TaxTMI 
TaxTMI 
2022 (3) TMI 234
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.... been advancing Loan(s) to the Borrowers at their request and is incorporated under the provisions of Companies Act, 1956 on 03.09.1992. Mr. Jugal Kishore Lohia, duly authorized on behalf of applicant vide Board Resolution dated 15.03.2020, has preferred the present application on behalf of the applicant for initiation of insolvency resolution process against the respondent under the Code. A copy of the Board Resolution dated 15.03.2020 has been placed on record. b) The Respondent Company M/s. Vibrant Buildwell Private Limited against whom initiation of Corporate Insolvency Resolution Process has been prayed for, was incorporated on 01.11.2004 having its registered office situated at 22, Siri Fort Road, New Delhi, DL - 110049, India and Corporate office at A-359, Defence Colony, New Delhi-110024, 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 respondent corporate debtor under sub-section (1) of Section 60 of the Code. c) The case of the applicant during the month of August, 2012, the corporate debtor approached financ....
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....Venture Agreement with one M/s. Dhingra Developers Pvt. Ltd. for development of a residential group housing on the plot of land situated in Village Sarai Aurangabad, Bahadurgarh, Haryana. However, the project could not be developed. In 2012 the respondent no. 2 expressed its interest in the project of the Corporate Debtor. It was agreed between the parties that the Respondent No. 1 comes in as a shareholder in the Corporate Debtor to invest maximum of Rs. 15 crores into the project of the Corporate Debtor and in exchange was allotted 50% shareholding of the Corporate Debtor. The Respondent No. 2 was also included as Director of the Corporate Debtor. Thereafter the license of corporate debtor was renewed having a validity upto 08.08.2015. d) It is stated that on interference of son of Respondent No. 2 the project development work at site stopped resulting in increase of EDC amount and also the DTCP refused to further renew the license of corporate debtor. Thereafter, on advice of the respondent no. 2 the corporate debtor migrated the project to a new policy being Deen Dayal Jan Awas Yojna and licence no. 41 of 2018 was obtained. e) Apparently, the respondent no. 2 ....
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.... d) It is stated the loan amount alongwith interest thereon, were long overdue the part of Corporate Debtor and therefore, the respondent no. 1 issued Demand Notice dated 16.03.2020. e) The respondent argued that the present application is misuse the process of law with mala fide intention to delay the process of main IB petition. 7. The applicant has filed rejoinder and submitted as follows: a) It is stated that the present application has been filed to establish the fact that the instance case is nothing more than inter-se dispute between the Board and Shareholders of the Corporate Debtor. b) The respondent no. 1 has failed to make out any case of disbursal against consideration of time value of money and there is no commercial effect of borrowing. It is also stated that there is prime facie case against respondent no. 1 that the main IB has been filed with malicious intentions and for the purpose other than resolving insolvency of corporate debtor. 8. Heard. The records have been thoroughly perused. Apparently, the right to file reply of the respondent corporate debtor was closed by this Tribunal vide order dated 17.12.2020. The said order was c....
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....get renew the license for completion of the earlier project. 10. In view of the above discussion, we find no merits in the application of the applicants, resultantly, IA 3626/ND/2021 is dismissed with no order as to costs. 11. In respect of the Main IB petition filed under Section 7 of the Code, the Financial Creditor has placed Balance Sheets of the Corporate Debtor reflecting debt given by the Financial Creditor acknowledged. The Financial Statements for the F.Y. ending 2012-2013 to 2016-2017 was duly signed by the director of Corporate Debtor namely, Mr. Raj Kumar Sahani i.e. the other director. It is reiterated that the corporate debtor failed to raise any objection within stipulated time provided by this Tribunal. 12. The Financial Creditor has invested its money for a project and the corporate debtor has failed to complete the project and infact changed the entire project into another type of project. Therefore, it is well within the rights of the financial creditor to recall its financial debt as the project is not the same. In view of the documents placed on record, the financial creditor proved that financial debt was given to the corporate debtor and the corporat....
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....iately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 7 of the Insolvency & Bankruptcy Code, 2016. 20. We direct the applicant Financial Creditor to deposit a sum of Rs. 2 Lakhs with the Interim Resolution Professional namely Mr. Ashish Singh to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the Financial Creditor. The said amount however be subject to adjustment towards Resolution Process cost as per applicable rules. 21. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) & (d) of the Code. Thus, the following prohibitions are imposed: "(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 co....