9911796707
TMI Blog2022 (2) TMI 1130X X X X Extracts X X X X X X X X Extracts X X X X ..... h regard to which correspondences were entered - the notice which was issued by the Appellant on 12th July, 2018 was replied by the Respondent/Corporate Debtor where the Corporate Debtor clearly admitted the debt and mentioned that Appellant shall be paid. The Investment Agreement as well as the Reply submitted by the Corporate Debtor itself indicate that the amount was received by the Corporate Debtor and Corporate Debtor itself say that it has paid ₹ 25 Lacs and agreed to make payment of the remaining amount when the project shall start paying back, there is clear admission of the debt on behalf of Corporate Debtor and Adjudicating Authority has committed error in observing that there is no debt proved by the Appellant. Learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted to the Investor. There has been certain correspondences including the Letter of the Corporate Debtor for buying back area of 1000 Sq. Ft. In this context, reference to the Letter dated 30th June, 2016 has been made which was written by the Corporate Debtor to the Appellant. The case of the Appellant is that 25 Lacs were paid through RTGS dated 18.09.2015 and no remaining payments have been made thereafter. In this regard, First Notice was issued on 12th July, 2018 where the Appellant called upon the Corporate Debtor to execute the Sale-Deed of the commercial area and to handover possession and transfer all the security deposits and lease rental and the Reply of this Notice was issued on 16th August, 2018 by the Corporate Debtor where i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llotted or only for investment. The title says it is an investment agreement. Details such as date of completion of the project, interest component for the investment made by the Applicant, documentation formalities like registration of the property after completion of the project etc are totally missing. In the absence of such details it is very difficult to come to the conclusion whether there is debt and the date on which the debt becomes due. 5. Learned Counsel for the Appellant submits that from the Investment Agreement dated 01st April, 2014 and subsequent correspondences between the parties, it is clear that the Corporate Debtor admitted the debt and has also admitted that the Appellant has invested the above said amount in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... project. To secure the investment, an investment agreement was entered. As per the Investment Agreement, the company was to offer a space in the project as a security. There was clear understanding that your client would have no lien over the property and it would remain a security. 10. That your client sent the legal notice relying upon the Agreement executed on 01.04.2014. In the notice your client with dishonest intention concealed the facts that she has already received the interest and ₹ 25,00,000/- through cheque on 18th September, 2015 and same was duly encashed. It was agreed that the remaining amount will be paid by our client only when the project will start paying back. 9. We are of the view that the Investment A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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