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TMI Blog2022 (10) TMI 266X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor has not disputed the claim amount nor denied the Agreement entered between the parties. On perusal of the documents submitted by the Applicant, it is clear that financial debt amounting to more than Rs.1,00,00,000/- (Rupees One Crore Only) is due and payable by the Corporate Debtor to the Applicant. There is default by the Corporate Debtor in payment of debt amount. Therefore, we do not have any objection on record against the application filed for initiation of CIRP against the Corporate Debtor - The application is complete and has been filed under the proper form and well within limitation. The debt amount is more than Rupees One Crore and default of the Corporate Debtor has been established and the application deserves to be ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Sale for the said flat entered in to between the Corporate Debtor and Financial Creditor at pp 12-83 of the Petition. b) The Financial Creditor submits that in accordance with clause 4.1 of the said Agreement the Financial Creditor herein deposited Rs.3,00,00,000/- (Rupees three crores only) as against allotment of the said Apartment. A copy of the bank statements evidencing payments made to the Corporate Debtor at pp 84-97 of the Petition. c) The Financial Creditor submits that since, the Corporate Debtor was unable to construct the said building as and when promised by them to the Financial Creditor, they promised to refund the Corporate Debtor the entire amount of Rs.3,00,00,000/- (Rupees three crores only) along with 36% intere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is attached at p. 84 as Annexure 'E' of the Petition. Findings: 7. We have heard the arguments of the Learned Counsel for both the parties and perused the records. 8. We have prudently gone through the pleadings available on record. The Financial Creditor entered into an agreement of sale dated 09.11.2017 with the Corporate Debtor for Development Allotment of Apartment. The Financial Creditor has paid Rs.3,00,00,000/- (Rupees three crores only) to the Corporate Debtor for against the Agreement. 9. The Corporate Debtor has not disputed the claim amount nor denied the Agreement entered between the parties. 10. It is observed by the Bench that the Corporate Debtor has replied vide its reply dated 15.04.2019 to the letter 31.03.2019 issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted. We further declare moratorium u/s 14 of I&B Code with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets ..... X X X X Extracts X X X X X X X X Extracts X X X X
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