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TMI Blog2019 (9) TMI 1446X X X X Extracts X X X X X X X X Extracts X X X X ..... e by the Financial Creditor to the Corporate Debtor are having valid receipts issued by the Corporate Debtor. The documents as annexed along with the petition clearly show that the Corporate Debtor is not in a position to refund the money which has been collected by the Corporate Debtor from the Financial Creditor, leave alone with interest which is being claimed as compensation. Further, the possession has not been given by the Corporate Debtor and in the circumstances, the default is in existence and the petition stands admitted. CIR process is initiated against the Corporate Debtor - petition/Application is disposed off. - IB-432/ND/2019 - - - Dated:- 6-9-2019 - R. Varadharajan, Member (J) and Kapal Kumar Vohra, Member (T) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor and the payment of ₹ 3,78,000/- was initially paid. Pursuant to the same, the Allotment letter dated 06.4.2012 was issued by the Corporate Debtor confirming the booking and allotment of Unit measuring 208 sq, yards in Block-C. Under the said allotment letter, the Corporate Debtor was required to hand over the possession within a period of 24 months with an additional grace period of six months. In furtherance of the allotment letter, the Corporate Debtor was also circulated a Plot - Buyer Agreement dated 27th May, 2015 (Annexure-B) wherein also it has been stated by the Corporate Debtor that possession will be handed over within a period of 24 months from the date of Agreement, as per Clause 9.1 of the said Agreem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019 of this Tribunal. The Corporate Debtor failed to appear before this Tribunal to defend its case when the matter was posted on 06.9.2019. Ld. Counsel for the Petitioner apprises this Tribunal about the documents filed in support of the claim and particularly, to the allotment letter as well as the Agreement in relation to the Flat booked wherein it is evident that the possession of the Flat is required to be given within 24 months from the date of Agreement dated 27th May, 2015 with an additional grace period of six months provided under the Agreement and in any case, the possession of the Flat should have been handed over to the Financial Creditor on 27.11.2017 which has not been done by the Corporate Debtor. In the circumstances, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... along with the petition clearly show that the Corporate Debtor is not in a position to refund the money which has been collected by the Corporate Debtor from the Financial Creditor, leave alone with interest which is being claimed as compensation. Further, the possession has not been given by the Corporate Debtor and in the circumstances, the default is in existence and the petition stands admitted. CIR process is initiated against the Corporate Debtor. It is seen from Part-II at page-85 of the typed set that the Certificate of Registration in relation to the IRP has also been enclosed. Hence, Mr. Gaurav Katiyar, who has been proposed as the Insolvency Resolution Professional (IRP) having Registration No.IBBI/IPA-001/IP-P00209/2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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