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TMI Blog2019 (12) TMI 650X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of the corporate debtor M/s C C Towers Ltd admitted - Directions for moratorium and appointment of IRP are given. Application admitted - moratorium declared. - CP (IB) NO. 105/CHD/HRY/2019 - - - Dated:- 10-10-2019 - Ajay Kumar Vatsavayi, Judicial Member And Pradeep R. Sethi, Technical Member Munish Kumar Garg, Adv. for the Appellant. Ms. Shubreet Saron, Adv. and Rohit Mittal, Adv. for the Respondent. JUDGMENT Pradeep R. Sethi, The instant petition is filed by Mrs. Kussum Chadha Ahuja (Financial Creditor No.1) on behalf of herself and as Power of Attorney holder of Shri Surender Mohan (Financial Creditor No.2) for initiation of Corporate Insolvency Resolution Process (CIRP) in the case of M/s C C Towers Ltd. (Corporate Debtor). The petition is filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (Code) read with Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The registered office of the corporate debtor is stated to be at Plot No.70, Sector-32, Gurugram, Haryana. Therefore, the jurisdiction lies with this Bench of the Tribunal. 2. Section 7(1) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cution of the agreement i.e. on or before 09.05.2018. 6. Similar agreement is stated to be entered into by the financial creditor No.2 with the corporate debtor on 06.07.2016 for booking of 334 sq. ft. space at basic sale price of ₹ 6000 per sq. ft. and the booking amount of ₹ 10,00,000 is stated to be paid by cheque No.848177 drawn on Indian Bank New Delhi. The quantum of monthly assured return is stated to be ₹ 10,000 and the refund on the expiry of 24 months from the execution of the agreement i.e. on or before 06.07.2018 is stated to be ₹ 11,60,000 including initial investment of ₹ 10,00,000 plus premium amount of ₹ 1,60,000. 7. It is submitted that the corporate debtor defaulted in the payment of the assured return to the financial creditors and sent letters to them on 23.10.2017 and 20.02.2018 requesting them to hold their cheques towards principal and monthly interest and stating that the current phase is temporary and being resolved at the earliest. 8. It is stated that the corporate debtor failed to pay the assured returns to the financial creditor No.1 from September, 2017 to May, 2018. 9. It is state ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on listed for 04.10.2019. 15. On 04.10.2019, the learned counsel for the corporate debtor on instructions submitted that the corporate debtor is not in a position to repay the debts due to the petitioner and also to various other creditors and that the corporate debtor has no objection if the CP is admitted and CIRP is initiated against them. 16. We have carefully heard and considered the submissions of the learned counsel for the financial creditor and the corporate debtor and have also perused the record. 17. Section 7(5)(a) of the Code provides for admission of the application where the Adjudicating Authority is satisfied that - (a) a default has occurred; (b) application under Section 7(2) is complete; and (c) there are no disciplinary proceedings pending against the proposed resolution professional. 18. We are first examining whether the default has occurred. Default as defined in Section 3(12) of the Code means non-payment of debt when whole or any part or instalment of the amount of debt has become due and payable and is not paid by the corporate debtor. The financial creditor No.1 has booked 1336 sq. ft. space a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the application for initiation of CIRP in the case of the corporate debtor M/s C C Towers Ltd. Directions for moratorium and appointment of IRP are given below. 23. We declare the Moratorium in terms of sub-section (1) of Section 14 of the Code as under:- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 24. It is further directed that the supply of essential goods or services to the corporate debtor as may be spec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ofessional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13 (1) (b) of the Code read with Section 15 calling for the submission of claims against 'Corporate Debtor'; (vi) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; (vii) The Interim Resolution Professional shall after collation of all the claims received against the corporate debtor and the determination of the financial position of the corporate debtor constitute a Committee of Creditors and shall file a report, certifying constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall conven ..... 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