# In the matter of K.S. Sreenivasan vs. Landmark Housing Projects (India) Pvt. Ltd CA(AT)(Ins)No. 97 of 2020

> NCLAT judgment dated 2020-11-24. Citation: TCN-2020-NCLAT-00039. The case involves an appeal against the dismissal of an application under Section 7 of the…

- **Court:** NCLAT
- **Order date:** 24 Nov 2020
- **Citation:** TCN-2020-NCLAT-00039
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ks-sreenivasan-vs-landmark-housing-projects-acf85c8b

## Summary

### Background

The case involves an appeal against the dismissal of an application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) filed by K.S. Sreenivasan (Appellant), claiming to be a Financial Creditor, against Landmark Housing Projects (India) Pvt. Ltd. (Respondent/Corporate Debtor). The dispute arises from an agreement for sale where the Appellant agreed to purchase saleable area in the Respondent's project. The agreement included a buy-back clause where the Respondent would repurchase the area at a higher price. The Appellant claimed that the Respondent failed to pay the differential amount, leading to a financial debt of Rs. 29,05,73,965/-. The Adjudicating Authority dismissed the application, stating that the Appellant had not fulfilled his obligation to

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## Facts

K.S. Sreenivasan (Appellant) and Landmark Housing Projects (India) Pvt. Ltd. (Respondent) entered into an agreement for sale on 2015-04-03, where the Appellant agreed to purchase 1,89,299 sq. ft. of saleable area in the Respondent's project at a pre-launch price of Rs. 3,000 per sq. ft. The Appellant paid an initial sum of Rs. 5 lacs. The agreement included a clause where the Respondent would repurchase the entire saleable area at Rs. 4,535 per sq. ft. The Respondent issued three cheques for the differential amount (Rs. 1,535 per sq. ft.) totaling Rs. 29,05,73,965/-. The Appellant claimed that the Respondent made repeated requests not to deposit the cheques. The Appellant issued a legal notice to the Respondent demanding the financial debt. The Respondent acknowledged

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## Issues and analysis

### Issue 1: Whether the agreement to sell is not a …

**Ratio:** The agreement is a buy-back agreement, implying reciprocal promises where the Appellant

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**Reasoning:** The Tribunal examined the terms and conditions of the agreement and concluded that it was

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**Interpretation:** The agreement is interpreted as a reciprocal contract where both parties have

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**Application:** Since the Appellant did not fulfill their obligation to pay the full price, the

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## Parties

- **Judges:** Jarat Kuma…; Balvinder…; +1 more
- **Appellants:** K.S. Sreen…
- **Respondents:** Landmark Housing…

## Timeline

- **2015-04-03 — Agreement f…**: K.S. Sreenivasan and Landmark Housing Projects (India) Pvt. Ltd. entered into an…
- **2016-02-22 — Cheque I…**: Corporate Debtor issued a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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