9911796707
TMI Blog2020 (2) TMI 1405X X X X Extracts X X X X X X X X Extracts X X X X ..... l the Homebuyers. 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, as follows: (1) M/s. Skylark Ithaca Buyers Welfare Association Consisting of 255 Homebuyers (hereinafter referred to as Petitioners/ Financial Creditors) are Home Buyers, who have entered into Agreements of Sale and Constructions, on various dates for purchase of Apartments of varying sizes, in the residential Apartment Complex proposed by Skylark Mansions Private Limited. The said Skylark Mansions Private Limited entered into Three (3) Joint Development Agreements with the Landowners and One (1) Supplemental Agreement with the Landowners of the composite property, on which the proposed residential apartment complex was being constructed. The said Landowners had also executed Powers of Attorney in favour of Skylark Mansions Private Limited to sell undivided right in the composite property proportionate to the built-up area to prospective purchasers such as the Financial Creditor/Member of the Association/Home Buyers. The said Skylark Mansions Private Limited had also obtained sanction plan from the Bangalore Development Authority in its name for the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and Sy. Nos. 28, 29, 30/1, 32/1 of Kurudu Sonnenahalli Village, K.R. Puram, Bangalore admeasuring approximately 20 Acres along with Certain Supplemental Agreements (SA's) and that under the said JDA's, SA's, etc., it was agreed that the Corporate Debtor would be entitled to develop the said property into a multi-storeyed Residential Apartment Building and accordingly had secured a Development Plan, sanctioned by the Bangalore Development Authority on 16.11.2013 and that the Corporate Debtor had also obtained a Building Construction Plan vide LP No. 68/2013-14 dated 24.02.2014 for construction of Five (5) buildings. The details of which are mentioned herein below: i) BUILDING-1:- 6 towers (Tower 1 to Tower 6) comprised of Lower and Upper basement, Ground +19 Floors. ii) BUILDING-2:- 2 towers (Tower 7 & Tower 8) comprised of Lower and Upper basement, Ground + 19 Floors. iii) BUILDING-3:-3 Towers (Tower 9, 10 & 11) comprised of Lower and Upper basement, Ground +19 Floors. iv) BUILDING-4: - 5 Towers (Tower 12, 13, 14, 15 &16) comprised of Lower and Upper basement, Ground +14 Floors. v) BUILDING-5: - 3 Towers (Tower 17, 18 & 19) comprised of Lower and Upper bas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Financial Creditors have paid over 90% of the consideration/cost to the Corporate Debtor through IEPL, though the extent of construction was/is not commensurate with the payments made. These payments had to be made by the Financial Creditors, to avoid delayed payment interest, penalty and any whimsical action at the Corporate Debtors end. The Financial Creditors have also been servicing the loans/facility availed from their bankers by regularly paying the Equated Monthly Instalments (EMI's), in order to avoid any action from the Bank and to avoid their credit worthiness being affected. (7) It is submitted that some of them have entered into Agreements with IEPL, under which they were made to pay an additional sum of over Rs. 400 per square foot and IEPL having received the additional consideration had agreed to pay the pre-EMI value/interest directly to the banks, on behalf of the Financial Creditors. This obligation under the Agreement was discharged by IEPL, only for the first few months and thereafter, for over two (2) years, the said IEPL has not discharged its obligation, thereby burdening the Financial Creditors with additional financial outflow, in order to service th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate Debtor and IEPL that the construction which was dormant