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2021 (4) TMI 145 - NATIONAL COMPANY LAW TRIBUNAL , BENGALURU BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - transfer of immoveable property - comes under scope of IBC or not - Financial Creditors or not - existence of debt and dispute or not - HELD THAT:- In the instant case, money was advanced by the Petitioners for the purchase of immovable property, which is of an agricultural land which cannot be transferred as per Law. As rightly pointed out by the Respondent that dispute in respect of transfer of immoveable property needs to be adjudicated by Civil Court having territorial jurisdiction over same - It is relevant to point out here the judgment of Hon'ble Supreme Court of India in Pioneer Urban Land and Infrastructure Limited & Anr. Vs. Union of India & Ors.[2019 (8) TMI 532 - SUPREME COURT], wherein it is inter alia held that, a person who is genuinely not interested in purchasing a flat/apartment shall not be entitled to any remedy under this Code. It is relevant to observe here that even though the Petitioners are not able to demonstrate that the case falls within purview of the extant provisions of the Code, the fact remains that Respondent admittedly is in receipt of the money in question paid by the Petitioners. As rightly contended by the Petitioners, the Respondent, by knowing well about the nature of property and law on transfer of such property, have falsely represented and duped them to enter into the Agreement in question. It is not the case of Respondent that they have apprised the Petitioners about the issue they have raised now to oppose their claim. Therefore, though the case is not fit to initiate CIRP, it is fit case for the Petitioners to initiate appropriate Civil and Criminal proceedings against the Respondent for their misrepresentation and claim appropriate reliefs in those proceedings. The Petitioners have failed to make out any case so as to initiate CIRP in respect of the Corporate Debtor. However, the Petitioners can be granted liberty to initiate appropriate Civil and Criminal proceedings before jurisdictional Courts - Petition dismissed.
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