9911796707
TMI Blog2022 (5) TMI 487X X X X Extracts X X X X X X X X Extracts X X X X ..... applicant for scrutiny - direction that 2nd Respondent to postpone the committee of creditors meeting to be scheduled - interest rate for calculation of Financial Debt as on commencement of Insolvency be as per the provisions of the RERA act or as per the contract whichever is higher - direction that the element of Compensation, allowable under RERA Act at least on the notional rental lost due to delay be allowed. HELD THAT:- It is evident from the records that out of the 53 members of the Applicant Association, claims of 22 members were admitted before the 01.01.2022 and they had attended through Authorized Representative in the 1st Meeting of COC. Thereafter on submission of appropriate documents, the claims of all the members of the Applicant association were also admitted and they have taken part in the decision-making process through duly appointed Authorized Representative. Therefore, the Applicant herein is factually beneficiaries due to the decisions taken in the 1st Meeting of CoC held on 22.02.2022 who were part of CoC and had agreed to extent the Interim Finance for the CIRP. There are no provision in the IBC, 2016 allowing the claimants to scrutinize the claims m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d prior to 01.01.2022 be verified prior to the formation of Committee of Creditors and selection of Authorized representative. ➢ Direct that the claim of Thomas Kuruvilla (who has flats only in Prakrithi Towers) be made available to the applicant for scrutiny and a enquiry be made through the Sub Registrar s Office Karakulam, Thiruvananthapuram to verify the ownership of properties against which the claims have been made. ➢ Direct the 2nd Respondent to postpone the committee of creditors meeting to be scheduled as per Annexure All on 22.02.2022 till all the claimants in Haritham tower who had submitted before the last date stated in the paper publication dated 21.12.2021 and also the claims submitted pursuant to email send by the 2nd respondent after the last date are included in the list of published. ➢ The interest rate for calculation of Financial Debt as on commencement of Insolvency be as per the provisions of the RERA act or as per the contract whichever is higher. ➢ An element of Compensation, allowable under RERA Act at least on the notional rental lost due to delay be allowed. IA(IBC)/51(KOB)/2022 2. This IA(IBC)/5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2022. 6. It is stated that the Applicant came to know that a loan of 10 crores was sanctioned by the Federal Bank, Ernakulam North Branch in March 2015 by MIR Realtors mortgaging an extent of 87 cents in R.S.No 233/1,233/1-28 of Karakkulam Village, Nedumangad Taluk of Thiruvananthapuram District. This extent is the part and parcel of the land having a total extent of 11 acres 15 cents and 685 sq. meters in Sy. No. 1231/3, 1232/3 and 1187/1 in Block No. 34 of Karakkulam Village, Nedumangad Taluk of Thiruvananthapuram District. These 87 cents are not separated and is lying as a contiguous land with the rest of the township developed. The ingress and egress to these 87 cents is through the main entrance provided for the township. It is further stated that the construction is being conducted on behalf of the applicant in the land agreed to be sold in their favour by the land owner. The apartment allottees had paid 90%-97% of the cost prior to the loan sanctioned by the Federal Bank. Hence the sale made by the other party i.e., the land owner to the Joint venture in favour of MIR Realtor is a sham document and only to defeat the members of the Applicant association. 7. It is state ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... igning any reason, in spite of requests and reminders. Holding of the first CoC without including all the claimants who had submitted claims prior to the due date is violative of the IBBI Regulations and the IBC Act and would violate the rights of the claimants. It is further stated that the claim raised by one Thomas Kuruvilla includes 15 flats of the Prakriti Towers. These flats having Numbers 1111,1112,1113,1114,1115,1121,1123,1124,1115,1131, 1132,1133,1134 1135 claimed to be Allotted to Thomas Kuruvilla. are sold and transferred to Arun Kumar, MD of MIR Realtors, by the Land owners vide document numbers 2164 to 2178 dated 17-9-2014 of SRO Karakulam. A huge claim of 26 crores has been approved in favour of Mr. Thomas Kuruvila, who claims to be an allotee in the completed Prakriti Towers and of several villas that are completed. These flats/villas are completed and the panchayat has allotted house numbers in 2012/2013, wherein the completion certificate is deemed to have been issued. The 15 flats stated above in the Prakriti Towers has been mortgaged to Banks/ LIC by Mr. Arun Kumar and are under Attachment by Andhra Bank, Dhanalaxmi Bank, LIC and Federal Bank. The flats 1133,11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kavirajan did not submit any claims as on 08.03.2022. Four allottees of the Association submitted their claims after 01.01.2022. It is stated that 22 (Twenty-two) claims submitted by the home buyers belonging to applicant Association were already admitted out of the claims submitted up to 01.01.2022. All the remaining (excluding withdrawn and those who did not submit) claims are admitted as on the date of this affidavit. It is stated that the attachments in the six mails forwarded by the applicants could not be opened and therefore, the Respondent No. 2 had requested them to resend the same. On 11.01.2022 the Respondent No. 2 has sent a detailed note on Regulation 8A (2) of the IBBI (CIRP) Regulation about resubmission of claims to all the home buyers of the Corporate Debtor including members of this Association. On 13.01.2022 the 2nd Respondent has also sent a detailed FAQ to all the above home buyers for their common benefit to understand about procedures of CIRP. It is further stated that on 17.01.2022 the 2nd Respondent has sent another email to the office bearers of the Applicant Association extending all the support in the event of them facing any difficulties in the process ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame nature of documents from Shri. Thomas Kuruvilla as he has accepted from other claimants. 16. It is also stated that the 2nd Respondent has applied the interest rates given in the Regulations while accepting the claims. Moreover, if the contract between the allottees and the Builder do not contain paying of the notional rent by the Builder, the IRP is incapable to accept such claims. It is further stated that there was no arbitrariness on the part of IRP while accepting the claims of other homebuyers/allotees, basing the similar nature of documents submitted by them. The claims of the other members were accepted in the due course upon submission of the claims with proper details. 17. The 2nd Respondent has also stated the position as on 08.03.2022, which included the claims of the members of the Haritham Owners Associations. It is also stated that the application is infructuous as their claims have been accepted in due course. The CIRP is in full swing with Authorized Representative who is the representative of all the class of creditors (Homebuyers/Allottees herein) has been appointed by this Tribunal and the RP is focused on the process laid down in the Code and CIRP Reg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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