TMI Blog2018 (2) TMI 1739X X X X Extracts X X X X X X X X Extracts X X X X ..... mands were made on them time and again. This Bench is satisfied that a Financial Debt is due and payable by the Corporate Debtor. Their inability to pay the same entitles the Financial Creditor to seek insolvency resolution process against the Corporate Debtor. The Petition is therefore Admitted. - (1B) 19(ND) 2018 - - - Dated:- 9-2-2018 - Smt. Ina malhotra, And Smt. Deepa Krishan, JJ. For the Petitioner: Ms. Ritika Shaw, Advocate For the Respondent: Mr. Rajiv Shankar Drivcdi and Mr. Utkarsh Singh, Mr. Sushant Kr. Sarkar, ORDER Smt. Ina Malhotra The present. petition has been filed under Section 7 of the Insolvency and J3ankruptcy Code, 201.6 (hereinafter referred to as the Code ). The petitioner has claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the Project with assured return of 27% after the expiry of the lock in period from the date of execution of this MOU or to sell the said flats prior to expiry of the one year period (directly) in the market or to continue and retain the same till completion of the project after making the balance payment under the flexi plan. AND WHEREAS the Parties agree that in the event the Second Party chooses the option Of assured return, then in that even the second party has to inform one month in advance to the first party in writing of its decision to continue or not to continue with the booking/ holding of the said flats and thereafter the first party would return the deposit within next one month along with an assured return amount calcu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor is denial of having received the amount. Further, it is stated that even otherwise. as the cheques have not been presented, the cause of action has not arisen and therefore no financial debt can be claimed against the Corporate Debtor, nor can it be said that the debt has become due and payable. 7. We find the arguments advanced by the Ld. Counsels for the Corporate Debtor not only a sham but also very feeble. The documents on record speak for themselves. There is clear acknowledgment of having received the amount of ₹ 40 lakhs. As per the agreement, the financial creditor had the option of seeking its return after 1 year along with interest @ 27% per annum. This is further substantiated with the issuance of tw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (I) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order Of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process. 9. The Financial Creditor has named Mr. Devinder Arora as the IRP. His particulars are 806/5, Eastend Apartment, CISF Road, Indrapuram- 201014, Ghaziabad (UP); Email: devinder.irp@gmail.com; Redg. No.. IBBl/IPA-002/1P-N00200,/2017-18/ 10586. His appointment as IRP is confirmed in the present case. The IRP shall ensure that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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