9911796707
Advanced Search 
TMI Blog2019 (11) TMI 1640X X X X Extracts X X X X X X X X Extracts X X X X ..... rity) Rules, 2016 (for brevity the Rules') by Mr. R. Tarkeshwar and Mrs. Divya Jayram, with a prayer to initiate the Corporate Insolvency Resolution process against M/S Horizon Buildcon Pvt. Ltd. (for brevity 'Corporate Debtor). 2. The Corporate Debtor namely, Horizon Buildcon Pvt. Ltd. is a Company incorporated on 03.05.2006 under the provisions of Companies Act, 1956 with CIN No. U 70101DL2006PTC148372, having its registered Office atC-36, Gulmohur Park, New Delhi-110049. 3. The Authorised Share Capital of the Respondent Company is Rs. 15,00,000/- and Paid-up Share Capital of the Company is Rs. 3,80,000/- as per the Master Data of the Company annexed. 4. It is submitted by the Financial Creditor that : "Mr. R. Tarkeshwar Nara ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prospective buyers... " 6. The Financial Creditor have also placed on record the Apartment Buyer Agreement dated 14.02.2014 between Horizon Concept Pvt. Ltd. (HCPL) and Mr. R. Tarkeshwar Narayan, the Financial Creditor, wherein it is specifically stated that: "D. That, Horizon Buildcon Pvt. Ltd. empowered its marketing arm and group of company M/s Horizon Concept Pvt. Ltd. to market the Said deviling unit, enter into agreement to sell, collect the payments against the Said Unit, executing and registering the Conveyance Deed and also do such other acts/ deeds as may be necessary for confirming upon the Allottee a marketable title to the Said Unit free from all encumbrances. The Conveyance Deed shall be in the form and content as approve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this application under section 7 of the IBC, 2016." 9. To establish the default committed by the Corporate Debtor, the Financial Creditors have placed on record the documents, namely Apartment Buyer Agreement dated 14.02.2014, copies of receipts dated 25.02.2014, 23.04.2014, 15.07.2014 and 11.09.2014 and copy of Allotment Letter dated 25.02.2014 issued by HCPL to the Financial Creditor. 10. The Corporate Debtor has filed its reply on 06.03.2019. It is admitted in the reply of the Corporate Debtor that: "FACTUAL SUBMISSIONS : c. That the Respondent executed an Assignment Agreement dated 05.07.2013 which was entered between the Respondent, HCPL and the Society whereby the Respondent assigned its marketing and selling rights in respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e NCDRC, New Delhi. It is further submitted by the Corporate Debtor that the Financial Creditor is having efficacious remedy under the RERA Act. 13. On seeking clarification, the Financial Creditor has filed its Affidavit on 06.11.2018 stating the following : "3. a. That the petitioner had filed two petitions against the Respondent/ Corporate Debtors namely, M/s Horizon Buildcon Private Limited ("Corporate Debtor I") bearing CP (IB) No. 266/ ND/ 2019 and M/s Horizon Concept Private Limited ("Corporate Debtor 2") bearing C.P. (IB) No. 594/ND/2019 for the same amount of the default, since both the Respondent/ Corporate Debtors are liable to pay the default amount to the Petitioner/ Financial Creditor. It is submitted that M/s Horizon Build ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount of default with the IRP of Corporate Debtor 2." 14. It is an admitted fact that the M/s Horizon Concept Pvt. Ltd. (HCPL) is a marketing arm of the M/s Horizon Buildcon Pvt. Ltd. (HBPL). As per the terms and conditions mentioned at Clause- D of the Apartment Buyer Agreement dated 14.02.2014 executed between M/s Horizon Concept Pvt. Ltd. (HCPL) and Mr. R. Tarkeshwar Narayan, Financial Creditor the M/s Horizon Buildcon Pvt. Ltd. (HBPL) had empowered its marketing arm i.e. HCPL to market, sell and receive consideration amount on their behalf. Further, proceedings initiated before NCDRC and the remedy available under RERA Act are not an impediment in invoking the proceedings under Section 7 of IBC 2016. 15. From the submissions made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor." 17. As proposed by the Financial Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
