TaxTMI 
TaxTMI 
2019 (12) TMI 1138
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.... challenge to the aforesaid amendment has been repelled by the Hon'ble Supreme Court in the judgment rendered in the case of Pioneer Urban Land & Infrastructure Ltd. v. Union of India. Therefore, no doubt is left that the applicant is a Financial Creditor. 3. The Respondent M/s Sana Realtors Private Limited is a company incorporated on 27.07.2004 under the provisions of the Companies Act, 1956 having its registered office at H-69, First Floor, Outer Circle, Connaught Place, New Delhi-110001 and CIN U70101DL2004PTC127884.The Authorized share capital of the Corporate Debtor is Rs. 3,01,00,000/- and Issued, Subscribed and Paid up share capital of the company is Rs. 3,00,56,000/ 4. It is the case of the Applicant that the Corporate Debtor launched a project by the name of Precision Soho Towers on Main Sohna Road, in Sector-67, Gurgaon in the year 2010 and it was widely publicized with firm promises and assurances for timely delivery of the possession and the monthly assured returns to attract buyers. In pursuance of that, the applicant got interested in the units offered by the Corporate Debtor and entered into four Memorandum(s) of Understanding dated 25.08.2010 with the Corpora....
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....uilding within a period of 36 months, then the buyer at its sole discretion opt the cancellation of the said space and the developer without delay within 15 days refund the amount paid by the buyer plus penalty of Rs. 2600/-per sq.ft. which is exclusive of the return paid by the developer upto the date of refund. " 9. The Applicant has averred that the corporate debtor was called upon and a letter dated 21.11.2014 was sent to the Corporate Debtor to pay the outstanding amount of Rs. 8,18,160/- (Eight Lakh Eighteen Thousand One Hundred and Sixty) for the assured returns from the period April 2014 to November 2014 and in pursuance of that the outstanding dues of the assured returns till August 2014 was cleared by the corporate debtor. The Applicant again issued a letter dated 04.01.2016 reminding the corporate debtor that the assured returns have only been cleared till August 2014 and the remaining balance was required to be paid. The Applicant has asserted that the executives of the corporate debtor from time to time had assured to clear the outstanding payments to the applicant, but no payment has been made till date. 10. It is submitted by the applicant that the corporate debtor....
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....) and the payment towards assured returns amounting to Rs. 44,99,880/-(total outstanding against 4 units)]. 2. Amount claimed to be in default and the date on which the default occurred Rs. 1,46,44,880/- (Rupees One Crore Forty-six Lakh Forty-Four Thousand Eight Hundred and Eighty Only). The default occurred on 01.09.2014 and is continuing till date. 14. The Corporate Debtor has filed its reply to the application and has taken the stand that the corporate debtor has been repeatedly asking the applicant to take the possession vide letter dated 01.06.2016 and from then onwards continued to offer possession till 2017, on payment of balance amount. The Corporate Debtor has further mentioned that due to various reasons the project got delayed for more than two years and there is no clause to pay interest as claimed by applicant. Admittedly the occupancy certificate was issued on 18.07.2017 which is annexed with the additional documents filed by corporate debtor. 15. The Applicant in the rejoinder dated 16.10.2018, submitted that there is nothing on record to suggest that the corporate debtor offered possession to the Applicant. Further, as per clause 8 of the Memorandum of Underst....
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....lt has occurred and the application under Section 7 is complete. The name of the IRP has been proposed and his/her consent in Form 2 has been duly filed. There are no disciplinary proceedings pending against the proposed Interim Resolution Professional. 20. As a sequel to the above discussion, this application is admitted and Mr. Amit Gupta with the address B-12, Basement, Murli Bhawan, 10-A, Ashok Marg, Lucknow-226001 and email-id [email protected], and having registration number IBBI/IPA-002/IP-N00021/2016-17/10048 is appointed as the Interim Resolution Professional. 21. In pursuance of Section 13 (2) of the Code, this Tribunal directs that the Interim Insolvency Resolution Professional shall immediately make public announcement with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. As a consequence of the application being admitted in terms of Section 7(5) of IBC, 2016 moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Corporate debtor prohibiting proviso (a) to (d) of the Code. However, during the pendency of the moratorium period, terms of Section ....