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TMI Blog2024 (9) TMI 566X X X X Extracts X X X X X X X X Extracts X X X X ..... land in question which was to be shared by both of them in the ratio of 30% / 70%. It is pertinent to mention that the Appellant has not filed any financial statement on record in order to show that the money which has been given as per term sheet has been shown as a loan advanced to the Respondent. There are no reason to interfere with the well-considered findings of the Tribunal whereby the application filed by the Appellant has been rejected - there are no merit in the present appeal - appeal dismissed. - [ Justice Rakesh Kumar Jain ] Member ( Judicial ) And [ Mr. Indevar Pandey ] Member ( Technical ) For the Appellants : Mr. Sujoy Datta, NPS Chawla, Vibhor Kapoor, Jasjeet Singh , Adv For the Respondent : Mr. Swarnendu Chatterjee, Nilo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the Second Party shall be allotted 70% of the total sanction area. The Parties shall mutually demarcate their allotted areas after obtaining the plan sanctioned. Each party shall be entitled to deal with their respective allocations 45. Having considered the respective arguments of both the parties, we seek to refer to the judgment passed by the Hon ble NCLAT in Mukesh N. Desai Shree Darshan Society v. Piyush Patel and Others7 in which it was held: - 16. The MoU entered into is an Agreement of reciprocal rights and obligations. We are of the earnest view that both parties being Joint Development Partners who entered into a consortium of sorts for developing the subject land and for any breach of terms of the contract, Section 7 Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T) (Ins) No. 1093 of 2022 and the Hon ble Supreme Court in the case of Global Credit Capital Limited Vs. SACH Marketing Pvt. Ltd. Anr. Civil Appeal No. 1143 of 2022. 5. On the other hand, Counsel for the Respondent has submitted that the transaction between the parties was not of the advancement of loan but an investment. It is alleged that at the time when the money was advanced, mentioned in the term sheet, no rate of interest was fixed nor any time lines was ascertained for the service of interest, therefore, it does not fall within the definition of financial debt as defined under Section 5(8) of the Code. It is also submitted that Respondent was having the land but there were bragadars sitting over it who had barga rights in terms of W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ancement of the money to bring it within the provisions of the financial debt. 6. We have heard Counsel for the parties and after perusal of record, are of the considered opinion that the Appellant has not advanced the money as loan rather the money has been given to the Respondent for the purpose of clearing their title over the land in question which was to be shared by both of them in the ratio of 30% / 70%. It is pertinent to mention that the Appellant has not filed any financial statement on record in order to show that the money which has been given as per term sheet has been shown as a loan advanced to the Respondent. 7. In such circumstances, we do not find any reason to interfere with the well-considered findings of the Tribunal wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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