in Reserved on 22.12.2023 Pronounced on 04.06.2024 C.SARAVANAN, J.

This application has been filed by the applicant to declare the Sale cum Construction Agreement entered into with respondents 3 to 15 with the insolvent as null and void and thereby set aside the consequential sale deeds and other documents in favour of the Respondents 2 to 18.

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2. The 1 respondent herein had filed I.P.No.24 of 2016 on st

18.07.2016. At the time of filing of I.P.No.24 of 2016, the 1 respondent has stated that he had a debt for a sum of Rs.7,85,85,450/- to various creditors (both secured and unsecured creditors).

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3. The 1 respondent was adjudicated as an insolvent by this Court by its order dated 28.07.2016.

4. Pursuant to the aforesaid order dated 28.07.2016 of this Court, st nd the estate of the 1 respondent insolvent was taken over by the 2 respondent/official assignee.

5. The facts of the case that emerged during the course of hearing st indicate that the 1 respondent-insolvent was engaged in a Real Estate st Business under the name and style of Cosy Promoters. The 1 respondent-insolvent had entered into the separate Construction Agreements with respondents 3 to 15 on various dates. Thereafter sale st deeds were executed in favour of respondents 3 to 15 by the 1 respondent-insolvent between 23.04.2014 and 21.08.2015 respectively as detailed below:-

Table 1:-

6. The 9 respondent has subsequently sold the properties to 16 , th th th th th

17 and 18 respondent. Thus, 16 , 17 and 18 respondent have been arrayed as respondents in this Application.

7. The above Sale –cum-Construction Agreements which were st signed by the 1 respondent- insolvent in favour of the 3-15 respondents were both unregistered and were under-stamped. These construction st agreements were for allotting flats promoted by the 1 respondent insolvent. Prima-facie these agreements were contrary to Section 17(1)(f)

of the Registration Act, 1908 as amended with effect from 01.12.2012 read with Section 35 of the Indian Stamp Act, 1899 and Article 5 of Schedule I to the Indian Stamp Act, 1899 which will warrant proceedings under the provisions of the Indian Stamp Act, 1899 and Registration Act, 1908.

8. Section 17(1)(f) of the Registration Act, 1908 as amended with effect from 01.12.2012 reads as under:-

“17(1)(f) Instruments of agreement relating to construction of building as referred to in clause (i) under Article 5 of Schedule I to the Indian Stamp Act, 1899 (Central Act II of 1899)”

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9. Pursuant to the Sale-cum-Construction Agreements, the 1 respondent-insolvent has also executed Sale Deeds on various dates in rd th favour of the 3 respondent to 15 respondent on various dates which are also under challenge by the applicant.

10. The Appl