TaxTMI 
TaxTMI 
TaxTMI 
2020 (10) TMI 9
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....m, Nelson Manickam Road, Aminjikarai, Chennai 600 029. As per Part III of the application, the Financial Creditor has nominated Interim Resolution Professional with the following particulars: Name address email address and the registration number of the Proposed interim resolution Ms. Deepa Venkat Ramani Regn. No. IBBI/IPA-002/IP-N00118/2017-2018/10287 Part IV of the application signifies the amount of remittance to the tune of Rs. 61,02,960/- including interest. Part V of the application describes the particulars of Financial Debt, documents, which appear to be a MoU dated 11.07.2016 and a cheque No:000044 dated 15.10.2018 for Rs. 30,00,000 and copy of Bank Statement. 2. The Financial Creditor submits that Rs. 61,02,960 which includes interest @ 24% since October 01, 2016 as on 04.01.2019 after adjusting a receipt of Rs. 30,00,000 is due to the Financial Creditor before filing of this application plus accrued interest until date of settlement. 3. The Financial Creditor had also submitted that a demand notice was served to Quince Liveras Properties LLP (AAF-1378), the Corporate Debtor vide Form 3 and no reply was received. 4. The Financial Creditor further submitted that in M....
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....,00,00,000 on payment of the balance sum of Rs. 30,00,000 by the Petitioner to the Respondent. e) It has been submitted that the Respondent as Power of Attorney Agent of Mr. S. Ponnusamy and Mr. G. Jayajothi alias G.J. Jothi had agreed to convey an undivided share of 700 sq.ft. in the said property in favour of the Petitioner herein vide Agreement for Sale dated 20.06.2016, registered as Document No. 3669/2016, in the office of the Sub-Registrar, Velacherry. In addition, the Respondent and the Petitioner had also entered into an Agreement for Construction dated 20.06.2016, wherein the Respondent had agreed to construct the said property in proportionate to the undivided share which is proposed to be purchased by the Petitioner. It is also agreed between the parties that the said Agreement for Sale dated 20.06.2016 and the Agreement for Construction dated 20.06.2016, shall be cancelled upon the Petitioner receives a sum of Rs. 60,00,000. f) It has been further submitted that owing to slump in the real estate business, the Respondent was unable to find any new project and accordingly the Respondent was unable to mobilize fund to pay the amount to the Petitioner. The Respondent th....
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....he purchase cost of 700 sq.ft. undivided share in the land belonged to Mr. Ponnuswamy and Mr. G. Jayajothi. It has been ascertained that a Sale Agreement has been executed on 20.06.2016 followed by an Agreement for Construction dated 20.06.2016. 8. On further perusal of the Petition in which a copy of the Memorandum of Understanding dated 11.07.2016 has been produced, which does not convey the intention of the parties exactly and what is understood among the parties. It may be seen that Party of the First Part is M/s. Quince Liveras Properties LLP, the Respondent herein and Mr. K. Sivasubramanian, the Applicant herein. The Respondent herein is stated to be the Power Agent of Mr. S. Ponnuswamy and Mr. G. Jayajothi alias G.J. Jothi, who are stated to be the owners of parcel of land admeasuring 3 Grounds and 1242 Sq.Ft. in Plot No. 18. The application does not contain the copy of the Power of Attorney for perusal by this Tribunal as to what is exactly transpired therein. It is appreciated that consideration as required under Section 2(d) of the Indian Contract Act, 1872, has moved from Mr. K. Sivasubramanian, the Applicant herein to the owners of land and the nature of transaction is....
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.... accordingly, we maintain that the Applicant can opt for accepting the delivery of Flat No. C instead of claiming himself to be a Financial Creditor and move this application. Further the Hon'ble Supreme Court in the case of Pioneer Urban Land and Infrastructure Limited & Anr. -Vs- Union of India & Ors. in Writ Petition No. 43/2019 has held that a speculative home buyer is not entitled to come as a Financial Creditor under the category as defined under Section 5(8) (f) of the I&B Code, 2016 as a Home Buyer and held at para 57 as follows; "57. It can thus be seen that just as information utilities provide the kind of information as to default that banks and financial institutions are provided under Sections 214 to 216 of the Code read with Regulations 25 and 27 of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, allottees of real estate projects can come armed with the same kind of information, this time provided by the promoter or real estate developer itself, on the basis of which, prima facie at least, a "default" relating to amounts due and payable to the allottee is made out in an application under Section 7 of the Code. We may menti....