9911796707
TMI Blog2021 (12) TMI 963X X X X Extracts X X X X X X X X Extracts X X X X ..... . The petitioner no.1 has also got his presence marked before Sub- Registrar for the execution of sale deed - The petitioner no.2 has also issued various letters dated 09.12.2016, 16.05.2018 and 06.01.2020 for the construction of flat and assurance has been given to the petitioner no.2 that the possession of the completed flat will be given but Corporate Debtor failed to fulfil its commitment. Therefore, the present petition is filed within limitation. Whether the present petition is maintainable? - HELD THAT:- The petitioner has filed a compliance affidavit vide a diary no. 00462/2 dated 16.11.2021 wherein it has been stated that total number of plots in the project of corporate debtor is 12 plots which is further divided into 36 flats. The petitioner no.1 is having two whole plots bearing no. HPE-PEA106 HPEPEA105 and the petitioner no.2 is having a flat in the plot no. HPE-PEA103. Therefore, the requirement of having 10% of the allotment in the project is satisfied. The application filed in the prescribed Form No.1 is found to be complete. The present petition being complete and having established the default in payment of the Financial Debt for the default amount being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re attached as Annexure A-I/4 and I/7, respectively of the petition. It is also stated that petitioner No.1 has cleared all his dues towards his investment/plot in the project of Corporate Debtor and the Petitioner No.2 has paid ₹ 26,00,000/- (Twenty Six Lakhs Only) for his allotted flat. As per the agreement dated 17.01.2018, the Corporate Debtor had to deliver the possession of plots on 16.04.2018 but the same was not handed over to the petitioners. The petitioner No.1 has also got his presence marked by way of affidavit before Executive Magistrate pertaining to the execution of sale deeds. The aforesaid affidavit is attached at Annexure-I/5 of the petition. The date for delivering the possession of flat to Petitioner No. 2 as per agreement dated 10.12.2014 is stated to be 31.12.2019, but the same has not been delivered to him. 4. It is further submitted that petitioner No.1 has issued a letter dated 27.07.2018 requesting the directors of the Corporate Debtor to hand over the aforesaid plots or to refund the amount along with interest. The Corporate Debtor has duly replied vide letter dated 30.07.2018 wherein it was assured to the petitioner No.1 that the plots will be r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e attached as Annexure A-1 and A-2 of the aforesaid affidavit. 8. On 24.11.2021, Mr. Varinder Chhibbar, Advocate appeared on behalf of the Corporate Debtor and filed reply vide Diary No.00462/3 dated 23.11.2021. 9. The respondent-Corporate Debtor has submitted that the Company has been experiencing severe financial crisis owing to losses. The Corporate Debtor has no objection, if the present petition is admitted. 10. We have heard the learned counsels for the petitioner and the respondent-corporate debtor and have also perused the record carefully. 11. Section 7(5)(a) of the Code is as follows:- 5) Where the Adjudicating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application. 12. In the present case, the occurrence of default is evidenced by the copy of Agreement to Sell dated 17.01.2018 executed between the corporate debtor and the petitioner no.1 along with copy of receipts and Agreement to Sell dated 10.12.2014, executed with the petitioner No.2 and the same are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or shall be filed jointly by not less than one hundred of such creditors in the same class or not less than ten per cent. of the total number of such creditors in the same class, whichever is less: Provided further that for financial creditors who are allottees under a real estate project, an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such allottees under the same real estate project or not less than ten per cent. of the total number of such allottees under the same real estate project, whichever is less: Provided also that where an application for initiating the corporate insolvency resolution process against a corporate debtor has been filed by a financial creditor referred to in the first and second provisos and has not been admitted by the Adjudicating Authority before the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2020, such application shall be modified to comply with the requirements of the first or second proviso within thirty days of the commencement of the said Act, failing which the application shall be deemed to be withdrawn be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. (g) The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 16. The Law Research Associate of this Tribunal has checked the credentials of Mr. Navneet Kakkar and there is nothing adverse against him. In view of the above, we appoint Mr. Navneet Kakkar, Registration No. IBBI/IPA-001/IP-P01731/2019-2020/12765, R/o SCO-145, 2nd Floor, Sector 28-D, Chandigarh, Email: [email protected], Mobile No. 9855018710 as the Interim Resolution Professional. The IRP is directed to take the steps as mandated under the IBC, specially under Sections 15, 17, 18, 20 and 21 of IBC, 2016. 17. The Interim Resolution Professional shall after collation of all the claims received against Corporate Debtor and the determination of the financial position of the Corporate Debtor constitute a Committe ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
