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2019 (6) TMI 276 - AT - Insolvency and BankruptcyFinancial Creditor -- CIRP under I B Code - Agreement to Sell - whether the appellant comes within the purview of Financial Creditor or not? - HELD THAT - It is clear that the Appellant is an allottee and further the Agreement suggest that the amount was disbursed by him towards the consideration of time value of money - the Appellant comes within the meaning of Financial Creditor . Appeal allowed.
Issues: Recognition of Appellant as a Financial Creditor
Analysis: 1. Issue of Claim Recognition: The Appellant, 'Guneet Pal Singh Majitha,' filed a claim before the 'Resolution Professional' of 'IAP Company Pvt. Ltd.' as a 'Financial Creditor.' The 'Resolution Professional' denied recognition, a decision upheld by the Adjudicating Authority. 2. Agreement to Sell: The Appellant referred to an 'Agreement to Sell' dated March 1, 2017, between him and the 'Corporate Debtor,' indicating him as the 'Purchaser' of office space. The Agreement specified a payment of ?3,75,00,000, of which the Appellant paid ?1,25,00,000 as advance money. 3. Interpretation of Agreement: Paragraph 11 of the Agreement detailed the conditions for refunding the advance money, highlighting the rights of the Purchaser in case of non-transfer of property possession by the Seller. 4. Financial Creditor Status: The Tribunal analyzed the Agreement, concluding that the Appellant qualifies as a 'Financial Creditor' due to his role as an 'allottee' and the disbursement made towards the consideration of time value of money. 5. Resolution Professional's Response: The 'Resolution Professional' did not contest the existence of the Agreement between the Corporate Debtor and the Appellant. 6. Judgment: The Tribunal set aside the Adjudicating Authority's order and directed the Resolution Professional to recognize the Appellant as a Financial Creditor, emphasizing the Appellant's status based on the Agreement's terms. 7. Decision: The appeal was allowed with the specified directions, and no costs were imposed.
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