TMI Blog2020 (12) TMI 432X X X X Extracts X X X X X X X X Extracts X X X X ..... uctures Limited, [ 2017 (8) TMI 1017 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI ] the Hon'ble NCLAT has held that those who have commitment to pay 'assured return,' 'interest,' etc. are covered by the expression financial creditor. Order of the Ld. MPID Court, auction of the properties by the Regulatory Authority in coordination with the officials of the State Government and reports of attachment of properties worth several crores of Rupees by the Enforcement Directorate, we are of the considered view that at this advanced stage no meaningful purpose would be served by admitting the petition for initiating CIRP against the Corporate Debtor, imposing moratorium and appointing an Interim Resolution Professio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 69,800.00 (Rupees twenty-five lakh sixty-nine thousand eight hundred only) as interest. The dates of default are different for each financial creditor. 4. The case of the Financial Creditors is as follows: - (a) The Corporate Debtor is engaged in the business of promoters, builders and developers of residential and commercial land and buildings. (b) The financial creditors herein are individuals who have invested in a Collective Investment Scheme (CIS) floated by the Corporate Debtor between 2009 and 2011. The term of the various plans ended as per details in Exhibit-III at p.73, but the financial creditors have not been paid so far. The details of the various schemes floated by the Corporate Debtor have been placed on record at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tungare, learned Counsel, has brought to our notice that in a similar matter concerning HBN Dairies Allied Limited, the NCLT Principal Bench had passed an order dated 14.08.2018 in CP (IB) No. 547/PB/2018, admitting the petition under section 7 of the IBC. That was also a matter where SEBI had passed an adverse order similar to the order dated 14.01.2015 passed in the case of the corporate debtor herein. In that matter (HBN Dairies), the Principal Bench had appointed Mr. Rohit Sehgal as the IRP. SEBI was also directed to hand over the title deeds of the properties belonging to HBN Dairies to the IRP appointed in the matter. That order was taken in appeal before the Hon'ble NCLAT, which inter alia held that section 14 of the IBC will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there is an order of attachment by the Competent Authority under The Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (MPID Act) and in proceedings in Certificate Nos.949/2016, 1083/2017 and 1084/2017 of SEBI. The Ld MPID Court has, vide order dated 30.01.2017 in MPID Case No. 7/2016, directed the engagement of HDFC Realty Limited as the Agency to assist in the sale of properties of the Sai Prasad group of companies, which includes the Corporate Debtor herein. 12. There is also another notice dated 18.10.2019 by SEBI for auction of the said properties on 22.11.2019. 13. A newspaper report dated 26.11.2019 indicates SEBI has found buyers for over 70 properties of the Sai Prasad Group companies - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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