JUDGEMENT

Per: Justice Rakesh Kumar Jain: This appeal is directed against the order dated 01.10.2019, passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Bench-II), by which an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short ‘Code’) by the Appellant ‘Shrem Residency Private Limited’ (Financial Creditor) against the Respondent ‘Shraman Estates Private Limited’ (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (in short ‘CIRP’) of the Corporate Debtor has been dismissed.

2. As per the case of the Appellant, the Appellant entered into a collaboration agreement dated 31.08.2012 as a developer with M/s GRG Estates Pvt. Ltd. and Shraman Estates Pvt. Ltd. (Owners) to develop agriculture land admeasuring 21 acres at village Jhatikar and village Shikarpur both situated in District Najafgarh, New Delhi. This agreement was followed by an addendum agreement dated 31.12.2012. Both the parties executed a terms sheet dated 02.09.2012 inconsonance with the agreement dated 31.08.2012 and a revised term sheet dated 31.12.2012 concurrent with the addendum to the agreement. According to the Appellant