TaxTMI 
TaxTMI 
TaxTMI 
2022 (3) TMI 1443
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.....11.2011 with CIN U70100DL2011PTC228100 under the provisions of the Companies Act, 2013 having its registered Office at Unit No. GF-6, Rishabh Corporate Tower, Plot No. 16, Karkardooma, Community Centre, New Delhi-110092. 3. That the Authorized Share Capital of the Corporate Debtor is Rs. 1,00,00,000/- and Paid-up Share Capital is Rs. 52,46,500/- as per the Master Data of the Corporate Debtor. 4. That the detailed particulars of the operational debt as provided by the Applicant in Part IV of the Application are reproduced overleaf: 5. That from perusal of the Part IV of the Application, it is observed that the Applicant has rendered construction services for structural work of Tower A, B, C, D, L-I and S-I of the project Cloud 9 Group Housing over Plot No. R-C - 1/2, Sector 1, Vaishali, Ghaziabad, Uttar Pradesh. That the total amount of the unpaid Operational Debt claimed by the Applicant amounts to Rs. 1,47,75,061/- excluding interest. That the date of default mentioned by the Applicant is 15.09.2021. 6. That the Applicant has annexed invoices, copy of the MOU dated 31.08.2020 and 15.04.2020 and ledger account of the Corporate Debtor to establish the default on the par....
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.... or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the Corporate Debtor." 12. As proposed by the Operational Creditor, this Bench appoints Mr. Mohit Goyal having his Office at 17, LGF, Defence Enclave, Near Preet Vihar, Delhi-110092 (email id - [email protected] and Registration No. IBBI/IPA-001/IP-P02395/2021-22/13636, subject to the condition that no disciplinary proceedings are pending against the IRP so named and disclosure....
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....ereto ANNEXURE P-3 10. Subsequently, the Operational Creditor had further entered into an Agreement dated 22.05.2017 vide LOL/Cloud9/Vaishali/2017/-18/02 with the Corporate Debtor for execution of Document 2 certain finishing works works in Tower A,B,C and D of the project Cloud 9 Group Housing situated at Plot No. R- C-%, Sector 1, Vaishali. Copy of LOI dated 22.05.2017 is annexed hereto as ANNEXURE P-4. 11.That in terms of the aforestated Agreements, the work was executed at site as per the specifications and bills/invoices were raised on the Corporate Debtor for the work completed at site and payments were made on ad-hoc basis. 12. That after completion of the work in terms of the aforestated agreements, barring a few works which were pending completion, the parties agreed to settle the outstanding amounts for all three agreements in one composite settlement. That to record the understanding of the parties which they have arrived at, the parties entered into an MOU dated 31.08.2020. A copy of the MOU dated 31.08.2020 along with annexures is annexed herewith as ANNEXURE P-5.....
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....e cumulative payment of Rs. 53,95,000 has been annexed herewith as ANNEXURE P-6. 21.Despite constant follow up and Document 5 persuasion, the Corporate Debtor failed to clear the outstanding amount" of Rs. 1,47,75,061 due and payable under the Supplementary MOU dated 15.04.2021. 22.Therefore, the Operational Creditor dated 08.09.2021 issued email demanding release of Rs. 1,47,75,061 with interest on or before 10.09.2021 failing which it would be at liberty to initiate legal action. A copy of email dated 08.09.2021 is annexed herewith as ANNEXURE P-8. 23.The Corporate Debtor through its director, Mr. Sanjeev Jain, vide email dated 21.09.2021 acknowledged and admitted an amount of Rs. 1,47,75,061 as being due and payable to the Operational Creditor. However the Corporate Debtor requested for additional time to make the admitted payment to the Operational Creditor. A copy of email dated 21.09.2021 is annexed herewith as ANENXURE P- 9. 24.However, despite best efforts and persuasions, the Corporate Debtor did not release the balance payment to the Operational Creditor. 25.Therefore, aft....
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.... M Gmail Omall-Request to release balance payment of Rs 1,47,75,00 as per Supplementary MCU DID. 10.04.2021 ANNEXURE P-9 293 rapid rapid Request to release balance payment of Rs 1,47,75,061/- as per Supplementary MOU dtd. 15.04.2021 Aadi Best Consortium Pvt Ltd Reply-To: [email protected] Tue, Sep 21, 2021 at 11:26 AM To: [email protected], [email protected], rapid rapid Cc: Sanjeev Jain Dear Sir, In reference to your email dated 08.09.2021, we would like to assure you, that as per the understanding arrived at between us, by virtue of 'Memorandum of Understanding' dated 15.04.2021, we will be making the entire payments due, however, we request you to kindly consider granting some reasonable time for arranging the funds for making the payments towards balance outstanding, i.e., an amount of Rs. 1,47,75,061/- (Rupees One Crores Forty Seven Lakhs Seventy Five Thousand and Sixty One Only). As you are aware, that due to sudden outbreak of second wave of pandemic COVID-19 in April 2021, the situation has become from worse to worst and has caused severe damage to the economy and real estate sector, therefore, we would require some more time for mak....