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TMI Blog2018 (2) TMI 1739X X X X Extracts X X X X X X X X Extracts X X X X ..... e Insolvency Resolution Process against the Corporate Debtor for its inability to pay its debt. 2. Brief facts of the case as averred in the petition are that the Corporate Debtor is engaged in the business of real estate and had floated a scheme ( for development of a Group Housing Residential Complex under the name "Shilpayaa K7" at Ansal API, Sushant Acquapolis, NH-24, Ghaziabad. 3. The Financial Creditor booked two flats on the 16th Floor, being flats nos. 1601 and 1605 having an area of approx. 1344 sq. ft. and 1250 sq. ft for a total consideration of Rs. 79,29,858/-. A memorandum o understanding was also executed between the parties wherein the Corporate Debtor acknowledged the receipt Of Rs. 40 lakhs, making it obligatory on the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resaid amount was categorically acknowledged by the Corporate Debtor in terms of the following:- "The First Party has acknowledged the following payments made towards the above agreement. Rs. 4 Lakhs vide chq. No. 191606 dated 15.01.2014 drawn on Axis Bank. Rs.. 36 Lakhs thru cash dated 07.02.2014" 5. To ensure timely repayment and by way of security the Corporate Debtor also issued a post-dated cheque No. 000217 dated 7th February, 2015 for IRS. 40 lakhs drawn an Bank of Baroda. In addition, a cheque for Rs. 10.8 lakhs, being cheque no. 000218 was also tendered, being the interest due thereon at the agreed rate of 27% per annum, in terms of their agreement. It is submitted that the Corporate Debtor kept on requesting the Financial Credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t thereon. The Corporate Debtor never raised this feeble ground to repudiate the liability when demands were made on them time and again. 8. Accordingly, 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. A moratorium in terms of Section 14 of the Code as detailed hereunder comes into effect forthwith, staying:- "(a) the institution of suits or continuation Of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority ..... X X X X Extracts X X X X X X X X Extracts X X X X
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