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TMI Blog2022 (6) TMI 917X X X X Extracts X X X X X X X X Extracts X X X X ..... Authority) Rules, 2016 by Ambica Enclave Private Limited & Ors, (hereinafter referred as the Financial Creditor) seeking initiation of Corporate Insolvency Resolution Process in respect of the Shreesaibaba Infra Projects Pvt. Ltd. (hereinafter referred as the Corporate Debtor). 2. The relevant facts are that the Petitioner/Financial Creditors, herein, granted loan of Rs. 16 Crores to various companies of Proplarity Home Pvt. Ltd. (PHPL) who failed to repay the loan. These Companies were run by one Mr. Saurabh Kumar Pandey. To secure the repayment and discharge their liability, these Companies entered into an arrangement to sell the properties whereby the Financial Creditors were a confirming party. A sale deed dated 01.05.2017 was execute ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017 and contended that as per the provision of this Clause the cheques were to be handed over to the Financial Creditors, which was never done, hence, a default occurred. As regard to the relationship between the parties as of the Financial Creditors and Corporate Debtor, it was vehemently argued that Proplarity Home Pvt. Ltd. (PHPL) in fact, sold these properties to discharge their liability towards the Financial Creditors and because of this arrangement, the Financial Creditors became a confirming party, hence, there was a relationship of Financial Creditors and the Corporate Debtor between the parties herein. 6. Our attention was also drawn to the letter given to the Resolution Professional of Sparkspell Homes Pvt. Ltd. by the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vendor and not the Corporate Debtor. 9. It was further claimed that loan agreement was entered into by and between the parties herein, which could prove the disbursement of any loan to the respondent nor respondent was a party to any such loan agreement. 10. It was further claimed that the cheques were duly handed over to the vendor in terms of provision of sale agreement dated 1st May, 2017 and any failure of the vendor to discharge its obligation could not be constituted as default by the respondent/corporate debtor. It was also claimed that the present petition had been filed with malicious intent and to harass the respondent, so that illegal claims made in the petition could be enforced. 11. As regard to the nature of the amount of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the letter dated 19th March, 2021, it was contended that the response, thereto, had been made regarding the fact that an appropriate reply to the said legal notice would be sent only when learned Sr. Counsel, who was advising the respondent would recover from Covid-19. Hence, all claims made on the basis of such letter are baseless and remain unsubstantiated. Findings & Conclusion 15. We have considered the submissions made by both sides and perused material on record. At the very outset, it is noted that the amount of loan has been disbursed to Sparkspell Homes Pvt. Ltd. which was earlier known as Proplarity Home Pvt. Ltd. (PHPL). In this arrangement, the respondent herein is neither a party in any capacity nor any reference to the res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en the respondent herein and the Resolution Professional of Sparkspell Homes Pvt. Ltd. which was earlier known as Proplarity Home Pvt. Ltd. (PHPL) and in our view this letter also cannot be considered as creating a legal obligation to repay the loan which was taken by the vendor. 17. As regard the amount of Rs. 20,00,000/- being given by the Financial Creditors to the respondent herein, it is noted that it has been given on 29.04.2017 just a day prior to the execution of sale deed dated 1st May, 2017, which fact lends credence to the claims made by the respondent that such money was given to the respondent to execute the sale deed. 18. In this regard, we may further add that the Financial Creditors have not been able to controvert the cla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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