9911796707
TMI Blog2019 (2) TMI 1729X X X X Extracts X X X X X X X X Extracts X X X X ..... been filed by Mr. K. Gopinath Ms. G. Sindhuja (hereinafter referred to as 'Financial Creditors') under Section 7 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 4 of the Insolvency and 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 settlement between the parties failing which the parties were required to make final submissions and the case was posted to 04.02.2019. On 04.02.2019, an opportunity in the interest of justice was granted to the Corporate Debtor for settlement f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yped set filed with the Application. In spite of that, the Corporate Debtor failed to hand over flat to Financial Creditors as per the Agreements dated 24.02.2016 and the Sale Deed dated 06.05.2016 mentioned hereinabove. 8. The Financial Creditors have given notice through Counsel on 20.02.2018, copy of which is placed at pages 99 to 115 of the typed set of documents filed with Application, to which no reply was given by the Corporate Debtor within the stipulated time. However, the Corporate Debtor had given the reply on 22.03,2018, copy of which is placed at pages 166 to 176 of the typed set of documents filed by the Corporate Debtor. 9. The Financial Creditors have referred to the allotment letter dated 04.11.2015 of Apartment No. B307, in Tower B at PGP Oaks, No.1, 4th Street, Ganga Nagar, Jafferkhanpet, Chennai, which discloses that the total cost of the apartment was ₹ 97,02,500/-, copy of allotment letter is placed at pages 12 to 14 of the typed set filed with the Application, and the Financial Creditors have made payments amounting to ₹ 71,93,380/- apart from the cash given for Registration i.e., ₹ 30,000/- as reflects from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ever 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 2nd instalment and giving the schedule for payments for the rest of the instalments, however, after the said communication partial payments have been made by the Financial Creditors to the Corporate Debtor. Based on which, the Counsel for the Corporate Debtor has stated that the Financial Creditors are liable to pay interest at the rate of 18% per annum on the amount in arrears at the option of the Corporate Debtor. The Counsel for the Corporate Debtor has also referred to the proceedings before the Tamil Na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficient ground to reject the Application filed under Section 7 of the I B Code, 2016. 16. The documentary evidence which is placed on the case file is sufficient in order to ascertain the existence of a default on the part of the Corporate Debtor. Therefore, in the light of the facts and circumstances recorded, and the legal position stated, the Financial Creditors have fulfilled all the requirements of law including the proposal of the name of IRP for appointment. Thus, the Application filed under Section 7 of the I B Code, 2016 stands admitted. The commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 17. Ms. Rajashree Santhanam, is hereby appointed as IRP as has been proposed by the Financial Creditors. There is no disciplinary proceeding 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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