TaxTMI 
TaxTMI 
2019 (2) TMI 1974
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....o Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by Mr. Kapil Arora (for brevity 'Petitioner') with a prayer to trigger Corporate Insolvency Resolution Process against Morpheus Developers Private Limited (for brevity 'Corporate Debtor'). 2. The Petitioner Mr. Kapil Arora, claiming to be the financial creditor, having its residence at B-134, Sector 30, Noida 211301. 3. The Respondent Corporate Debtor Morpheus Developers Private Limited, the corporate debtor against whom initiation of corporate insolvency resolution process has been prayed for, is a company incorporated on 24th August, 2012 under the Companies Act, 1956 having its registered office at 1st Main Road Maujpur, New Delhi- 110053 and ha....
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....r to the Petitioner by the Respondent. Allotment letter containing terms and conditions for the aforesaid mentioned two units were issued in favour of the Petitioner on 16.10.2014. Both the allotment letters mention the possession of the respective units to be delivered by December 2017. 6. The Financial Creditor submitted that the cheque for the principal amount was never deposited by the Petitioner on assurance of the Respondent that the payment will be made to him. Although, it is pertinent to mention that the Respondent acknowledged its liability by paying monthly assured returns as due. The Respondent also acknowledged its liability to pay to the Petitioner inter alia by depositing TDS for 7 months on the amount payable by the Respo....
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....initiated against it but the debt was settled by the Respondent with the creditor and insolvency proceedings was quashed by the Hon'ble Supreme Court of India. 10. The total amount of debt due is Rs. 2,71,55,826.45/- (Rupees Two Crores Seventy-One Lakh Fifty-Five Thousand Eight Hundred and Twenty-six and Forty-Five paisa only) comprising Rs. 1,00,00,000/- (Rupees One Crore only) being the value of principal amount paid by the Petitioner to the Respondent along with interest @ 36% p.a. compounded monthly from 04.10.2015 (date of repayment of principal amount) till the date of payment totalling to about Rs. 1,71,55,826.45/- (Rupees One Crore Seventy-One Lakh Fifty-Five Thousand Eight Hundred and Twenty-six and Forty-Five paisa only) as on ....
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....failed to deliver possession of the units allotted to the Petitioner by December 2017. The default occurred when the grace period of 6 months for delivery of possession expired in June 2018. Hence, the application was filed within the period of three years and the application is not barred by limitation. 14. Having heard the learned counsels for the Petitioner and the Corporate Debtor and having perused the paper books and the defence taken by corporate debtor, this leaves no doubt that the default has occurred with respect to the payment of the financial debt of the Petitioner and with their able assistance we may first examine the provisions of Section 7 (2) and Section 7 (5) of IBC which read as under:- "Initiation of corpora....
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....1/IP- P00394/2017-18/10712 is appointed as the Interim Resolution Professional. 17. In pursuance of Section 13 (2) of the Code, this Tribunal direct that Interim Insolvency Resolution Professional shall immediately make public announcement with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) & (d) and thus 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 ....
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....y Resolution Process. His conduct should be above board & independent; 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 by the ex-management or its ex-directors the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate ord....