Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 136 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Corporate Debtor not only failed to hand over the possession of the flats till date but also failed to return the monies invested by the Petitioners - Financial Creditors - Existence of debt and dispute - HELD THAT:- The Corporate Debtor has clearly defaulted in handing over the possession of the flats to the Petitioners within the mentioned period of the said Agreement and also, defaulted in returning the monies of the petitioners when failed to give possession of the flats. The Bench has no hesitation in concluding that there is a debt and that the Corporate Debtor has committed a default and therefore, it is a fit case for admission. This Bench, on perusal of the documents filed by the Petitioner, is of the view that the Corporate Debtor defaulted in repaying the financial assistance availed. The order of the Consumer Redressal Forum, Rajasthan, directing the Corporate Debtor to deliver the flats, payment of interest and execution of Sale Deed in favor of Petitioner further confirm the admitted position of debt and default by the Corporate Debtor - the existence of debt and default is reasonably established by the Petitioner as a major constituent for admission of a Petition under Section 7 of the Code. Application admitted - moratorium declared.
|