TaxTMI 
TaxTMI 
2019 (11) TMI 1640
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....ptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the Rules') by Mr. R. Tarkeshwar and Mrs. Divya Jayram, with a prayer to initiate the Corporate Insolvency Resolution process against M/S Horizon Buildcon Pvt. Ltd. (for brevity 'Corporate Debtor). 2. The Corporate Debtor namely, Horizon Buildcon Pvt. Ltd. is a Company incorporated on 03.05.2006 under the provisions of Companies Act, 1956 with CIN No. U 70101DL2006PTC148372, having its registered Office atC-36, Gulmohur Park, New Delhi-110049. 3. The Authorised Share Capital of the Respondent Company is Rs. 15,00,000/- and Paid-up Share Capital of the Company is Rs. 3,80,000/- as per the Master Data of the Company annexed. 4. It is submitted by the Financ....
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....ute Agreement to sell, receive money/ monies and issue receipts thereof to the prospective buyers... " 6. The Financial Creditor have also placed on record the Apartment Buyer Agreement dated 14.02.2014 between Horizon Concept Pvt. Ltd. (HCPL) and Mr. R. Tarkeshwar Narayan, the Financial Creditor, wherein it is specifically stated that: "D. That, Horizon Buildcon Pvt. Ltd. empowered its marketing arm and group of company M/s Horizon Concept Pvt. Ltd. to market the Said deviling unit, enter into agreement to sell, collect the payments against the Said Unit, executing and registering the Conveyance Deed and also do such other acts/ deeds as may be necessary for confirming upon the Allottee a marketable title to the Said Unit free ....
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.... the possession of the Allotted Unit is not delivered to the Allottee(s). The Allottee(s) have no other option other than to file this application under section 7 of the IBC, 2016." 9. To establish the default committed by the Corporate Debtor, the Financial Creditors have placed on record the documents, namely Apartment Buyer Agreement dated 14.02.2014, copies of receipts dated 25.02.2014, 23.04.2014, 15.07.2014 and 11.09.2014 and copy of Allotment Letter dated 25.02.2014 issued by HCPL to the Financial Creditor. 10. The Corporate Debtor has filed its reply on 06.03.2019. It is admitted in the reply of the Corporate Debtor that: "FACTUAL SUBMISSIONS : c. That the Respondent executed an Assignment Agreement dated 05.....
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....on 7 of the Code." 12. It is submitted by the Corporate Debtor that the Financial Creditor has already filed a consumer complaint before the Hon'ble NCDRC, New Delhi. It is further submitted by the Corporate Debtor that the Financial Creditor is having efficacious remedy under the RERA Act. 13. On seeking clarification, the Financial Creditor has filed its Affidavit on 06.11.2018 stating the following : "3. a. That the petitioner had filed two petitions against the Respondent/ Corporate Debtors namely, M/s Horizon Buildcon Private Limited ("Corporate Debtor I") bearing CP (IB) No. 266/ ND/ 2019 and M/s Horizon Concept Private Limited ("Corporate Debtor 2") bearing C.P. (IB) No. 594/ND/2019 for the same amount of the defau....
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....ubmitted his claim with the IRP of the Corporate Debtor 2 (M/s Horizon Concept Private Limited) till date and petitioner further undertake that he shall not file his claim against the same amount of default with the IRP of Corporate Debtor 2." 14. It is an admitted fact that the M/s Horizon Concept Pvt. Ltd. (HCPL) is a marketing arm of the M/s Horizon Buildcon Pvt. Ltd. (HBPL). As per the terms and conditions mentioned at Clause- D of the Apartment Buyer Agreement dated 14.02.2014 executed between M/s Horizon Concept Pvt. Ltd. (HCPL) and Mr. R. Tarkeshwar Narayan, Financial Creditor the M/s Horizon Buildcon Pvt. Ltd. (HBPL) had empowered its marketing arm i.e. HCPL to market, sell and receive consideration amount on their behalf. Furthe....
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....tion 14(1) (a), (b), (c) & (d), the following prohibitions are imposed, which must be followed by all and sundry: "(a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration 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....