would resume by October 2018 and that the Apartments in the respective Towers would be handed over to the Financial Creditors, between March, 2019 and June, 2019. However, there has been no progress with the construction. (11) The details of the Financial Creditors, the Apartment Nos. they have contracted for, Agreement date, Amount paid, etc., are mentioned herein below: Sl. No. Names Tower & Plat Number Total Cost in Rs. Agreement Date Amount Paid Interest @ 18% 1 Veni Pranavananda T4-402 6,454,546 23-Sep-14 5,743,047 4,266,550 2 S. Chandra Mouli and Shanthi C Mouli T2-1404 3,148,278 23-May-14 2,982,662 2,210,941 3 Priyanka Shaw T9-7050 6,100,000 30-Jan-19 4,671,707 2,586,729 4 Ayushi Mahajan and Adhish Mahajan T6-1105 5,537,194 04-Jul-17 4,930,774 2,132,309 5 G Balaji Viswanath T9-1103 6,457,139 29-May-14 5,741,871 4,381,090 6 Deepak Kumar Singh & Vibha Verm a T6-802 6,234,030 06-Apr-15 4,514,930 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1-Nov-14 5,909,497 4,284,626 30 M. Girish Kini and Kripa Kini T2-003 5,745,590 24-Sep-14 5,053,397 3,771,918 31 Mainak Das T2-1306 6,561,311 01-Jun-16 5,955,608 3,648,110 32 Shailesh Jaiswal T2-1903 7,075,237 29-Dec-17 6,367,713 1,881,656 33 Praveen Kumar Tiwari T2-905 4,721,658 24-May-14 4,168,449 3,130,012 34 Chiranthan Purushotham T2-1205 49,313,030 23-May-14 4,371,573 3,033,008 35 Vipul Ranjan & Reshu Sinha T2-705 5,660,468 15-Nov-17 4,811,398 1,474,192 36 Umesh K. & Ranjani B. T2-1303 7,450,000 12-Jan-14 813,572 671,338 37 Sreechithra H. & Anup K.J. T3-1304 6,150,613 21-May-18 4,791,987 2,747,529 38 Saura Jyoti Tripathy So Lipsa Tripathy T3-106 6,048,354 12-Mar-15 4,319,524 2,832,631 39 Madhuri Manoj Dodwad T2-304 3,791,275 01-Jun-16 2,531,511 1,630,025 40 Suresh Goriparthi and Smt. Dokku Kavitha T3-204 4,950,333 18-Aug-14 4,388, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T7-904 8,126,000 04-Jan-17 6,553,653 2,959,628 63 Sangameshwar T7-1503 7,708,194 09-Sep-14 6,853,565 5,160,907 64 PM Madhusoodhanam T7-702 8,200,000 10-Jan-14 7,380,741 5,903,418 65 Satyendra Pratap Singh & Madhulika Singh T7-1003 7,196,394 06-Aug-14 6,849,600 5,392,772 66 Regina A & Bibin Basheer T8-101 7,634,604 20-Sep-16 6,830,370 3,534,595 67 Pravin Pratap Pushkar & Anchal Kumari T8-601 8,308,738 27/12/2017 4,474,874 1,083,648 68 Manu Mohan Variar and Anjana Variar T8-1701 7,664,566 19/12/2016 6,852,183 3,279,006 69 Akshi Chilana & Manish Mallan T8-1704 8,447,808 21/08/2014 7,537,669 5,565,137 70 Sonal Lohia & Ankit Lohia T8-702 7,165,160 29-Nov-14 6,347,095 4,668,072 71 Prithwiraj Deb T8-1802 8,600,000 28-Jun-18 7,565,748 4,113,518 72 Irian Ahmed D. T8-1004 7,469,061 20/06/2014 6,602,277 5,014,803 73 Sandeep Parashram Agham T9-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5,610,301 28-Oct-14 5,237,821 3,657,065 95 Randhir Kumar & Pallavi Dutta T11-1605 5,929,214 15/11/2017 5,632,753 1,357,465 96 Tapan Khilariwal T11-1005 5,045,430 21/11/2014 4,034,580 3,076,682 97 Jai Babu Mahankud & Sunita Kumari Gouda T11-1801 5,729,539 25/04/2018 4,271,000 888,191 98 Chaitanya Varma Kanumuri & Sravanthi Kanumuri T11-901 5,737,274 18/11/2016 4,763,664 2,343,029 99 Nithya Caliany and J Gopikrishna T8-401 6,982,000 21-Aug-14 6,654,677 5,409,022 100 Ridhy Patel & Viralkumar Patel T17-303 8,388,284 18/03/2016 7,472,856 4,091,145 101 Manoj Kumar Nayak T5-1304 3,945,588 12-Jul-19 3,194,498 1,610,032 102 Visothkumar Subramanu & Kiruthicka Rajendran T13-1403 6,553,626 08-Apr-16 5,447,376 2,700,308 103 Roshith Raj & Ragitha Raj T1-905 4,928,558 12-Nov-14 4,366,527 3,162,034 104 Mayur Sarma T3-406 5,625,799 12-Jul-15 5,019,451 3,185,565 &n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axmi Rout T2-1105 5,900,000 06-Apr-19 4,592,240 2,602,668 128 Amit Singh T9-1003 7,513,724 30/07/2015 5,066,101 3,581,251 129 Rohit Nair & Rani Kumar T8-1601 7,596,302 20/04/2017 6,124,543 2,426,440 130 Tanish Agrawal T2-303 6,380,476 19/07/2014 6,017,403 4,866,688 131 Pinky Agrawal T6-303 5,301,549 18/08/2014 5,008,504 4,060,781 132 Samira Kumar Patnaik & Priyadarshini Samantaray T3-903 5,514,960 01-Aug-15 4,928,029 3,643,322 133 Naveen Babu Kotturu T11-504 4,601,564 15/02/2015 4,087,892 2,976,890 134 Sumeet Kumar T6-301 4,679,738 30/05/2014 4,453,515 3,152,108 135 Archana Rai T5-1501 5,205,234 17/05/2017 4,718,612 1,790,511 136 Mayank Srivastava T2-404 3,483,164 29/09/2014 2,973,767 2,146,860 137 Rajeev Ranjan T7-802 8,214,710 12-Jan-16 7,261,739 3,589,039 138 Hiteshkumar Rameshchandra Mistry T9-1606 6,644,237 25/09/2014 6,271 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,486,500 07-Jun-16 7,194,152 3,685,438 161 Jyoti Vimal and Amit Ranjan T3-601 5,146,448 02-Mar-15 4,586,679 3,301,484 162 Avik Santra and Sudarshana Santra T11-1406 5,495,456 20/7/2014 5,180,318 4,184,700 163 Nitesh Kumar Jha and Pallavi Kumari T7-503 6,598,953 28/05/2014 5,774,601 4,411,689 164 Kartikesh Authimoolam Nadar & Sunitha Kartikesh Nadar T12-1403 7,473,755 05-Oct-16 5,897,143 3,286,128 165 Indranil Pal T1-1006 4,926,265 23/05/2014 4,371,595 3,272,807 166 Irudaya Praveen T3-1202 6,436,099 04-Dec-18 5,034,244 2,698,263 167 Kanchan Arora & Amit Arora T10-1001 5,015,669 20/06/2014 4,738,862 3,818,897 168 Naveen Naidu T9-1005 5,400,000 13/02/2015 4,123,437 5,032,656 169 Ujrjwal Kumar and Veena Singh T6-702 5,438,743 20/06/2014 4,840,696 3,614,775 170 Poorviben Patel T17-803 8,535,021 29/02/16 5,768,139 2,722,056 171 Suchismita Chatter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p; 191 Ashok Verma T11-301 4,500,000 08-Feb-14 3,811,161 2,852,115 192 Roshan Glatan Dsouza T15-1101 6,265,986 19/12/2016 5,061,825 2,444,355 193 Komal Bhagtani T10-903 5,068,179 29/05/2014 4,500,810 3,454,922 194 Keshav Kumar T9-301 5,500,000 08-Feb-16 3,983,746 2,111,604 195 Rakesh Khatai T3-1104 5,291,193 20/06/2014 4,809,385 3,603,364 196 Smt. Gunjan Sungh and Shri. Manish k Singh T1-1506 5,388,490 19/12/2014 5,105,399 4,043,656 197 Vivek Kumar & Parul Dhankar T7-501 8,022,085 12-Apr-16 6,042,937 3,104,673 198 Yamim Snvastava & Alind Srivastava T1-403 6,520,137 11-Oct-17 5,308,230 1,639,621 199 Gaurav Goswami & Naresh Chandra Gupta T8-1603 7,131,333 02-Jan-14 6,346,551 4,786,629 200 Hirak Kumar Rajendrabhai Patel T10-1201 5,222,565 19/07/2014 4,916,791 3,958,103 201 Kunal Mohanty & Amar Pratap Mohanty T3-1503 5,929,214 31/10/2017 5,579,814 1,765, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4,833,353 12-May-14 4,277,595 3,106,070 224 Prem Lal Nehra and Anita Nehra T10-404 4,754,325 12-Jun-14 4,008,285 3,005,845 225 Padmini Devi and Phani Kiran M T8-1804 9,149,978 18-May-18 4,698,889 3,513,995 226 Shashank Srivastava T2-702 3,123,837 15-Sep-14 2,760,429 2,050,540 227 Inder Krishnan Koul and Indu Koul T1-902 4,925,142 - 4,351,833 3,135,075 228 Murali Manoj Kanisetty, Guna Priyanka Garlapati T5-1206 6,346,257 20-Aug-14 6,000,372 4,884,777 229 Namita Varma T5-206 6,265,779 06-May-14 5,587,438 4,247,477 230 Jainendra Kumar and Sunidhi Sinha T2-1001 5,473,662 03-Nov-15 4,893,453 3,445,696 231 Jasbir Kaur Dosandh and Kiranpreet Kaur Dosandh T1-305 4,791,683 18/07/2014 4,236,577 3,163,327 232 Mrs Rashmi Rawat T5-306 6,306,751 28/11/2014 5,348,228 4,009,474 233 Surendra Panwar and Sonam Dhandhal T9-1703 6,546,927 23/03/2017 5,210,508 2,275,761 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ishna Shukla T3-804 5,130,000 23-Nov-14 4,595,007 3,327,695 1,274,438,369 824,114,731 (12) It is submitted that the total Amount towards Principal is Rs. 127,44,38,369/- and the amount towards interest is Rs. 82,41,14,731/-. Further the Corporate Debtor and IEPL is due to the Financial Creditors a sum of Rs. 1,04,93,508/-, towards