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TMI Blog2019 (8) TMI 1458X X X X Extracts X X X X X X X X Extracts X X X X ..... moratorium declared. - C.P. NO. IB NO. 1321(PB) OF 2018 - - - Dated:- 20-8-2019 - Chief Justice M.M. Kumar, President And Pradeep R. Sethi, Technical Member Ms. Mahima Sinha, Adv. for the Petitioner. Arjun Agarwal, Adv. for the Respondent. ORDER M.M.Kumar, President The Petitioner(s) claiming to be financial creditor(s) have filed the instant Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Raheja Developers Limited (for brevity the ' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dge, Gulabi Bagh, Delhi- 110052. His registration number is IBB1/1PA-002/1P-N00144/2017-18/ 10380 and email id [email protected]. He has filed his written communication as per the requirement of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with the certificate of registration (Annex Il) 6. In Part-IV of the Petition, the Financial Creditor has given the details of the total amount of the financial debt 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. Rajesh K. Singh, being the Authorized signa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h delay. It has not been disputed before us that no amount has been paid which was due and payable. It is pertinent to mention that Clause 4.2 postulates that the aforesaid compensation @ ₹ 7/- sq. ft. of the super area per month for the entire period of such delay was to be adjusted at the time of conveying the apartment and not earlier and it will be treated as a distinct charge. The clause cannot be given a literal meaning to mean that till eternity the corporate debtorrespondent would defer possession and the financial creditorpetitioner are bound to wait. A construction of any such clause would be to grant reasonable period of one year. 10. Even the notice of possession dated 15.11.2016 (Annexure P-11) cannot be regarded as de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 of ECL Finance Ltd vs Digamber Buildcon Pvt Ltd. (IB-1039(PB)/2018). 16. 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 application under sub section 2 of Section 7 is complete. The name of the IRP has been proposed and there are no disciplinary proceedings pending against the proposed Interim Resolution Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upply of essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. These would include supply of water, electricity and similar other supplies of goods or services as provided by Regulation 32 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 21. We direct the Financial Creditor to deposit a sum of ₹ 1 Lac with the Interim Resolution Professional to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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