TaxTMI 
TaxTMI 
2023 (1) TMI 192
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...., Advocates for R-1. Mr. P.Vohra, Advocate Mr. Dhaval Deshpande, Mr. Yash Jariwala, Advocates for R-2&3. For the Appellant : Mr. Abhijeet Sinha, Mr. Shikhar Khare,Mr. Pranav Malhotra, Advocates. Mr. M.J. Michael, Advocate for intervenors Mr. Mayank Kshirsagar, AOR & Ms. Abha Goel For the Respondents : Mr. Krishnendu Dutta, Sr. Advocate with Mr. Anirban Bhattacharya, Mr. Harshad Vyas, Mr. Ativ Patel, Mr. Darshit Dave and Mr. Dhruv Sachdeva and Mr. Rajeev Chowdhary, Advocates for R-1. Mr. P.Vohra, Advocate Mr. Dhaval Deshpande, Mr. Yash Jariwala, Advocates for R-2&3. JUDGMENT ASHOK BHUSHAN, J. These two Appeals have been filed against the same order dated 16.06.2022 passed by National Company Law Tribunal, Mumbai Bench-IV in CP (IB) No.1337/MB/2020, by which Application under Section 7 filed by Respondent No.1 - SREI Equipment Finance Limited has been admitted. The Company Appeal (AT) (Insolvency) No. 697 of 2022 has been filed by a Suspended Director of the Corporate Debtor - Nirmal Lifestyle (Kalyan) Private Limited and Company Appeal (AT) (Insolvency) No. 698 of 2022 has been filed by five Appellants, who are Homebuyers in the real estate Project of the Corporate De....
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....hat Company Petition is complete in all respect. The objections raised by the Corporate Debtor has not been dealt with by the Adjudicating Authority. The entire claim of the Financial Creditor was based on insufficiently stamped documents. The Loan Agreement was executed and stamped as per the law applicable in the State of West Bengal, bearing stamp of Rs.100/-, which Agreement is sought to be enforced in the State of Maharashtra, in which State, stamp duty was required to be paid within three months. There was adequate security interest given by the Corporate Debtor and thus, Application under Section 7 was not required to be admitted. Shri Ramji Srinivasan, learned Senior Counsel submits that the Appellant was also ready to make payment of default amount of Rs.1.12 crores. It is further submitted that Appellant had received communication from Swamih Investment Fund on 03.06.2021 in response to the request made by the Appellant to invest an amount of Rs.250,00,00,000/- and an additional amount of Rs.132,20,00,000/-, on receiving the above amount, Appellant shall be able to complete the Projects. 5. Shri Abhijeet Sinha, learned Counsel appearing for the Appellants in Company Ap....
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....any Appeal (AT) (Insolvency) No. 697 of 2022 notices were issued by this Appellate Tribunal on 22.06.2022. In Company Appeal (AT) (Insolvency) No. 698 of 2022, this Tribunal on 12.07.2022 passed an interim order directing that till next date of hearing, the Interim Resolution Professional ("IRP") shall not constitute the Committee of Creditors ("CoC"), however, the Resolution Professional shall continue to function and ensure that the Corporate Debtor continues as a going concern. In pursuance of the interim order, the IRP has taken control over the Corporate Debtor on 18.06.2022 and had already issued publication notice for inviting claims. The IRP has filed three Status Reports in these Appeals. The third Report was filed on 26.09.2022, gives the details of the Corporate Debtor as on 15.09.2022. Paragraphs 5, 6 and 7 of the Status Report are as follows: "5. The Interim Resolution Professional states and submits that pursuant to the Public Announcement made by the Interim Resolution Professional, claims from 3 Financial Creditors have been received for an amount aggregating Rs.1,930.40 Crores and the said claims are under verification as per direction of Hon'ble NCLAT as ....
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....iated against the Corporate Debtor by different Homebuyers and other entities. All buildings are duly registered with MAHA RERA. This Tribunal after hearing the parties on 09.11.2022 directed the Appellant to file a response by an affidavit with regard to grievance, which was raised at the time of hearing. On 09.11.2022, following order was passed: "09.11.2022: We have heard Learned Counsel for the parties and Learned Counsel for the Intervener who have filed the application for intervention on behalf of the Home Buyers. Learned Counsel for the Home Buyers have expressed apprehension that there are no facts brought on behalf of the promoters regarding the steps which are proposed to be taken by the promoter and the timelines for completion of the flats. Mr. Krishnendu Dutta, Learned Senior Counsel appearing for the Financial Creditor who has initiated CIRP submits that the Appellant has also not dealt with the dues which is due today to the Financial Creditor. Before the next date of hearing, Learned Counsel for the Appellant is permitted to file response by an Affidavit after serving copy of the Affidavit on the Counsel for the Respondent, deali....
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....g to middle income group, who for funding their homes also takes loan from financial institutions and suffer due to non-handover of possession by the builders. The Project, which has been commenced by the Corporate Debtor, consisted of large numbers of buildings, where only few have been completed and most of them are incomplete. The Corporate Debtor has not brought on record any convincing material to indicate that it is able to complete the Project and also able to meet the liabilities of the Financial Creditors and other creditors. We, thus, are satisfied that present is a case where order initiating CIRP need no interference. Consequently, the CoC has to be constituted to find out the ways and means to complete the Project, so that interest of the Homebuyers be firstly fulfilled. 14. The learned Counsel for the Homebuyers has placed reliance on judgment of this Tribunal in Company Appeal (AT) (Insolvency) No.926 of 2019 - Flat Buyers Association vs. Umang Realtech Pvt. Ltd., where this Tribunal after considering the difficulties of the Homebuyers in a real estate Project has observed that in real estate Project, the CIRP can be confined to one Project as per approved Plan by....