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TMI Blog2019 (1) TMI 1680X X X X Extracts X X X X X X X X Extracts X X X X ..... nkruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Puri Construction Private Limited (for brevity the 'corporate debtor'). It is appropriate to mention that the 'financial creditor' is an 'allottee' under a 'real estate project'. 2. The Corporate Debtor - Puri Construction Private Ltd. was incorporated on 02.02.1971 under the provisions of the Companies Act, 1956. The identification number of the Corporate Debtor given is CIN U45201DL1971PTC005522. 3. The Petitioner has claimed that they had booked an apartment in the residential project- Aanand Vilas being developed by the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t along with the dates of disbursement. In Column 2 of Part-IV of the petition the Financial Creditor has given the details of the amount claimed in default and the date of the default. 7. A reply to the petition has been filed by one Mr. Ashok Singh Rawat, being the Authorized representative of the Respondent-Corporate Debtor, who has been given authority vide Board Resolution dated 02.05.2014 and also a Rejoinder to the Reply has been filed by the Petitioner-Financial Creditor. 8. In the Reply the Respondent-Corporate Debtor has raised various objections to the petition. First and foremost preliminary objection raised is that there is no 'default' on part of the corporate debtor and hence the petition is not maintainable. On tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate debtor- respondent states that there has been delay in the progress of the project in the last 4 years and the reason for it is imputed to some of the force majeure conditions such as - Demonetization, Order of the NOT, non-payment of instalments by the allottees and seeking permission for change in Beneficial Interest. Learned Counsel for the corporate debtor has placed reliance on Clauses 11 and 14 of the Flat Buyers Agreement in this regard. However the assertions have been, controverted by the financial creditor and it is denied that the force majeure conditions as stated by the corporate debtor had adversely affected the project. The possession had to be handedover by 05.12.2017 but till date the occupation certificate has n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecome due and payable. 12. Learned Counsel for the petitioner has argued that all requirements of Section 7 of the Code for initiation of Corporate Insolvency Resolution Process stand fulfilled. 13. Having heard the learned counsels for the Financial Creditor and Corporate Debtor and having perused the paper book with their able assistance we find that the provisions of Section 7 (2) and Section 7 (5) of IBC have been complied as discussed in detail in our Order dated 27.11.18 rendered in the case (IB-1039(PB)/2018). 14. After a conjoint reading of the aforesaid provision along with Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, we are satisfied that a default has occurred and the applica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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