TaxTMI 
TaxTMI 
2021 (6) TMI 241
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....irection to the Respondent to perform his duty under Section 17 and Section 18 of IBC and not to act arbitrarily; set aside the order passed by the Respondent on 30.09.2019 and to admit the claims of the Applicant dated 26.09.2019. 2. On perusal of this Application, the averments made in the application which are as follows:- (i) The Applicant had entered into an Agreement of Sale dated 20.08.1995 (page. 1 of typed set) with M/s. Gemini Arts Private Limited and M/s. Green Gardens Private Limited (Corporate Debtor(s) represented by a common Director in both Companies for sale of 5076 sq. ft. of super built up area together with 710.75 sq. ft. of undivided share of land in their project namely "Gemini Towers" Building, Old No. 601....
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....cess for Corporate Persons Regulations, 2016) with the Respondent and on 09.10.2019 with the RP for M/s. Green Gardens Private Limited. The Respondent had rejected the claim of the Applicant vide email dated 30.09.2019 (page 26). The grounds for the rejection of the claim by the Respondent are as follows: (a) The dues as claimed by you are very old and there is no evidence of any legal action having been initiated by you; (b) There are absolutely no records of allotment or amount received in the books of Gemini Arts Private Limited in the name of Salem Stainless Steels; (c) There is also no evidence of UDS having been registered in your name by the company' (d) The claim has also been submitted well a....
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....er passed by the Hon'ble Principal Bench, NCLT, New Delhi in the matter of Edelweiss Asset Reconstruction Co. Pvt. Ltd. vs. Adel Landmarks Ltd. (vii) In view of the above, the Applicant prays that the delay in submitting the claim before the Respondent may be condoned; set aside the order dated 30.09.2019 passed by the Respondent refusing to admit the claim of the Applicant; and treat the Applicant as a 'Financial Creditor' and claims of the Applicant as 'Financial Debt' 3. In the reply filed on 14.11.2019, the Respondent contended that the claim by the Applicant allegedly arises from an unregistered Agreement of Sale dated 20.08.1995 executed between the Corporate Debtor and the Applicant. The said agreement....
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....r, there is no proof to show that the Applicant did in fact transferred a sum of Rs. 2,50,00,000/- to the Corporate Debtor as consideration for the purchase of property and no proof of registration of undivided share of land in favour of the Applicant. Hence, there is no documentary proof to show that the Applicant did indeed pay a sale consideration amount of Rs. 2,50,00,000/- to the Corporate Debtor. The Applicant had waived their right to claim the amount since no legal action has been initiated against the Corporate Debtor or Green Garden Private Limited for over 25 years. The provisions of the Limitation Act are now applicable to matters under Section 238A of the IBC. Even assuming that the delay in filing the claim by over a year afte....
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....unregistered Sale Agreement states that total sale consideration is sum of Rs. 2,53,84,000/- out of total sale consideration, as per the sale agreement, a sum of Rs. 2,50,00,000/- was paid. In other words, major portion of sale consideration has been paid before execution of unregistered Agreement for Sale. However, the mode of payment has not been mentioned in the said agreement. Further, the Applicant has not furnished details and documentary evidence regarding payment. Having paid more than 98% of the sale consideration, the Applicant has not obtained registration of Sale Deed for Undivided Share of Land. The construction ought to have been completed within 24 months as per the said agreement. As facts stand that the construction is till....