2022 (8) TMI 1487

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....ON) AND BARUN MITRA, MEMBER (T) For the Appellant : Vivek Kohli, Sr. Advocate, Sandeep B., Yeshi Rinchhen, Manish S., Pranjat and J. Rawal, Advocates For the Respondents : Vikas Tiwari and Kumar Deepraj, Advocates ORDER 1. Heard Learned Counsel for the Appellant and Respondent. 2. This Appeal has been filed against the Order dated 22nd February, 2022 passed by the Adjudicating Autho....

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....cating Authority in its Order. The Adjudicating Authority after hearing the parties and after noticing the clauses of one Joint Development Agreement (others being similar) has made following observations in Paragraph 17 and 20: "17. On reading the various clauses of the JDA, which is almost identical in all the three JVAs, it appears to be a case of joint Development by proportionate par....

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....rticular ratio. It therefore goes beyond mere construction and development, it goes further subsequent to the completion of the project, if the units are given to the intending purchaser and there is a delay in payment even that will be shared between parties. The revenue sharing concept which is the key to this JVA makes it very clear that it cannot be termed as a service owed by the Respondent t....

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.... other partners in the JVA." 6. The Joint Development Agreement between the parties makes it clear that both the parties are to share profits according to the percentage and mechanism as provided therein. Present was the case of sharing revenue profit by both the parties. Present was not a case where any Operational Debt was owed by the Corporate Debtor to the Appellant so as to initiate Sectio....