TaxTMI 
TaxTMI 
2022 (5) TMI 487
X X X X Extracts X X X X
X X X X Extracts X X X X
....paper publication dated 21.12.2021 and also the claims submitted pursuant to email send by the 2nd Respondent after the last date before the notice is issued calling committee of creditors. ➢ Direct the 2nd Respondent to see that the claims submitted are only the allottees of The Greens Township Project Including the Haritham Tower and to exclude those claims which are submitted by creditors from Ernakulam Project. ➢ Direct that details of all claims received, with the receipt date, be intimated to the claimants and to take corrective action prior to formation of CoC if objections are raised by the claimants. It may also be directed that the earliest date of receipt of the mail forwarding the claim be recorded as the claim submission date. ➢ Direct that all claims received prior to 01.01.2022 be verified prior to the formation of Committee of Creditors and selection of Authorized representative. ➢ Direct that the claim of Thomas Kuruvilla (who has flats only in Prakrithi Towers) be made available to the applicant for scrutiny and a enquiry be made through the Sub Registrar's Office Karakulam, Thiruvananthapuram to veri....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... made on behalf of the members of the applicant association in the land of joint venture. The promised delivery for Haritham Flats varied from 2012 to 2017 for various customers, but the construction of Haritham Towers is not completed till date. The Haritham Buyers Association formed by the allottees of flats in Haritham Tower has 53 members at present. 5. It is stated that proceedings were initiated by the Federal Bank before this Tribunal against the builder MIR Realtors under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016. On admission of the said matter, the 2nd Respondent was appointed as IRP. As per the paper publication made in Deshabhimani Newspaper on 21.12.2021, the claim applications were to be submitted before 01.01.2022. 6. It is stated that the Applicant came to know that a loan of 10 crores was sanctioned by the Federal Bank, Ernakulam North Branch in March 2015 by MIR Realtors mortgaging an extent of 87 cents in R.S.No 233/1,233/1-28 of Karakkulam Village, Nedumangad Taluk of Thiruvananthapuram District. This extent is the part and parcel of the land ha....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ely made their objections before the Respondents through e-mail dated 12.01.2022. Thereafter the Applicant approached the Hon'ble High Court of Kerala and the Hon'ble High Court ordered that all members of the Association are to be enabled to attend the first meeting of COC. 8. It is stated that an e-mail has been received by 37 home buyers including some members of the Association from Mr. Krishna Raj, the Proposed Authorised Representative, stating that the meeting of first CoC is on 22.02.2022 and he enclosed the agenda of the meeting and the list of CoC members. Only 22 claimants from Haritham have been included in the list whereas 44 members of Haritham had submitted claims before the due date of 01.01.2022. The 22 claimants from Haritham, who had submitted claims before due date, has been excluded from the list of CoC without assigning any reason, in spite of requests and reminders. Holding of the first CoC without including all the claimants who had submitted claims prior to the due date is violative of the IBBI Regulations and the IBC Act and would violate the rights of the claimants. It is further stated that the claim raised by one Thomas Kuruvilla includes 15 flats of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....f Corporate Creditor. The non- inclusion of a majority of the home buyers from Haritham in the Committee of Creditors before selection of Authorised Representative and the first meeting of Committee of Creditors is a violation of the IBC Act and IBBI Regulations. 10. It is stated that all the claimants who had made claim pursuant to the paper publication have to be heard. The 2nd Respondent is purposefully avoiding the claimants which include the members of the association so as to benefit third party's interest. Submission by the Respondents No. 2. 11. The 2nd Respondent filed reply statement and stated that with regard to 53 allottees in Haritham Project, one allottee Viz, P Sasidhara Kurup has withdrawn the claim after submitting it., two other allottees (Applicant No 42) Mr. Sreejith GS and (Applicant No 49) Mr.Aswin Kavirajan did not submit any claims as on 08.03.2022. Four allottees of the Association submitted their claims after 01.01.2022. It is stated that 22 (Twenty-two) claims submitted by the home buyers belonging to applicant Association were already admitted out of the claims submitted up to 01.01.2022. All the remaining (excluding withdrawn and those who....
X X X X Extracts X X X X
X X X X Extracts X X X X
....The 2nd Respondent has followed uniform process while accepting the claims or to rectify the defects in the claims that were submitted. 15. The 2nd Respondent further stated that in CIRP, the verification process of claims is an ongoing process till the 90th day from the insolvency commencement date. After the 90th day the RP do not have the powers to accept the claims without the leave of court. Therefore, the list of claimants has to be updated on a regular basis to include or exclude the claimants based on the supporting documents. It is a laid down principle by the Apex Court and various Tribunals that the IRP/RP does not have adjudication powers and he cannot decide on anything where judicial intervention is required. It is further stated that during the process of verifying and collation, the 2nd Respondent has accepted the same nature of documents from Shri. Thomas Kuruvilla as he has accepted from other claimants. 16. It is also stated that the 2nd Respondent has applied the interest rates given in the Regulations while accepting the claims. Moreover, if the contract between the allottees and the Builder do not contain paying of the notional rent by the Builder, the I....