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TMI Blog2018 (6) TMI 1061X X X X Extracts X X X X X X X X Extracts X X X X ..... Code, 2016 (hereinafter referred to as the "I&B Code') for initiation of 'Corporate Insolvency Resolution Process' against M/s. Megha Soft Infrastructure Pvt. Ltd. The Adjudicating Authority (National Company Law Tribunal), New Delhi by impugned order dated 23rd August, 2017 admitted the application, passed the order of moratorium and appointed Insolvency Resolution Professional giving rise to the present appeal. 2. Learned counsel appearing on behalf of the appellant submits that the respondent is not a 'financial creditor' within the meaning of sub-section (7) read with sub-section (8) of Section 5 of the I & B Code. On the other hand, according Company Appeal (AT) (Insolvency) No. 185 of 2017 to the learned counsel appearing on behalf o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion shall, unless it be repugnant to the context or meaning therefore, be deemed to include their legal heirs, successors, representatives, nominees and permitted assigns) of the second party; The "FIRST PARTY" and "SECOND PARTY" are collectively being referred to as the "PARTIES" In terms of the clause No. B and 8 of the earlier valid agreement dated 06.10.2008 entered between the same parties, the first party was to handover the vacant possession of space of about 2004 sq. ft. on 3rd floor in tower 1 in the proposed IT complex cum corporate hub to be constructed at plot No. 02/02 situated at sector - 154, in the name & style "The Grid" of the unit duly completed in all respect by 30.06.2011. It is ascertained and agreed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te of payment is made. However in case First Party makes default in making payment on due date as per this agreement then the rate of interest shall be calculated @15% p.m. on the unpaid due amount & shall be paid only for the outstanding period till the date of actual payment. Further, in case the default continues for a period of 90 days the party of the first part shall discharge his obligation towards the second party by discharging his rights/interest/share in M/s. Mega Soft Infrastructure (P) Ltd. to the extent of outstanding amount including interest thereof without any goodwill whatsoever in the firm in favour of Second Party. 3. The total outstanding amount along with the interest has to be fully secured against land, building e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reement clearly shows that the 1st respondent 'disbursed' the amount against 'the time value of money' and the 'corporate debtor' has defaulted to pay the amount in terms of the agreement. 6. Learned counsel appearing on behalf of the appellant submitted that the amount has been repaid but such submission being not based on record cannot be accepted. 1st respondent has enclosed the copies of the cheques to show that a sum of Rs. 1,34,00,988/- were paid in favour of the 'corporate debtor'. This fact has not been disputed by the 'corporate debtor'. 7. The case of the appellant being covered by the decision of this Appellate Tribunal in "Nikhil Mehta & sons vs. A.M.R. Infrastructure - Company Appeal (AT) (Insolvency) No. 07 of 2017" no inter ..... X X X X Extracts X X X X X X X X Extracts X X X X
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