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TMI Blog2018 (5) TMI 2099X X X X Extracts X X X X X X X X Extracts X X X X ..... er claiming to be the financial creditor has filed the instant Petition 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') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent company M/s Premia Projects Limited (for brevity the corporate debtor). 2. It is appropriate to mention that the Corporate Debtor - M/s Premia Projects Ltd was incorporated on 19.04.2012. The identification number of the Corporate Debtor given is CIN U45200DL2012PLC235075 and its registered office is situated at 3/ 18/4F, Block - 3, East Patel Nagar, New Delhi - 110008. The authorised share capital of the company is ₹ 2,00,00,000/- (Two crores only) and the Paid-up share capital is ₹ 5,00,000/-(Five Lakhs only), respectively. 3. The precise case of the Petitioners is that the Corporate Debtor had entered into a sale/ purchase MOU on 11.10.2013 with the Petitioner for sale/ purchase of 3500 sq.fts. constructed space on the ground floor in Tower-A, Unit No.4, property No. 201 in Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tutory deductions as per prevailing law. 6. It is also submitted that a letter dated 27.02.2013 had been issued to the Financial Creditor confirming that instead of 12% Assured Return, it has been approved for 12.5% (on term of the application form and the MOU). Subsequently, another letter with the subject Provisional Allotment Letter dated 04.04.2014 was issued by the Corporate Debtor confirming the booking in the project Premia Corporate City in respect of unit bearing no.4 in Tower No. A measuring 3500 sq.ft. 7. The Financial Creditor has proposed the name of Mr. Alok Kumar Kuchhal as the Insolvency Professional with the address C - 154, Sector - 51, Noida - 201301, U.P. and email id [email protected] . His registration number is IBBI/IPA-002/IP-N00114/2017-18/10284. He has filed his written communication as per the requirement of Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. He has declared that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. In addition, further necessary disclosure has been made by Mr. Alok Kumar Kuchhal as per the requirement of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Financial Creditor that it had issued a demand notice to the Corporate Debtor on 25.01.2017 calling upon the Corporate Debtor to make payment of the outstanding amount after receipt of such notice. Subsequently, another legal notice dated 13.10.2017 was sent by the Petitioner. The Corporate Debtor did not reply to any of these notices. 11. On 07.03.2018 during the course of hearing, it was found by this Tribunal that in support of disbursement of the amount the Counsel for the Petitioner had not been able to clarify when the amount by the petitioner was deposited and when the assured returns were paid or adjusted. In part- IV of the application averments have been made in a blanket manner without giving any detail and the position could not be clarified. 12. In compliance of the order dated 07.03.2018 the Petitioner submitted an application on 16.03.2018 vide Diary No. 1482 enclosing the details of the payment made to the respondent and the details of the payment of assured return; and also the details of the payments received as assured return from the Respondents along with a letter dated 02.07.2015. 13. The details of the Payments adjusted against assured retu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng that the order was affixed on the outer walls and are also attached with the affidavit of service. It was found that the Corporate Debtor had been deliberately avoiding to accept notice and did not choose to come before this Tribunal. Afterwards vide order dated 22.03.2018 respondent was proceeded ex-parte. 16. Mr. Javed Khan, learned counsel for the petitioner has argued that all requirements of Section 7 for the initiation of Corporate Insolvency Resolution Process by a Financial Creditor stand fulfilled. In that regard, he has submitted that the application as prescribed by Rule 4 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 (2) of IBC is complete in all respects. He has further submitted that the details of the default along with the dates have been stated in part IV and the additional documents submitted subsequently along with all the minute details. There is overwhelming evidence available to prove default and name of the resolution professional has also been clearly specified. 17. Mr. Javed Khan has highlighted the provisions of the Memorandum of Understanding and argued that the clause is binding on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of pending suits or proceedings 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. 22. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government. 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 IB ..... X X X X Extracts X X X X X X X X Extracts X X X X
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