TaxTMI 
TaxTMI 
2020 (2) TMI 1428
X X X X Extracts X X X X
X X X X Extracts X X X X
....ation to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Skylark Mansion Private Limited (Respondent/Corporate Debtor) on the ground that it has committed default for an amount of Rs. 50,79,697/-(Rupees Fifty Lakhs Seventy Nine Thousand Six Hundred and Ninety Seven only) which consists of Principal amount and Interest @ 10.75% p.a. 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) Mr. C. Srikrishna (hereinafter referred to as Petitioner/Financial Creditor) is an individual who is looking for an investment opportunity in a residential project for his future use. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d share of the project and the total sale consideration was revised at Rs. 44,92,644/- after GST implementation, it was agreed that sale consideration towards flat would be paid in phase-wise manner and the same was informed and agreed as per e-mail dated 17th October, 2014. However, as against the initial understanding as per the Construction Agreement, the Corporate Debtor and the Bank convinced the Financial Creditor to pay the PEMI every month directly from the loan account of Financial Creditor towards the loan availed and once the PEMI was paid by the Financial Creditor, Corporate Debtor would reimburse the same to Financial Creditor. Hence, the Financial Creditor started paying the PEMI, the Corporate Debtor regularly failed to reimb....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he parties, the Regulatory Authority granted the relief sought by the Financial Creditor. (6) It is submitted that the Regulatory Authority by virtue of the Order dated 18-3-2019 directed the Corporate Debtor to return the amount paid by the Financial Creditor with a simple interest of 9% PA on respective amounts paid on respective dates up to April 2017 and with a simple interest of 10.75% PA from May, 2017 till the date of realization of the principal amount. Through the RERA order the Authority ensured that the Financial Creditor has no relationship with the Corporate Debtor and ordered that the Corporate Debtor reimburse the entire money paid by Financial Creditor to Corporate Debtor. The Order of the RERA was passed clearly di....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 5-12-2014 with the Respondent for purchase of Residential Flat bearing number T-11-001 in the real estate project "Skylark Ithaca". The instant Petition is liable to the dismissed limine as the Petitioner is abusing the process of law by filing a case before this Adjudicating Authority for recovery of the said amount passed by the Hon'ble RERA when the Petitioner is having an alternative remedy after seeking recourse through RERA. The Petitioner ought to follow the procedure and recourse available to him under the RERA for enforcing the said order. Instead, the Petitioner has approached this Tribunal for recovery of the said amount. It is further submitted that only to attract a cause of action before this Tribunal and to harass the Re....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r the provisions of the Code. 4. Heard Shri A. Mahesh Chowdhary, learned Counsel for the Petitioner and Shri Prashantha Kumar S.T with Shri Bijoy.K, Ms. D. Karishma, Mr. Mario, learned Counsel for the Respondent. We have carefully perused the pleadings of both the parties and extant provisions of the Code and Rules made thereunder. 5. Shri A. Mahesh Chowdhary, learned Counsel for the Petitioner, while reiterating the various averments made in the Company Petition, has further submitted that the judgment passed by the Hon'ble Adjudicating Officer, RERA, vide Complaint No. CMP/190102/0001817 vide Order dated 23rd March, 2019, is became final and the Respondent has committed default amount more than 1 lakh, defence stated in the repl....