9911796707
TMI Blog2019 (2) TMI 1974X X X X Extracts X X X X X X X X Extracts X X X X ..... the proposed Interim Resolution Professional. Petition admitted - moratorium declared. - C.P. NO. IB-949(PB)/2018 - - - Dated:- 12-2-2019 - CHIEF JUSTICE (RTD.) MOM KUMAR HON'BLE PRESIDENT AND DR. DEEPTI MUKESH MEMBER (JUDICIAL) For Petitioner: Mr. Rahul Gupta, Advocate For Respondent: Ms. Manisha Chaudhary, Advocate ORDER 1. The present application is filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by Mr. Kapil Arora (for brevity 'Petitioner') with a prayer to trigger Corporate Insolvency Resolution Process against Mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the MoU the Respondent acknowledged having received a sum of ₹ 1,00,00,000/- from the Petitioner and agreed to allot 2 flats in the project Morpheus Pratiksha being unit no. 2303, Tower 6 having super area 2480 sq. ft and unit no. 2403, Tower 6 having super area 2480 sq. ft. The Respondent also acknowledged its liability to pay mutually agreed assured returns of ₹ 3,00,000/- which would amount to ₹ 2,70,000/- after subtraction of TDS payable to the Petitioner. Cheques in lieu of the principal amount and monthly assured returns were handed over to the Petitioner by the Respondent. Allotment letter containing terms and conditions for the aforesaid mentioned two units were issued in favour of the Petitioner on 16.10.2014. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the possession since the Respondent is unable to complete the project and not in a position to repay its debts. The Petitioner's repeated requests for repayment of amounts paid by it have gone unanswered. The Petitioner has strong reasons to believe that the Respondent has no money to repay the amounts. 9. The Financial Creditor further states that the Respondent's insolvency is evident from the fact that another application against the Respondent under the provisions of the Insolvency and Bankruptcy Code, 2016 was admitted and insolvency, proceedings initiated against it but the debt was settled by the Respondent with the creditor and insolvency proceedings was quashed by the Hon ble Supreme Court of India. 10. The total amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the alleged signatures on these alleged payment vouchers and stated that the signatures on these vouchers do not even match. Moreover, the alleged vouchers also are not for the full amount claimed to have been paid by cash. The Petitioner unequivocally states that no such cash payments have been made for return of principal amount and the same remains outstanding. The bank statement of the respondent does not even reflect the principal amount paid to the financial creditor. 13. Subsequently, the Financial Creditor has stated that the default had occurred when the Respondent failed to deliver possession of the units allotted to the Petitioner by December 2017. The default occurred when the grace period of 6 months for delivery of possess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BC. This Tribunal is satisfied that a default has occurred and the application under Section 7 is complete. The name of the IRP has been proposed and there are no disciplinary proceedings pending against the proposed Interim Resolution Professional. 16. As a sequel to the above discussion, this petition is admitted and Mr. Ashutosh Jain with the address A-210, Lower Ground Floor, Shivalik, Malviya Nagar, New Delhi-110017 and email-id [email protected] and having registration number IBBI/IPA-001/IP- P00394/2017-18/10712 is appointed as the Interim Resolution Professional. 17. In pursuance of Section 13 (2) of the Code, this Tribunal direct that Interim Insolvency Resolution Professional shall immediately make public announcement with regar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otified by the Central Government in consultation with any financial sector regulator. b. a surety in contract of guarantee to a Corporate Debtor. 19. The Interim Resolution Professional shall perform all his functions religiously and strictly which are contemplated, inter alia, by Sections 15, 17, 18, 19, 20 21 of the Code. He must follow best practices and principles of fairness which are to apply at various stages of Corporate Insolvency Resolution Process. His conduct should be above board independent; and he should work with utmost integrity and honesty. It is further made clear that all the personnel connected with the Corporate Debtor, erstwhile directors, promoters or any other person associated with the Management of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
