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TMI Blog2019 (1) TMI 1704X X X X Extracts X X X X X X X X Extracts X X X X ..... ade in the petition, the Corporate Debtor, through its Subsidiary launched its Residential Project by the name of "Micheal Schumacher World Tomer" on May-June 2012. 4.1 The applicant has further contended that he formally filled up application form for provisional allotment for a Residential Unit (Flat) in the said Project of the Corporate Debtor wherein the receipt of the above-mentioned amount was mentioned as application fee for provisional allotment on 17.08.2012. 4.2 Thc applicant has submitted that he handed over Cheque bearing No. 262829 dated 27.06.2012 for Rs. 40,00,000/- drawn on YES Bank to the officials of Corporate Debtor. 4.3 It is also the case of the applicant that the Corporate Debtor, through its Subsidiary issued receipt bearing no. 000015 dated 23.08.2012 acknowledging the receipt of payment of above-mentioned amount of Rs. 40.00,000/-on 23.08.2012. Further the Corporate Debtor issued Demand Letter demanding a further sum of Rs. 59,00,000/-on 27.08.2012. 4.4 The applicant has also submitted that in compliance of the said Demand Letter, the financial creditor handed over a cheque bearing no. 251 765 dated 15.10.2012 drawn on YES Bank, for the said amount of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Flat Buyer's Agreement). As such the total amount receivable by the applicant from the Corporate Debtor is Rs. 4,55,93,624/- till the month of June 2018 and the applicant is further entitled to an amount of Rs. 1,83,780/- for each month on and from July, 2018 till the handing over of possession of the Unit or till the receipt of his due amounts. 4.9 The Petition has been filed in the required format through the duly authorised signatory and the name of Mr. Jitesh Gupta, whose Registration No. with the IBB1 is IBBI/IPA-002/IP- N00144/2017-2018/10380 has been proposed as the IRP. His letter of consent along with the Certificate of eligibility in the required format is on record. 5. Respondent has filed its reply on 17.09.2018 and raised various objections against the present application. It is submitted that the Application filed by the financial creditor is not maintainable because there is no privity of contract between the financial creditor and the corporate debtor, no agreement was ever executed between them, no demand was ever made by the Corporate Debtor, and neither was any amount ever paid to it. 5.1 It is also submitted that the alleged debt on which the application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SUCCESS.
ii. Tanya Bector X X X X Extracts X X X X X X X X Extracts X X X X ..... M, Tanya Bector X X X X Extracts X X X X X X X X Extracts X X X X ..... evelopment Pvt Ltd is not the Corporate Debtor is not correct. 8. In the light of the above discussions, there is clearly a default of repayment of financial debt by the Corporate Debtor. As per Section 2(11) of the Code, "debt" is defined as a liability or obligation in respect of a claim which is due from any person, further, a financial debt has been clarified to mean and include money borrowed against payment of interest. Given the facts and circumstances which includes the Statement of Account, reflecting the outstanding debt due as Rs. 4,55,93,624/- and a further amount of Rs. 1,83,780/- per month, the Petitioner's prayer merits consideration. Accordingly, the petition is admitted. A moratorium in terms of Section 14 of the Code is imposed forthwith in terms of the following:- "(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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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