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TMI Blog2024 (12) TMI 955X X X X Extracts X X X X X X X X Extracts X X X X ..... ,796,643/-. Out of which, the IRP has admitted claim of Rs.727,507,352/- and claims of Rs.868,961,658 is under verification. The Respondents, who had filed Application under Section 7, relate to Project Spaze Arrow, with regard to which claims have already been filed as noted above. The next Project for which several claims have been filed is the Project Corporate Park - the CIRP against the CD commenced on 28.10.2021, i.e., subsequent to Occupancy Certificate or Completion Certificate as was obtained by the CD for Project Corporate Park. Against the order dated 28.10.2021, an Appeal was filed before this Tribunal, in which no interim order was passed. Hence, Civil Appeal No.6798 of 2021 was filed before the Hon ble Supreme Court, challenging order of this Tribunal, which Appeal was disposed of on account of settlement between the contesting parties. It is relevant to notice that CIRP against the CD for Project Corporate Park had commenced on 28.10.2021, i.e. date subsequent to CD having obtained Occupancy Certificate and Completion Certificate. The said proceedings were ultimately set-aside on account of settlement before the Hon ble Supreme Court on 18.11.2021. Large number of Cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said Project only; and b) such other and further orders be passed as facts and circumstances of the case may require. 2. Company Appeal (AT) (Ins.) No.2002 of 2024 has been filed by the Suspended Director of the Corporate Debtor - Spaze Towers Pvt. Ltd. challenging order dated 21.10.2024 passed by National Company Law Tribunal, New Delhi Bench, Court-IV admitting Section 7 Application filed by Respondents (Respondent Nos.1 to 26 Financial Creditor in a class). The Respondents Financial Creditors in a class being allottee of a Project namely Spaze Arrow located at Sector 78, Gurugram filed Section 7 Application claiming a default on the Corporate Debtor ( CD ) seeking initiation of Corporate Insolvency Resolution Process ( CIRP ) against the CD. The Adjudicating Authority after hearing the parties by order dated 21.10.2024 admitted Section 7 Application. Aggrieved by the said order, this Appeal was filed by Suspended Director of the CD. In the Appeal, following order was passed on 28.10.2024: 28.10.2024: Issue Notice. 2. Let Reply be filed within three weeks. 3. Intervenors are permitted to file the Intervention Application before the next date fixed. List this Appeal on 16th Decem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel appearing in IA No.8253 of 2024 and other learned Counsel appearing for the Intervenors. 6. Shri Mukul Rohatgi, learned Senior Counsel appearing for the Applicant/Appellant submits that CIRP against the CD be confined to Project namely Spaze Arrow only. It is submitted that Respondent Nos.1 to 26, creditors in class are of the Project Spaze Arrow and to initiate CIRP against the CD, filed Application under Section 7, which relate to only one Project namely Spaze Arrow. Hence, the CIRP, be confined to only one Project, i.e. Spaze Arrow. It is submitted that CD is a reputable developer in the National Capital Region and has completed 12 Projects in and around Gurugram region. Learned Counsel for the Applicant has referred to Annexure-2 to the Application, which contains the details of 12 Projects with regard to which Occupancy Certificates have been received. With regard to 05 Projects out of 12 Projects, Completion Certificates have also been received, details of which are mentioned in Annexure-2. It is submitted that some Projects were completed ten years ago. It is submitted that the Projects, which have already been completed, need not be taken in the CIRP. The Projects b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10.2024 passed by Adjudicating Authority, the IRP has already issued publication, in pursuance to which Committee of Creditors ( CoC ) has already been constituted, which consist of 100% creditors in a class. It is submitted that IRP has received the claims from the allottees of nearly all Projects. The IRP has admitted claims worth Rs.72 crores from 228 allottees from across all Projects of the CD. The IRP has sent letter dated 13.11.2024 for constitution of the CoC and an Agenda was also issued for the first Meeting of the CoC to be held on 19.11.2024. It is submitted that the CD earlier also had been admitted to CIRP vide order dated 28.10.2021 passed by NCLT, New Delhi in CP(IB) 889 of 2020, which Application was filed by the allottees of Project Spaze Corporate Park under Section 7, in which the claims of Rs.610 crores were collated by the IRP from the Financial Creditors. The CD ultimately settled with the original petitioners and the CIRP was set aside by the Hon ble Supreme Court vide its order dated 18.11.2021 in Civil Appeal No.6798 of 2021. It is submitted that on account of failure of the CD to abide by the undertaking, the Hon ble Supreme Court has already issued notic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Park like IA No.8024 of 2024 and IA No.8021 of 2024 Vandana Raheja and 33 others, who had earlier filed Section 7 Application against the CD being CP(IB) No.889 of 2020, which was admitted on 28.10.2021. Another IA No.8217 of 2024 filed by Lalita Mehta, who claimed that possession and Conveyance Deed have been granted with regard to Spaze Corporate Park. Other IAs, like IA No.8253, 8273, 8030 and 8031 of 2024 have also been filed by different Applicants. With