TMI Blog2020 (7) TMI 57X X X X Extracts X X X X X X X X Extracts X X X X ..... hed and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Application admitted - moratorium declared. - CP (IB) 3565/MB/C-IV/2019 - - - Dated:- 4-3-2020 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical Member For the Petitioner : Dhruva Gandhi and Jamshed Ansari Patel ORDER RAJASEKHAR V. K., JUDICIAL MEMBER 1. This is a Company Petition filed under section 7 of the Insolvency Bankruptcy Code, 2016 (IBC) by Mr. Jamshed Ali Ansari ( the Financial Creditor ), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shree Okay Estate Develop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor was supposed to give possession of the flat on or before 30-9-2015 (Page No. 23) Para 8A. Pursuant to the said agreement, the Financial Creditor paid a sum of ₹ 27 Lacs to the Corporate Debtor along with further payment towards VAT, Service Tax, Stamp Duty and Registration in all the Financial Creditor has paid sum of ₹ 37,39,605/-. iii. In the interregnum, the Corporate Debtor sold the plot of land on which the flat was to be constructed, to one Mr. Hanif Usman Kapadia following this the Financial Creditor instituted suit No. 454 of 2019 before the Hon'ble Bombay High Court for specific performance of the contract. In the said suit consent terms dated 1-7-2019 came to be executed based on which an order came to be p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount as on 25-9-2019 to be ₹ 36,22,348/- 6. The Court Notice dated 18-10-2019 was ordered which was served on the Corporate Debtor on 12-10-2019 by speed post in terms of affidavit of service filed by the Financial Creditor. Despite receipt of said notice there is no representation on the side of the Corporate Debtor. The matter was finally listed for admission on 4-12-2019 on which date matter was heard and reserved for orders. 7. We have heard the learned Counsel for the Financial Creditor and perused the records. The claim of the Financial Creditor (Home Buyer) arises out of the decree dated 8-7-2019 which is based on consent terms dated 1-7-2019 entered into between the parties in suit No. 454 of 2019 before the Hon'bl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be a moratorium under section 14 of the IBC, in regard to the following: (i) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002; (iv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency Bankruptcy Board of India (IBBI). The IRP/RP shall carry out his functions as contemplated under sections 15, 17, 18, 19, 20 and 21 of the IBC. The IRP/RP shall file periodical progress reports with this Adjudicating Authority. (g) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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