Builders & Developers Vs. Narayanaswamy & Sons : decided on 09.10.2009 at Para 25, 34 & 54 has observed that: " Para 25- If we carefully examine all the cases, the statement of law declared by the Privy Council in Ma Shwe Mya Vs. Maung Mo Hnaung AIR 1922 PC 249 has been consistently accepted by the courts till date as correct statement of law. The Privy Council observed: "All rules of court are nothing but provisions intended to secure the proper administration of justice, and it is therefore essential that they should be made to serve and be subordinate to that purpose, so that full powers of amendment must be enjoyed and should always be liberally exercised, but nonetheless no power has yet been given to enable one distinct cause of action to be substituted for another, nor to change, by means of amendment, the subject-matter of the suit." Para- 34- In the leading English case of Cropper v. Smith (1884) 26 Ch D 700, the object underlying amendment of pleadings has been laid down by Browen, L.J. in the following words: "It is a well e....
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....o sign on the dotted line, on a contract framed by the builder." f. In the decision 2019 (173) DRJ 626: Migrndra Pritam Vikram & Ors. Vs. Jaswinder Singh & Ors. Decided on 10.01.2019 at Para 6.4 & 6.5 has observed that: " Para 6.4 - Refers S.C. Judgments on fraud/collusion." "Para 6.5 - Quoting Para 32 & 34 of 2010 (8) SCC 383: 32- The ration laid down by the court in various cases is that dishonesty should not be permitted to bear the fruit and benefit to the persons who played fraud or made mis representation and in such circumstances the Court should not perpetuate the fraud. 34 -.... A collusion or conspiracy with a view to deprive the rights of the others in relation to a property would render the transaction void ab initio. Fraud and deception are synonymous." g. In the decision (F.B) Assitant General Manager & ors Vs. Radhey Shyam Pandey decided on 02.03.2020 at Para 50 to 59 deals with contract : ( Page 90-188) Law points are referred to in Paras 6(4) (iv) ; 6 (4) (v); 6(4)(vii); 6(4)(ix) of appellants rejoinder affidavit. h. In the decision of Shah Faesal and Ors. Vs. Union of India and Anr. [2020 (2) MadLj 536] decided on 02.03.2020 at para 18 page 130 : law po....
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....tition on the ground that the Appellant -Mrs.Rita Kapur is not a 'Financial Creditor'. However, the Adjudicating Authority had observed that passing the order by Hon'ble Members will not affect the merit of the controversy and the right of the Appellant to approach appropriate forum. It may not be out of place of this court to make significant mention that the Hon'ble Supreme Court in Pravin C. Shah vs K.A. Mohd. Ali & Anr in Appeal (Civil) No. 3050 of 2000 (decided on 9 October, 2001) (2001) 8SCC 650 had observed that professional duty including the counselling to client, legal opinions, drafting affidavits, pleadings and participating in Law conference. Further, in the decision Brij Mohan Lal v. Union of India, (2012) 6 SCC 502 has observed that "Right to practice Law is not an absolute right and it is subject to the possession of requisite qualifications as contemplated under Advocates Act and regulatory regime and the Bar Council of India Rules." In this connection it is to be pointed that the Appellant in his Memo of Appeal has inter alia stated that the Respondents objection that the Authority Letter dated 19.03.2019 of the Appellant, signed at Delhi and varying at London and....
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....tance under any acceptance credit facility or its de-materialised equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; (d) the amount of any liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such other accounting standards as may be prescribed; (e) receivables sold or discounted other than any receivables sold on nonrecourse basis; (f) any amount raised under any other transaction, including any forward sale or purchase agreement, having the commercial effect of a borrowing; (g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price and for calculating the value of any derivative transaction, only the market value of such transaction shall be taken into account; (h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, documentary letter of credit or any other instrument issued by a bank or financial institution; (i) the amount of any liability in respect of any of the guarantee or....