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TMI Blog2019 (2) TMI 603X X X X Extracts X X X X X X X X Extracts X X X X ..... , Mr. Siddharth Nath, Mr. Chirag Shroff, Ms. Joyshree Barman, Mr. Shardul Singh, Ms. Neha Sangwan and Ms. Sanjana Nangia, Advocates. JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. This appeal has been preferred by Mr. Rajendra K. Bhuta, 'Resolution Professional' against order dated 2nd April, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, whereby and whereunder the application preferred by the Appellant for applying 'Moratorium' in terms of Section 14(1)(d) of the Insolvency and Bankruptcy Code, 2016 ('I&B Code' for short) on the land of 'Maharashtra Housing and Area Development Authority' has been rejected. 2. The land in question originally belonged to 'Bombay Housing & Area Development Board', wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uit was filed before the Hon'ble High Court of Bombay being Suit No. 40 of 2017 by flat purchasers, for revised timeline for construction of 'Rehab Component', 'Maharashtra Housing and Area Development Authority Component' and 'Free Sale Component'. On 24th April, 2017, the 'Maharashtra Housing and Area Development Authority' issued a letter informing the 'Corporate Debtor' that they are revoking the agreement followed by 'Stop Work notice' issued in the year 2015. 6. On 30th April, 2017, the 'Corporate Debtor' defaulted to pay Rs. 254,53,85,278/- towards the loan facility provided by the 'Union Bank of India'. In this background, the application under Section 7 of the 'I&B Code' was filed by the 'Union Bank of India' against the 'Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f of the 'Resolution Professional' placed reliance on 'Agreement' dated 9th November, 2011 and the 'Joint Development Agreement' dated 10th April, 2008 to suggest that the 'Corporate Debtor' has right over the land in question. Reliance has also been placed on letter of termination issued by the 'Maharashtra Housing and Area Development Authority'. 12. Learned Senior Counsel for the 'Resolution Professional' referring to Section 14(1)(d) of the 'I&B Code' and submitted that the 'Moratorium' is applicable to the land in question. 13. On the other hand, according to the learned Senior Counsel for the Respondent- ('Maharashtra Housing and Area Development Authority'), no right was created in favour of the 'Corporate Debtor', who is merely a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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