9911796707
TMI Blog2022 (5) TMI 653X X X X Extracts X X X X X X X X Extracts X X X X ..... iate the Corporate Insolvency Resolution Process ('CIRP') against M/s. Lalith Gangadhar Constructions Private Limited (hereinafter referred to as 'Respondent/Corporate Debtor). 2. The Corporate Debtor namely M/s. Lalith Gangadhar Constructions Private Limited is a Company incorporated on 19.09.2007 under the provisions of the Companies Act, 1956 with CIN:U45201KA2007PTC043903 having its registered office at No. 12/1, Rest House Road, Bangalore - 560001, which falls within the territorial jurisdiction of this Adjudicating Authority. The Nominal Capital of the Respondent/Corporate Debtor is Rs. 10,00,000/- and the Paid-Up Share Capital is Rs. 2,18,180/-. 3. The present application has been filed by the Financial Creditors agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the land on which the project is proposed to be constructed. Based on the representations and assurances of the corporate debtor, the financial creditors decided to purchase townhouses in the residential project/LGCL One Street. Accordingly, each of the financial creditors entered into agreements for sale and construction agreements with the owner of the land, who was represented by the corporate debtor who is the power of attorney holder of the owner of the land. Pursuant to such agreements, the financial creditors disbursed sums of money to the corporate debtor for the purpose of construction and the sale of the townhouses which is attached as Annexure-A of the Petition. 5. It is further submitted that in September 2019, the construction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disappointment of the financial creditors, the project is still at a very nascent stage. Photos displaying the nascent stage of the construction on the project of the corporate debtor is attached as Annexure - F of the petition. The financial creditors understand that the corporate debtor does not have a valid and subsisting registration for the project under the Real Estate (Regulation & Development) Act, 2016. 8. Further, the website of the corporate debtor has been "Suspended". A screenshot of the suspended website of the corporate debtor is attached as Annexure - G of the Application. The financial creditors have made multiple attempts to contact the corporate debtor and seek resolution. The financial creditors have issued multiple ema ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of default is evidenced by the details furnished by the Petitioner including the record of financial information (Form-C) issued by NESL in respect of the debt of the Corporate Debtor (enclosed as Annexure-B Series of this Petition). 14. The other issue for consideration is whether present application is filed within limitation. The transaction involving the defaulted amount dates back to 03.03.2019 (as shown as Annexure B-31) and the application was filed on 28.09.2021. Hence, the Petition has been filed within the period of limitation. 15. The respondent corporate debtor in his reply, admitted the debt and default. 16. The application filed in the prescribed Form No. 1 is found to be complete. 17. In the given facts and circumstances ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f) The provisions of Section 14(3) shall however, not apply to such transactions as may be notified 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 passed an order for liquidation of Corporate Debtor under Section 33 as the case may be; 18. In Part-III of Form No. 1, Mr. Ratnakar Shetty, Registration No. IBBI/IPA-001/IP-P01630/2019-2020/12718 has been proposed as Interim Resolution Professional (IRP). Form No. 2 dated 09.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
