TMI Blog2020 (5) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... was wrong in not entertaining the Claim as filed under Form CA meant for the Home Buyers. Hon'ble Supreme Court in the case of PIONEER URBAN LAND AND INFRASTRUCTURE LIMITED ANOTHER VERSUS UNION OF INDIA OTHERS [ 2019 (8) TMI 532 - SUPREME COURT] has held that a speculative Home Buyer is not entitled to come as a Financial Creditor under the category as defined under section 5 (8) (f) of the I B Code, 2016 as a Home Buyer - The fact that the three Sale Agreements along with the Memorandum of Agreements which are being touted by the Applicant clearly shows that the transactions, if at all are to be considered as being speculative and the transaction cannot considered as genuine made from the stand point of a Home Buyer so as to come for the claim to be lodged in Form CA. The lodging of the claim with the Resolution Professional being a stale claim and trying to enforce before the Adjudicating Authority upon its rejection cannot be countenanced - Application dismissed. - MA NO. 434/2019, CP(IB) NO. 193/2018 - - - Dated:- 31-12-2019 - R. Varadharajan, Judicial Member And Anil Kumar B, Technical Member For the Applicant : M.K. Bhansali, PCS For the Responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal has chosen to reject the claim vide communication dated 28-12-2018 on account of no receipts having been attached in respect of the claim of ₹ 20, 37, 500 which according to the Applicant is not correct in view of the adequate documents being filed before the Resolution Professional for establishing the claim of ₹ 20, 37, 500, and in the said circumstance, the Resolution Professional, it is stated, should not have rejected the claim as lodged by the Applicant. 4. In response to the Application, it is seen that pursuant to the notice issued to the Respondent namely the Resolution Professional, a reply has been filed by the Respondent wherein the claim is sought to be denied on several grounds including primarily on the ground that the Applicant cannot be construed as a Home Buyer and the lodging of the claim in Form CA by the Applicant as Home Buyer, is prima facie not correct. It is further contended that the claim before the Resolution Professional was lodged beyond the period of 90 days without having the delay being condoned before this Adjudicating Authority, and in the said circumstance, the delay in filing the claim is also a ground for not accepting the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur-rejoinder has been filed by the Resolution Professional, wherein it has been brought to the notice of this Tribunal that even though a Claim has been made that the payment in a sum of ₹ 10 Lakhs by way of Cheque No. 000386 dated 11-1-2014 drawn on HDFC Bank. However, the Bank statement which has been furnished to the Resolution Professional or to this Adjudicating Authority, does not bear the name of the said Bank which has issued the said Bank Statement, and in this connection, it is also pointed out in the Sur-rejoinder filed by the Resolution Professional that the Rejoinder filed by the Applicant is silent on this particular aspect. The Resolution Professional also alleges in the Sur-rejoinder that the Applicant in the instant Application is acting in concert with two other Applicants in MA/432/2019 and MA/433/2019 in relation to the same Corporate Debtor in lodging their Claims before the Resolution Professional and seeking for their respective claim to be admitted without any genuineness, and in addition, as not being Home Buyer of the Corporate Debtor thereby disentitling them to make a Claim in Form CA specifically meant for the category of Home Buyers as prescribed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 28-12-2018, is not correct. The communication dated 28-12-2018 sent by the Resolution Professional to the Applicant is extracted hereinbelow for ready reference:- Please refer to the claim lodged by you in connection with the insolvency proceedings of M/s. P dot G Constructions (P) Ltd. I have verified your claim with reference to the documents submitted by you along with the claim form. I regret to inform you that your claim has been rejected on account of No receipts attached. I am open to have a relook at your claim based on the additional input that maybe provided by you. I will be happy to assist you and put my best efforts to resolve the rejection of your claim. On behalf of my team, and myself I wish you all a Happy and Prosperous New Year 2019. 11. On the part of the Resolution Professional, the Claim was vehemently denied as being entitled to be admitted, and in this connection, during course of arguments, it has been brought to the notice of this Tribunal by the Resolution Professional that in relation to the documents filed, there is inconsistency which are quite glaring on the face of it. 12. It is pointed out by the Learned Counsel for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal based on which the claim is made as being sufficient proof by the Learned Counsel for the Applicant to establish the payment of the monies, however, it is seen that without proper documents backing the said payments and as to whether it was paid by cash or through the Bank and in case of cash payment backed by stamp receipts and in case of payment through the Bank Cheques establishing with adequate proof by filing the relevant Bank statement in the name of the Applicant lodging the claim and in an unambiguous manner is required, as the Resolution Professional is confronted to verify the claims which are specifically in relation to the past transactions and not present one, and hence, the Resolution Professional has rightly called for the payments to be backed by necessary proof, and in the circumstance, in the absence of the Receipts/Bank Statements being produced and even though produced not correlating with the registered documents, particularly, the transactions relating to the year 2014 and not in the name of the Applicant, casts a cloud of suspicion and places the onus upon the Applicant which the Applicant is required to discharge either to the satisfaction of the Resolu ..... 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