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TMI Blog2019 (12) TMI 1381X X X X Extracts X X X X X X X X Extracts X X X X ..... cation to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by Mr. Dhirendra Nath & Ors. (for brevity 'Applicant') with a prayer to initiate the Corporate Insolvency process against M/s. JC World Hospitality Private Limited (for brevity 'Corporate Debtor'). 2. The Applicants herein are the home buyers and all have invested in the same project of the corporate debtor namely "JC World Mall". The Corporate Debtor is a private limited company incorporated under the provisions of the Companies Act, 1956 on 18.09.2012 having CIN U92412DL2010PLC211303 as per Master Data and having registered office at E-2/3, Vasant Vihar, New Delhi-110057. The Authorized Share Capital of the Corporate Debtor is Rs. 10,00,00,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efforts to offer possession of the unit to the allottee within 2.5 years from the date of the provisional allotment letter. If the completion of the project is delayed by reason of force majeure event, the total construction prior shall be suitably extended by the company. If however, the company fails to offer possession of the said unit within the stipulated period as aforesaid for any reason other than occurrence of force majeure event and such delay continues for a period from the stipulated date, then the allottee shall be entitled to a discount ion sale consideration for delay thereafter @INR 30 per sq. ft. per month for the super area of the said unit ("Rebate"), without there being any further compensation and//or damages. The said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicants are annexed with the application. 7. The Applicants submits that the corporate debtor has failed to handover the possession of the units to the applicants and also not paid the amount due to the applicants. The following chart shows the respective amounts due to the applicants: Sl. No. Financial Creditors Amount 1. Mr. Dhirendra Nath Rs. 2,03,87,171/- 2. Mr. Puneet Bhardwaj Rs. 13,13,119/- 3. Mr. Virender Kumar & Ms. Renu Guliani Rs. 50,28,358/- 4. Mr. Har Krishan Pasricha Rs. 26,78,676/- 5. Mr. Brijesh Lakhanpal Rs. 35,28,963/- 6. Mr. Sumit Makkar Rs. 12,99,289/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e interest for the delayed period at the rate equal to MCLR (Marginal Cost of Lending Rate) + 1%. The Ld. RERA authority has further instructed to financial creditors to wait till the date 31.12.2019 in a case titled Puneet Bhardwaj vs. Ms. Rita Dixit. 10. The Applicants have filed a rejoinder controverting the averments made in the reply and has asserted that the RERA has no overriding effect while deciding application under I & B Code as this Hon'ble tribunal has to adjudicate whether a default has been committed by the corporate debtor or not. The fact regarding the assurance of the corporate debtor that it shall complete the project by December, 2019 has not seen light of the day. 11. Having heard the ld. counsel of both the parti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scrow account with funds for the project. The completion of the project looks impossible to be completed by December 2019. 12. The application is complete as per the requirements of section 7 of the code. Further the date of default occurred from 19.12.2018 and hence the debt is not time barred and the application is filed within the period of limitation. 13. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 14. The Applicant is entitled to claim its dues, which remain uncontroverted by the Corporate Debtor, establishing the default in payment of the financial debt beyond doubt. In the light of above facts and records the present application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing admitted in terms of Section 7(5) of IBC, 2016 moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Corporate debtor prohibiting proviso (a) to (d) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(4) of the Code shall come in vogue. 18. In terms of above order, the Application stands admitted in terms of Section 7(5) of IBC, 2016. A copy of the order shall be communicated to the Applicant, Corporate Debtor as well as IRP above named by the Registry. In addition, a copy of the order shall also be forwarded to IBBI for its records. Applicant is also directed to provide a copy of the complete paper book to the IRP. A copy of this order be also sent to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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