the Pre-EMI interest that was agreed to be serviced by the Corporate Debtor and IEPL on receipt of additional consideration, which was paid by the Financial Creditors. The Financial Creditors are also entitled to such amounts that they have been paying the banks towards EMI, without the benefit of the Apartment. They reserve the right to claim Interest on the EMI's paid. They are also entitled to Rs. 4 per sft, per month for each months delay in handing over the Apartment. The Financial Creditors are also entitled to the amounts paid towards rent in a sum of Rs. 3,47,45,093/-from the date they have been deprived possession of the Apartment. Some of the Financial Creditors have approached RERA, and the Hon'ble Court has passed orders, after hearing the Corporate Debtors and IEPL, h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de, 2016. 3. It is relevant to point out that another Company Petition bearing C.P.(IB) No. 314/BB/2019 is filed by Shri C. Srikrishna (Petitioner/Financial Creditor) U/s. 7 of IBC, 2016 R/w Rule 4 of I&B (AAA) Rules, 2016, by inter-alia seeking to initiate CIRP in respect of M/s. Skylark Mansion Private Limited (Respondent/Corporate Debtor) on the ground that it has committed default for an amount of Rs. 50,79,697/- (Rupees Fifty Lakhs Seventy Nine Thousand Six Hundred and Ninety Seven only) which consists of principal amount and interest @ 10.75% p.a. This Petitioner, has approached RERA vide Complaint No. CMP/190102/0001817 and thus obtained an Order dated 23rd March, 2019, passed by the Adjudicating Officer, RERA, Bengaluru, Karnataka, wherein the developer/Respondent is directed to return the amount paid by the complainant with simple interest at the rate of 9% p.a. for the respective amount paid on respective date prior to April 2017 and at the rate of 10.75% P.A. from 01.05.2017 till the entire amount is refunded. When the Respondent is failed to comply with the Order, this Petitioner has issued Demand Notice dated 21.05.2019. In pursuant to that, the Respondent has given r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in order to maximise the time value of money by seeking to initiate CIRP against the Corporate Debtor. The instant Petition is filed in accordance with law and there is an admitted debt and default and a qualified Resolution Professional namely Mrs. Ramanathan Bhuvaneshwari bearing Registration No. IBBI/IPA-002/IP-N00306/2017-18/10864 is proposed to appoint her as Interim Resolution Professional, who has filed Written Communication dated 23.09.2019, in a prescribed forum. Therefore, the learned Counsel for the Petitioner urged the Adjudicating Authority to admit the instant Company Petition to initiating CIRP as prayed for. 6. Shri Prashantha Kumar, learned Counsel for the Respondent, by strongly opposing admission of the case, without filing Statement of Objections, has filed brief note dated 07.02.2020, by inter-alia stating as follows: "As of December 2019, there are 430 contractors working on seven ongoing projects and the Skylark Group employees about 150 people. The Skylark Group has 2,973 units of inventory and the number of unsold units are 1,541. The current number of customers are 1,432." Therefore, he urged the Adjudicating Authority to dismiss the Application as dev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he subject mentioned case has been filed by our Clients (Skylark Ithaca Buyers Welfare Association). Advance copy of the Petition filed along with the synopsis was sent to the Company and its Directors by RPAD. The Company and its Directors have acknowledged receipt of the same. The matter was listed on 27.11.2019, in the course of hearing your Counsel had taken notice for you and the matter was posted on 11.12.2019 for objections is any by the Respondent