TaxTMI 
TaxTMI 
2020 (2) TMI 910
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....ommunity 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 invested the following amounts: 1. Petitioner No. 1 ....
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....ion 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 first party will transfer the same to the prospective buyer without any obstacles." 8. As per clause No. 8 of the aforesaid MoU, dated 01.08.2014, the Respondent was to Buy Back the fla....
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....etan 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 16,66,667/- 284669 Axis Bank 01-06-15 11 Dinesh Khetan 16,66,667/- 284670 Axis Bank 01-07-15 12 Dinesh Khetan 16,66,667/- 284671 Axis Bank 01-08-15 9. That the party of the First part and the party of the Second part have mutually agreed that the party of the second part shall return the entire original signed BBA/doc's/MoU/Receipts and etc to the party of the first part proportionately after paying monthly principal amount at quarterly basis. ....
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....so 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 assurance that the dues would be paid and cleared along with interest. 11. However, upon presentation the said cheques (which were given time and again and mentioned in the aforesaid agreements/MoU with the banker), the same bounced back with the endorsement 'Payment stopped by drawer' [Annexure I-E (colly)]. Feeling aggrieved, the petitioners served legal notices [Annexure I-F (colly)] under Section 138 of Negotiable Instrument Act upon the Corporate Debtor and proceedings in that regard are pending adjudication before the Court ....
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....tan 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 separately to the Bank and rest of the consideration separately. On the other part on same day Mr. Dinesh Khaitan took over the entire money from the Respondent by way of amount of Rs. 45,00,000/-, Rs. 40,00,000/- & Rs. 30,00,000/- into the account of one of his company namely Goldensight Vinimay Pvt. Ltd., in his personal account and in the account of Petitioner No. 3 respectively with the assurance to reconcile the same at later stage. (vi) Once again said persons taken a diametrically opposite stand and proposed to purchase the said property for Rs. 3,71,00,000/- which was refused by....
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....e 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 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 assurance that the dues would be paid and cleared along with interest. 19. According to the relevant clauses of the MoU's executed between the parties, the Respondent undertook to handover the peaceful & vacant possession of the said flats within one year from the date of execution of the MoU's but same has not been handedover so far. It also appears that the Financial Creditors have not been paid any amount of interest/profit as assured by the Respondent. It is also pertin....
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....s 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 Corporate Debtor as maybe specified is not to be terminated or suspended or interrupted during the moratorium period. These would include supply of water, electricity and similar other supplies of goods or services as provided by Regulation 32 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 27. We direct the Financial Creditors to deposit a sum of Rs. 2 lac with the Interim Resolution Professional to meet out the expenses to perform the functions assigned to her in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful s....