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TMI Blog2018 (5) TMI 932X X X X Extracts X X X X X X X X Extracts X X X X ..... gst them to act on their behalf. Annexures A-10 and A-11 of the application are authority letters of petitioners No. 2 and 3 authorising petitioner No.1 to act on their behalf. 2. M/s SMD Infra Ventures Pvt. Ltd., the respondent was incorporated on 23.08.2011 and allotted CIN is U70109PB2011PTC035395. The registered office of the corporate debtor is, above IDBI Bank, Outside Sunami Gate, Sangrur (Punjab)148001. Therefore, the matter falls within the jurisdiction of this Tribunal. 3. It is stated that the respondent is deemingly into real estate business and that as per the representation and assurances given by the respondent to the petitioners, if one would invest in the schemes of the respondent, then a plot of specific size dependent upon his/her investment will be allotted to him within a maximum period of 250 days and in case the corporate debtor is unable to allot the plot in 250 days, then, after the expiry of period of one year, the corporate debtor will pay the invested money along with interest and this maturity amount has been shown as Projected Value in the instrument termed as Receipt-cum-Acceptance Letter issued by the respondent to its investors including the petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t submitting that there is some delay on the corporate debtor's part in returning the amount of the financial creditors as promised on account of real estate market being in bad shape and thus, the projects did not get expected profits. It is stated that the corporate debtor has no bad intention and is also trying its level best to return the maturity money of the financial creditors at the earliest and the present application under Section 7 of the Code has been filed only as a means to arm twist the corporate debtor and may be dismissed. 8. During the course of arguments, the learned counsel for the petitioners contended that the conditions prescribed in Section 7 of the Code read with Rule 4 of the Rules are satisfied and that the application may be admitted in view of the judgement of the Hon'ble National Company Law Appellate Tribunal in Nikhil Mehta & Sons Vs. AMR Infrastructure Limited Company Appeal (AT) (Insolvency) No. 07 of 2017. The learned counsel for the respondent on the other hand had submitted that this petition has been filed only as a means to arm twist the corporate debtor and may be dismissed. 9. We have considered the arguments of the learned counsel for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... financial creditor and the corporate debtor; (b) the order under clause (b) of sub-section (5) to the financial creditor, within seven days of admission or rejection of such application, as the case may be". 10. Having perused the application, the same is found to be complete in Form 1. We also find that a copy of the application was forwarded to the respondent by registered letter on 31.01.2018 as per copy of postal receipt at Annexure A-17 of the application. 11. Alongwith the application, the petitioners have furnished the copies of the Receipt-cum-Acceptance Letters issued by the respondent on dates between 23.10.2015 to 03.08.2016 as Annexures A-1 to A-4 of the application. The petitioners have stated that they are financial creditors since the maturity amount inclusive of investment/deposit of the investor alongwith interest has been shown as Projected Value in the instrument termed as Receipt-cum-Acceptance letter issued by the company to its investors including the petitioners. The petitioners have stated that it is clear that under the garb of allotting land to the public, the respondent has been borrowing/accepting deposits/loans from the public by showing it as inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the amount of the financial creditors...." [emphasis supplied]. Therefore, the status of the petitioners as financial creditors is very much accepted by the respondent. As discussed above, the dates on which the default occurred are given in Column 2 of Part-IV of the application and are taken as the period of one year from the date of the respective Receipt-cum-Acceptance Letter and which date is also shown as maturity date of agreement therein. The amounts shown as Projected Values are stated to be not paid and total to Rs.12,32,000 (the individual amounts in default of the three applicants are above Rs.1.00 lac). The factum of non-payment is accepted by the respondent in the reply submitted by Diary No.985 dated 02.04.2018. 15. In view of the above discussion, we are satisfied that default has occurred and the application under Section 7(2) is complete. We also find that the proposed Interim Resolution Professional Shri Deepak Gupta has filed Form 2 dated 18.01.2018 (Annexure A-12 of the application) certifying that there are no disciplinary proceedings pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI. Therefore, we are satisfied th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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