9911796707
TMI Blog2020 (5) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... the Developer. The transaction relied upon does not make the Respondent company liable to be proceeded u/s 7 of the Code. Filing of such a petition is an abuse of the process of law - Petition rejected. - (IB)- NO. 1290 (ND)/2019 - - - Dated:- 18-11-2019 - Smt. Ina Malhotra, Judicial Member And Ms. Saroj Rajware, Technical Member Prashant Tripathi and Ms. Amisha Agarwal, Advs. for the Petitioner. Shubham Pandey, Adv. for the Respondent. ORDER Smt. INA Malhotra, This petition has been filed by PNB as a Financial Creditor seeking Corporate Insolvency Resolution Process of the respondent/Corporate Debtor. 2. Brief facts of the case are that the Corporate Debtor is engaged in the business of developing Real ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 27-1-2015 65,97,425/- Aman Duggal 30-12-2014 53,29,797/- Jagtar Singh 29-12-2014 47,48,944/- Atul Jagatnarayan Mishra 28-9-2014 44,75,080/- Raju Srivastav 14-10-2014 37,98,800/- Puneet Khanna 20-1-2015 37,89,370/- Aakash Sachdeva 08-4-2015 49,74,149/- Rajesh Kumar 01-10-2015 42,31,200/- Arvind Kumar 11-6-2015 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... booking units in a particular project, and have a tie up with the developers for procuring business from such borrowers. The loan applications in this case were made individually by the borrowers. The accounts were opened by the borrowers with the Financial Creditor and money disbursed in the said account by the financial creditor to the borrowers was disbursed automatically to the Corporate Debtor as per Standing instructions. The Tripartite agreement is only by way of security that the Respondent would withhold the allotment in the event of default by the borrower and realization of any excess amount would be given to the Financial Creditor. The financial Creditor had only sought security by creating mortgage of the residential units for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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