TaxTMI 
TaxTMI 
2021 (5) TMI 392
X X X X Extracts X X X X
X X X X Extracts X X X X
....ting Authority) Rules, 2016 (for brevity 'the Rules') with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Company M/s. Claion Township Pvt. Ltd. referred to as the corporate debtor. 2. The Respondent M/s. Clarion Township Pvt. Ltd. against whom initiation of Corporate Insolvency Resolution Process has been prayed for, was incorporated on 11.04.2012 having its registered office at F-50 B Madhu Vihar Extension, New Delhi. Since the registered office of the respondent corporate debtor is in New Delhi, this Tribunal having territorial jurisdiction over the NCT of Delhi is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process in respect of r....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... In consideration they paid the initial deposit as demanded by the Corporate Debtor and subsequently paid other the instalments as and when demanded by Corporate Debtor. The applicants have paid all the instalments as demanded and no amount is due as on date which is unpaid, which was demanded by CD in terms of allotment of the flat Till date applicants have paid Rs. 4,72,37,572/-. d. Since the applicants have booked Flat for their use and Corporate Debtor has collected the consideration amount towards the same, in terms of Section 5(8)(f) as amended from time to time, the buyers of home are financial creditor. As per the aforesaid sections, the applicants are Financial Creditor and entitled to file this application for initiation....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s Tribunal. 7. Heard the Applicant and perused the record. 8. The Hon'ble Supreme Court in the case of Innovative Industries Ltd. v. ICICI Bank & Anr. (2018) 1 SCC 407 has held that in cases of financial creditors triggering the process, the scope of inquiry by the Adjudicating Authority is very limited and it is to satisfy itself only on three counts i.e. i. There was a financial debt. ii. That a default has occurred; iii. That the application is complete. 9. In order to allow any application under Section 7 of the Code, the applicant has to proof that the application is maintainable as the applicant is a 'financial creditor', and the debts claimed in the application come within the purview o....
X X X X Extracts X X X X
X X X X Extracts X X X X
...... 7(5) Where the Adjudicating Authority is satisfied that-- (a) a default has occurred and the application under Sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application; or (b) .................." 12. A conjoint reading of the aforesaid provision would show that form and manner of the application has to be the one as prescribed. It is evident from the record that the application has been filed on the proforma prescribed under Rule 4(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of the Code. We are satisfied that a default amounting to lacs of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....itration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor." 16. It is made clear that the provisions of moratorium shall not apply to (a) such transactions which might be notified by the Central ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... and he should work with utmost integrity and honesty. It is further made clear that all the personnel connected with the Corporate Debtor, erstwhile directors, promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the affairs of the Corporate Debtor. In case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else the Interim Resolution Professional/Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appro....