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TMI Blog2020 (10) TMI 483X X X X Extracts X X X X X X X X Extracts X X X X ..... n 2(20) of the Companies Act, 2013 and represented by its Assistant General Manager, Mr. Ankur Taksande, on the basis of a Board Resolution dated 30.01.2019 seeking to initiate Corporate Insolvency Resolution Process ("CIRP") against Qing Ambay City Developers Corporation Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a public company limited by shares and incorporated on 24.02.2011 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U45400MH2011PLC-213969. Its registered office is Hotel Sahara Star, Opp Domestic Airport, Vile Parle (East), Mumbai 400 099, in the State of Maharashtra. Therefore, this Bench has jurisdiction to deal with this petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Notice in Form 3 dated 03.04.2019 to the Corporate Debtor (Exhibit 'D', pp. 27-34) in terms of section 8 of the IBC. The Corporate Debtor has not replied to the Demand Notice. Necessary affidavit of No Dispute in terms of section 9(3)(b) of the IBC has been annexed at p.162. 7. The Corporate Debtor has unequivocally acknowledged the debt vide its letter dated 19.12.2018, as seen from the Petition at p.129. 8. Mr. Shyam Kapadia, Learned Counsel i/b PSL Advocates & Solicitors, appeared on behalf of the Corporate Debtor and made his submissions. 9. In its reply dated 19.11.2019, the Corporate Debtor has set up the following defence:- (a) The Corporate Debtor is a part of the Sahara group of companies. It is engaged in the develo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to conduct the sale of property (para 9 at page 4 of the Reply); (g) By a further order dated 07.02.2018, the Hon'ble Supreme Court has directed that as it is in seisin of the matter, no other court shall entertain any litigation pertaining to Aamby Valley city (para 12 at page 5 of the Reply).; (h) By order dated 12.07.2018, the Hon'ble Supreme Court has only allowed only activities that can generate revenues for the purposes of maintenance of Aamby Valley property (para 14 at page 6 of the Reply); (i) In view of the above orders of the Hon'ble Supreme Court, the Corporate Debtor is restrained from disbursing any proceeds or funds and alienating or dealing with any assets (para 15 at page 6 of the Reply); (j) Any proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve this Adjudicating Authority after accepting the Letter of Intent for Allotment of the two plots of land. It is the case of the Operational Creditor that it does not know when it is likely to take possession of the said plots in view of the orders of the Hon'ble Supreme Court. That by itself cannot be a reason to move this Adjudicating Authority. Moreover, we are of the considered opinion that the orders of the Hon'ble Supreme Court make it clear that there cannot be any alienation of movable or immovable property in the light of the order dated 21.11.2013 passed by the Hon'ble Supreme Court. 15. For the reasons stated above, the present petition fails and therefore, the same is rejected. 16. We make it clear that any observ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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