2020 (3) TMI 1285

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....016 & R/w Rule 11 of the NCLT Rules, 2016, by inter alia seeking to exclude period of 60 days on account of legal proceedings in the Resolution Process and suitable extend the CIRP completion date, to 21st May 2020 to enable Resolution to meet ends of justice and equity for Home Buyers 2. Brief facts of the case, as mentioned in the Application, which are relevant to issue in the question, are as follows: (1) The main Company Petition bearing C.P.(IB) No. 92/BB/2018 filed by Mr. P. Pradeep Kumar & Others, under Section 7 of the IBC, 2016, R/w Rule 4 of the I&B (AAA) Rules, 2016, was admitted by this Adjudicating Authority, vide order dated June 27th, 2019 by initiating CIRP, appointing Ms. Medha Kulkarni as the IRP, imposing mor....

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..... (out of total around 30 projects for which home buyers have paid advance, the Corporate Debtor has executed the Sale Deed in only 2 projects and in the balance 28 projects, he has paid advance to the land owners ranging from around 5% to 80%)     Status Need to take possession. Efforts maximum here through frequent follow ups. Expect positive response to Ltr. dated 3 rd March citing Supreme Court Judgement     Financial Claim made on Group Company Dreamz Infra India Ltd. Rs. 18.92 Cr. (Excluding Interest)     Status Dreamz Resolution Professional has rejected the claim on 3 grounds of being in cash, statement of Directors before police not admissible in evidence and transactio....

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....bsp; Extension granted of 90 days, 270th day 22nd March 2020     Completion date of 330 days including time lost in legal proceedings 21st May 2020     (5) It is also stated that in the 3rd Meeting of CoC held on 7th March 2020, voted in favour of extending CIRP period of 60 days to May 21st 2020 by 99.6% of the voting shares. There is lot of work done in respect of the 3 (three) Principal Assets of the Corporate Debtor i.e. the Properties, Diversion of Funds to Dreams and Advance Recovery from Land owners. The Resolution Professional is confident of completing the work in 1 to 1.5 months at the end of which, he can invite Expression of Interest for a Resolution Plan and to enable this the Re....

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....the instant case, admission of the case is 27th June, 2019. It would be normal course of administrative action, that Authorities would initiate action, only after making through enquiry/investigation into the matter. However, the Applicant herein, as well as Petitioners, have not disclosed investigation conducted by the State Govt. before freezing both liquid and real estate properties of fraudulent Companies, which includes the Corporate Debtor as mentioned in the Govt. letter dated 31.12.2019. 5. As stated supra, total time permissible under Code viz. 180+90 days, was going to expire on 22nd March, 2019. The record shows that there is no substantial work done in the CIRP process in the case except filing one Application or the other se....