9911796707
TMI Blog2019 (6) TMI 1632X X X X Extracts X X X X X X X X Extracts X X X X ..... payable to the 'Interim Resolution Professional' and present 'Resolution Professional' and resolution cost payable to one or other IRP/RP. On such determination, the amount is to be paid by the 'Corporate Debtor' - 'Morpheus Developers Private Limited' within the period as may be prescribed by the Adjudicating Authority. Appeal allowed by way of remand. - Company Appeal (AT) (Insolvency) No. 211 of 2019 - - - Dated:- 4-6-2019 - S.J. Mukhopadhaya, A.I.S. Cheemaand Kanthi Narahari, JJ. For Appellant: C.S. Gupta, Anand Shukla and Rakesh Singh, Advocates For Respondents: Prachi Johri and M.K. Pandey, Advocates ORDER 1. 'Mr. Kapil Arora' filed an application under Section 7 of the 'Insolvency and Bankruptcy Code, 2016' (for short, 'the I B Code') against 'Morpheus Developers Private Limited' (Corporate Debtor) which was admitted by the impugned order dated 12th February, 2019. The Appellant - Shareholder and Director of the 'Corporate Debtor' has preferred this appeal. 2. On 7th May, 2019, we allowed the parties to settle the matter taking into consideration that number of Allottees a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Bench, New Delhi. The proceedings against Morpheus came to be registered as C.A. No. (IB) 949(PB)/2018. WHEREAS the Hon'ble Adjudicating Authority being Hon'ble National Company Law Tribunal, Principal Bench, New Delhi vide orders dated 12.02.2019 passed in C.A. No. (IB)949(PB)/2018 admitted Morpheus into insolvency. WHEREAS the SECOND PARTY filed an appeal against order dated 12.02.2019 passed by Hon'ble National Company Law Tribunal, Principal Bench, New Delhi in CA. No. (IB) 949(PB)/2018 before Hon'ble National Company Law Appellate Tribunal being Company Appeal (AT) (Insolvency) No. 211/2019 and the same is pending before the Appellate Tribunal whereas parties have been directed to explore for settlement. WHEREAS the Parties have met and have been able to reach an amicable settlement whereby the SECOND PARTY has agreed to pay off the financial debt of Morpheus and the FIRST PARTY has agreed to withdraw his claim under the Insolvency and Bankruptcy Code, 2016, strictly under the terms and conditions of this Agreement and applicable law. WHEREAS the present Settlement Agreement is being signed in order to amicably resolve the matters and to ensure re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aring unit numbers mentioned in Schedule I to this Agreement by earmarking these units towards repayment of debt and interest. In case of default in payment or under any of the terms of this Agreement, it shall be the sole discretion of the FIRST PARTY to take any remedy in law including insolvency proceedings against Morpheus and/or take the units mentioned in Schedule I to this Agreement allotted to him and/or both to the extent of the debt payable alongwith interest. The FIRST PARTY shall not sell, lease or further alienate the said units mentioned in Schedule I to this Agreement except in the case of default in payment of any instalment as laid out in clause 3 of this Agreement. In case payments have been received by the FIRST PARTY in part, the Flats mentioned in Schedule I shall be released to the extent. The SECOND PARTY shall ensure that no third party rights are created on the said units mentioned in Schedule I to this Agreement till entire repayment of debt along with interest is made under this Agreement. (c) The SECOND PARTY covenant and agree that Morpheus will have the Builder Buyer Agreements and Allotment Letters executed in favour of the FIRST PARTY for the unit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his Agreement shall be binding on the Parties and shall remain binding irrespective of orders to be passed in Writ Petition (C) No. 454/2019 pending before the Hon'ble Supreme Court whereby the SECOND PARTY has challenged validity of certain clauses of the Insolvency and Bankruptcy Code, 2016. The SECOND PARTY covenants that it has not sought and undertakes not to seek any specific remedy against the FIRST PARTY in Writ Petition (C) No. 454/2019 pending before the Hon'ble Supreme Court of India. 7. It is made clear and is understood by the parties that present Settlement Agreement will be effective and implemented only after the Insolvency Proceedings against Morpheus are terminated and/or closed and/or order dated 12-02-2019 is set aside. The first instalment dated 20.05.2019 will be paid in the form of a cheque issued by the SECOND PARTY that the SECOND PARTY will keep alive (by replacing the same every 3 months) till such time as. 8. This Agreement becomes effective. The timeline for the other instalments shall stand extended by as many number of days as the first instalment is extended beyond 20.05.2019. 