regard to other Projects also, large number of IAs have been filed. IA No.8241 of 2024 has been filed with regard to Project Spaze Tristaar . IAs, which have been filed for intervention, can be divided in two sets. One set of IAs are with regard to claims filed before the IRP in pursuance of publication issued by the IRP and they are Financial Creditors, belong to different Projects, including Spaze Arrow and Spaze Corporate Park. Other set of IAs are filed by those Applicants, who claim that they are in possession of the units. Some of them have also claimed that Conveyance Deed has been executed in their favour. Several Intervenors have also filed claims before the IRP, only claiming for execution of Conveyance Deed in their ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a OC 03.05.2018 CC 30.04.2019 SPAZEDGE S. No. Particulars Details 8. Name of the Project Spazedge [Commercial] Address Located at Sector 47, Gurugram, Haryana OC 09.03.2010 (Block A B) and 27.12.2013 (Block C) CC 03.03.2014 TRISTAAR S. No. Particulars Details 9. Name of the Project Tristaar [Commercial] Address Located at Sector 92, Gurugram, Haryana OC 03.05.2021 RERA Registration Regd. No.247 of 2017 MEMO No. HRERA 152/2017/198 PRIVY THE ADDRESS S. No. Particulars Details 10. Name of the Project Privvy The Address [Residential] Address Located at Sector 93, Gurugram, Haryana OC 29.07.2018 PRIVY 72 S. No. Particulars Details 11. Name of the Project Privvy 72 [Residential] Address Located at Sector 72, Gurugram, Haryana OC 12.09.2018 PRIVY 84 S. No. Particulars Details 12. Name of the Project Privvy 84 [Residential] Address Located at Sector 84, Gurugram, Haryana OC 11.11.2020 RERA Registration Regd. No.385 of 2017 MEMO No. HRERA 179/2017/2320 12. A perusal of above Annexure indicate that the CD has obtained Occupancy Certificate and out of 12 Projects, for 05 Projects the CD has obtained Completion Certificate. Occupancy Certificate is dealt in Clause 4.10 of The Haryana Building ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial for issue of occupation certificate (except for industrial buildings) for the first time or as specified by the Government: Provided, in case of residential plotted, minimum 50% of the total permissible ground coverage shall be essential to be constructed to obtain occupation certificate, where one habitable room, a kitchen and a toilet forming a part of submitted building is completed. (ii) The debris and rubbish consequent upon the construction has been cleared from the site and its surroundings. (4) After receipt of application, the Competent Authority shall communicate in writing within 60 days, his decision for grant/ refusal of such permission for occupation of the building in Form BR-VII. The E-register shall be maintained as specified in Code-4.8 for maintaining record in respect of Occupation Certificate. (5) If no communication is received from the Competent Authority within 60 days of submitting the application for Occupation Certificate , the owner is permitted to occupy building, considering deemed issuance of Occupation certificate and the application Form BR-VII shall act as Occupation Certificate . However, the competent authority may check the violations made b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eof shall apply for the Occupation Certificate, which shall be accompanied by relevant certificates. Occupation Certificate is, thus, a pre-condition for occupying a premises or building. The facts, which have been brought on record, indicate that in pursuance of CIRP commencement against the CD, the claims have been filed by the allottees of Spaze Arrow and other different Projects. The Respondent has brought on record the list of unsecured Financial Creditors of real-estate allottees as Annexure-B. The Appellant in his rejoinder affidavit has also brought the same list of creditors as on 13.11.2024 as Annexure-30. A perusal of the list of creditors indicate that real-estate allottees, who have filed the claim from Sl. No.1 to 38 are with regard to Project Spaze Arrow and Sl. No.39 to 98 are claims regarding Project Corporate Park. Sl. No.99 to 105, are claims with respect of Business Park and Sl. No.106 to 168 are claims from the Project Tristaar. Sl. No. 169 to 180 are from Project Privy AT 4 and Sl. No.181 to 194 are claims for Project Privy The Address. Sl. No.195 to 202 are claims for Platinum Tower Project and Sl. No.203 to 216 for Project Tech Park. Sl. No.217 to 220 are cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 02.2021, which has also been brought on the record along with IA No.8024 of 2024. It is relevant to notice that CIRP against the CD for Project Corporate Park had commenced on 28.10.2021, i.e. date subsequent to CD having obtained Occupancy Certificate and Completion Certificate. The said proceedings were ultimately set-aside on account of settlement before the Hon ble Supreme Court on 18.11.2021. Large number of Claimants have filed claim arising from the Project Corporate Park, as noticed above. 17. When CIRP was commenced against the CD, all Financial Creditors are entitled to file claim as per the Insolvency and Bankruptcy Board of India (Insolvency Resolution for Corporate Persons) Regulations, 2016. The claim is defined in Section 3, sub-section (6) of the IBC, which is as follows: 30(6) claim means (a) a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured, or unsecured; (b) right to remedy for breach of contract under any law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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