2019 (11) TMI 1871

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....DHAYA, CHAIRPERSON; JUSTICE A.I.S. CHEEMA, MEMBER (JUDICIAL) AND KANTHI NARAHARI, MEMBER (TECHNICAL) For Appellant: Mr. Krishnendu Dutta, Mr. Siddhant Buxy and Mr. Shivankar Sharma, Advocates. For Respondent: None. JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. The Appellant- 'M/s. Sree Sankeshwara Foundation and Investments'- ('Operational Creditor') filed an application under Section 9 ....

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....tted that the arrangement between the Appellant and the Respondent as per the Joint Development Agreement and various other agreements is: a) The Appellant would grant development rights in respect of the land and the Respondent would develop it. The Respondent would allot 42.5% of the developed portion to the Appellant, who would in return transfer 57.5% of the interest in the land to th....

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....ds and stand taken by the Appellant, we hold that the Appellant along with Respondent ('Corporate Debtor') had executed Joint Development Agreement in the year 2012 for construction of structure and allotment to allottees. Both of them being parties to a joint venture project, we hold that the Appellant cannot claim to be 'Operational Creditor' as it does not relate to supply of goods nor service ....