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TMI Blog2020 (2) TMI 1428X X X X Extracts X X X X X X X X Extracts X X X X ..... itiate Corporate Insolvency Resolution Process (CIRP), imposing moratorium etc. Though, we are convinced with debt and default in question are proved , another Application/Petition against the same Corporate Debtor cannot be maintained. Therefore, the instant Petition can be disposed of by granting liberty to the Petitioner to approach the IRP with its claim. - C.P. (IB) No. 314 (BB) of 2019 - - - Dated:- 7-2-2020 - Rajeswara Rao Vittanala, Judicial Member And Ashutosh Chandra, Technical Member For the Petitioner : A. Mahesh Chowdhary For the Respondent : Prashantha Kumar S.T., Bijoy K., Ms. D. Karishma and Mario ORDER RAJESWARA RAO VITTANALA, JUDICIAL MEMBER. - 1. C.P.(IB)No.314/BB/2019 is filed by Mr. C. Sr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecided to invest in the project, which was to be developed in cumulative space of 19 acres having numerous towers and building in 2 phases. The Corporate Debtor in association with the Bank had floated a scheme, whereby Corporate Debtor would pay PEMI or agreed to underwrite the interest obligation, which would be debited towards loan availed by every home buyer until the date of possession or until the flat delivered. (4) The Financial Creditor booked a flat in the project on 16-6-2013 and paid ₹ 2,00,000/- consideration for the booking. As per the Agreement to Sell dated 5-12-2014 for a sum of ₹ 8,71,987/- and an Construction Agreement dated 5-12-2014 for a sum of ₹ 26,15,963/- for purchase of the Residential Flat bea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he project latest by 31-9-2017 but the flat hasn't been delivered to the Financial Creditors till date. Being aggrieved by the continuous defaults of the Corporate Debtor and upon enactment of the Real Estate Regulatory Authority Act, 2016, the Financial Creditor filed a complaint before Real Estate Regulatory Authority (RERA) in Complaint No. CMP/171206/00030, wherein the RERA directed the Corporate Debtor to deliver the possession by December, 2018. However, when the Corporate Debtor failed to give the possession the flat, the Financial Creditor again approached the Regulatory Authority in CMP/190102/0001817 under section 18 of the Act seeking to be released from all kinds of arrangement with the Corporate Debtor along with a directio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Financial Creditor has no alternative option issued a demand notice dated 21-5-2019 along with the RERA Order dated 18-3-2019 to the Corporate Debtor. The Corporate Debtor replied to the Demand Notice on 24-5-2019 denying all liabilities. (7) It is submitted that the failure of the Corporate Debtor/Respondent to pay its dues and is commercially insolvent and, therefore, liable for CIRP under the Code. 3. The Respondent/Corporate Debtor has filed Statement of Objections dated NIL, by inter alia contending are as follows: (1) The Respondent is a Company incorporated under the Companies Act, 1956. The arrayed Respondent is engaged into the business of real estate development and is having a reputed name in the society. (2) The Pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count of the current market scenario in the industry, the Respondents have been marginally falling short of meeting the obligation towards the Petitioners. The Petitioner is in no way delayed in providing possession of the flat to the Petitioner as in section of the RERA the completion date of the project is only 31-12-2019 and as such no default is made to the Petitioner. As such, initiating CIRP on a solvent Company is an abuse of the process of law by the Petitioner and on this ground the instant Petition needs to be dismissed. (4) It is further submitted that clause 19 of the Agreement of Sale states that in case of any breach of the terms of the Agreement the aggrieved party has to refer the case for Arbitration. And the Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other Application/Petition against the same Corporate Debtor cannot be maintained. Therefore, the instant Petition can be disposed of by granting liberty to the Petitioner to approach the IRP appointed in C.P.(IB) No. 389/BB/2019 with its claim. 7. Hence, C.P.(IB)No.314/BB/2019 is disposed of with the following directions: (1) The Petitioner is permitted to file its claim with IRP (Mrs. Ramanathan Bhuvaneshwari), who was appointed in C.P.(IB)No.389/BB/2019, within a period of two weeks from the date of receipt of the copy of the order. (2) After receipt of claim from the Petitioner, the IRP is directed to consider the claim of the Petitioner in accordance with law, and communicate decision on it, to the Petitioner immediately there ..... X X X X Extracts X X X X X X X X Extracts X X X X
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