TaxTMI 
TaxTMI 
2019 (12) TMI 650
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.... Tribunal. 2. Section 7(1) of the Code inter alia states that the financial creditor either by itself or jointly with other financial creditors may file an application for initiating CIRP. The present application filed by Mrs. Kussum Chadha Ahuja for herself and Power of Attorney holder of Shri Surender Mohan is therefore, in order. The Power of Attorney of Shri Surender Mohan is stated to be at pages 66 to 72 of the petition. 3. The application filed in Form 1 is signed and verified by Mrs. Kussum Chadha Ahuja for herself and as Power of Attorney holder of Shri Surender Mohan. The affidavit of Mrs. Kussum Chadha Ahuja verifying the contents of the application is at pages 32 to 34 of the petition. 4. It is stated that the corporate debtor launched a "buy back" scheme in Cinepolis at 3rd Floor in Tower "A" intended to be leased out to Cinepolis India Pvt. Ltd. for setting up a Megaplex/Big Bazaar at the Lower Ground Floor in Tower "C" at Sector 57, Mohali, Punjab and as per the "buy back" scheme, the corporate debtor invited applications for booking space in the project upon payment of 50% of the basic sale consideration for a period of 24 months against which they promised....
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.... into between the financial creditor No.1 and the corporate debtor expired and accordingly, the financial creditor No.1 presented the cheques issued by the corporate debtor towards the refund and premium for payment but the cheques were returned dishonoured with the remarks "account closed". It is stated that in breach of clause No.4 of the agreement dated 09.05.2016, the corporate debtor failed to refund the initial investment along with premium to financial creditor No.1. 10. As regards financial creditor No.2, it is submitted that the corporate debtor failed to pay the assured return from November, 2017 to July, 2018 and the presentation of the cheques issued by the corporate debtor lead to the same result of being dishonoured. 11. It is stated that the financial creditor No.2 issued a legal notice on 20.09.2018 to the corporate debtor regarding the dishonour of the cheque and calling upon the corporate debtor to make the payment against the cheque. 12. In Part IV of Form 1 the amount claimed to be in default is stated to Rs. 71,07,396 comprising of dues towards financial creditor No.1 of Rs. 56,85,984 and dues towards financial creditor No.2 of Rs. 14,21,412. The compu....
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....0 vide cheque No.000105 drawn on Kotak Mahindra Bank. The financial creditor No.1 is to get an assured return per month of Rs. 40,000 and also a refund of Rs. 46,40,000 (initial investment of Rs. 40,00,000 plus premium amount of Rs. 6,40,000 ) after 24 months from the execution of the agreement. However, it is stated that corporate debtor not only failed to pay the assured returns from September, 2017 to May 2018, the cheques towards the refund and premium were also dishonoured in May, 2018. Similar position of non-payment of assured return from November, 2017 to July 2018 and dishonour of cheques towards refund and premium for payment are stated to have taken place in the case of the financial creditor No.2 also. 19. We find that clause 9 of both the agreements in the case of the two financial creditors is a default clause stating that three consecutive cheques of assured return of 1% per month will be treated as default or single cheque bounced (principal or bullet payment) on account of reasons "insufficient funds"/"payment stopped by drawer"/"signature mismatch" will lead to the occurrence of default on the part of the corporate debtor. The bouncing of the cheques as discuss....
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....d by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a corporate debtor. 25. The order of moratorium shall have effect from the date of this order till completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33 as the case may be. 26. The following directions are issued in respect of the appointment of the Interim Resolution Professional:- (i) Appoint Mr. Amit Gupta, registered insolvency professional bearing Registration No. IBBI/IPA-002/IP-N00021/2016-17/10048; Mobile No. 9415005108; email ID: [email protected] as Interim Resolution Professional. (ii) The term of appointment of Mr. Amit Gupta shall be in accordance with the provisions of Section 16(5) of the Code; (iii) In terms of Section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of ....