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TMI Blog2019 (2) TMI 1990X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellant: - Mr. Satish Rai, Mr. Kartik Bhardwaj and Mr. Abhay Kaushik, Advocates. For Respondents: Mr. Vivek Malik, Advocate for R-1 ORDER The Respondent- Mr. Amit Kumar Malik, an allottee of the Real Estate, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) for initiation of the 'Corporate Insolvency Resolution Process' against 'M/s. Kind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itor' by amendment of Section 5(8) made on 6th June, 2018. The application was admitted much prior to the amendment i.e. on 9th March, 2018. However, such submission cannot be accepted as in terms of the agreement, the Respondents having disbursed the amount against the consideration for time value of money i.e. for flat, it is the time value as decided in the case of "Nikhil Mehta & Sons (HUF) & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g service tax. 7. However, the Respondents have brought to the notice that the postdated cheques which were provided to the Appellant, out of 10 cheques, three were encashed and fourth was presented and bounced. The amount of the bounced cheque is Rs. 2 lacs i.e. more than Rs. 1 lac. 8. In the circumstances, we hold that there is a debt which was payable and in terms of the settlement it was not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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