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TMI Blog2021 (9) TMI 685X X X X Extracts X X X X X X X X Extracts X X X X ..... market the Units in the project named 'Xrbia Eiffle City II' of the Corporate Debtor situated in district Raigad. This bench notes that the brokerage agreed between the parties was 8.5% of the total sale consideration only on the Units which has been booked by the Consultant (Operational Creditor). If unit is cancelled by the prospective purchaser, the Operational Creditor shall not be entitled to any brokerage. In addition, if the purchaser does not pay the minimum of 40%, in case of Self Funded Customer, or 20% in case of a Customer availing loan facility, then no amount will be payable as brokerage fee and any brokerage already paid shall be adjusted from the brokerage future due - the amount of debt does not match the invoice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... handra Bhan Singh, Member (T) 1. This petition has been filed by Indiabulls Distribution Services Ltd. (hereinafter called the 'Petitioner') for initiation of Corporate Insolvency Resolution Process (CIRP) against Xrbia Chakan Developers Private Limited (hereinafter called the 'Respondent') under Section 9 of Insolvency and Bankruptcy Code, 2016 (hereafter called the 'Code'). 2. The counsel for the petitioner submitted that the petitioner and respondent entered into an arrangement vide an Agreement dated 09.03.2016, whereby the respondent authorised the petitioner to act as marketing representative for a real estate project namely Xrbia Eiffle City II being developed by the respondent. The petitioner had sold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner has not annexed the affidavit as required u/s. 9(3)(b) of IBC. He submitted that for the sole reason, the Petition needs to be rejected. Also, the Petitioner after being pointed out has made an attempt to submit merely some cover letter to claim. 5. The counsel for the respondent further mentioned that there is a pre-existing dispute between the parties. There were email exchanged between the parties which contains an attachment being a Microsoft Excel file named 'Indiabulls CD calling data (1)' ( the Excel sheet ). The said filed contain two sheets being Sheet No. 1-'Raw Data', Sheet No. 2 - 'Summary'. The said excel file is a detailed explanation in a tabular format/excel format of all the customers who had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted that it is explicit that the respondent has raised the dispute much prior to the filing of the petition and issuance of demand notice. The respondent categorically indicated the claimed invoices subject to the agreement entered into between the parties and since the bookings were not made with the involvement of petitioner, no amount was payable to the petitioner. 9. He also submitted that the Respondent vide its email dated 01.03.2017 informed the Petitioner about the disputed debt and also provided the call recording of the customer along with details of non-payment of consideration of the flat by the customers. He therefore stated that it is explicit that the Respondent has raised the dispute before the filing of the Petition and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal Creditor). The bench notes that Clause 10 of the agreement entered between the parties, is important which is as under. In the event, the booking for a particular Unit is cancelled by the customer/buyer/purchaser, the Consultant shall be entitled to receive hundred percent (100%) of the brokerage/commission due and payable by the Developer to the Consultant only if the customer/buyer/purchaser of the said Unit(s) has paid forty per cent (40%) or more than forty percent (40%) of the Sale consideration in case of Self Funded Customers AND in case of identified Customers availing Finance Facility then the Consultant shall be entitled to receive hundred percent (100%) of the brokerage/commission due and payable by the Developer to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 17,35,762/-. Similarly, in the notice issued by the Petitioner to the Corporate Debtor on 20.12.2016 the amount due is shown as ₹ 8,59,655/-. This shows discrepancies/lack of clarity on the amount of debt being claimed by the Petitioner. Be that it may, this bench notes that there are pre-existing disputes between the Petitioner and the Corporate Debtor. This bench notes that in this Petition, several invoices have been annexed and to explain the same, excel sheet has been annexed by the respondent. The file contains two sheets, the 1st excel sheet provides explanation in a tabular excel format of all the customers who have booked units in the said project with involvement of the petitioner. This excel sheet also provides informati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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