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TMI Blog2019 (10) TMI 1293X X X X Extracts X X X X X X X X Extracts X X X X ..... and does not amount to a financial claim is misplaced as the entire intent is apparent from the terms and conditions of the MOU. The fact that the repayment of the loan was secured by offer of cheques and proposed allotments of plots cannot demolish the case of the Financial Creditor that a financial debt has occurred and the Corporate Debtor has defaulted in repayment of the same. Petition admitted - moratorium declared. - (IB)-1094/ND/2019 - - - Dated:- 25-10-2019 - Smt. Ina Malhotra, Hon ble Member (J) And Smt. Saroj Rajware, Hon ble Member (T) Present Petitioner: Mr. Ritesh Agarwal, Ms. Tejas Bhatia, Ms. Aishwarya Adlokha and Mr. Sonal Rishabh. Present for the Respondent: Mr. Ashish Deep Verma, Mr. Anshul Chauhan, Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. By way of additional security the Corporate Debtor also allotted plots measuring 100sq. yards to the petitioner on 05.09.2017 bearing unit Nos. 1, 2, 17 and 18 situated in the Galactic City. 4. It is the Financial Creditor's case that upon completion of 11 months, he demanded back the deposit along with interest in terms of the MOU. Since the Corporate Debtor failed to take any steps, the Financial Creditor presented the security cheque no. 954592 dated 5th August, 2018 for I₹ 50 lakhs drawn on Induslnd Bank, which returned dishonoured on account of Insufficient Funds. The second cheque given as security for the due re-payment of ₹ 40 lakhs also returned dishonoured. A legal notice was sent to the Corporate Debtor dema ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the petitioner. These facts are not disputed. The transfer of ₹ 90 lakhs is not only evidenced by the Banking Transaction, but is also acknowledged by the Corporate Debtor as having been received. To secure the due re-payment of the amount and in acknowledgment of the terms and conditions of the MOU, the Corporate Debtor a tendered a cheque No.954592 for ₹ 50 lakhs. Cheque towards payment of interest, net of TDS, were also tendered in terms of their agreement. The terms of the second agreement dated 12.09.2017 were identical to the First MOU. Vide this MOU, the petitioner had deposited a sum of ₹ 40 lakhs with the respondent/ Corporate Debtor. The aforesaid two MOUs were novated by the 3rd MOU dated 13.09.2017. As per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e petitioner would be entitled to the 4 plots. Admittedly the possession of these plots was never offered and the same is more by way of an option to secure the debt. As per the terms and conditions the amount was payable on demand. The Corporate Debtor's failure to return the same has given rise to a default. Under such circumstances, where the claim of ₹ 90 lakhs and the interest due thereon remains unpaid, the financial creditor is entitled to the prayer made herein. 10. The submissions made by the Corporate Debtor is that the said amount is only a security and does not amount to a financial claim is misplaced as the entire intent is apparent from the terms and conditions of the MOU. The fact that the repayment of the loan w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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