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TMI Blog2019 (12) TMI 1021X X X X Extracts X X X X X X X X Extracts X X X X ..... form 1 and partly in form-5. This Adjudicating Authority further find that in the synopsis the applicant also mentioned as financial creditor/operational creditor. This Adjudicating Authority further find, applicant has stated that the demand notice was issued on 04.02.2019 under Section 8 of I B Code, 2016. This Adjudicating Authority is of considered view that Application submitted by the Applicant is not in accordance with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority Rules, 2016) and also not in accordance with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority Rules, 2016) under which Operational Creditor is required to file application, rather it is combination of both ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts of the case are as follows: (i) It is submitted that in the beginning of August 2018, father of financial creditor/operational creditor i.e. Sh. Vinod Goel met with Sh. Sanjeev Gupta and Sh. Dinesh Goel, who claimed themselves the Director of M/s Sunworld Residency Pvt. Ltd. persuaded the father of Financial creditor/Operational Creditor to purchase a flat in the project Sunworld Arista which is near completion. (ii) Further stated that, it has been informed by Sh. Sanjeev Gupta and Sh. Dinesh Goel although the flats in aforesaid project are being sold at the minimum rate of ₹ 5500/- sq.ft but the company is in dire needs of the fund, therefore upfront discount of ₹ 500/ sq.ft will be given, in case the enti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at all the required documents like allotment letter, builder buyer agreement etc. shall be issued to the financial creditor/operational creditor within one week from the date of transfer of the sale consideration but it was very strange and shock to financial creditor/operational creditor that despite accepting an amount of ₹ 1,00,00,000/- on account of sale consideration of the flat Bearing No. 1801, measuring 2275 Sq. Ft., Tower-4, at Sunworld Arista, Noida, UP, no allotment letter, builder buyer agreement and other document were issued to the financial creditor/operational creditor confirming the allotment. It will not be out of place to mention here that Sanjeev Gupta being the Marketing Head of the Sunworld Residency Pvt. Ltd. co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional creditor and also stated about the sending of demand notice as per Section 8 of I B Code, 2016. He further submitted since the applicant paid Rs. One Crore to the corporate debtor by way of RTGS on 29.08.2018 for the purchase of flat. Therefore, his case come under financial creditor and debt as financial debt. 6. In the light of the submission of the applicant, I have gone through the averment made in the application and form 1 submitted by the applicant and on careful perusal, I find although applicant submitted application in form 1 r/w Rule 4 but part 1 to part 3 is of Form-1 and part 4 to part 5 of the application is of Form-5 i.e. a particular of operational debt. Therefore, it can be said that applicant filed the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication to Adjudicating Authority Rules, 2016) and also not in accordance with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority Rules, 2016) under which Operational Creditor is required to file application, rather it is combination of both Rules 4 and 6 and that it is the reason applicant has filed application partially in Form -1 and partially Form-5. 9. Since in present case application is not in accordance with Rule 4 or Rule 6 and applicant itself not sure under what provision he is required to file the application for the amount, which he claims to be paid to M/s. Sunworld Residency Pvt. Ltd. fall (Financial Debt/ Operational Debt), under such circumstances this Adjudicating Authority is of con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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