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TMI Blog2019 (9) TMI 1570X X X X Extracts X X X X X X X X Extracts X X X X ..... rocess in respect of Respondent Company, M/s. Antriksh Infratech Pvt. Ltd., who is stated to be the Corporate Debtor. 2. The Respondent Company - the Corporate Debtor, M/s. Antriksh Infratech Pvt. Ltd. (CIN U452000DL2009PTC187056) was incorporated on 29.01.2009 under the provisions of the Companies Act, 1956. The registered office of the Respondent Corporate Debtor is situated at S-302, 3rd Floor, Aggarwal Mall Sector-5, Near Ashirwad Chowk, Dwarka, New Delhi-110075. Its authorized Share Capital is Rs. 1,00,000 and the Paid-up Share Capital is Rs. 1,00,000 as per the details given in master data on the official website of Registrar of Companies. Since the registered office of the respondent corporate debtor is in Delhi, this Tribunal being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Financial Creditor had payed a consideration of Rs. 25,00,000 vide Draft No. 000055 drawn on HDFC Bank, as acknowledged by the Corporate Debtor vide their Receipt 0492 dated 13.07.2015. 5. Subsequently, the financial creditor executed a Memorandum of Understanding on 28.07.2015 with the Corporate Debtor for the said apartment for a total sale consideration of Rs. 25,00,000. The Petitioner has made payment of Rs. 25,00,000 on 08.07.2015. 6. That as per the Clause 2(c) of the Memorandum, of Understanding, the Corporate Debtor "Company has agreed to give return of 25% per annum at the end of the 24 months or at the issuance of Final LTC by the competent authority (whichever is earlier) from the date of receipt of (10% Booking Amount and Seco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ely stalled. No intimation with regard to refund of the said amount was given to the Financial Creditor. L. That Corporate Debtor has promised the Financial Creditor to pay an amount of Rs. 25,000,00/- and give return of 25% per annum at the end of 24 months which ended on 07.07.2017 but Corporate Debtor have miserably failed and not returned the above said amount. The Corporate Debtor, as stated above, failed to honor the aforesaid Agreement. M. That the Financial Creditor, issued demand notice/email dated 01.02.2019 demanding a sum of Rs. 47,31,164.38/- which included (i) principle amount of Rs. 25,00,000/- + interest @ 25% per annum till 08.02.2019. But the Corporate Debtor refuse to accept the above said notice and the e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Process under Section 7 of the Code against the respondent Corporate Debtor in case of default in repayment of financial debt. 12. As per the material placed on record, it is confirmed that the applicant - financial creditor had disbursed the money to the respondent - Corporate Debtor as consideration for purchase of a residential apartment. Though, a considerably long period has lapsed, even the principal amount has not been repaid by the Corporate Debtor as per the Memorandum of Understanding. It is, therefore, evident that the Corporate Debtor has committed default in repayment of the outstanding financial debt which exceeds the statutory limit of rupees One Lakh. Thus, the application warrants admission as it is complete in all res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the company in the Register of RoC expeditiously. All expenses incurred on the process of restoration of the Company shall be reimbursed by the CoC to be recovered as cost of CIR process. 15. Accordingly, in terms of Section 7(5)(a) of the IB Code, the present application is admitted and as proposed by the applicant, Sh. Yogesh Kumar Gupta having his office at C-17B, Basement, Kalkaji, New Delhi-110019 (email [email protected]) and registration No. IBBI/IPA-003/IP-N00078/2017-18/10701 is appointed as an Interim Resolution Professional. 16. In pursuance of Section 13(2) of the Code, we direct the Interim Insolvency Resolution Professional to make a public announcement immediately with regard to admission of this application under Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contract of guarantor to a Corporate Debtor. Additionally, the supply of essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. These would include supply of water, electricity and similar other supplies of goods or services as provided by Regulation 32 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 19. The Interim Resolution Professional shall perform all his functions religiously and strictly which are contemplated, inter alia, by Sections 15, 17, 18, 20 & 21 of the Code. He must follow the best practices and principles of fairness, which are to apply at various stages of Corporate Insolvency Resolution Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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