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TMI Blog2022 (6) TMI 781X X X X Extracts X X X X X X X X Extracts X X X X ..... ial Establishment Act, 2013 clearly stipulates that the District Magistrate is empowered to pass only an order of attachment and he cannot pass any order for recovery of the money. On perusal of orders passed by the District Magistrate which clearly shows that an order of attachment has been passed in terms of Section 4 of the Haryana Act. The Applicant has failed to make out a case under Section 7 of IBC, 2016 - Application dismissed as not maintainable. - IB-381/ND/2022 - - - Dated:- 9-6-2022 - Bachu Venkat Balaram Das, Member (J) And Narender Kumar Bhola, Member (T) For the Appellant : Abhishek Anand, Pathiv Chaudhary and Prateek, Advs For the Respondents : Kunal Tandon, Saurav and Karan Singh, Advs ORDER Bachu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... structure Limited (Developer) for developing the said land by constructing a Multi-Storey Centrally Air-conditioned Building (Gateway Tower). The Developer and the present Applicants/Financial Creditors executed a Memorandum of Understanding (MOU) in which the Developers allotted a Retail and Office space to the Financial Creditors after receiving the full consideration amount and also agreed to pay monthly 'Assured Investment Return' to the Applicant Financial Creditors till the time, the proposed Retail and Office space is leased out. 6. Since the Developers failed for making the payment of 'Assured Monthly Investment Return' to the Applicant/Financial Creditors, they approached the District Magistrate, Faridabad under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ues of the Financial Creditor/Creditor under the Judgment or Decree or in terms of certificate of recovery or any part thereof remains unpaid. 10. Mr. Abhishek Anand submitted that the order passed by the District Magistrate, Faridabad which is in the nature of a recovery certificate and the Corporate Debtor has failed to pay the debt. Thus in view of the default committed by the Corporate Debtor, the present Application has been filed under Section 7 of IBC, 2016 and pressed for issuance of notice. Mr. Abhishek Anand has also relied upon the Judgment passed by the NCLAT in Company Appeal (AT)(Insolvency) No. 684 of 2020 in the matter of Mr. Mohan Lal Dhakad vs. BNG Global India Limited dated 12.3.2020 and in Company Appeal (AT)(Insolven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... where the District Magistrate has reason to believe that any financial establishment is acting in 3 calculated manner detrimental to the interests of the depositor, with intention to defraud them and if the District Magistrate is satisfied that such financial establishment is not likely to return the deposits or make payment of interest or other benefits assured or to provide the services against which the deposit is received, the District Magistrate may, in order to protect the interest of the depositors of such financial establishment, after giving an opportunity of hearing and recording reasons in writing, issue an order by publishing it in the Official Gazette, for attaching the money, property or assets belonging to or believed to hav ..... X X X X Extracts X X X X X X X X Extracts X X X X
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