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TMI Blog2018 (11) TMI 1014X X X X Extracts X X X X X X X X Extracts X X X X ..... uncement with regard to admission of this application under Section 7 of the Code. - C.P. NO. IB-934(PB)/2018 - - - Dated:- 17-10-2018 - SHRI M. M. KUMAR, PRESIDENT AND SHRI S.K. MOHAPATRA, TECHNICAL MEMBER For The Petitioner : S.P. Singh Chawla, Adv. For The Respondent : Ramakant Puri, Ms. Aanchal Kapoor and Ms. Mehak Suri Advs. ORDER M.M. KUMAR, PRESIDENT The Petitioner(s) claiming to be the 'financial creditor' have filed the instant Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Puma Realtors Private Limited (for brevity the 'corporate debtor'). 2. It is appropriate to mention that the Corporate Debtor - Puma Realtors Pvt Ltd was incorporated on 03.10.2005. The identification number of the Corporate Debtor given is CIN U7010DL2005PTC141373 and its registered office is situated at C - 4, 1ST Floor, Malviya Nagar, New Delhi - 110017. The authorise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the last cheque bearing no. 142952 drawn on Axis Bank). 7. It is the case of the Petitioner(s) that the Corporate Debtor through various advertisements had announced the launch of their integrated residential project under the name and style of IREO HAMLET , in Sector 98, SAS Nagar, Mohali. The Corporate Debtor had assured that the possession thereof complete in all respects, would be handed over within a maximum period of 30 months, from the date of execution of the Plot Buyer's Agreement (Annexure - A8). 8. That the Petitioners applied for the allotment of a residential plot in the project and paid a sum of ₹ 7,50,000/- in the form of earnest money as booking amount on 16.10.2011 vide cheque nos. 041136 and 041137 drawn on ICICI Bank and cheque no. 332978 drawn on Canara Bank. Thereafter, the Corporate Debtor through its Authorized Signatory executed a Plot Buyer's Agreement with the Petitioners where the base sale price of the plot was mentioned as ₹ 67,65,930/-excluding EDC and IFMS. 9. It is further submitted by the Petitioners that as per the Plot Buyer's Agreement, the payment was to be made for 'Time Linked Payment Plan', according ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onoured for the reason - 'Funds Insufficient and/or Account Blocked'. The copies of the cheques along with the return memo have been annexed (Annexure - A9). Thus, the Corporate Debtor continues to be in default of the claimed amount as per Part-IV of the Form. 14. The reply by the Respondent- Corporate Debtor has been filed by one Mr. Mahesh Kumar Singh being the Director of the Respondent Company along with the copy of the Board resolution dated 28.08.2018 and Vakalatnama on 30.08.2018. They have expressed their inability to pay the debts. 15. A rejoinder to the reply has been filed by the Financial Creditor reiterating the submissions made in the application and controverted the assertions made in the reply. 16. The Respondent - Corporate Debtor states that the Company is in financial distress and would be greatly aided by corporate restructuring. It further submits that the parties entered into a settlement on 01.06.2017 and as per the Terms of Settlement the Corporate Debtor agreed to make the payments in instalments to the Petitioners. They had given several post dated cheques to the Petitioners but subsequently on account of liquidity crisis the corporate de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been clearly stated in part IV along with the minute details. There is overwhelming evidence to prove default and name of the resolution professional has also been specified along with his written communication. 21. Having heard the learned counsels for the Financial Creditor and Corporate Debtor and having perused the paper books with their able assistance we may first examine the provisions of Section 7(2) and Section 7(5) of IBC which read as under:- Initiation of corporate insolvency resolution process by financial creditor . 7(1) . 7 (2) The financial creditor shall make an application under sub-section (1) in such form and manner and accompanied with such fee as may be prescribed. 7(3) 7(4) 7 (5) Where the Adjudicating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application; or (b) . 22. A conjoint reading of the aforesaid provision would show that form and manner of the application has to be the one as prescribed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e would include supply of water, electricity and similar other supplies of goods or services as provided by Regulation 32 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 26. The Interim Resolution Professional shall perform all his functions religiously and strictly which are contemplated, inter alia, by Sections 15, 17, 18, 19, 20 21 of the Code. He must follow best practices and principles of fairness which are to apply at various stages of Corporate Insolvency Resolution Process. His conduct should be above board independent; and he should work with utmost integrity and honesty. It is further made clear that all the personnel connected with the Corporate Debtor, erstwhile directors, promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the affairs of the Corporate Debtor. In case there is any violation by the ex-management or its ex-directors the Interim Resolution Professional would be at liberty to make appropriate application to this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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