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2019 (11) TMI 403

..... of Section 9 of IBC, 2016 - HELD THAT:- This Tribunal in the circumstances taking into consideration the provisions of law as well as on facts is constrained to order for liquidation of the corporate debtor and in such background the corporate debtor stands liquidated with the incidence of liquidation to follow, on and from the date of this order in terms of the provisions of IBC, 2016 and more particularly as given in Chapter - III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 along with the directions imposed. Application admitted - moratorium declared. - IA NO. 84/JPR/2019, IA NO. 97/JPR/2019, IA NO. 124/JPR/2019, IA NO. 126/JPR/2019, IA NO. 153/JPR/2019, IA NO. 193/JPR/2019, IA NO. 229/JPR/2019 Dairy No. 1385/ IB No. 726/ND/2018 TA No. 70/2018 - 6-9-2019 - Dr. Poondla Bhaskara Mohan, Hon'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 initia .....

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..... e buyers and investors have filed cases against directors and it is also noted that 20 criminal cases are pending against the company. It is further noted that as stated in the minutes of the first meeting of the CoC filed vide Dairy No. 753/2018, dated 10.12.2018, in some projects no MoU was signed between the specific partners of relevant projects nor any agreement was made vesting powers to any authorized signatory to execute registration on behalf of the other partners. Thus, CoC had resolved to appoint Adv. Amol Vyas and Adv. Harish Agarwal to handle all the litigations. Further for computation of the realistic figures of the property held by the Corporate Debtor and to send notices to the debtors, the CoC had resolved to appoint Valuer Shri Anoop Singh. The COC had also resolved that interest at the rate of 8% be charged on all the financial 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 perm .....

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..... 83 sq. meter of basement and 83.53 sq. meter of stilt floor of Narayandham would be owned by the Corporate Debtor. Copy of the partition deed is annexed as Annexure 4 with the Application. Therefore, RP had sent letter dated 22.12.2018 to Narayandham Residential Welfare Society and informed about the CIRP proceeding against the Corporate Debtor and advised to allow the valuer so that further action under IBC may be initiated but the letter was not responded. Thus, the RP visited the site on 28.01.2019 and 16.02.2019 and came to know that the premises was being used by the residents of the society and also came to know that the affairs of the society was handled by Mr. Anurag Shukla. Thereby RP had sent letter dated 01.2.2019 and also had conversation on phone with Mr. Anurag Shukla and advised him to produce documents evidencing claim of the said basement 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 v .....

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..... gainst Resolution Professional. However, Resolution Professional has not filed reply to this Application till the date of order being reserved in this case. 13. The Resolution Professional had also filed Application vide IA No. 193/JPR/2019 under Sections 19 and 20 of IBC, 2016 seeking direction to Mr. Rajendra Singh Rathore to pay an amount of ₹ 44,00,000/- in compliance of Agreement dated 10.12.2014 to the Corporate Debtor. It is seen that Respondent has not appeared in this Application till the Orders being reserved. 14. The IA No. 224/JPR/2019 is filed by Resolution Professional and the same was allowed to be withdrawn vide Order dated 25.07.2019. The Resolution Professional had also filed Application vide IA No. 229/JPR/2019 under Section 66 of IBC, 2016 against ex-directors of the Corporate Debtor and on perusal of Order dated 25.07.2019 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, thereb .....

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..... announcement stating that the corporate debtor is in liquidation; and (iii) Require such order to be sent to the authority with which the corporate debtor is registered. 18. This Tribunal in the circumstances taking into consideration the provisions of law as well as on facts is constrained to order for liquidation of the corporate debtor and in such background the corporate debtor stands liquidated with the incidence of liquidation to follow, on and from the date of this order in terms of the provisions of IBC, 2016 and more particularly as given in Chapter - III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 along with the following directions: a. Ms. Sarita Duck Resolution Professional holding Registration No. IBBI/IPA- 002/IP-N00409/2017-18/11201, is hereby appointed as Liquidator and she has 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 .....

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