TMI Blog2018 (7) TMI 2175X X X X Extracts X X X X X X X X Extracts X X X X ..... financial Creditor, thus petition U/S 9 of IBC is not maintainable. As the applicant subrogated all its rights in favour of the HDFC Bank, therefore he cannot be treated as financial creditor - Petition dismissed. - CP (IB) 11/ALD/2018 - - - Dated:- 30-7-2018 - Shri V. P. Singh And Ms. Saroj Rajware, JJ. For the Applicant: Shri Rajeev Singh, Advocate For the Corporate Debtor: Shri Manu Khare, R.P Agarwal, Jahangir Haider, Pranjal Mehrotra, Advocate ORDER Ms. Saroj Rajware, J. 1. The present petition is being filed by the Applicant herein under section 7 read with section 14, 33 and other applicable provisions of the Insolvency and Bankruptcy Code, 2016 ( IBC ) and Rule 4 Insolvency and Bankruptcy (Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disbursement of bank loan amount. IV. That, thereafter the allottee / applicant executed a Tripartite Agreement dated 29.11.2014 between the applicant Corporate Debtor and the HDFC Bank Limited. Sub-para of Clause-3 provides that the Corporate Debtor assumed the liability of payment of EMI under the loan agreement as payable by the borrower (applicant/ allottee) to HDFC for 23 months from the date of first disbursement plus fractional period of month of first disbursement. The assumption of the liability by the Corporate Debtor in no manner released or relinquished or reduced the liability of borrower (applicant/ allottee). V. That in accordance with clause 7 of the supplementary agreement, the 24-month period from the date of disbur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment and asked corporate debtor to comply with the provisions of the supplementary agreement by paying an amount of the entire booking amount of ₹ 11,51,158/- (Rupees Eleven Lakhs Fifty One Thousand One Hundred and Fifty Eight Only), which is 10% of the basic sale price, with an ADDITIONAL ASSURED RETURN of RS. 7,76,999/- (Rupees Seven Lakh Seventy Six Thousand Nine Hundred and Ninety Nine Only) totaling to ₹ 19,28,157/- (Rupees Nineteen Lakhs Twenty Eight Thousand One Hundred and fifty Seven Only) to Financial Creditor and to fully and finally settle the entire outstanding loan amount payable to HDFC (i.e., the Base Loan Amount plus any applicable interest and charges). X. As per the supplementary agreement Financial Credito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... That the present Petitioner is not a Financial Creditor as per IBC ,2016. II. This Tribunal has no Jurisdiction to entertain the present Petition as before coming to this tribunal, the Petitioner must have exhaust the remedy of mutual discussions and Arbitration as per term and conditions of Agreement. 4. Having heard both the parties issues for our consideration are: I. Whether Applicant is a Financial Creditor or not? Term Financial Creditor has been defined in Section 5(7) of the I B Code, 2016 as financial creditor means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to; For the purpose of deciding the issue in question, it is necessary to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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