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TMI Blog2020 (8) TMI 836X X X X Extracts X X X X X X X X Extracts X X X X ..... essional to freshly adjudicate the claim of applicants and include them in the list of the Financial Creditors in a class, and/ or iii) Direct the Resolution Professional to produce and supply the documents, if any, on the basis of which the claim of the Applicants was rejected to the extent that they would not be treated as Financial Creditors in a Class; and/or iv) Direct the Resolution Professional to invite fresh resolution plans in accordance with law after the Applicants are included in the list of Financial Creditors in a Class; and/or v) Direct the Resolution Professional to defer the meeting of Committee of Creditors with respect to putting the already received Resolution Plans to vote before the already constituted Committee of Creditors till the adjudication of the present application; and/or 3. Facts in brief are that the Financial Creditor, M/S Renu Proptech Pvt. Ltd. filed an application bearing No. IB-667(ND)/2019 under Section 7 of the Code for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/S Red Topaz Real Estate Pvt. Ltd. The said application was admitted by this Tribunal vide Order dated 23.08.2019 and Mr. Veka ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019. The relevant clauses of the MOU are reproduced over leaf : NOW THIS MOU WITNESSETH AS UNDER: 1) AKG Group has understood that presently the buildings plan for NINEX MALL is for a shopping mall, office & hotel and they have also understood that the Developer is trying to convert the building plans of the said NINEX MALL into Service Apartments in place of Hotel having 83 rooms. 2) The parties herein have agreed to take service apartments as above said in lieu Of allotted units in the same Ninex Malt with the specifications as shown to individuals in the AKG Group and accepted by them. 3) The allotment of allotted units shall become cancelled with the issuance of Letter of Allotment individually for each service apartment in Ninex Mall. 4) The amount paid by the individuals in AKG Group to the Developer shall be adjusted towards each service apartment and the differential amount payable by the individuals in AKG Group shall be paid by them to the Developer on receipt of intimation regarding receipt of Occupation Certificate from the Director General Town and Country Planning, Haryana, Chandigarh. 5) AKG Group assures the Developer that the allotted units which is be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and added that the Applicants are undisputedly related parties to the Corporate Debtor. 12. It is submitted by the Respondent that the 12 units, for which the Applicants are agitating about, were also subject to the double allotment by the Corporate Debtor. Out of the said 12 units, some of the units were double sold or mortgaged to other parties. 13. It is further stated by the Respondent that the MoU dated 10th June 2019 and the Addendum to the MoU dated 12 th June 2019 seem to be of suspicious nature as these were executed just two months prior to passing of the CIRP order of the Corporate Debtor on the 23rd August 2019. 14. That the Respondent while placing emphasis on the 'Addendum to the MOU' dated 12.06.2019, submitted that the Applicants are entitled only for the monetized claim since the other obligations are not met by the Corporate Debtor as mentioned in the addendum dated 12.06.2019. It is added by him that the hotel has not been constructed and moreover, no stake in lieu of such a small amount can be allotted to the applicants by the Respondent. In view thereof, as per the terms of 'Addendum of MOU', the Applicants at best can be given a monetized cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, claim Not Received by the Resolution Professional 2 Ground G-65 Abhishek Garg DOB 24.02.2016 BDR Finvest Private Ltd. (DOM - 18/05/2018) 3 Ground G-66 Abhishek Garg 24.02.2016 DOB BDR Finvest Private Ltd. (DOM - 18/05/2018) 4 Ground G-78 Neha Garg 14.01.2015 DOB BDR Finvest Private Ltd. (DOM - 18/05/2018) 5 Ground G-79 Abhishek Garg 24.02.2016 DOB BDR Private Ltd. (DOM - 18/05/2018) 6 Ground G-80 Abhishek Garg 21.10.2016 DOB BDR Finvest Private Ltd. (DOM - 18/05/2018) 7 First 101 Garg 14.01.2015 DOB Jitendra & Manu Nayyar (DOB - 30/07/2019) abbreviations DOM has been used to show the date of mortgage wherein any charge has been create on such unit in case of any credit facility being availed abbreviations DOB has been used to show the date of booKng in case of sale x.unit 18. The Respondent has further submitted in its Affidavit, in response to the query at Sl. No. 1 (b) that the Applicants were the first allottees in the abovementioned 7 units. In response to the query at Sl no. 1 (c) he has added that there are no units, where the Applicants are the second allottees. 19. That the Respondent has stated in reply of query at Sl. No. 1 (d) that in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed. Therefore, this Bench of the view that the earlier allotment letters issued in respect of 1 1 units by the Corporate Debtor in favour of applicants in the year 2015 and 2016 stand valid and cannot be treated as null and void. 26. Since the letters of allotments were issued in favour of Applicants for allotment of commercial units and there has been no cancellation of the same, the Applicants fall under the definition of allottee as defined under Section 2(d) of Real Estate (Regulation & Development) Act 2016, which is reproduced below: "aZZottee" in relation to a real estate project, means the person to whom a plot, apartment or building, as the case may be, has been allotted, sold (whether as freehold or leasehold) or otherwise transferred by the promoter, and includes the person who subsequently acquires the said allotment through sale, transfer or otherwise but does not include a person to whom such plot, apartment or building, as the case may be, is given on rent" 27. In view of the discussion above, this Bench is of the opinion that the claims of the Applicants from Sl. No. 1 to 12 except the Applicant at Sl. No. 8 as mentioned in Para 5 of this Order, being the allott ..... X X X X Extracts X X X X X X X X Extracts X X X X
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