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TMI Blog2022 (6) TMI 169X X X X Extracts X X X X X X X X Extracts X X X X ..... ted - moratorium declared. - Company Petition (IB) No. 188/ND/2020 - - - Dated:- 25-5-2022 - Abni Ranjan Kumar Sinha, Member (J) And L. N. Gupta, Member (T) For the Appellant : Harsh Tikoo, Adv For the Respondents : Subhash Choudhary and Ravindra Singh, Advs ORDER As Per : Sh. Abni Ranjan Kumar Sinha , Member ( Judicial ) 1. The present petition is filed under Section 9 of Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 by the Applicant/Operational Creditor, i.e. Singhal Pipes Private Limited for initiation of Corporate Insolvency Resolution Process against the Respondent/Corporate Debtor Company LA Residentia Developers Pvt. Ltd. . 2. The Operational creditor is a company engaged in trading of cement, sockets, pipes and ancillary materials. 3. The Corporate Debtor is a real estate developer 4. Brief Facts of the case are as follows: i. That in December 2016, the Respondent had approached the Applicant to purchase the pipes, socket, cement and allied products on regular basis and issued a purchase order. ii. That from 15.02.2017 till 20.05.2017, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 03-2017 18-05-2017 to the Applicant for the supply of plumbing and ancillary goods having payment terms of 30 days. Copies of the Purchase Orders are annexed as Annexure C of the Application (Page 64 - 76). 5. That the Applicant Operational Creditor supplied the goods as per Purchase Order and raised the tax invoices of an amount of Rs. 18,25,319/- [Eighteen Lacs Twenty Five Thousand Three Hundred Nineteen Indian Rupees] for the payment to the Corporate Debtor. Copies of tax invoices are annexed as Annexure A of the Application (Page 41-57). 6. That the Corporate Debtor made certain part payment however failed to liquidate/pay the unpaid Operational Debt. A Copy of Ledger Account maintained by the Applicant Operational Creditor is annexed as Annexure B of the Application (Page 58-63) 7. That Corporate Debtor has also confirmed the amount of Unpaid Operational Debtor of Rs. 18,25,319/- [Eighteen Lacs Twenty Five Thousand Three Hundred Nineteen Indian Rupees] on 31-10-2017. A Copy of email from Corporate Debtor dated 31-10-2017 having confirmed ledger account maintained by Corporate Debtor is annexed as Annexure E of the Application (Page 148-149). 8. That ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Written Communication from Proposed Interim Resolution Professional is annexed on Page 28 - 40 of the Application. 14. That Hon'ble Adjudicating Authority issued notice to the Corporate Debtor vide its order dated if Jan 2020 and on 23rd January 2020, The Hon'ble Adjudicating Authority again directed the Applicant on request of the counsel of Corporate Debtor to provide complete paper book, the same was duly complied by the Applicant as per the direction. The Affidavit of Service along with Proof of Service, Tracking Report was filed by the applicant and available on record. The Respondent corporate debtor did not file any reply to the Application. 15. It is most humbly submitted that Applicant Operational Creditor has a bonafide case in its favour in relation to the present application under Section 9 of the Insolvency and Bankruptcy Code, 2016 and Application is complete in accordance with Section 9 read with Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016. 16. Thus, the present Application is prayed to be allowed for initiation of Corporate Insolvency Resolution Process under the provisions of Insolvency and Bankruptcy Code ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the forensic auditors considered various issues and submitted their reports in month of February and April 2019 with regard to the project 'Amrapali La-Residentia'. That the observations of the forensic auditor were quoted with approval by the Hon'ble Supreme Court an Judgment dated 23.07.2019 was passed against the Amrapali Group of Companies along with others subsidiary companies. Whereby, the Hon'ble Supreme Court cancelled the registration of Amrapali Group of Companies under RERA, and cancelled the various lease deeds granted in favour of Amrapali Group of Companies by Noida and Greater Noida Authorities for projects in question stand cancelled and rights henceforth, to vest in Court Receiver and further directed that Noida and Greater Noida Authorities shall have no right to sell the flats of the home buyers or the land leased out for the realization of then-dues. The Apex Court further directed that their dues shall have to be recovered from the sale of other properties which have been attached. The direction holds good for the recovery of the dues of the various Banks also as well as the Hon'ble Court had appointed the NBCC to complete the various projec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... li Group of Companies. The True Copy of the Judgment dated 29.06.2021 passed in W.P. (C) 940 of 2017 by the Hon'ble Supreme Court is annexed herewith as ANNEUXURE-R-2. 3. That thereafter, the directors of the respondent company opened a separate account in Uco Bank having its branch at Supreme Court with the motive to re-start the construction of the project and to make the payments to the operational creditors including the present petitioner from their own funds as all the earlier accounts of the respondent company were frozen by various departments/authorities. The corporate debtor has recently made the payment of Rs. 15-16 lac to the corporate debtor against the material supplied by them. 4. That in the month of January, 2022, the aforesaid current account of the respondent company has been attached/freeze by Tehsildar Dadari in pursuance of order dated 20.11.2021, upon aggrieved by the action of the Tehsildar Dadri, the corporate debtor approached to the Hon'ble Supreme Court by filing an I.A. bearing No. 12572/2022 seeking relief for de-freezing of the bank accounts of the corporate as further sought to release the fund to the extent of Rs. 167 Crores alread ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent/Corporate Debtor and perused the averments made in application and written submissions filed on behalf of the parties. 10. That the tracking report of delivery of demand notice is also placed at page no. 159 of the application, which shows that the demand notice has been delivered The scanned copy of the same is reproduced below: 11. That on perusal of the averments made in the para 5 and 6 of the written synopsis filed on behalf of the Respondent, we observe that the Respondent has specifically mentioned this fact that there is no intention to stop the payment of the Petitioner. It is also averred in the written synopsis that the transactions of payment made by the Respondent to the Petitioner is reflected in the bank statement. 12. We further observe that in para 6 of the written synopsis, the Respondent has admitted this fact still there is business relationship between them. 13. We further observe that the last invoice was raised on 28.05.2017, whereas the present application is filed on 01.01.2020, therefore, it is well within the limitation period and since the application was filed prior to the issuance of the notification dated 24.03.2020, by which t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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