TaxTMI 
TaxTMI 
2020 (2) TMI 910
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.... Business Park, Plot No. C, First Floor, Community Centre, Anand Vihar, Delhi-110092. It is engaged in the business of Construction of various types of Buildings. 3. The 'Financial Creditors'-Petitioners have proposed the name of Resolution Professional, Mr. Anil Tayal with the address 204, Sagar Plaza, Plot No. 19, District Centre Laxmi Nagar, New Delhi - 110092, email id [email protected]. His Registration number is IBBI/IPA-001/IP-P01118/2018-19/11818. He has filed his written communication which satisfies the requirement of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with the certificate of registration. 4. The case of the petitioners in a nutshell is that the Respondent had approached them for financial help/loan for its project namely AVJ Heights situated at Sector Zeta-1, Plot No. GH-12/2, Greater Noida, U.P. and had promised higher returns on the investments made by the petitioners. Along with higher returns it had also promised some other lucrative offers to the petitioners. 5. On the repeated request of the Respondent, the petitioners have agreed for the financial help/investment and have invest....
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.... Union bank 24.10.14 4 Vishal Fabrics 283147 1,25,000/- Union bank 24.11.14 5 Vishal Fabrics 283148 1,25,000/- Union bank 24.12.14 6 Vishal Fabrics 283149 1,25,000/- Union bank 24.01.15 4. That the party of the First part has the option to refund the amount received of Rs. 50,00,000/- (Fifty Lakhs Only) from the party of the second part after 6 months from the date of this MoU, along with the profits as mentioned above and the party to the second part has agreed to return all the original signed agreements/doc's, MoU, Receipts to the party of the first part. 5. to 10. ** ** ** 11. That both the party have mutually agreed that after 06 Months as per issued date in this MoU, in any case or circumstances the party of the first part is not able to refund the deposited amount along with the profit, then in that case party of the second part will have the full right to sell the above mentioned flats and fi....
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....288 Union bank 01-02-15 7 Dinesh Khetan 283075/- 283289 Union bank 01-03-15 8 Dinesh Khetan 283075/- 283290 Union bank 01-04-15 9 Dinesh Khetan 283075/- 283291 Union bank 01-05-15 10 Dinesh Khetan 283075/- 283292 Union bank 01-06-15 11 Dinesh Khetan 283075/- 283293 Union bank 01-07-15 12 Dinesh Khetan 283075/- 283295 Union bank 01-08-15 S.no. Name Amount Cheque No. Bank Date 1 Dinesh Khetan 16,66,667/- 284660 Axis Bank 01-09-14 2 Dinesh Khetan 16,66,667/- 284661 Axis Bank 01-10-14 3 Dinesh Khetan 16,66,667/- 284662 Axis Bank 01-11-14 4 Dinesh Khetan 16,66,667/- 284663 Axis Bank 01-12-14 5 Dinesh Khetan 16,66,667/- 284664 Axis Bank 01-01-15 6 Dinesh Khetan 16,66,667/- 284665 Axis Bank 01-02-15 7 Dinesh Khetan 16,66,667/- 284666 Axis Bank 01-03-15 8 Dinesh Khetan 16,66,667/- 284667 Axis Bank 01-04-15 9 Dinesh Khetan 16,66,667/- 284668 Axis Bank 01-05-15 10 Dinesh Khetan 16,66,....
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....ondent undertook to handover the possession of the said flats to the petitioner No. 3 within one year from the date of execution of the same. Further clause 8 provided that the Respondent would buy back the allotted flats from the petitioner No. 3 anytime within four months from the date of execution of the MoU at a total value of Rs. 40,89,211/- which was to be paid through Post-Dated Cheques of four monthly equal instalments. Clause Nos. 11 to 13 as stipulated in aforesaid MoU, dated 01.08.2014 and described in preceding para 7, were also formulated in MoU, dated 24.10.2014. 10. The petitioners have further claimed that the Respondent was not regular in payment of interest/profit as promised to them from the inception. There was delay and every time the cheques were handedover to them, a request would be made to lodge the same after sometime. Then the petitioners have placed reliance on the letters, dated 22.01.2015 & 22.02.2015 [Annexure I-C (colly)], 27.10.2015 [Annexure I-D (colly)] sent by the Respondent for extension of time for payment of loan amount. Apart from seeking extension, said letters also clearly speak about the acceptance of liability of debt being due and the....
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....ty bearing No. 2486, Block C, Sushant Lok-I, Gurugram, Haryana. It was discussed and agreed between the parties that the said property would be purchased by Mr. Dinesh Khaitan and his associates namely Mr. Neeraj Kumar and Mr. Krishan Kumar for a sale consideration of Rs. 4,00,00,000/-. On such assurances of Mr. Dinesh Khaitan, one time settlement process initiated with the Bank, whereupon the said Bank consented for one-time settlement for an amount of Rs. 2,56,00,000/-. Towards obtaining the one-time settlement, an amount of Rs. 6,00,000/- was transferred by Mr. Dinesh Khaitan to the Bank. Afterwards taking undue advantage of circumstances of the Respondent, said persons turned hostile and stated that they have got the agreement drafted and printed on stamp paper for an amount of Rs. 3,90,00,000/- which was accepted by the Respondent being having stuck with circumstances, and having no other option. (v) On many follow-ups, aforesaid persons transferred an amount of Rs. 1,15,00,000/- though his operated company namely 'Solid Hotels & Resorts Pvt. Ltd.' in the account of Ms. Asha Jain, Director of the Respondent Company with the assurance to make the payment separa....
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....red before the Court of Chief Metropolitan Magistrate, Karkardooma Court, New Delhi, which is pending adjudication. 15. A rejoinder to the reply has been filed by the Financial Creditors reiterating the submissions made in the petition and controverting the assertions in the reply. 16. We have heard learned counsel for the parties and have also perused the record. 17. Having heard learned counsel for the parties we are of the considered view that the Financial Creditor has succeeded in establishing a case for triggering the Corporate Insolvency Resolution Process. 18. In para 6 of the written, objections submitted by the respondent, a loan of Rs. 2,88,00,000/- paid by the petitioners in the year 2014, has been candidly admitted by it. It is not disputed by the Respondent that the Builder Buyer agreements, MoU, cheques and other signed documents were executed between the parties. However, with regard to aforesaid cheques and some other documents defence has been taken by it that same were given as blank. Reliance maybe placed on the letters, dated 22.01.2015 & 22.02.2015 [Annexure I-C (colly)], 27.10.2015 [Annexure I-D (colly)] sent by the Respondent for extension of tim....
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....Section 7 (2) and Section 7 (5) of IBC have been complied with as discussed in detail in our order, dated 27.11.2018, rendered in the case of ECL Finance Ltd. v. Digamber Buildcon (P.) Ltd. (IB-1039(PB) of 2018). 23. After a reading of Section 7 of the Code along with Rule 4 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, we are satisfied that a default has occurred and the application under sub-section 2 of Section 7 is complete. The IRP proposed does not have any disciplinary proceedings pending against him. 24. As a sequel to the above discussion, this petition is admitted and Mr. Anil Tayal is appointed as an Interim Resolution Professional. 25. In pursuance of Section 13 (2) of the Code, we direct that Interim Insolvency Resolution Professional to make public announcement immediately with regard to admission of this application under Section 7 of the Code. 26. We also declare moratorium in terms of Section 14 of the Code. It is made clear that the provisions of moratorium are not to apply to transactions which might be notified by the Central Government. Additionally, the supply of essential goods or services to the Corpora....