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TMI Blog2020 (3) TMI 1356X X X X Extracts X X X X X X X X Extracts X X X X ..... y resolution process ("CIRP") against corporate debtor namely Oxford Facilities Management as the corporate debtor has committed default in payment of outstanding debt. The amount claimed to be in default is Rs. 5,64,72,615.80. 2. The facts, in brief, are that as a consequence of possession of Flats and formation of Residence Welfare Association, the funds given by the flats buyers to the builder in sinking fund and maintenance fund were to be transferred to the association by the entity assigned by the builder to utilize the same till such association was formed. However, such funds had not been returned. 3. The Ld. Senior Counsel appeared on behalf of the financial creditor and drew our attention to clause 5 (8) (f) and explanation ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submissions made by both sides and material on record. Admittedly, there is a debt which is due and default has occurred in payment thereof. The amount of undisputed debt is more than Rupees One Lac after considering the claim made by the financial creditor to exclude the amount of impugned debt from the claimed amount made against M/s. Avani Projects and Infrastructure Limited in separate CIRP proceedings. The debt also falls in the category of financial debt, hence, no dispute remains as regards the nature thereof. 7. We further find that the name of IRP has been proposed, hence, we approve the same. The application is otherwise complete and defect-free. We admit the same and order as under: ORDER (i) The application filed by the fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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. (v) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during moratorium period. (vi) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (vii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. (viii) Provided that where at any time during the corporate insolvency resolution process period, if the Adjudic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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