Venugopal M. JUDGMENT
Venugopal M., J. (Member (J))
1. The Appellant/'Financial Creditor' had projected the Application Under Section 7 of the Insolvency & Bankruptcy Code, 2016 ('I&B' Code, for short) read with Rule 4 of the 'I&B' Code Rules, 2016 before the Adjudicating Authority praying to initiate 'Corporate Insolvency Resolution Process' in respect of Respondent/'Corporate Debtor'.
2. The 'Appellant'/'Financial Creditor' as an 'Aggrieved' person has focused the instant Company Appeal before this Tribunal being dissatisfied the Impugned Order of dismissal of the Application Under Section 7 of the 'I&B' Code dated 17th September, 2019, passed by the Adjudicating Authority.
3. The Learned Counsel for the Appellant submits that the mother of the 'Appellant'/'Financial Creditor' booked one Villa on 21st April, 2014, in the plot area of 2000 Sq.Yd. and having a built up area of 8245 Sq. Ft. In this connection, the Learned Counsel for the Appellant/'Financial Creditor' points out that the 'Respondent'/'Corporate Debtor' was to handover the possession of the said flat within 3 years from the date of 90% of the total payment of the said flat.
4. It is represented on behalf of the Appellant that his mother, believing the assurances made by the Representatives of the 'Respondent'/'Corporate Debtor' finalised the purchase of one Villa for a total consideration of Rs. 7,10,00,000/- (vide Registration form dated 21st April, 2014) and was allotted Villa No. 5 in Khasra No. 583 also that the mother of the 'Appellant'/'Financial Creditor' paid which is also the case of the 'Appellant' that his mother paid a sum of Rs. 7 crore (being the 90% of the value of the said Villa) only after transferring the amount in her own Account which was acknowledged by the 'Respondent'/'Corporate Debtor'.
5. It appears that the Appellant's mother died on 13th June, 2014 and according to the 'Appellant' his name was recorded in the Books of the 'Respondent'/'Corporate Debtor', as 'Legal Heir' of Smt. Paramjit Kaur Sawhney.
6. The clear cut stand of the 'Appellant' is that no construction had commenced till date and this fact was ascertained on 28th November, 2016 from the Respondent, as regards the status of Villa etc. Therefore, he was perforced to prefer an Application Under Section 7 of the 'I&B' Code read with Rule 4 of the 'I&B' Rules, 2016 seeking to initiate 'Corporate Insolvency Resolution Process' against the 'Respondent'/'Corporate Debtor'.
7. The Learned Counsel for the 'Appellant' comes out with a plea that the 'Respondent'/'Corporate Debtor' before the Adjudicating Authority filed a detailed Reply on 25th January, 2019 (to the Section 7 Application filed by the 'Appellant') repudiating the claim.
8. The Learned Counsel for the Appellant vehemently contends that the Impugned Order of the Adjudicating Authority ('National Company Law Tribunal') 'Principal Bench, New Delhi dated 17th September, 2019 is a perverse one, besides the same being passed in a mechanical manner.
9. Yet another submission of the Learned Counsel for the Appellant is that the Adjudicating Authority ('National Company Law Tribunal'), 'Principal Bench, New Delhi had failed to ........