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TMI Blog2020 (5) TMI 423X X X X Extracts X X X X X X X X Extracts X X X X ..... cant as per the provisions of sub-section 8(f) of the Section 6 of the Insolvency and Bankruptcy Code, 2016. (C) To direct the Respondent to ratify the list of creditors of the company and also to declare the Applicant to be a member of the Committee of Creditors constituted for the purpose of initiation of CIRP proceedings against the Corporate Debtor. (D) Such other and further reliefs as this Hon'ble Tribunal may deem fit in the interest of justice. 2. The brief facts of the case are as under: 2.1 Applicant claimed to have paid Rs. 7 crore towards the purchase of land of the Corporate Debtor. To that effect, the Applicant has filed proof of RTGS as well as amount transfer receipt. It is submitted by the Applicant that, in respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eady been served upon them. He has fairly submitted that they do not wish to file any reply against the application as the claim of the Applicant has been considered in the category of other creditor. Accordingly, Form-F which is filed by the Applicant earlier has been accepted vide email dated 19-7-2019, as stated by the Respondent during the arguments. In view of that, nothing remained in the application, so filed by the Applicant. Hence, it maybe disposed off. 2.5 On the other hand, the Applicant pressing hard to file an affidavit and/or written submission alleging, inter alia, that Respondent is changing their statement time and again as reflected from the order sheet and so far, no intimation has been given with regard to acceptance o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and available at Mills Premises in Jamnagar of Corporate Debtor. In the said offer, there are as many as 4 condition. For the sake of convenience, those conditions are reproduced herein below; ♦ Rate: Rs. 2,25,00,000/- (Rupees Two Crores Twenty-Five Lakhs only) per acre, plus value for building and other assets, for land area approximately 10 acres together with structures thereon on "as is where is" basis; ♦ Title of the land must be clear and free from all encumbrances and litigations; ♦ Sale consideration will be paid in instalments as maybe mutually agreed over a period of 12 months; and ♦ Formal Agreement to Sell in this regard will be entered into in consultation with the legal team of both the parties. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... coming into force of the contract between the parties, then it cannot be said that any concluded contract in absence of a written contract being executed has come into force between the parties, as observed in the J.K. Industries Ltd. v. Mohan Investors & Properties (P.) Ltd. AIR 1992 Delhi 305. Cardinal principle in the light of Section 7 of the Act, is that the offer and acceptance of an offer must be absolute without giving any room of doubt. 8. It is well settled that the offer and acceptance must be based or founded on three components - certainty, commitment and communication. If any one of the three components is lacking either in the offer or in the acceptance, there cannot be a valid contract. 9. Applicant in this case totally f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finance or capital lease under the Indian Accounting Standards or such other accounting standards as maybe prescribed; (e) receivables sold or discounted other than any receivables sold on non- recourse basis; (f) any amount raised under any other transaction, including any forward sale or purchase agreement, having the commercial effect of a borrowing; [Explanation:- For the purpose of this sub-clause:- (i) any amount raised from an allottee under a real estate project shall be deemed to be an amount having the commercial effect of a borrowing; and (ii) the expressions, "allottee" and "real estate project" shall have the meanings respectively assigned to them in clauses (d) and (zn) of section 2 of the Real Estate (Regulat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of Corporate Debtor, so as to term it as valid contract. It maybe presumed to be a manufactured document as the applicant has failed to show his bona fide. Under such circumstances, his claim as other stakeholders is/are also clouded and needs thorough verification by RP. 13. The Applicant in the application pleaded that the amount is paid as earnest money. Basically, earnest money serves two purposes: it remains as security or earnest money for performance of the contract of sale but it becomes part of payment of the purchase money immediately on fulfilment of the contract, which is found absent in this case because of want of documents, such as, Contract Agreement for sale and purchase. Admittedly, there is no contract between the Appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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