j) Prior to September 2016, The Corporate Debtor had entered into sale arrangement with various purchasers for 22 Flats in respect of the building comprising the B. V. Kalina Project. Out of these in respect of three Flats being Flat Nos. 403, 1202 and 1203, the Agreements for sale had remained to be registered in September 2016. It was necessary to register the Sale Agreements in respect of these three Flats to enable the purchasers to continue making payment of the installments towards the price of the Flats. In view of the transaction documents, it was necessary for the Corporate Debtor to take prior concurrence of the Debenture Trustee for registering the Agreements relating to the three Flats. However, the No objection of the Debenture Trustee to the registration of the Sale Agreements in respect of these three Flats was not forthcoming with the result that the Purchasers have not paid to the Corporate Debtor the balance monies for the Flats. The balance monies receivable against the three Flats being project receivables, if received, would have been deposited into the Escrow Account for being applied towards repayment of the Debentures in accordance with the terms of the transaction documents.
