TaxTMI 
TaxTMI 
2019 (8) TMI 1458
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....the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Raheja Developers Limited (for brevity the 'corporate debtor'). It is appropriate to mention that the 'financial creditor' is an 'allottee' under a 'real estate project'. 2. The Corporate Debtor - Raheja Developers Limited was incorporated on 27.11.1990 under the provisions of the Companies Act, 1956. The identification number of the Corporate Debtor given is CIN U45400DL1990PLC042200. 3. The Petitioners have claimed that they had booked an apartment in the residential project- Raheja's Sampada be....
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....ement. In Column 2 of Part-IV of the petition the Financial Creditor has given the details of the amount claimed in default and the date of the default. 7. A reply to the petition has been filed by one Mr. Rajesh K. Singh, being the Authorized signatory of the Respondent Corporate Debtor, who has been given authority vide Board Resolution dated 08.08.2018. 8. In the Reply the Respondent-Corporate Debtor has raised various objections to the petition. First and foremost preliminary objection raised is that there is no 'default' on part of the corporate debtor and hence the petition is not maintainable. It has also been pleaded by the corporate debtor that handing over of the possession was subject to the provisioning of the infr....
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....possession and the financial creditorpetitioner are bound to wait. A construction of any such clause would be to grant reasonable period of one year. 10. Even the notice of possession dated 15.11.2016 (Annexure P-11) cannot be regarded as delivery of possession. According to the Notice of possession a further period of 4 weeks to handover the possession and 3 months for registration have been sought. 11. A perusal of the so called NOC dated 11.11.2016 (Annexure A-3 with the reply) would show that the corporate debtor respondent was to apply for Water connection within 15 days and till then portable water through tankers was required to be supplied to the residents. It is also stipulated in Clause 4 of the same document that the corpor....
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....016, we are satisfied that a default has occurred and the application under sub section 2 of Section 7 is complete. The name of the IRP has been proposed and there are no disciplinary proceedings pending against the proposed Interim Resolution Professional. 17. As a sequel to the above discussion, this petition is admitted and Mr. Jitesh Gupta is appointed as the Interim Resolution Professional. 18. The judgment in this matter could not be pronounced earlier as the issue concerning Constitutional validity of explanation to sub section 8 (f) of Section 5 of the Code, 2016 was subject matter of challenge before Hon ble the Supreme Court in a bunch of petitions. In the lead case titled as Pioneer Urban Land and Infrastructure Limited and....
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.... to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the Financial Creditor. The amount however be subject to adjustment by the Committee of Creditors as accounted for by Interim Resolution Professional and shall be paid back to the Financial Creditor. 22. Directions are also issued to the ex-management to provide all documents in their possession and furnish every information in the knowledge within a period of one week from the admission of the petition to the IRP, otherwise coercive steps to follow. 23. There is ....