AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
2020 (8) TMI 836
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....instant Application. ii) Direct the Resolution Professional to freshly adjudicate the claim of applicants and include them in the list of the Financial Creditors in a class, and/ or iii) Direct the Resolution Professional to produce and supply the documents, if any, on the basis of which the claim of the Applicants was rejected to the extent that they would not be treated as Financial Creditors in a Class; and/or iv) Direct the Resolution Professional to invite fresh resolution plans in accordance with law after the Applicants are included in the list of Financial Creditors in a Class; and/or v) Direct the Resolution Professional to defer the meeting of Committee of Creditors with respect to putting the already received Resolution Plans to vote before the already constituted Committee of Creditors till the adjudication of the present application; and/or 3. Facts in brief are that the Financial Creditor, M/S Renu Proptech Pvt. Ltd. filed an application bearing No. IB-667(ND)/2019 under Section 7 of the Code for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/S Red Topaz Real Estate Pvt. Ltd. The said....
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.... allotting Service Apartments against the Units (as per the table above) allotted in the 'NINEX MALL'. After having agreed to the proposal, the Corporate Debtor and the Applicants entered into a Memorandum of Understanding dated 10.06.2019. The relevant clauses of the MOU are reproduced over leaf : NOW THIS MOU WITNESSETH AS UNDER: 1) AKG Group has understood that presently the buildings plan for NINEX MALL is for a shopping mall, office & hotel and they have also understood that the Developer is trying to convert the building plans of the said NINEX MALL into Service Apartments in place of Hotel having 83 rooms. 2) The parties herein have agreed to take service apartments as above said in lieu Of allotted units in the same Ninex Malt with the specifications as shown to individuals in the AKG Group and accepted by them. 3) The allotment of allotted units shall become cancelled with the issuance of Letter of Allotment individually for each service apartment in Ninex Mall. 4) The amount paid by the individuals in AKG Group to the Developer shall be adjusted towards each service apartment and the differential amount payable by the i....
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....nical manner, has denied the said request of the Applicants and till date, he has not provided any justification for taking such a decision of treating the Applicants as independent Financial Creditors. 11. That the Respondent through its written submissions has opposed the application filed by the Applicants and added that the Applicants are undisputedly related parties to the Corporate Debtor. 12. It is submitted by the Respondent that the 12 units, for which the Applicants are agitating about, were also subject to the double allotment by the Corporate Debtor. Out of the said 12 units, some of the units were double sold or mortgaged to other parties. 13. It is further stated by the Respondent that the MoU dated 10th June 2019 and the Addendum to the MoU dated 12 th June 2019 seem to be of suspicious nature as these were executed just two months prior to passing of the CIRP order of the Corporate Debtor on the 23rd August 2019. 14. That the Respondent while placing emphasis on the 'Addendum to the MOU' dated 12.06.2019, submitted that the Applicants are entitled only for the monetized claim since the other obligations are not met by the Corporate Debtor as ment....
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....ed in response to the query at Sl. no. 1 (a), that in respect of the following units allotted to the Applicants, there were double allotment or mortgage : Sr. No. Floor Shop No. Units as claimed by the Applicants Other Buyer / Mortgage 1 Ground G...56 Abhishek Garg DOB - 14.01.2015 1. BDR Finvest Private Ltd. (DOM - 18/05/2018) 2. Sandeep & Preeti Puri (DOB11/07/2019) However, claim Not Received by the Resolution Professional 2 Ground G-65 Abhishek Garg DOB 24.02.2016 BDR Finvest Private Ltd. (DOM - 18/05/2018) 3 Ground G-66 Abhishek Garg 24.02.2016 DOB BDR Finvest Private Ltd. (DOM - 18/05/2018) 4 Ground G-78 Neha Garg 14.01.2015 DOB BDR Finvest Private Ltd. (DOM - 18/05/2018) 5 Ground G-79 Abhishek Garg 24.02.2016 DOB BDR Private Ltd. (DOM - 18/05/2018) 6 Ground G-80 Abhishek Garg 21.10.2016 DOB BDR Finvest Private Ltd. (DOM - 18/05/2018) 7 First 101 Garg 14.01.2015 DOB Jitendra & Manu Nayyar (DOB - 30/07/2019) abbreviations DOM has been used to show the date of mortgage wherein any charge has been create on such unit in case of any credit facilit....
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....e cancelled by the Corporate Debtor. The same has been confirmed by the Respondent in its Affidavit dated 21.08.2020. 25. That the plea taken by the Respondent, during the course of arguments, with respect to double allotment too does not merit consideration since the Respondent himself has submitted on affidavit dated 21.08.2020 that the Applicants were either the first allottees (in respect of seven units) or holding clear allotment (in respect of four units). None of these letters of allotment of the commercial units have been cancelled. Therefore, this Bench of the view that the earlier allotment letters issued in respect of 1 1 units by the Corporate Debtor in favour of applicants in the year 2015 and 2016 stand valid and cannot be treated as null and void. 26. Since the letters of allotments were issued in favour of Applicants for allotment of commercial units and there has been no cancellation of the same, the Applicants fall under the definition of allottee as defined under Section 2(d) of Real Estate (Regulation & Development) Act 2016, which is reproduced below: "aZZottee" in relation to a real estate project, means the person to whom a plot, apartment or b....