TMI Blog2019 (6) TMI 847X X X X Extracts X X X X X X X X Extracts X X X X ..... entire booking amount has not been repaid . When the entire booking amount has not been paid, this component keeps getting attracted and liability invoked and when Section 7 Application was filed, the amount due and outstanding was clearly more than ₹ 1 Lakh and thus, in our view, the Application under Section 7 could not have been rejected as time barred. There was a debt which was due and the default was of more than ₹ 1 Lakh and therefore, it was sufficient to trigger Section 7 proceeding. Neither the parties nor the Impugned Order shows that there was any other defect in the Section 7 Application which had been moved so as to say that the Application was not complete. In that view of the matter, the Application filed befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10,000/- every six months to the Appellant till entire booking amount was duly paid. Other conditions were also incorporated. According to the Appellant, in furtherance to the MOU and undertaking, the Respondent paid ₹ 3,24,000/- each on 16.11.2012 and 15.05.2013. Even Respondent had issued some cheques for refund of the amount but on 6th January, 2014, wrote letter to the Appellant that the cheques are to be replaced. When the Appellant presented two cheques, the same bounced. The Appellant claimed that no interest had been paid on the booking amount, i.e. the principal amount of ₹ 60 Lakhs after 15th May, 2013 and the principal amount had also not been repaid. The Appellant wanted to invoke second condition of the MOU with reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. Although when we reserved this matter for Judgement, we had permitted the parties to file written submissions not more than 3 pages, the parties have not filed written submissions. We have still taken into consideration the oral arguments, the rival cases and the arguments which have been put by the parties in the record available. 5. Admittedly, the Appellant had paid ₹ 60 Lakhs and allotment letter was issued on 16th May, 2012. The Memorandum of Understanding (Annexure D) shows that the parties mutually agreed to cancel the booking on the terms and conditions arrived at between the two parties as mentioned in the documents. The terms 1 to 3 were as follows:- 1. In consideration of the Party of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me amounts which now Appellant classifies as towards the interest component and thereafter, neither the principal nor interest, which was recurring, was paid and the Appellant invoked the third para of the Terms and Conditions. The Appellant Plaintiff filed Suit (Annexure F) seeking Decree of the flat and in the written statement dated 21.07.2017 (Annexure G Page 73), the Respondent Defendant accepted that the respondent had received consideration amount from the Plaintiff as per the statement and claimed that it was a loan transaction. 6. Section 238A of the I B Code reads as under:- 238A. Limitation. -The provisions of the Limitation Act, 1963 (36 of 1963) shall, as far as may be, apply to the proceedi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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