AI Drafter 
TaxTMI 
TaxTMI 
2021 (3) TMI 1350
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.... Ltd against whom initiation of Corporate Insolvency Resolution Process has been prayed for, was incorporated on 03.05.1994 having its registered office at Kh. No. 300, Gopi Ram Building, Sultanpur Village, 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 respondent corporate debtor under sub section (1) of Section 60 of the Code. 3. The applicant has proposed the name of Mr. Paraveen Bansal, for appointment as Interim Resolution Professional having registration number IBB1/IPA-001/IP-P00175/2017-2018/10344 resident of E-10A, Kailash Colony, New Delhi. Mr. Paraveen Bansal has agreed to accept appointment as the interim resolution professional and has signed a communication in Form 2 in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. 4. As ....
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....opaz Real Estate Pvt. Ltd., M/s Ninex Developers Ltd., RMG Developers Pvt. Ltd. etc. ii. That as the Financial Creditor is a Non-Banking Financial Corporation which had granted to the "Nlnex Group" namely to M/s Ninex Developers Ltd., Red Topaz Real Estate Pvt. Ltd. and RMG Developers Pvt. Ltd. and Abloom Infotech Pvt. Ltd. certain financial exposures extending from the year 2014 onwards in the form certain loans on Interest to the said "Ninex Group" Companies. That the loans which were granted by the Financial Creditor to the Ninex Group Companies were secured by the various assets of the Ninex Group Companies under the various documentations which were executed between the Financial Creditor and the said companies. iii. That over the period Ninex Group companies repaid the loans given by the Financial Creditor to RMG Developers Pvt. Ltd., and also M/s Ninex Developers Limited and full and final settlements for the said loans were executed between the Financial Creditor and the said Ninex Group Companies. iv. That however on account of certain financial problems and inability to pay their loans to other, two of the companies of "Ninex Group" namely M/s N....
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....the Financial Creditor from time to time and has been maintaining the financial discipline as regards the loan in question. viii. That as in September, 2018 certain amounts were due to the Financial Creditor from the Corporate Debtor under the loan Agreement dated 27.04.2016 and its amended form. The Financial Creditor in order to capitalize upon the main asset of the Corporate Debtor, being plot No.A3A, Sector 32, Noida, U.P. introduced its associate company M/s. Pardos Realtors Pvt. Ltd. as an intending purchaser for the said land and induced the Corporate Debtor to enter into an Agreement with the said associate group company of the Financial Creditor, for sale of Its plot No.A3A, Sector 132, Noida, U.P. measuring 20242.60 sq. meters to M/s Pardos Realtors Pvt. Ltd. The Corporate Debtor thereupon entered Into an Agreement to Sell dated 27.09.2018 with M/s Pardos Realtors Pvt. Ltd. for sale of the said plot of land. The Financial Creditor was also a party to the said tri-partite Agreement and was reflected as a third party or lender under the said agreement. The said Agreement was primarily set up by the Financial Creditor to create an avenue for recovering Its loan by m....
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.... Corporate Debtor suffered adversely and the Corporate Debtor was deprived from lawful consideration of its property for which it was entitled to receive a sum of Rs. 56,67,92,800/- (Rupees Fifty Six Crores Sixty Seven Lacs Ninety Two Thousand Eight Hundred) under the terms of the Agreement to Sell dated 28.09.2018 and the property of the Corporate Debtor become bound under an Agreement to sell of which the Corporate Debtor did not receive any benefit at all That the Corporate Debtor thereafter received a letter dated 27.08.2019 from M/s Pardos Realtors Pvt. Ltd. in reference to the Agreement to sell dated 28.09.2018 in which the M/s Pardos Realtors Pvt. Ltd. now alleged that the Corporate Debtor was In breach of the said Agreement and was. liable to refund the alleged security amount of "Rs. 10,88,73,790/- (Rupees Ten Crores Eighty-Eight Lacs Seventy-Three Thousand Seven Hundred and Ninety) given under the Agreement to M/s Pardos Realtors Pvt. Ltd. along with Interest @ 30% per annum and was in this manner bound to pay a sum of Rs. 13,11,61,365/- (Rupees Thirteen Crores Eleven Lacs Sixty One Thousand Three Hundred and Sixty Five) to the Financial Creditor. xiii. That the ....
