TMI Blog2018 (5) TMI 932X X X X Extracts X X X X X X X X Extracts X X X X ..... of Insolvency Professionals of ICAI. Therefore, we are satisfied that the conditions prescribed by Section 7(5)(a) of the Code are satisfied and the petition deserves to be admitted. The petition is, therefore, admitted and the moratorium is declared accordingly. - CP (IB) No.52/Chd/Pb/2018 - - - Dated:- 3-4-2018 - Mr. R. P. Nagrath And Mr. Pradeep R. Sethi, JJ. For The Petitioners : Mr. Puneet Kansal, Advocate For The Respondent : Mr. Deepankur Sharma, Advocate JUDGEMENT Per: Pradeep R. Sethi, Member(Technical) The instant petition has been filed by three petitioners as financial creditors under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the Code) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred as the Rules) for initiating the corporate insolvency process against the respondent-corporate debtor. It is contended that as per Section 7(1), a Financial Creditor can file an application jointly with other financial creditors. It is further stated that in view of Rule 4 (4) of the Rules, where the application is made jointly by financial cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nst property and to the knowledge of the petitioners, the respondent has not allotted any plot so far to any of the investors. 4. The dates of default and the amount claimed to be in default are given in column 2 of Part-IV of Form 1. The date of default is shown on the basis of expiry of one year from the date of the deposit. The dates are reflected in the Receipt-cum-Acceptance Letters (Annexure A-1 to A-4 of the application) as maturity date of agreement . 5. In part III of Form 1, C.A. Deepak Gupta, Regn. No.IBBI/IPA- 001/IP-P00281/2017-18/10525 has been proposed as Interim Resolution Professional. Form 2 is attached as Annexure A-12 of the application and the affidavit of Shri Deepak Gupta, Chartered Accountant is also filed as Annexure A-14 of the application. Postal receipt for forwarding copy of the petition to the respondent is attached as Annexure A-17 of the petition. 6. Notice of this petition was directed to be issued to the respondent-corporate debtor. Mr. Deepankur Sharma, Advocate was present for the corporate debtor and accepted notice on behalf of the respondent. The matter was adjourned for today for submission of reply/objections, if any, and for argum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), ascertain the existence of a default from the records of an information utility or on the basis of other evidence furnished by the financial creditor under sub-section (3). ( 5) Where the Adjudicating Authority is satisfied that - ( a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application; or ( b) default has not occurred or the application under sub-section (2) is incomplete or any disciplinary proceeding is pending against the proposed resolution professional, it may, by order, reject such application: Provided that the Adjudicating Authority shall, before rejecting the application under clause (b) of sub-section (5), give a notice to the applicant to rectify the defect in his application within seven days of receipt of such notice from the Adjudicating Authority. ( 6) The corporate insolvency resolution process shall commence from the date of admission of the application under s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person to whom a Financial debt is owned and includes a person whom such debt has been legally assigned transferred to ( ii) The debt along with interest, if any, is disbursed against the consideration for time value of money and include any one or more mode of disbursed as mentioned in clause (a) to (i) of sub-section (8) of Section 5 . 13. In the present case, the Receipt-cum-Acceptance Letters (Annexure A-1 to A-4 of the application) on the face of it state that they are for acquisition of plot and registration for plot booked. However, the maturity date of agreement is given as one year after the date of registration and the Projected Value is given which is more than the consideration value given. Therefore, the time value of money has been built in and it has to be presumed that the Receipt-cum-Acceptance Letters, even though stated to be for registration of plot, have the commercial effect of borrowing. In view of subsections (7) and (8) of Section 5 of the Code (supra), the petitioners are to be treated as financial creditors. 14. In the reply and arguments, the respondent has not raised any objection that the petitioners are not financial creditors. In fac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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