Company. On 11.12.2019 the matter was taken up by the Tribunal for Consideration. Since none appeared for the Respondent, the Tribunal had adjourned the matter to 02.01.2020. A copy of the Order sheet is attached hereto for your reference. We have once again attached hereto the entire Petition containing the List of Dates, Synopsis, the Application in Form - I with Annexures, containing 1297 pages in three (3) Volumes. You may kindly acknowledge receipt of the same." 9. Though Vakalat was filed on 23.01.2020, there is no reply filed so far, though a total number of 255 home buyers have filed the instant case urging the Adjudicating Authority to decide the matter as per merits, in the light of time frame fixed under the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bt owed to the applicant financial creditor. Under Section 7(2), an application is to be made under sub-section (1) in such form and manner as is prescribed, which takes us to the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Under Rule 4, the application is made by a financial creditor in Form 1 accompanied by documents and records required therein. Form 1 is a detailed form in 5 parts, which requires particulars of the applicant in Part I, particulars of the corporate debtor in Part II, particulars of the proposed interim resolution professional in Part HI, particulars of the financial debt in Part IV and documents, records and evidence of default in Part V. Under Rule 4(3), the applicant is to dispatch a copy of the application filed with the adjudicating authority by registered post or speed post to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, is important. This it must do within 14 days of the receipt of the application. It is at the stage of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Petition. 13. In order to resolve the issue, as per the Agreements in question, several meetings have been conducted between Skylark Management and representatives of Ithaca Apartments Buyers on various dates viz. 13.09.2018, 22.09.2018 again on 21.09.2018. When there was progress in constructions of the flats as promised, the Petitioners have addressed a letter dated 22.07.2019 to ITHACA Estates Private Limited and Skylark Mansions Private Limited and to their Directors, by inter-alia stating as follows: "Our Clients inform us that in the midst of the ongoing correspondence between our clients and SMPL/IEPL, you had called all our Clients for a meeting dated 22.09.2018. In the said meeting it was agreed by the Chairman and Managing Director Mr. Saleem Sheriff of SMPL/IEPL and other office bearers of SMPL/IEPL present at the said meeting that construction would resume by October 2018 and that the Flats in the respective Towers would be handed over to the purchasers between March 2019 to June 2019. Our Clients instruct us to inform you that despite the aforesaid representations and assurances, you have repeatedly failed in keeping to your obligations/commitments/covenants ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clients Company and the clients Company is dedicated in completing the Project and handing over the possession of the flats to the respective buyers i.e., your clients for which there is no cooperation from your clients and they have gone to an extent of defaming our clients Company by venturing in all ways possible and seek you kind indulgence to advice your client with the legal consequences/actions that they would have to face for defaming our clients Company. Further our client oppressively denies the averments in the para to be misleading. Our client states that the Company still have about 6 lakhs square feet of unsold units and that they are yet to receive about 150 Crores from the units sold by our clients Company including you clients and that