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TMI Blog2019 (12) TMI 1381X X X X Extracts X X X X X X X X Extracts X X X X ..... ered into between the parties, whereas the purpose of the Insolvency Bankruptcy Code, 2016 is to ensure that the companies that are in financial distress either have a change in management or are liquidated depending upon the interest gathered by it in the market. Further, the relief(s) demanded by the applicants in the instant matter before the Ld. RERA, Noida are sperate from the relief claimed by the applicants before this Hon'ble Tribunal. The application is complete as per the requirements of section 7 of the code. Further the date of default occurred from 19.12.2018 and hence the debt is not time barred and the application is filed within the period of limitation - The registered office of corporate debtor is situated in Delh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing registered office at E-2/3, Vasant Vihar, New Delhi-110057. The Authorized Share Capital of the Corporate Debtor is ₹ 10,00,00,000/- and Paid Up Share Capital is ₹ 98,00,000/- as per Master Data of the company. 3. The Applicant submits that the corporate debtor had preferred a writ petition bearing No. 840 of 2019 before the Hon'ble Supreme Court, challenging the constitutional validity of the 2018 amendment in the code, in terms of which the real estate allottees were brought under the purview of the code. The challenge to the constitutional validity of the said amendment has now been decided by the Hon'ble Supreme Court in the matter of Pioneer Urban Land And Infrastructure Limited Anr. V Union Of India Ors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter @INR 30 per sq. ft. per month for the super area of the said unit ( Rebate ), without there being any further compensation and//or damages. The said rebate will be admissible only if the allottee dos not cancel the allotment and shall be adjusted upon offer of possession of the said unit. 5. The Applicants submits that the corporate debtor had issued Provisional Allotment Letters to the allottees, according to which the corporate debtor was to pay to the Financial Creditors, assured rent at different rates per month for a minimum period of 9 years from the date of handover of possession, but the corporate debtor has failed to provide the same to the applicants. The relevant extracts of the said clause is being reproduced hereinunde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 13,13,119/- 3. Mr. Virender Kumar Ms. Renu Guliani ₹ 50,28,358/- 4. Mr. Har Krishan Pasricha ₹ 26,78,676/- 5. Mr. Brijesh Lakhanpal ₹ 35,28,963/- 6. Mr. Sumit Makkar ₹ 12,99,289/- TOTAL ₹ 3,42,35,576/- Therefore, the total amount of default by the corporate debtor is ₹ 3,42,35,576/- (Rupees Three Crore Forty-Two Lakhs Thirty-Five Thousand Five Hundred and Sevent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case titled Puneet Bhardwaj vs. Ms. Rita Dixit. 10. The Applicants have filed a rejoinder controverting the averments made in the reply and has asserted that the RERA has no overriding effect while deciding application under I B Code as this Hon'ble tribunal has to adjudicate whether a default has been committed by the corporate debtor or not. The fact regarding the assurance of the corporate debtor that it shall complete the project by December, 2019 has not seen light of the day. 11. Having heard the ld. counsel of both the parties, it is concluded that the Real Estate (Regulation And Development Act), 2016 is an act brought in force to protect the interest and to regulate the working and functioning of the real estate sector ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e code. Further the date of default occurred from 19.12.2018 and hence the debt is not time barred and the application is filed within the period of limitation. 13. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 14. The Applicant is entitled to claim its dues, which remain uncontroverted by the Corporate Debtor, establishing the default in payment of the financial debt beyond doubt. In the light of above facts and records the present application is admitted. 15. The Applicant has named the Insolvency Resolution Professional, to be appointed by the order of Tribunal, as Mr. Manish Gupta, with registration number IBBI/IPA-001/IP-P01131 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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