9911796707
TMI Blog2024 (9) TMI 566X X X X Extracts X X X X X X X X Extracts X X X X ..... assed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) in CP (IB) No. 1239 of 2020 by which an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short 'Code') by the Appellant against the Respondent for the resolution of an amount of Rs. 2,77,98,630/-, has been dismissed. 2. The brief facts of this case are that a term sheet was executed by the parties on 05.05.2024. Since, the term sheet is bedrock of the litigation between the parties, therefore, the same is reproduced as under : - 3. The case set up by the Appellant is that a sum of Rs. 2.77 Cr. was disbursed to the Respondent in terms of the term sheet and since the term sheet has been cancelled, therefore, the Appellant is e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned or transferred to in compliance of the provisions of Section 5(8) of the Code. To reiterate, being a profit share owner, who in the event of the success of the Project would receive the residual gain, the amount invested in the land cannot be said to be a 'Financial Debt' as defined under Section 5(8) of the Code. Hence, the ratio of the Judgements relied upon by the Learned Counsel for the Appellant are not applicable to the facts of this case." (emphasis applied) 46. In view of the foregoing paragraphs being para 44 and 45 as mentioned above, we find that the money advanced by the Financial Creditor to the Corporate Debtor does not amount to financial debt as envisaged under Section 5(8) of the Insolvency and Bankruptcy Code, 2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 08.11.2016, the Respondent even took the legal advice from the Solicitor in this regard and it was opined by the Solicitor that as per Section 15(2) of the Act the transfer of barga right by the bargadars is prohibited. It is further submitted that the Tribunal has rightly dismissed the application while referring to clause 6.9 of the term sheet as per which, after the clearance of the title of the Respondent, 30% land was to go to the Respondent and 70% was to go to the Appellant, therefore, it is submitted that it was not a case of advancement of the loan but it was a case of investment in the land as an investor. It is further submitted that none of the judgments relied upon by the Appellant are appliable to the facts of this case. It ..... X X X X Extracts X X X X X X X X Extracts X X X X
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