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2019 (11) TMI 403

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..... ;ble Judicial Member For The Applicant : Naresh Kumar Sejvani Adv. And Prashant Agrawal, Adv. For The Respondent : Vaibhav Khasliwal, Adv. And Sandeep Taneja, Adv. ORDER 1. Based on an application moved by the Operational Creditor, Sh. Manohar Karamchandani, against the Corporate Debtor, Balajidham Buildestates Private Limited, for initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016 and having been convinced in relation to the non-payment of the claim amount made in the petition by the Operational Creditor pointing out to a default as envisaged under the provisions of Section 9 of IBC, 2016, this Tribunal admitted the insolvency petition on 02.11.2018 and also appointed one Ms. Sarita Duck as Interim Resolution Professional (IRP) in relation to the affairs of the Corporate Debtor. 2. In terms of Regulation 6(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) the said Interim Resolution Professional made a public announcement in FORM-A on 05.11.2018 in Indian Express (English Edition) and Punjab Kesari (Hindi Edition). In .....

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..... claims admitted and also for calculation of voting rights. 4. The IRP convened 2nd COC meeting on 15.01.2019 and on perusal of the same it is seen that the CoC had resolved to open an account with Kotak Mahindra Bank Jaipur and fixed a limit upto ₹ 2,00,000 for Resolution Professional to initiate a debit transaction without the permission of the Committee of Creditors for expenses other than approved expenses in first CoC and to publish Expression of Interest (EoI) in two Newspaper for calling Resolution Plan from Resolution Applicants. The CoC had agreed to apply Evaluation Matrix for resolution Plan. In the said meeting CoC had also resolved that Registration of flats by Resolution Professional be done if approved by this Tribunal, where full and final payment as per agreement was received by the corporate debtor and only registration was to be done in the name of the purchaser of the property/flats. 5. The third CoC meeting was held on 27.02.2019 and on perusal of the same it is seen that to manage the affairs of the Company it was resolved to raise interim finance by sale of Flat No. F-4 located at Rameswaram Residency owned by the Company. Further the CoC had assented to .....

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..... asement failing which the company will move an application before this Tribunal and take possession but all went in vein. Thus, RP had filed an IA seeking a direction to Mr. Anurag Shukla to handover the peaceful and vacant possession of the said premises. 7. It is further seen that the Resolution Professional had also filed Application vide IA No. 97/JPR/2019 against one Mr. Hukum Singh Shekhawat and prayed to direct Mr. Hukum Singh Shekhawat to handover the peaceful and vacant possession of the flat of the Corporate Debtor situated at Khatipura Road, Jaipur to the Resolution Professional and to direct the police authorities to provide adequate protection to the Resolution Professional while taking over the possession of the said flat. The respondent in this IA had filed his reply vide Dairy No. 1388/2019 on 29.07.2019. 8. IA No. 114/JPR/2019, IA No. 115/JPR/2019, IA No. 116/JPR/2019 and IA No. 125/JPR/2019 were filed by Home Buyers and it is seen that on 26.04.2019 this Tribunal had granted permission to withdraw these IAs and file fresh application to apply for condonation of delay in filing the claim. 9. It is further seen that IA No. 124/JPR/2019 was filed by Mr. Ravi Maheshwa .....

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..... 9 it is seen that Mr. Sandeep Taneja accepted and undertook to file reply on behalf of respondent Mr. Amod Agarwal. No reply has been filed in this Application. 15. The IRP convened 4th COC meeting on 27.04.2019 wherein it was proposed that since period of 180 days is expiring on 01.05.2019 and no resolution plan had been received, thereby CoC had to take a call on whether to extend this period or liquidate the Company. The CoC had dissented to approve liquidation of the Corporate Debtor. Thereby Resolution Professional had filed Application under Section 12(2) of the IBC, 2016 seeking for extension of time period of Corporate Insolvency Resolution Process by further 90 days and it was submitted that one of the CoC members, all being the home buyers, had desired to settle the issues in one of the projects namely Nishant Nupur, of which construction had not been completed by the Corporate Debtor and for the resolution of the same, further period of 90 days was required. Thus, this Tribunal on 03.05.2019 extended the CIRP period from 180 days to 270 days on and from 01.05.2019. In 4th CoC meeting, it was resolved to raise interim finance by e-auction of Flat No. F-4 situated at Rames .....

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..... given consent to act as the liquidator vide written communication dated 27.07.2019, under section 34 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, as the CoC in its meeting on 27.07.2019 has not proposed any person's name; b. Ms. Sarita Duck is directed to issue Public Announcement stating that the corporate debtor is in liquidation, in terms of Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; c. The Registry is directed to communicate this Order to the Registrar of Companies, Jaipur and to the Insolvency and Bankruptcy Board of India; d. In terms of section 178 of the Income-tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. Similarly, in relation to other fiscal and regulatory authorities which govern the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation; e. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; f. This order is deemed to be .....

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