TaxTMI 
TaxTMI 
2019 (2) TMI 1729
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....r was first listed on 27.11.2018 before this Authority and time was granted to the Corporate Debtor for filing reply and the case was posted to 19.12.2018. On 19.12.2018 another opportunity was given to the Corporate Debtor to file reply and the case was posted to 04.01.2019. On 04.01.2019, last and final opportunity was given for settlement between the parties failing which the parties were required to make final submissions and the case was posted to 04.02.2019. On 04.02.2019, an opportunity in the interest of justice was granted to the Corporate Debtor for settlement failing which the parties were directed to make final submissions and the case was posted to 21.02.2019. In spite of several opportunities being granted, there was no response from the side of the Corporate Debtor for settlement. Therefore, this Authority is constrained to proceed to pass the appropriate order on merits in the matter. 3. Heard the Counsels for the Financial Creditors, the Corporate Debtor and perused the pleadings including the documents placed on file. 4. The Financial Creditors have claimed an amount of Rs. 1,10,57,882/- along with interest @ 24% p.a. as outstanding against the Corporate Deb....
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.... to the allotment letter dated 04.11.2015 of Apartment No. B307, in Tower B at PGP Oaks, No.1, 4th Street, Ganga Nagar, Jafferkhanpet, Chennai, which discloses that the total cost of the apartment was Rs. 97,02,500/-, copy of allotment letter is placed at pages 12 to 14 of the typed set filed with the Application, and the Financial Creditors have made payments amounting to Rs. 71,93,380/- apart from the cash given for Registration i.e., Rs. 30,000/- as reflects from the payment calculation sheet placed at page 96 of the typed set filed with the Application. Besides the same, other charges have also been paid by the Financial Creditors for registration of flat. However, the Corporate Debtor could not make progress in relation to the construction and due to which the rest of the payments were stopped by the Financial Creditors as no information in relation to the progress of the construction was provided by the Corporate Debtor to the Financial Creditors. 10. The Counsel for the Financial Creditors have also referred to the e-mail communication dated 05.02.2018, sent by the Financial Creditors to the Corporate Debtor, copy of which is placed at pages 97 & 98 of the typed set filed....
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....wever, after the said communication partial payments have been made by the Financial Creditors to the Corporate Debtor. Based on which, the Counsel for the Corporate Debtor has stated that the Financial Creditors are liable to pay interest at the rate of 18% per annum on the amount in arrears at the option of the Corporate Debtor. The Counsel for the Corporate Debtor has also referred to the proceedings before the Tamil Nadu Real Estate Regulatory Authority with regard to which the factual position has already been stated hereinabove. However, the contention raised by the Counsel for the Corporate Debtor i.e., the Financial Creditors have not made timely payments as per the letter of allotment dated 04.11.2015, stands rebutted by the Counsel for the Financial Creditors by stating that all the due payments have been made to the Corporate Debtor. 14. The Counsel for the Corporate Debtor has further referred to the terms and conditions of the Construction Agreement dated 24.02.2016 and submitted that Para 14 of the said Agreement provides that in case the Financial Creditors fail to pay any instalments thereof on due dates, it shall be construed as breach of contract by the Financi....
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....roposed by the Financial Creditors. There is no disciplinary proceeding pending against the IRP as reflects from Form-2. The IRP is directed to take charge of the Respondent Corporate Debtor's management immediately. She is also directed to cause public announcement as prescribed under Section 15 of the I&B Code, 2016, within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. 18. The moratorium is hereby declared which shall have effect from the date of this Order till the completion of corporate insolvency resolution process, for the purposes referred to in Section 14 of the I&B Code, 2016, It is hereby ordered to prohibit 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 ....