TMI Blog2019 (1) TMI 1680X X X X Extracts X X X X X X X X Extracts X X X X ..... d there are no disciplinary proceedings pending against the proposed Interim Resolution Professional. Petition admitted - moratorium declared. - C.P. (IB) NO. 1351 (PB) OF 2018 - - - Dated:- 10-1-2019 - CHIEF JUSTICE M.M. KUMAR, PRESIDENT AND S.K. MOHAPATRA, TECHNICAL MEMBER For the Petitioner : Gurcharan Singh And Ms. Gurkamal Hora Arora, Advs. For the Respondent : Ms. A.S. Anand, Adv. ORDER Chief Justice M.M. Kumar, President. The Petitioner(s) claiming to be financial creditor(s) have filed the instant Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code'), read with rule 4 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 ..... fault due and payable by the corporate debtor is ₹ 2,04,12,476/- (including interest @10.45% p.a.). A tabular chart depicting working of the amount in default is annexed (Annexure - J). 5. The Financial Creditor has proposed the name of Mr. Tarun Banga as the Insolvency Professional with the address S-15/15, DLF City Phase-3, Gurugram - 122002. His registration number is IBBI/IPA-001/IP-P00150/2017-18/10314. He has filed his written communication as per the requirement of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 along with the certificate of registration (Annexure -D(Colly)). 6. In Part-IV of the Petition, the Financial Creditor has given the details of the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tedly the period of 48 months came to an end on 06.12.2017 and the construction was not complete then. 9. It has also been pleaded that the corporate debtor proposes to apply for the Occupation certificate in the next 3-4 months and it is claimed that it has honoured all its commitments after taking into account the Force Majeure conditions. The submission made by the respondent- corporate debtor is wholly unwarranted as the maximum period of 54 months has already expired in June, 2018 and the Occupation Certificate is nowhere in sight. The amount therefore would become 'due and payable'. As a matter of fact the Project was required to be completed within 48 months, that is, by December, 2017 and further 6 months w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder also remained in force only for one month and does not require any serious consideration. The other objections arc also lame excuses to deny the claim of the Financial Creditor. Therefore we do not find any force in the objection raised and the same are hereby rejected. 11. Learned counsel for the Respondent-Corporate Debtor has candidly stated that 3-4 months further period is required to apply for occupation certificate. Apparently the date for delivery of possession came to an end in June, 2018 and even today possession of the unit has not been offered as occupation certificate is not obtained which is sine qua non for handingover the possession. No transfer deed could be expected by the corporate debtor-respondent in the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . We also declare moratorium in terms of Section 14 of the Code. It is made clear that the provisions of moratorium are not to apply to transactions which might be notified by the Central Government and a surety in a contract of guarantee to a corporate debtor. Additionally, the supply of essential goods or services to the Corporate Debtor as maybe specified is not to be terminated or suspended or interrupted during the moratorium period. These would include supply of water, electricity and similar other supplies of goods or services as provided by Regulation 32 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 18. The office is directed to communicate a copy of the order to the Financial Creditor, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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