2020 (3) TMI 918

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....CIRP") against M/s. Sheltrex Developers Private Limited (hereinafter referred as "Corporate Debtor") on the ground that the Corporate Debtor defaulted in making repayment of Rs. 16,33,901 as on the date of filing this application. 2. The counsel appearing on behalf of the Financial Creditor submitted that the Financial Creditor herein is a home buyer whose debt falls under the definition of Financial Debt as defined in section 5(8)(f) of the Insolvency and Bankruptcy Code, 2016. On 15.07.2015, the Financial Creditor (Purchaser) and the Corporate Debtor (Developer) entered into a Construction Agreement registered as Document No.8464 of 2015 in the office of Sub-Registrar, Joint Registrar-II, Chengalpet. As per the terms and conditions of ag....

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....ruction agreement. But, the Corporate Debtor (Developer) had not adhered to the terms and conditions as per construction agreement and failed to handover the constructed apartment at Appur Village within the prescribed time. When this matter came up for hearing on 20.09.2019, 09.10.2019, 11.10.2019 and 05.11.2019, the Corporate Debtor chose to remain absent. This type of indifference on the part of Corporate Debtor conveys that he is not ready to repay the outstanding dues. Therefore, this Bench is inclined to admit this IB A/889/2019 by appointing Mr. N. Kumar, as Interim Resolution Professional (IRP) looking at the consent given by the Financial * Creditor stating that this Financial Creditor would pay remuneration to the IRP and the expe....