TMI Blog2021 (7) TMI 876X X X X Extracts X X X X X X X X Extracts X X X X ..... and acknowledged the liability. Whereas, the financial Creditor has filed the present application under section 7 of IBC, 2016 on 21.11.2019. The Present application filed under section 7 of the IBC, Code, 2016 fails the test of Limitation as far as the Code is concerned as it is clearly evident that the date of default i.e., 22.12.2014 had occurred over three years prior to the date of filing of application i.e., 21.11.2019, thus, the present application is time barred. Petition dismissed. - IB-3081/(ND)/2019 - - - Dated:- 9-6-2021 - P. S. N. Prasad , Member ( J ) And Narender Kumar Bhola , Member ( T ) For the Appellant : Mani Bhushan Sinha , Advocate ORDER P. S. N. Prasad , Member ( J ) 1. This is an applicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er sq. ft. along with PLC of ₹ 8750 @ ₹ 2,500/- per Sq. ft. with total consideration of ₹ 9,45,000/- was finalized. The applicant further submitted that a part booking amount of ₹ 50,000/- and a payment of ₹ 37,500/- on 04.12.2012 was made to the Respondent by the applicant. iv. The applicant stated that the Respondent issued the Booking acknowledgement No. 842 dated 04.12.2012 as confirmation of booking and also issued the receipt No. 019 dated 05.12.2012 of amount of ₹ 87,500/-. That a Buyer Seller Agreement was signed between the parties wherein, the applicant paid a cumulative amount of ₹ 3,75,000/- through cheque No. 053753 and 071002 dated 24.12.2012 of Axis Bank and SBI Bank respectively ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the it does not fall within that threshold because there were no Builder Buyer Agreement, The agreement as termed as MOU on guaranteed return plan with commitment amount to be paid back to the Financial Creditor and the Financial Creditor is not an allottee but an intended allottee as there were no allotment or builder buyer agreement with the Corporate Debtor and hence that was only the investment opportunity given by the Corporate Debtor to Financial Creditor by way of offering assured and guaranteed return plan with the Commitment amount of ₹ 15,750/- quarterly to be paid to Financial Creditor by Corporate Debtor between March, 2013 to September, 2014 by way of MOU. 4. We have gone through the documents filed by the Financi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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