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2020 (8) TMI 576 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHICross security deposit - failure of compliance of the execution of the construction contract - HELD THAT:- It is apparent from the wordings of this MoU dated 13.09.2017 that the return of the amount was being assured with an allotment of plots and issuance of cheques. The amount was referred as loan at more than one place. As regards allotment, paragraph-11 of the Notice dated 27.11.2018 (Annexure-A9) appears to be more in the context of wording of the MoU where it is stated that First Party allots certain plots. There is nothing that actual allotment letters were issued, or possession handed over. The intent of the parties in all the MoUs appear to be of extending Financial Debt. There are no reason to interfere with the Impugned Order of the Adjudicating Authority. The Adjudicating Authority has found it to be Financial debt outstanding and admitted the Section 7 Application - appeal dismissed.
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