TaxTMI 
TaxTMI 
2024 (5) TMI 784
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.... Ashok Kriplani , For Proposed Intervenor JUDGMENT Per : Justice Rakesh Kumar Jain : The Appellant, namely, Ms. Disha Choudhary is the Managing Director of M/s Dreamz Infra India Limited (Corporate Debtor) who has challenged the validity of the order dated 15.02.2023 passed in CP (IB) No. 83/BB/2021 by which an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short 'Code') by M/s Dreamz Sneh Project Allottees Welfare Association (Respondent No.1/Financial Creditor) on 19.08.2021 has been admitted by the National Company Law Tribunal, Bengaluru Bench (in short 'Tribunal') and appointed Mrs. Jaya Bharuka as the Interim Resolution Professional and the order dated 21.02.2023 passed in I.A. No. 113/BB/20....
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....dhur Project. 3. Accordingly, the Applicant is directed to take appropriate action in accordance with extant provisions of Code and the Rules made thereunder and complete CIRP in respect CD with reference to Dreamz Sumadhur Project. 4. Since, the CIRP which was initiated against the CD initially vide order dated 20.08.2019 in which all its projects were included was ultimately confined to only one project, namely, Dreamz Sumadhur Project vide order dated 04.09.2020, therefore, the home buyers of a separate project, namely, Dreamz Sneh Project, floated by the Corporate Debtor in the property at survey no. 121/3, old sy. No. 120/01 at Bhoganahalli Village, Bengaluru East Taluk, comprising 'A' Block and 'B' Block, through association, fi....
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....ebtor was against the Company who has floated various projects including Dreamz Sumadhur Project and Dreamz Sneh Project. The said petition was admitted on 20.08.2019. Since, the CIRP was initiated against the Company, therefore, the home buyers of Dreamz Sneh Project, coming to know about the initiation of CIRP against the company vide its order dated 20.08.2019, filed claims to the RP which were also admitted but the subsequent order which came to be passed on 04.09.2020 confined the CIRP only in respect of Dreamz Sumadhur Project, therefore, the necessity to file their own application arose and as such the application has been filed. 8. It is further submitted that the limitation can also be counted from the date of the order and in t....
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.....2020, the CIRP initiated in CP (IB) No. 84/BB/2019 on 20.08.2019 was ordered to be confined to only one project, namely, Dreamz Sumadhur Porject. As a result thereof, a separate cause of action arose to the Appellant for the purpose of redressal of their grievance with the passing of the order dated 04.09.2020 and therefore, they filed the application under Section 7 on 19.08.2021 within a period of three years from the date of cause of action 04.09.2020 had arisen. In this regard, finding has been recorded by the Tribunal in para 12 of the impugned order which is reproduced as under:- "The other issue to be examined is whether the C.P. is within the period of limitation. As per the documents of the Respondent/Corporate Debtor its....
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....izing the creditor to realize its decretal dues, a fresh right accrues to the creditor to recover the amount of the final judgment and/or order/decree and/or the amount specified in the Recovery Certificate. 139. The Appellant Bank was thus entitled to initiate proceedings under Section 7 of the IBC within three years from the date of issuance of the Recovery Certificate. The Petition of the Appellant Bank, would not be barred by limitation at least till 24th May, 2020. 140. While it is true that default in payment of a debt triggers the right to initiate the Corporate Resolution Process, and a Petition under Section 7 or 9 of the IBC is required to be filed within the period of limitation prescribed by law, which in this ....