TMI Blog2019 (2) TMI 603X X X X Extracts X X X X X X X X Extracts X X X X ..... lities and obligations Held that:- On perusal of record, we find that pursuant to the ‘Joint Development Agreement’ the land of the ‘Maharashtra Housing and Area Development Authority’ was handed over to the ‘Corporate Debtor’ and ‘except for development work’ the ‘Corporate Debtor’ has not accrued any right over the land in question. The land belongs to the ‘Maharashtra Housing and Area Development Authority’ which has not formally transferred it in favour of the ‘Corporate Debtor’. Hence, it cannot be treated to be the asset of the ‘Corporate Debtor’ for application of provisions of Section 14(1) (d) of the ‘I&B Code’. This apart, as we find that 270 days’ period has already lapsed on 19th April, 2018 and the period of ‘Moratorium’ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties and obligations. 3. The land admeasuring 40 acres was allotted in favour of a society on 8th February, 1988. The society in its Annual General Meeting decided to enter into an agreement with Guru Ashish Construction Private Limited - ( Corporate Debtor ) and a Joint Development Agreement was executed between the Society, Corporate Debtor and Maharashtra Housing and Area Development Authority on 10th April, 2008 for construction of building by the Corporate Debtor and thereafter, to hand over to the Society for rehousing of 672 tenants and the area earmarked for the Maharashtra Housing and Area Development Authority . 4. The Corporate Debtor had taken ₹ 200 Crores Term Loan Facility from the Union Bank of India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 12th January, 2018, the Maharashtra Housing and Area Development Authority asked to handover the land. The Resolution Professional who had taken over the management of the Corporate Debtor by his letter dated 15th January, 2018 intimated the Maharashtra Housing and Area Development Authority that the Corporate Debtor is under Moratorium and thereby requested not to proceed in terms of notice of termination, and not to terminate the Joint Development Agreement . 8. Having received no reply, on 22nd February, 2018, the Resolution Professional filed Miscellaneous Application being MA 137 of 2018 for carrying out amendment in MA 96 of 2018 to which reply was filed by the Maharashtra Housing and Area Development Authority . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eement the land of the Maharashtra Housing and Area Development Authority was handed over to the Corporate Debtor and except for development work the Corporate Debtor has not accrued any right over the land in question. The land belongs to the Maharashtra Housing and Area Development Authority which has not formally transferred it in favour of the Corporate Debtor . Hence, it cannot be treated to be the asset of the Corporate Debtor for application of provisions of Section 14(1) (d) of the I B Code . 15. This apart, as we find that 270 days period has already lapsed on 19th April, 2018 and the period of Moratorium in any case come to an end, the question raised has become academic. We find no merit in this appeal. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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