9911796707
TMI Blog2023 (1) TMI 552X X X X Extracts X X X X X X X X Extracts X X X X ..... to Section 14(1) (d) says that with the prohibition of recovery of any property by an owner or lessor, a license, permit, registration, quota, concession, clearance or a similar grant or right either given by the Central Govt., State Govt. local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency but there would be a condition for its continuation if there is no default in payment of the dues of such license, permit, registration, quota, concession, clearance or a similar grant or right during the moratorium period. The similar grant or right has to be read in respect of the licence, permit, registration, quota, c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been allowed. 2. Shorn of unnecessary details, the Authority entered into a lease deed dated 19.08.2011 with M/s GSS Procon Pvt. Ltd. (CD) in respect of Plot No. GH-01/C Sector 143B Noida (Sub divided plot of plot no. GH-01 Sector 143B) for the purpose of constructing residential flats according to the set backs and building plan approved by the lessor. The lessee was to pay the lease premium of Rs. 24,29,66,779.00 out of which 10% i.e. Rs. 2,42,96,677.90 was paid by the lessee to the lessor with a moratorium of 24 months from the date of allotment and only the interest @ 11% per annum compounded half yearly accrued during the moratorium period, was payable in equal half yearly instalments. After the expiry of moratorium period, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5,54,52,427/- and lease rent of the year 2020- 21 and 2021-22 of Rs. 60,74,170/-. The Authority had requested the RP to make the payment of the dues which comes to Rs. 16,15,26,597/- within a period of 15 days and since the said dues were not paid within the stipulated period, therefore, the Authority presumed that the RP has declined the same and filed the application before the Adjudicating Authority on 27.09.2021. The Appellant filed the reply to the application and contested the same. The Adjudicating Authority allowed the application by the impugned order recording its finding in paras 16 17, which are reproduced as under for a ready reference:- 16. At this juncture, we would also like to refer to Section 14(1)(d) which restrain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Insolvency Resolution Process Cost under Regulation 31 of the IBBI (Insolvency Resolution Process of Corporate Person). 5. Counsel for the Appellant has submitted that the Adjudicating Authority has erred in applying explanation of Section 14(1)(d) of the Code for the purpose of allowing the application of Respondent because the said explanation is not applicable at all. In this regard, it is submitted that Section 14(1)(d) provides that after the declaration of moratorium, the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor but the explanation appended with Section 14(d) clarifies that a license, permit, registration, quota, concession, clearance or a si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m for prohibiting all of the following, namely:- (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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the moratorium period or in such circumstances as may be specified.] [(3) The provisions of sub-section (1) shall not apply to - [(a) such transactions, agreements or other arrangements as may be notified by the Central Government in consultation with any financial sector regulator or any other authority;] (b) a surety in a contract of guarantee to a corporate debtor.] (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
