AI Drafter 
TaxTMI 
TaxTMI 
2022 (9) TMI 15
X X X X Extracts X X X X
X X X X Extracts X X X X
.... as the "Financial Creditor") under Section 7 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 seeking initiation of Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") against Shree Ahuja Properties and Realtors Private Limited (hereinafter referred to as the "Corporate Debtor"). 2. The Corporate Debtor is company incorporated under the Companies Act, 1956 and has its registered office at Ground Floor, Rajpipla, Opp. Standard Chartered Bank, Linking Road, Santacruz (West), Mumbai- 400054. Its Company Identification Number (CIN) is U45400MH2007PTC172860. Therefore, this Bench has the jurisdiction to entertain this Petition. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....2014 206456 15,42,27,125/- 5. 24.10.2014 233902 65,75,107/- 6. 20.10.2015 206461 1,03,91,862/- 7. 02.11.2015 493114 5,00,000/- 8. 20.11.2015 002118 1,09,22,500/- 6. The Flat owners of the aforesaid building i.e., "Ahuja Towers" had formed a co-operative society by the name "Ahuja Tower Co-Operative Housing Society Ltd" which was registered under Registration No. MUM/SRA/HSG/T.C/12692/2016 on 02.09.2016. 7. After the formation of the society, the committee member of the said society was demanding for payments of the corpus fund amount from the Financial Creditor for the said flat. Thereafter, the said society, issued an intimation notice on 19.07.2018 to the Corporate Debtor and cop....
X X X X Extracts X X X X
X X X X Extracts X X X X
....with further interest @ 18% till realization of payment towards refund of the amount paid to the Corporate Debtor. (ii) Rs. 1,79,97,607/- along with interest @ 18% till realization of payment towards mental agony and hardship suffered by the Financial Creditors. (iii) Rs. 1,09,22,500/- along with the interest @ 21 % from the date of Agreement for Sale on 01.10.2014 till realization of payment towards Corpus Fund. 10. The Financial Creditor failed to disclose the filing and pendency of the said consumer complaint to the Tribunal. The Financial Creditor has filed this Petition post institution of the said Consumer Complaint before the NCDRC. Hence, the Financial Creditor has approached this Tribunal with unclean hands, th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ccording to the carpet area of the flats. The Corporate Debtor is required to submit the said Corpus amount collected from flat purchasers to the Society. 15. The Corporate Debtor has received Corpus fund from various flat purchasers, except for the Financial Creditors and few other flat purchasers. The amount receivable towards the corpus fund was deposited by the flat purchasers in the Cosmos Bank, Vile Parle branch in the Corpus Account of the Corporate Debtor. The Corporate Debtor has transferred the entire amount from the said corpus account of the Corporate Debtor to the Bank Account of the said Society at Saraswat Co-op. Bank Ltd, Prabhadevi Branch, on various dates between December 2016 to March 2017. The Corporate Debtor has in ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d letter dated 12.09.2018 which is received and acknowledge by the said Society and the said fact are set out in paragraph No.5 of the said letter. The copy of the said letter dated 12.09.2018 along with its annexure is annexed as "Exhibit-B" to the reply. 18. The Corporate Debtor further submits that the only ground on which the present Application appears to have been filed by the Financial Creditors is that the outstanding corpus fund amount for the said flat is not paid to the said Society and therefore they are unable to use the common amenities in the said Society. The Financial Creditors themselves have failed to deposit it in the corpus account informed to them by the Corporate Debtor. However, the Corporate Debtor has intimated ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ses (a) and (b) of subsection (6A) of section 21, an application for initiation corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such creditors in the same class or not less than ten per cent. of the total number of such creditors in the same class, whichever is less: ......" For the want of fulfilment of the criteria set by the Insolvency and Bankruptcy Code, 2016 in matter of Real Estate projects, this Petition cannot be allowed as it is filed only by a single allottee and cannot be considered as per the provision laid down in Section 7(1) of the Code. Under the Code, a minimum of 100 people or 10% of the total allotee must be there to initiate a procee....