# In the matter of Guneet Pal Singh Majitha Vs. Dharmendra Kumar CA(AT)(Insolvency) No. 752-2018

> NCLAT judgment dated 2019-04-11. Citation: TCN-2019-NCLAT-00676. The appellant, Guneet Pal Singh Majitha, filed a claim before the Resolution Professional of…

- **Court:** NCLAT
- **Order date:** 11 Apr 2019
- **Citation:** TCN-2019-NCLAT-00676
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/guneet-pal-singh-majitha-vs-dharmendra-kumar-ca-09957a78

## Summary

### Background

The appellant, Guneet Pal Singh Majitha, filed a claim before the Resolution Professional of IAP Company Pvt. Ltd. (Corporate Debtor), asserting status as a Financial Creditor. The Resolution Professional rejected this claim, a decision upheld by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench-III, via an order dated October 23, 2018. The appeal contests this rejection.

## Facts

Guneet Pal Singh Majitha (Appellant) claimed to be a Financial Creditor of IAP Company Pvt. Ltd. (Corporate Debtor). The Resolution Professional refused to recognize the Appellant as a Financial Creditor. The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench- III, affirmed this refusal via an order dated October 23, 2018. An 'Agreement to Sell' dated March 1, 2017, exists between the Appellant and the Corporate Debtor, where the Appellant is the 'Purchaser' and the Corporate Debtor owns an office space. The Appellant paid Rs. 1,25,00,000/- as advance money out of a total consideration of Rs. 3,75,00,000/-. Clause 11 of the agreement outlines conditions for the seller's inability to transfer property possession and the purchaser's rights, including

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## Issues and analysis

### Issue 1: Whether the Appellant comes within the meaning of ‘Financial Creditor’ under the Insolvency and …

**Ratio:** The ratio decidendi is that based on the 'Agreement to Sell' and the disbursement of

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**Reasoning:** The court reasoned that the 'Agreement to Sell' and the fact that the appellant disbursed

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**Interpretation:** The term 'Financial Creditor' is interpreted broadly to include parties who

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**Application:** The ratio and reasoning are applied to the specific facts by considering the

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Guneet Pal Singh…
- **Respondents:** IAP Company Pvt.…; Sh. Dharmendra…

## Timeline

- **2017-03-01 — Agreement t…**: An 'Agreement to Sell' was reached between…
- **2018-10-23 — Adjudicating Authority…**: The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench- III, issued…

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