TMI Blog2021 (9) TMI 831X X X X Extracts X X X X X X X X Extracts X X X X ..... wards consideration for the flat - The NCLT held that the Financial Creditor had chosen to enter into an Agreement with the Corporate Debtor for purchase of a flat in the Kumar Golf Vista . The Financial Creditor could, in case of default on the part of the Corporate Debtor, to maintain a petition as home buyer. The NCLAT found that the admitted document executed between the parties which was the latest in point of time, was the agreement dated 1st October 2016. Considering the contents of the said agreement, the NCLAT found no reason to disagree with the adjudicating authority - The records showed that the Corporate Debtor had in terms of the said agreement dated 1st October 2016, which was the latest arrangement between the parties, o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... parties. 5. Suffice it to mention that the Financial Creditor issued a letter dated 2nd May 2017 to the Corporate Debtor, through its lawyer, demanding repayment of the entire loan. 6. On or about 4th January 2018, the Financial Creditor invoked the IBC and filed a petition against the Corporate Debtor under Section 7 thereof, being Company Petition [IB] No.28/ND/2018 in the National Company Law Tribunal (NCLT), New Delhi. The said petition under Section 7 of the IBC was dismissed by the NCLT by an order dated 13th September 2019. 7. The NCLT found that on 1st October 2016 the Financial Creditor had entered into an agreement with the Corporate Debtor, for purchase of a flat in a complex which the Corporate Debtor was developi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d into between the parties thereby giving a go by to the earlier MOUs as well as the loan transaction of ₹ 50 Lakhs. 9. Still, the Financial Creditor will be entitled to maintain a petition under Section 7 IBC, 2016 in case of a default in handing over possession of the flat, being the subject matter of the agreement within the time schedule and for the refund of the money made available under the agreement along with compensation, if any contemplated. 10. From the records, it is seen that the letter of offer of possession is enclosed dated 7 March 2018 by the Corporate Debtor in its reply. From the terms of the agreement and as given in paragraph supra in relation to time limit for possession to be given, taking into co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said agreement dated 1st October 2016, which was the latest arrangement between the parties, offered possession of the flat to the Financial Creditor on 7th March, 2018. As such, there was no default in compliance of the terms and conditions of the said agreement. 10. We find no grounds to interfere with the Judgment and Order dated 5th March, 2020 passed by the National Company Law Appellate Tribunal in Company Appeal (AT) (Insolvency) No.1248 of 2019, affirming the judgment and order dated 13th September, 2019 of NCLT dismissing Company Petition (IB) No.28/(ND)/2018. 11. The Civil Appeal is accordingly dismissed. The dismissal of this appeal will not prevent the Appellant from availing of such remedy, as may be available to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