9. In case of any default in repayment under clause 3 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nominees, administrators, successors, permitted assigns etc. as the case may be being the Party of the FIRST PART); AND Buyer(s) means a Flat Buyer(s) in Morpheus Pratiksha Project (Part of COC (1-54) List enclosed as admitted by IRP as per sec. 18 21 of IBC-2016 through Authorised Representative as per appointed by Home buyer as per Public announcement made by IRP and further appointed by NCLT as per IBC-2016 Mr. IP NAVJIT SINGH (Hereinafter referred as MDPL (HB) (1-54) list enclosed and MDPL (HB) (1-54) which expression unless repugnant to the context and meaning thereof shall deem to mean and include their legal heirs, legal representatives, successors, assigns, representatives, nominees, administrators, successors, permitted assigns etc. as the case may be being the Party of the SECOND PART;). That MDPL MDPL (HB) (1-54) holding 82% share of COC Constitute by IRP as per sec-21 of IBC-2016 shall be individually referred to herein as Party and collectively as the Parties . WHEREAS, MDPL MDPL (HB) (1-54) have entered into the Settlement Agreement on 30th May 2019 (hereinafter called Settlement Agreement) and an application under Section 12 A was filed by the M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... booked flat in pre-launch stage and could not sign BBA till date due to dispute with Morpheus, (3-years from the date of approval of the project OR 3-years from the date of 10% payments to Morpheus, whichever is later), shall be considered for calculation of delayed compensation amount. 2. Morpheus will offer the buyers of B7-B10 (phase-2) to transfer their booking to Phase-1 (Tower B1-B6), at the same rate of booking. Total delay possession penalty up to the date of re-allotment against the allotment of Phase-2 flat shall be adjusted at the time of making new agreement upfront. Morpheus will offer an exit option for the buyers of Phase-2, who... EITHER would not be accommodated in phase-1 due to inventory issues OR do not want to transfer their flat bookings to Phase-1. In such cases, Morpheus will refund the deposited amount with simple interest, at the rates of MCLR +1% as per RERA for the period from the date of actual hooking till the date of refund. In case the REFUND is made in instalments the compensation shall he calculated till the date of actual REFUND amount against each instalment of Refund. Refund would be paid after 30th June-2020 and before 31st December &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rate (Payable to buyers by builder for delay in possession) and Delay Payment Penalty Rate (payable to builder by buyer for delay in due payments) shall be MCLR +1% as per RERA. 13. Morpheus will offer Possession of Towers after obtaining OC from Greater Noida Authority. The offer of possession letter should be sent along with OC Certificate. 14. Morpheus will not increase Super area at the time of possession, unless BBA mentions about increase of Carpet Area/Build-up area. 15. The agreement/commitments made above will be applicable even after dissolving of COC and subsequent NCLT Proceedings, with respect to the said Project. 16. This Agreement is made, taking COC/Buyers into confidence for carrying out construction work to deliver flats to buyers by Morpheus, Therefore options for Any Change in the Primary ownership for Morpheus Pratiksha project shall not be exercised. 17. In case of any conflict of terms with the BBA, the terms in this Agreement will prevail. This Agreement is signed at NOIDA (Place) and on 30TH May, 2019 by ... IN WITNESS whereof this Settlement Agreement has been entered into on the date first above written. SUBMITTED: - Through AR (IP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of 'Corporate Insolvency Resolution Process' against the 'Corporate Debtor' - 'Morpheus Developers Private Limited' if the Terms of Settlement' is violated; in case the Terms of Settlement' is not complied with in its letter and spirit and it will also be open to file a petition for contempt proceedings and for action in accordance with law against the Directors of the 'Corporate Debtor'. So far as the fee of the 'Interim Resolution Process/Resolution Process and cost of resolution process is concerned, the matter is remitted to the Adjudicating Authority, Principal Bench, New Delhi to determine the claim and fix the fee payable to the 'Interim Resolution Professional' and present 'Resolution Professional' and resolution cost payable to one or other IRP/RP. On such determination, the amount is to be paid by the 'Corporate Debtor' - 'Morpheus Developers Private Limited' within the period as may be prescribed by the Adjudicating Authority. 10. In the result, the appeal is allowed with aforesaid liberty. In effect, order (s) passed by Ld. Adjudicating Authority appointing 'Interim Resolution Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
