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TMI Blog2024 (7) TMI 1463X X X X Extracts X X X X X X X X Extracts X X X X ..... a battery of lawyers on their panel, no one has bothered to even appear for respondent No.1 and 2 today during the hearing. There is no gainsaying that Chapter XIV of the Act provides for a detailed mechanism to inspect, call for the accounts and record of the company, inquire and investigate into the financial affairs of the company. Further, where the Registrar or inspector has reasonable grounds to believe that the books or documents with regard to the company under investigation are likely to to be destroyed, mutilated, altered, falsified or secreted, an order can be prayed for from the Special Court for the seizure of such books and papers in the manner provided vide section 209 of the Act and proceed for freezing of the accounts of the company under investigation. Considering the prayer made in the interim application moved on behalf of the petitioner, unhesitatingly there are compelling and justifiable grounds to pass certain directions so as to safeguard the paramount interests of the petitioner and those who are similarly placed in larger public interest . Respondent Nos. 1 and 2, are hereby conjointly directed to initiate action and ensure step-wise compliance in terms o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reenopolis , that was envisaged to be brought up at Sector 89, Gurgaon, Haryana. It is alleged that respondent No.3 and the Ex- Management/Directors have raised hundreds of crores from innocent homebuyers including her but the funds collected have been siphoned off to various shell/sister concerns of respondent No.3 and they have been defrauded and deprived of their hard earned money that was invested in the project, which project was never intended to be completed by the promoters/ex-directors of respondent no. 3. 7. Shorn of unnecessary details, learned Senior Counsel for the petitioner, during the course of elaborate arguments submitted that as of now there about 138 investors/claimants /home buyers and as many as 498 claims have been lodged before the Interim Resolution Professional IRP in CP IB No. 2721/2019, which has been instituted at the behest of the operational creditors. Evidently, there have been several stakeholders to such proceedings under the Insolvency and Bankruptcy Code IBC and several interim orders have been passed from time to time in matters shuttling from NCLT National Company Law Tribunal to NCLAT National Company Law Appellate Tribunal , this court and ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt to mention that learned Senior counsel alluded to the damning findings and observations reported by the IRP before the NCLT, which report is Annexure P-16 wherein vide paragraph (31) onwards it has been brought to the fore that during the time leading to respondent No.3 becoming involved in the insolvency proceedings up to 16.10.2020 and thereafter, various dubious/suspicious transactions had been carried from the bank account of the corporate debtors maintained with State Bank of India, whereby inter alia a sum of Rs. 200 crores have been transferred by way of multiple transactions on the very same day from one company to the another ostensibly to buy shares of some Kolkata based shell companies in the name of the corporate debtor and the money trail led to the following revelations:- 31. (a)A Sum of Rs. 4,50,00,000/- was transferred from the Account of the Corporate Debtor to M/s Manak Estate sand Finance Private Limited, and thereafter shares of a Kolkata based company namely GREATFUL INFRASTRUCTURES PRIVATE LIMITED that too at a Price of Rs. 498 per share were purchased from this money. It is important to state that this Kolkata based company is nothing but a shell company h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the Ace Group have been working in close relation, and the management of both the companies are inter-related to each other. As elaborated in Para 6.2. herein above- M/s Bright Buildtech Pvt. Ltd. is 100% owned by M/s Three C Town Planners Pvt Ltd. In 2012, 100% shareholding of Three C Town Planners Pvt Ltd was held by M/s Three C Universal developers Pvt Ltd. From 2012-2015 funds were siphoned off from the Corporate Debtor to M/s Bright Buildtech Pvt Ltd 100% shares of M/s Three C Town Planners Pvt Ltd. were transferred to Lotus Green LLP at merely Rs. 1 Lakhs ( M/s Lotus Green LLP is held by Mr. Harakaran Singh Uppal son of Mr. Nirmal singh) 100% shareholding of M/s Three C Town Planners Pvt Ltd (renamed as M/s Mega Town Planners Pvt Ltd.) was reported to be transferred to M/s Ace Landcraft LLP at a consideration of merely Rs. 1 lakhs. 7.2. It is respectfully submitted that the undersigned has identified that funds from the Corporate Debtor have been diverted into Bright Buildtech Pvt. Ltd. for the Project Ace Palms Floors, Gurgaon. It is significant to note that the project Ace Palms Floors, Gurgaon is owned by M/s Bright Buildtech Pvt. Ltd and Three C group has close connect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... homebuyers and financial institutions. In this regard, it has been pointed out that the petitioner and several investors have already written to respondent No.1 and respondent No.2 to initiate action against respondent No. 3 and its promoters and Ex-Directors but they are sitting over the matter. 15. During the course of arguments, it was also canvassed that although IRP is seized of the assets of the respondent No.3 but in view of the order dated 28.07.2023 passed by the NCLAT, which is now under challenge before the Supreme Court, the IRP is not able to take any further actions so as to inquire into the various facets of siphoning of the funds by the culprits and retrieving the funds since the entire CIRP proceedings have come to a complete halt. 16. Prima facie the facts and circumstances brought on the record demonstrate a sordid state of affairs at the behest of unscrupulous promoters/Ex-Directors running the affairs of respondent No.3 and its group of companies who evidently, brazenly committing repeated or multiple acts of siphoning of funds from one end to another and thereby causing irreparable hardships to the petitioner and similarly placed investors. 17. This Courts fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ling upon them to explain the diversion of funds from respondent No.3 i.e., Three C Shelters Private Limited to other shell companies/sister concerns of its group in terms of the three Status report filed by the IRP dated 9th August, 2023 and take appropriate decision as per the law; and (iii) Respondent No.1 2 are hereby conjointly directed to call for the record of the and/or seize the Books of accounts of all related companies of Three C Shelters Private Limited, where the funds have been diverted for the purposes of inspection and ascertain the diversion/siphoning of the funds, and arrest further exhaustion of such funds as per the law; (iv) To trace the companies in which or to which the funds have been further transferred and initiate action in terms of Section 209 and 221 of the Companies Act,2013 for freezing of the assets of such companies, if so warranted, in a time bound manner; and (v) To undertake all such necessary measures so as to preserve the assets of the respondent company in liquidation besides the sister concerns/shell companies to safeguard the interest of the homebuyers and other secured operational creditors. 21. A copy of this order be served immediately up ..... X X X X Extracts X X X X X X X X Extracts X X X X
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