9911796707
TMI Blog2018 (11) TMI 1014X X X X Extracts X X X X X X X X Extracts X X X X ..... is CIN U7010DL2005PTC141373 and its registered office is situated at C - 4, 1ST Floor, Malviya Nagar, New Delhi - 110017. The authorised share capital of the company is Rs. 225,00,00,000/- (Rupees Two Twenty Five Crores) and the Paid-up share capital is Rs. 195,16,77,000/-(Rupees One Ninety Five Crores Sixteen Lakhs Seventy Seven Thousand), respectively. 3. The precise case of the Petitioners, who are the Real Estate (Residential) is that they had applied for the allotment of a residential plot in the Project under the name and style of "IREO HAMLET" Sector 98, SAS Nagar, Mohali of the Corporate Debtor-Respondent and in lieu of the same the Corporate debtor continues to be in default with regard to the payment of a sum of Rs. 58,75,100/- (Rupees Fifty Eight Lakhs Seventy Five Thousand One Hundred Only). 4. The Financial Creditor has proposed the name of Mr. Pawan Kumar Garg as the Insolvency Professional with the address 25-A, J-Pocket, Sheikh Sarai - II, New Delhi-110017 and Mobile- 9873981462. His registration number is IBBI/IPA-001/IP-P00608/2017-18/11069. He has filed his written communication as per the requirement of Rule 9 of the Insolvency and Bankruptcy (Application to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner was required to pay 95% of the total sale consideration within 18 months from the date of booking and the remaining 5% was to be paid on delivery of possession. Further, the payment was collected by the Corporate Debtor as per "Application for Booking of A plot". Thereafter from the year 2011 to 2014 the Corporate Debtor kept on raising demands and the Petitioners paid all the demands. Acknowledging the payments, receipts were issued by the Corporate Debtor which are on record (Annexure- A6). 10. Furthermore the Petitioners submitted that they made several visits to the site of the project and were shocked to see that there was no development. They also wrote many letters and exchanged emails with the Corporate Debtor to apprise them with the development at the site and the delivery of possession but to no avail. On 23.05.2014 the Petitioners again visited the site and found that the Project severely lacked basic amenities and facilities. 11. The petitioners have assisted that having no option left, they filed a Consumer Complaint on 14.08.2015 bearing Case No. 173 of 2015 with the State Consumer Disputes Redressal Commission, U.T. Chandigarh seeking refund and compensation o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es. In this regard the Petitioners have submitted in their Rejoinder filed on 05.10.2018 and have asserted that the Corporate debtor has been making preferential payments to the various other creditors. 17. Further the Respondent - Corporate Debtor in its reply states that the Project got delayed by 3 months, however, in view of clause 11.3 of the Agreement the applicants were bound to accept the possession since they had an option to terminate the Agreement after the expiry of 42 months from the date of Agreement, but after the dispatch of Notice of Possession the option to terminate the Agreement stood lapsed. The Corporate Debtor started handing over possession to the homebuyers' with effect from 04.05.2015. In reply to this, the Petitioner- Financial Creditor in its rejoinder has denied it in its entirety. It is submitted that though the offer of possession was given in time, however, the same was not in consonance with the terms of the Plot Buyers Agreement (Annexure- A8) and the same was challenged in the State Commission. The findings have been recorded in the favour of the Petitioners. 18. There is no other substantial objection raised by the Respondent - Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the application has been filed on the Performa prescribed under Rule 4(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Section 7 of IBC. We are satisfied that a default has occurred and the application under sub section 2 of Section 7 is complete. The name of the IRP has been proposed and there are no disciplinary proceedings pending against the proposed Interim Resolution Professional. 23. As a sequel to the above discussion, this petition is admitted and Mr. Pawan Kumar Garg with the address 25 - A, J - Pocket, Sheikh Sarai - II, New Delhi-110017 and Mobile No. 9873981462 and having registration number IBBI/IPA-001/IP-P00608/2017-18/11069 is appointed as the Interim Resolution Professional. 24. In pursuance of Section 13(2) of the Code, we direct that Interim Insolvency Resolution Professional shall immediately make public announcement with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) & (d) and thus the following prohibitions are imposed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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