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TMI Blog2019 (5) TMI 1933X X X X Extracts X X X X X X X X Extracts X X X X ..... to by both the parties is very vague in nature and it does not indicate whether the money paid is towards the full cost value of the commercial space allotted 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. The application fails and this Tribunal dismisses the application. - IB-237/(ND)/2019 - - - Dated:- 28-5-2019 - INA MALHOTRA, MEMBER (J) AND ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... floor in the project Victory Zeal' situated on land admeasuring 337 square meters comprising of two commercial plots, namely, N-15 and 16, Sector-18, Noida Uttar Pradesh for a total consideration of ₹ 75,00,000/-. iv. In lieu of the understanding between the parties while executing the Investment Agreement, the Respondent, on 31.03.2015, proposed to buy back 1,000 square feet (one separate space) on the ground floor at commercial plot no. N-15 and 16, Sector 18, Noida, Uttar Pradesh ( said Unit ) for a total consideration of ₹ 1,00,00,000/-. v. The Respondent, in pursuance to the letter dated 31.03.2015, issued a post-dated cheque bearing no. 487418, dated 31.03.2016, for an amount of ₹ 1,00,00,000 for the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing post-dated cheques in the terms of the proposed Buy Back Offer dated 30.06.2016: a) Cheque no. 487420, dated 01.07.2016, for an amount of ₹ 17,40,000/-. b) Cheque no. 487421, dated 01.10.2016, for an amount of ₹ 3,90,000/-. c) Cheque no. 487422, dated 01.01.2017, for an amount of ₹ 3,90,000/-. d) Cheque no. 487423, dated 31.03.2017, for an amount of ₹ 3,90,000/-. e) Cheque no. 487424, dated 31.03.2017, for an amount of ₹ 65,00,000/-. ix. Mr. Sandeep Goel, in complete contravention of the understanding between the parties informed the Respondent of the financial difficulties faced by the Respondent and its inability to once again pay the Applicant. Mr. Goel, despite earlier representatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roject. Till date, the project is not complete and work is pending, hence no amount is due and payable which can be termed as financial debt as defined under Section 5(8) of the IBC. c) The Applicant is claiming the amount of ₹ 1,36,44,500/-without giving any calculation or basis. Merely claiming or demanding an amount does not confer any right to file the present application. d) The Applicant sent three notices dated 12.07.2018, 30.08.2018 and 03.11.2018 taking totally different stands. In notice dated 12.07.2018 the Applicant prayed for the specific performance of the Agreement dated 01.04.2014. The Applicant had taken a new and different stand in the notice dated 03.11.2018, whereby she claimed ₹ 1,33,62,200/- without p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re is no clarity of purpose. It is obvious from this divergence that the parties, especially the Applicant, have not approached the Tribunal with clean hands, which requires that the present application be dismissed outright. Further, the agreement dated 01.04.2014 entered into by both the parties is very vague in nature and it does not indicate whether the money paid is towards the full cost value of the commercial space allotted 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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