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TMI Blog2020 (7) TMI 558X X X X Extracts X X X X X X X X Extracts X X X X ..... 30th May, 2013 two Buyer/Seller Agreements dated 03.06.2013 were executed but then that arrangement appears to have been given up when Parties entered into further three fresh MoU s dated 01.06.2014, 01.06.2015 and 01.06.2016 referring to earlier Cheque of loan dated 01.06.2013. In these circumstances, where record shows the latest arrangement between the Parties of Builder Buyer Agreement dated 01.10.2016 and even possession has been offered on 7th March, 2018 (Page 290), which cannot be said to be beyond the period stipulated in the Agreement, there are no reason to admit the Application under Section 7 as was filed by the Appellant. Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 1248 of 2019 - - - Dated:- 5-3-2020 - Ju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. It is stated that the Appellant in view of the MoU had issued cheque of ₹ 50 lakhs dated 01.06.2013 which amount was received by the Corporate Debtor. On 3rd June, 2013 between the Parties there was execution of two Buyer/Seller Agreements (Page 137 139) providing for Agreement by the Appellant to buy the above two Flats. The Appellant however, claims that even this was only by way of security for the amount which was advanced as loan. 4. After such Buyer/Seller Agreement, it appears from record that between the Parties still similar MoU s like one dated 30th May, 2013 were executed on 01.06.2014 (Page 52), 01,06,2015 Page (54) and 01.06.2016 (Page 56) in each of which Agreements, the Respondent similarly issued post dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 days of the period of 12 months the promoter (Respondent) would pay penalty to the Buyer at ₹ 5 Per Square feet Per Month. The Respondent has claimed that the said Flat was allotted to the Appellant as repayment of the principal payment paid by cheque Bearing No. 378105 dated 31st May, 2013. It is argued that the Appellant has acknowledged execution of such Agreement in the letters dated 02nd May 2017 (Page 283) and 05th June 2017 (Page 187) which were sent by the Appellant. The Agreement however, was suppressed when Application under Section 7 was filed. According to the Respondent the Parties as per this Agreement, agreed to the arrangement of sale of the Flat to the Appellant in place of the repayment of the principle amount of & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Insolvency and Bankruptcy Code, 2016, the main object of which is not recovery of money but to see if Resolution of a Corporate Debtor is necessary. 8. The Appellant in response to the defence of the Respondent is claiming that even this Agreement dated 01st October, 2016 was only a means of creating security for the repayment of money of loan. The document does not say so we cannot travel beyond. 9. The Adjudicating Authority after hearing the Parties and considering the documents, observed that there were various MoU s entered between the Parties and security was created in the form of offer of two Flats by way of mortgage but no charge as such was created. The interest amounts had been paid till June 2016. The Adjudicating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt needs to be seen that after execution of such document, another Director of the Respondent sent letter dated 03rd April, 2018 (Annexure A1- Diary No. 18124) resiling from such Agreement entered into by the earlier Director Mr. Narendra Kumar and claiming that he was not well. Although, these documents are being pointed out to us, fact remains that these do not appear to have been brought to the notice of the Adjudicating Authority as impugned order nowhere deals with the same. Even if we are to look into these documents, it can be stated that there is dispute regarding this settlement which is admittedly stated to be during the pendency of the Application under Section 7 of Insolvency and Bankruptcy Code, 2016. The same cannot be take ..... X X X X Extracts X X X X X X X X Extracts X X X X
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