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TMI Blog2020 (3) TMI 1285X X X X Extracts X X X X X X X X Extracts X X X X ..... 6, by inter alia seeking to exclude period of 60 days on account of legal proceedings in the Resolution Process and suitable extend the CIRP completion date, to 21st May 2020 to enable Resolution to meet ends of justice and equity for Home Buyers 2. Brief facts of the case, as mentioned in the Application, which are relevant to issue in the question, are as follows: (1) The main Company Petition bearing C.P.(IB) No. 92/BB/2018 filed by Mr. P. Pradeep Kumar & Others, under Section 7 of the IBC, 2016, R/w Rule 4 of the I&B (AAA) Rules, 2016, was admitted by this Adjudicating Authority, vide order dated June 27th, 2019 by initiating CIRP, appointing Ms. Medha Kulkarni as the IRP, imposing moratorium etc. Subsequently, the Adjudicating Autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... advance, the Corporate Debtor has executed the Sale Deed in only 2 projects and in the balance 28 projects, he has paid advance to the land owners ranging from around 5% to 80%) Status Need to take possession. Efforts maximum here through frequent follow ups. Expect positive response to Ltr. dated 3 rd March citing Supreme Court Judgement Financial Claim made on Group Company Dreamz Infra India Ltd. Rs. 18.92 Cr. (Excluding Interest) Status Dreamz Resolution Professional has rejected the claim on 3 grounds of being in cash, statement of Directors before police not admissible in evidence and transactions being in 2016 and 2017. The Resolution Professional plan to produce the Empl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in legal proceedings 21st May 2020 (5) It is also stated that in the 3rd Meeting of CoC held on 7th March 2020, voted in favour of extending CIRP period of 60 days to May 21st 2020 by 99.6% of the voting shares. There is lot of work done in respect of the 3 (three) Principal Assets of the Corporate Debtor i.e. the Properties, Diversion of Funds to Dreams and Advance Recovery from Land owners. The Resolution Professional is confident of completing the work in 1 to 1.5 months at the end of which, he can invite Expression of Interest for a Resolution Plan and to enable this the Resolution Professional need the Adjudicating Authority to consider the Time lost towards legal proceedings with the State Government, Revenue Depa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n, only after making through enquiry/investigation into the matter. However, the Applicant herein, as well as Petitioners, have not disclosed investigation conducted by the State Govt. before freezing both liquid and real estate properties of fraudulent Companies, which includes the Corporate Debtor as mentioned in the Govt. letter dated 31.12.2019. 5. As stated supra, total time permissible under Code viz. 180+90 days, was going to expire on 22nd March, 2019. The record shows that there is no substantial work done in the CIRP process in the case except filing one Application or the other seeking various reliefs from the Adjudicating Authority. There are hardly realisable assets standing in the name of Corporate Debtor. And the Contention ..... X X X X Extracts X X X X X X X X Extracts X X X X
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