TMI Blog2022 (9) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... are not eligible to file a Petition before this forum. The present transaction was in pursuance of the sale agreement. There was no other agreement formed between the parties for amount claimed in default/amount transferred towards corpus fund, hence the given transaction of transfer of corpus funds into the loan account would not qualify as a financial debt as per the definition laid down in Section 5(8) - Applicant failed to qualify the threshold prescribed in the proviso laid down under section 7 (1). Therefore, this Petition is liable to be rejected. Petition dismissed. - C.P (IB) No. 4217/MB/2019 - - - Dated:- 30-8-2022 - Hon ble Member ( Judicial ) : Justice P. N. Deshmukh ( Retd. ) And Hon ble Member ( Technical ) : Mr. Shyam Babu Gautam For the Applicant : Mr. Ankit Lohia , Advocate For the Corporate Debtor : None ORDER Per : Justice P. N. Deshmukh , Member ( Judicial ) 1. The present Company Petition is filed by Mr. Amit Rajpal Mrs. Sheetal Nityanand Samant, (hereinafter referred to as the Financial Creditor ) under Section 7 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10.2014 206456 15,42,27,125/- 5. 24.10.2014 233902 65,75,107/- 6. 20.10.2015 206461 1,03,91,862/- 7. 02.11.2015 493114 5,00,000/- 8. 20.11.2015 002118 1,09,22,500/- 6. The Flat owners of the aforesaid building i.e., Ahuja Towers had formed a co-operative society by the name Ahuja Tower Co-Operative Housing Society Ltd which was registered under Registration No. MUM/SRA/HSG/T.C/12692/2016 on 02.09.2016. 7. After the formation of the society, the committee member of the said society was demanding for payments of the corpus fund amount from the Financial Creditor for the said flat. Thereafter, the said society, issued an intimation notice on 19.07.2018 to the Corporate Debtor and copy of it to Financial Creditor inter alia stating that, an amount of Rs.1,09,22,500/- (Rupees One Crore Nine Lakhs Twenty-Two Thou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case applies to the present facts, since the Consumer Complaint is already pending before the NCDRC, the present Application deserves to be dismissed. 12. The Financial Creditors were aware that they are required to pay the corpus fund of Rs. 1,09,22,500/- (Rupees One Crore Nine Lakh Twenty- Two Thousand Five Hundred Only) in the corpus fund account as agreed in the said agreement. 13. The Corporate Debtor by letter dated 27.09.2015 made a demand for amounts agreed under the said agreement to the Financial Creditors which includes a demand of Rs. 1,09,22,500/- (Rupees One Crore Nine Lakh Twenty-Two Thousand Five Hundred Only) with an instruction to issue the cheque of said amount of Rs. 1,09,22,500/- (Rupees One Crore Nine Lakh Twenty-Two Thousand Five Hundred Only) in favor of Shree Ahuja Properties Realtors Pvt. Ltd-Corpus Fund A/C ). The copy of the said letter dated 27.09.2015 is annexed as Exhibit-A. 14. In accordance to the terms of the agreement for sale executed between respective flat purchasers and the Corporate Debtor, the Corporate Debtor is required to collect Corpus of Rs.1 Cr. and above (approx.) which differs between various flat purchasers and is ascer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tter. The copy of the said letter dated 12.09.2018 along with its annexure is annexed as Exhibit-B to the reply. 18. The Corporate Debtor further submits that the only ground on which the present Application appears to have been filed by the Financial Creditors is that the outstanding corpus fund amount for the said flat is not paid to the said Society and therefore they are unable to use the common amenities in the said Society. The Financial Creditors themselves have failed to deposit it in the corpus account informed to them by the Corporate Debtor. However, the Corporate Debtor has intimated the said Society by its letter dated 12.09.2018 to adjust the amount payable by the said Society to Corporate Debtor towards corpus fund of Flat No. B-44 and the said Flat of the Financial Creditors being Flat No. A-44. 19. The accounts were being reconciled between the Corporate Debtor and the said Society and in such situation, the said Society should not have raised the alleged demand notice dated 19.07.2018 to the Corporate Debtor. However, the Corporate Debtor by letter dated 12.09.2018 has informed the said Society to adjust the amount receivable from some flat purchaser towar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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