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TMI Blog2019 (2) TMI 1729X X X X Extracts X X X X X X X X Extracts X X X X ..... d Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/s. Dharani Developers Private Limited (hereinafter referred to as 'Corporate Debtor'). The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP). 2. As seen from the record, the matter was first listed on 27.11.2018 before this Authority and time was granted to the Corporate Debtor for filing reply and the case was posted to 19.12.2018. On 19.12.2018 another opportunity was given to the Corporate Debtor to file reply and the case was posted to 04.01.2019. On 04.01.2019, last and final opportunity was given for settleme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt dated 24.02.2016. As per the Construction Agreement, the Corporate Debtor has agreed to complete the apartment and deliver the flat morefully described in Schedule 'C by means of the specifications given in Schedule 'D' to the Construction Agreement dated 24.02.2016 on or before 31.12.2016 subject to the force majeure condition. The Agreement also provides the payment details and in case of default by the Corporate Debtor it was incumbent upon it to provide liquidated damages of Rs. 15,000/- per month for the period of delay towards the compensation of flat. The Corporate Debtor failed to honour the commitments and did not comply with the terms and conditions of the Construction Agreement dated 24.02.2016 entered into between ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed at page 96 of the typed set filed with the Application. Besides the same, other charges have also been paid by the Financial Creditors for registration of flat. However, the Corporate Debtor could not make progress in relation to the construction and due to which the rest of the payments were stopped by the Financial Creditors as no information in relation to the progress of the construction was provided by the Corporate Debtor to the Financial Creditors. 10. The Counsel for the Financial Creditors have also referred to the e-mail communication dated 05.02.2018, sent by the Financial Creditors to the Corporate Debtor, copy of which is placed at pages 97 & 98 of the typed set filed with the Application in which it has been requested by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply denying all the allegations made in the Application, however a detail has been given about the events in the Reply and it has been alleged that the Financial Creditors have not made timely payment schedule by the allotment letter dated 04.11.2015. However, it has been admitted by the Corporate Debtor that the Financial Creditors paid instalments belatedly and there was a deficit on the amount paid as per the contract and intentionally breached the terms and conditions of the Agreement. In support of the same, the Counsel for the Corporate Debtor has referred to the e-mail communication dated 05.05.2016 sent by the Corporate Debtor to the Financial Creditors, wherein the Corporate Debtor thanked the Financial Creditors for paying the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e entitled to rescind the contract and arrange for cancellation of Sale Deeds. It has also been recorded that at the option of the Corporate Debtor such default of the Financial Creditors may make them to pay interest @ 18% per annum on the amount in the form of arrears, There is nothing on record to suggest that the Corporate Debtor has completed the flat well in time and offered the possession of it to the Financial Creditors asking for payments of delayed instalments along with interest @ 18% as agreed between the Financial Creditors and Corporate Debtor. It is an admitted fact that Rs. 72,23,380/- is the principal amount paid by the Financial Creditors to the Corporate Debtor which has neither been returned nor possession of the flat un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pending against the IRP as reflects from Form-2. The IRP is directed to take charge of the Respondent Corporate Debtor's management immediately. She is also directed to cause public announcement as prescribed under Section 15 of the I&B Code, 2016, within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. 18. The moratorium is hereby declared which shall have effect from the date of this Order till the completion of corporate insolvency resolution process, for the purposes referred to in Section 14 of the I&B Code, 2016, It is hereby ordered to prohibit all of the following, namely: (a) The institution of suits or continuation of pending suits or proceedings ag ..... X X X X Extracts X X X X X X X X Extracts X X X X
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