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....lly perform the Agreement in question provided the Financial Creditor and its group companies M/s Pardos Realtors Pvt. Ltd. pay to the Corporate Debtor the balance consideration under the Agreement dated 28.09.2018 along with Interest. xv. That the Corporate Debtor in reference to its reply dated 14.09.2019 to the letter of M/s Pardos Realtors Pvt. Ltd. dated 27.08.2019 thereafter has received a Rejoinder Notice dated 23,09.2019, which is Issued jointly on behalf of M/s Pardos Realtors Pvt. Ltd. as well as DMI Finance Pvt. Ltd. and dealings between the Corporate Debtor and the Financial Creditor was admitted to be interrelated and connected with the dealings between the Corporate Debtor and M/s Pardos Realtors Pvt. Ltd. and the association between the Financial Creditor and M/s Pardos Realtors Pvt. Ltd. is also acknowledged though it is claimed to be Irrelevant for the purposes / claims of M/s Pardos Realtors Pvt. Ltd. xvi. That as per the above it would be obvious and clear that presently the Corporate Debtor under the Agreement dated 28.09.2018 has already a claim of Rs. 20 Crores against the present Financial Creditor, as compared to its claim of Rs. 7,94,47,08....
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....e any legal changes was due to the fact that, contrary to the decision taken in the Piramal Judgment, the Hon'ble NCLAT had permitted simultaneous initiation of CIRP against the principal borrower and its corporate guarantor. Presently, Hon'ble Supreme Court by order of 22.02.2019 has admitted an appeal against the decision of the Hon'ble NCLAT in the Piramal judgment and ordered status quo in that matter. [Civil Appeal No. 878/2019 and Civil Appeal No.1678/2019]. ii. Further the petitioner in its written submission has also submitted that the Piramal Judgment still does not apply to the present set of facts and circumstances for the following reasons: Piramal Judgment applies only where the very same FC proceeds to initiate CIRP against the principal borrower and the corporate guarantor. However, in this case, CIRP against Ninex and Red Topaz was initiated pursuant to petitions filed by two other creditors, BDR F invest Private Limited and Renu Proptech Pvt. Ltd. respectively and not by the FC; th Hon'ble NCLAT held that CIRP initiated by the FC for one claim against a CD, the same FC cannot 'trigger' CIRP of other CD for the same debt. It is submitte....
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....ncial debt" as defined under the Code. If we apply this to the case in hand it can be seen that there is existence of Loan facility of Rs. 16,00,00,000, Disbursal of Loan facility of INR 13,35,00,000/- and existence of Default of Rs. 7,94,47,080/-. Hence, the present petition is complete. 13.The provisions of Section 7 (2) and Section 7 (5) of IBC stand satisfied but the same may be read as under: "Initiation of corporate insolvency resolution process by financial creditor. 7(1) ...................... 7(2) The financial creditor shall make an application under subsection (l) in such form and manner and accompanied with such fee as may be prescribed. 7(3) ...................... 7(4) ...................... 7(5) Where the Adjudicating Authority is satisfied that (a) a default has occurred and the application under subsection (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application; or (b) ......................" 14.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 ....
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....de clear that the provisions of moratorium shall not apply to (a) such transactions which might be notified by the Central Government in consultation with any financial regulator; (b) a surety in a contract of guarantor to a Corporate Debtor. Additionally, the supply of essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. These would include supply of water, electricity and similar other services or supplies as provided by Regulation 32 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 19. We direct the Financial Creditor to deposit a sum of Rs. 2 lacs with the Interim Resolution Professional 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 amount however be subject to adjustment by the Committee of Creditors. The amount must be accounted for by Interim Resolution Professiona....