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TMI Blog2021 (6) TMI 241X X X X Extracts X X X X X X X X Extracts X X X X ..... ation. The Applicant having paid more than 98% of the total consideration in the year 1995, waited till 2016 for enactment of IBC, thereafter in the OA admission and belatedly submits the Claim Form to RP/Respondent herein. Other than the photo copy of list of allottees and unregistered agreement for sale, there is no other proof. As per the Agreement, the construction ought to be completed within 24 months i.e. on or before 19.08.1997. The unregistered Sale Agreement states that total sale consideration is sum of 2,53,84,000/- out of total sale consideration, as per the sale agreement, a sum of 2,50,00,000/- was paid. In other words, major portion of sale consideration has been paid before execution of unregistered Agreement for Sale. Howe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d M/s. Green Gardens Private Limited (Corporate Debtor(s) represented by a common Director in both Companies for sale of 5076 sq. ft. of super built up area together with 710.75 sq. ft. of undivided share of land in their project namely "Gemini Towers" Building, Old No. 601, Anna Salai, Chennai-600006 for which the Applicant had paid a sum of ₹ 2,50,00,000/- towards consideration for purchase of the above property and the Corporate Debtor had acknowledged the receipt of the consideration in the agreement. Under the said agreement, the Applicant was allotted build up areas as detailed below: Unit No Area ( in sq ft) Floor 813 1417.00 8th 814 2307.26 8th 816 1352.54 8th Total Area 5076.80 (ii) However, the Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Gemini Arts Private Limited in the name of Salem Stainless Steels; (c) There is also no evidence of UDS having been registered in your name by the company' (d) The claim has also been submitted well after the time frame provided by the IBC now (90 days of advertisement) (iv) As per the Sale Agreement dated 20.08.1995, the Respondent ought to handover the said units and registration of the UDS along with superstructure but in the present case, the construction itself is incomplete and therefore there is continuous cause of action and the Applicant is under hope that once the construction is complete, the Applicant would get the possession and the Corporate Debtor would register the UDS and superstructure subsequently. If the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nded that the claim by the Applicant allegedly arises from an unregistered Agreement of Sale dated 20.08.1995 executed between the Corporate Debtor and the Applicant. The said agreement was entered into by the Applicant for purchase of part of an undivided share of land on which "Gemini Towers" was to be constructed by the Corporate Debtor and Green Garden Private Limited as well as for the construction of a shop in the said towers at its cost. The Applicant was to receive the constructed shop within 24 months from the date on which the said Agreement was signed. It is inconceivable as to how the Applicant waited for a period of over 25 years and yet failed to initiate legal action against the Corporate Debtor. As per Article 54 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Private Limited for over 25 years. The provisions of the Limitation Act are now applicable to matters under Section 238A of the IBC. Even assuming that the delay in filing the claim by over a year after 90-day period ended is condoned, the Applicant has filed no substantial proof or document before this Tribunal or to show the claim is genuine and valid as on date. 5. Heard the arguments by both sides and perused the records placed on file. In the present case, it is seen that payment for sale consideration, in nutshell, is not supported by valid documentary proof for payment of sale consideration. The Applicant having paid more than 98% of the total consideration in the year 1995, waited till 2016 for enactment of IBC, thereafter in the O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as not obtained registration of Sale Deed for Undivided Share of Land. The construction ought to have been completed within 24 months as per the said agreement. As facts stand that the construction is till date incomplete. The Applicant claims to have paid huge sum of ₹ 2,50,00,000/- (Two Crore Fifty Lakh) but there is no sale deed registered, no legal action or bare minimum a legal notice also not issued, no e-mail exchanges or any other proof. 7. Hence, we conclude that the Agreement for Sale is not valid since it is time-barred, no proof of payment of sale consideration, the Agreement for Sale itself is hopelessly time-barred and delay in submission of claims is not substantiated by valid reason. Hence, the Respondent has rightly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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