9911796707
TMI Blog2020 (4) TMI 677X X X X Extracts X X X X X X X X Extracts X X X X ..... rom time to time and Power of Attorney in relation to which the Award has been passed - the Corporate Debtor cannot also include in its assets any of the assets owned by the 3rd party in possession of the Corporate Debtor held under Trust or under contractual arrangements including bailment. From the reading of the above provisions as well as taking in tandem from the Award passed by the Learned Arbitrator, it is seen that even though the Corporate Debtor might have a legal right of beneficial interest in relation to the assets which according to the Ld. IRP to be treated as the stock-in-trade, but, however, subject to the conditions as imposed by the Learned Arbitrator and as against which no material has been brought forth by the IRP as to whether the same is under challenge under section 34 of the Arbitration and Conciliation Act, 1996 as amended and as to whether any stay has been granted in relation to the enforcement of the same. By virtue of reading section 14 (1) (b) restricts on the part of the Corporate Debtor in transferring or otherwise dealing with the property including its own during the period of CIR Process. No evidence has been placed by the IRP that the asset ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lows:- (i) Pursuant to the Joint Development Agreement (JDA) entered into between the Applicant and Corporate Debtor namely M/s. Dugar Housing Limited dated 29-6-2011 with respect to the project titled as Glo Dugar' on the basis of Saleable Area Sharing Arrangement between the Applicant and the Corporate Debtor in the ratio of 45% and 55% respectively. Pursuant to the said JDA, a Power of Attorney (PoA) dated 29-6-2011 seems to have been executed by the Applicant in favour of the Corporate Debtor for 55% of the land area vide registered document before SRO, Selaiuyur. Two Supplementary Agreements dated 20-2-2014 and 30-6-2014 in relation to the same has also been entered in lieu of area sharing with profit sharing on the basis of 45% and 55% respectively as between the Applicant and the Corporate Debtor. (ii) It is further averred that since differences arose as between the parties, a dispute was referred to the Arbitrator and that certain interim reliefs were also obtained by the Applicant and the Hon'ble High Court referred the dispute to Arbitration vide common Order dated 27-7-2018 passed in OA No. 311/2018 and OP No.5050/2018, and pursuant to the said reference, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... N 826 From the annexure to the documents filed, it is also seen that the Applicant herein has preferred a claim before IRP in Form-B pursuant to the public announcement made by the IRP. It is also seen that the IRP has admitted the claim of the Applicant in relation to the Corporate Debtor which is evident from the e-mails sent by the IRP to the Applicant dated 29-11-2019. Pursuant to the appearance by the IRP before this Tribunal, a reply has also been filed. 4. The main crux of the submissions/contentions on behalf of the Learned IRP seems to be that by virtue of the reliefs as sought for in the above Application and extracted as above, the Applicant is trying to enforce the Award passed by the Learned Arbitrator which cannot be done taking into consideration the provisions of section 14 (1) (a) of the I B Code, 2016. The said provision is also extracted which reads as follows:- 14. Moratorium. - (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely: - (a) the institution of suits or continuatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en the parties as per the Joint Development Agreement dated 29-6-2011 and the Supplementary Agreements I II dated 20-2-2014 and 30-6-2014 will get fully satisfied and the Respondent will derive absolute rights in respect of the property agreed to be developed under the JDA. (e) For the Respondent to derive the said benefit as per clause (d) of this Award, the Respondent should effect the payment of ₹ 8,85,95,989/- (Rupees Eight Crores Eighty Five Lakhs Ninety Five Thousand Nine Hundred Eighty Nine only) as per the following schedule: (i) .. (ii) .. (iii) .. (iv) .. (v) .. (vi) .. (vii) .. (viii) .. (ix) .. (x) It is on fulfillment of the above conditional payments to be effected by the Respondent to the Claimant, on the various dates fixed in clauses (i) to (ix), the rights as stipulated and provided for in clause (d) in favour of the Respondent will come into operation. 8. It is further required to note as per clause 5 (e) (x), the payment to be effected by the Corporate Debtor to the Applicant on the date fixed as per the schedule of payments, the rights provided for clause (d) in fa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
