AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2022 (4) TMI 1111
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....ding dues which have become due during CIRP; c) Pass such other order/directions as this Hon'ble Bench may deem fit and proper in the facts and circumstances of the case. 2. The facts mentioned in the application in brief are as follows: i. That the Applicant allotted Plot No. GH-01/C, Sector 143B Noida to the Corporate Debtor vide allotment letter being letter No. Noida/GHP/GH-2010-(IV)/2011/2193 dated 25.02.2011. ii. That a lease deed was executed between the Applicant and the Corporate Debtor on 19.08.2011 and the aforesaid plot was transferred on lease for a term of 90 years. The total consideration of the premium of the plot of Rs. 24,29,66,779.00, out of which 10% i.e. Rs. 2,42,96,677.90 was paid by the corporate debtor at the time of execution and thereafter the balance 90% premium of the plot along with interest was to be paid within next 8 years. In case of default in depositing installment or any payment, interest at the rate 14% compounded half yearly was require to be paid. iii. That the Corporate Debtor, vide letters dated 06.07.2015 and 07.08.2015, had made a request for rescheduling of overdue payment. Against the said request, the Applicant vide letter ....
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....the compounding charges for issue of Occupation and Completion Certificate. iv. That the RP has advised for submission of a consolidated outstanding amount vide email dated 07.10.2021. However, it has not been submitted. v. That a Resolution Plan from Resolution Applicant-Crossroad Welfare Society has been approved by CoC with 93.43% vote in the meeting held, on 04.12.2020. vi. That the Resolution Plan Chapter VIII-Repayment Plan para 8.3. Sl. No. 8 covered claim of Noida Authority, which is being offered by the Resolution Applicant for Rs. 50 lacs in full and final settlement of their claim. 4. The Applicant has filed its written submissions and has stated almost same statement as stated in the application. It is further submitted that the Resolution Professional has been managing the affairs of the Corporate Debtor as a going concern. 5. That in the course of arguments, it is submitted on behalf of the Respondent that in view of the moratorium imposed in terms of Section 14 of the Code, the said amount is not payable. It is submitted that as per Regulation 31(b) of IBBI (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 ("Regulations"), the said amoun....
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....ion 14 of the IBC because during the moratorium no amount is liable to be recovered as the lease rent does not come under the essential supplies as referred to in Regulation 32 Regulation 2016. 10. Before considering the submissions of the parties, we would like to refer to the said letter dated 04.06.2021 sent by the Applicant to the Resolution Professional and a scanned copy of the same is reproduced below:- 11. On perusal of the letter referred to supra, we notice that the Applicant has claimed the amount towards premium amount which was rescheduled and due and payable in terms of the rescheduled agreement and the lease rent for the Financial Year 2021-22. The contention of the Respondent is that the said amounts do not come under the essential supplies. Therefore, at this juncture, we would like to refer to the relevant regulations 31, 32, 33, 34 and 34A. 12. On conjoint reading of the said regulations, it is seen that as per Regulation 31, the Insolvency Resolution Process Cost under Section 5(3)(e) includes the item referred to from (a) to of Regulation 31. We further notice that as per Regulation 31(a), the amount due to supplies of essential goods and services under Regu....
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....e and protect the assets of the Corporate Debtor including to continue the operation of the Corporate Debtor. Admittedly it is a Real Estate Project and for the construction of the buildings a lease was granted to the Corporate Debtor under terms and conditions, which includes the payment of premium and lease rent. The claim of the Applicant that so far the amount due and payable prior to the institution of the CIRP is concerned, same has already been submitted before the Resolution Professional but so far dues which are due and payable after the initiation of CIRP in terms of the rescheduled agreement, the Applicant is entitled to get it. Whereas as the Respondent claimed protection under Section 14 of the IBC, therefore, we would also like to refer to Section 14 of the IBC and the same is reproduced below:- Section 14: Moratorium. (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely:-- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decre....
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.....] (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. 15. A bare perusal of Section 14(2) of IBC, 2016 shows that during the moratorium, the supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted. 16. At this juncture, we would also like to refer to Section 14(1)(d) which restrain the owner or lessor from recovery of any property where such property is occupied or is in possession of the Corporate Debtor. But as per Explanation of Section 14(1) of the IBC, this provision is subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concession, c....