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2019 (12) TMI 1381 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - Time Limitation - HELD THAT:- The Real Estate (Regulation And Development Act), 2016 is an act brought in force to protect the interest and to regulate the working and functioning of the real estate sector, so as to ensure that the buyers are not cheated by the developers and to ensure that the projects falling under RERA are completed within time and that amount(s) may be refunded to the buyers, when demanded by them in terms of the agreement entered into between the parties, whereas the purpose of the Insolvency & Bankruptcy Code, 2016 is to ensure that the companies that are in financial distress either have a change in management or are liquidated depending upon the interest gathered by it in the market. Further, the relief(s) demanded by the applicants in the instant matter before the Ld. RERA, Noida are sperate from the relief claimed by the applicants before this Hon'ble Tribunal. The application is complete as per the requirements of section 7 of the code. Further the date of default occurred from 19.12.2018 and hence the debt is not time barred and the application is filed within the period of limitation - The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application - The Applicant is entitled to claim its dues, which remain uncontroverted by the Corporate Debtor, establishing the default in payment of the financial debt beyond doubt. In the light of facts and records the present application is admitted. Application admitted - moratorium declared.
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