our clients Company have complied with al the statutory requirements and the clients Company accounts are up to date. The averments made in Para 12 is just to mislead and seek unjust enrichment as desired in Para 11 of the notice. ......14. it would be pertinent to note that even though the amendment to the IBC, 2016 stipulates that homebuyers fall within the definition of the term "Financial Creditors" and are empowers to institu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2005 10 Skylark Edhen Residential Hayes Road jut 3 Kms. to MG Road 24,000 2007 11 Skylark Greens Residential Airport - White Field Road, Blore 2,25,000 2008 12 Skylark Enclave Residential Jagadishnagar, Off Airport Road, Blore 120,000 2008 13 Skylark Chambers Commercial Ulsoor Road, Blore 10,000 1996 14 Skylark Plazzo Commercial No. 98 Airport Road, Blore 24,000 2006 15 Skylark Regal Commercial Venkataswamynaidu Road, Blore 10,000 2007 16 Skylark Zenith Residential Residential Hosur Road, 145,709 2013 17 Skylark Zenith Commerical Commerical Hosur Road, 113,746 2014 18 Skylark Arcadia Phase 1 Residential Sadarmangala Village, Whitefield 336,000 2013 19 Skylark Esta Residential Hoodi Circle, Whitefield 358,950 2015 Total Saleable Area 1,622,405 16. As stated supra, several aggrieved parties have approached Adjudicating Officer, RERA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mer in the dark and he has given the fresh date of completion by the virtue of induction of RERA as per S. 4(2)(1)(C). But liability to pay the delay compensation or relief to the consumer in case of delay shall be borne by him. By that time this RERA Act has already came into force. Therefore, the Authority has to decide the quantum of compensation per month as delay compensation. 12. As per Section 18(1) proviso the consumer who is not going to withdraw the project shall be paid with interest by the promoter including the compensation. During the course of calculating the delay compensation the Authority has to look into Section 72 of the RERA Act. The Developer has failed to complete the project on or before September 2017 but however the project is going on and will be completed as per the schedule given to the RERA. As per Sec. 18 by the Act Delay Compensation has to be paid with interest as prescribed. As per Rule 16, it is said under: "Rate of interest payable by the promoter and the allottee: The rate of interest payable by the promoter to the allottee or by the allottee to the promoter, as the case may be shall be the State Bank of India highest marginal cost of lending ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from Rs. 386.54 crore as on 31.03.2017 to Rs. 475.22 crore as on 31.03.2018. As per the Cash Flow Statement placed at page 1107 its cash flow showed a decrease from Rs. 15.12 Crores as on 31.03.2017 to Rs. 4.48 Crore as on 31.03.2018. Its losses as given at page 1115 show an increase from Rs. 20.11 crore as on 31.03.2017 to Rs. 29.10 crore as on 2017-18. Thus it is seen that the Company been showing increasingly borrowings and losses, and reducing cash flow over the years. This indicates an unhealthy financial status with regard to its ability to pay its debts. Therefore, the Company, apart from failing to complete the projects in question so as to deliver Flats as agreed upon between the parties, is prima facie insolvent. We are also not convinced with the financial status of the Company filed by the Respondent, as per Brief note dated 07.02.2020. Since the Respondent has failed to come forward to settle the issue raised in the instant Company Petition, there is no other alternative for the Adjudicating Authority except to consider the case as per merits. 19. It is also relevant to point out here that we cannot keep the grievances of more than 250 Home buyers pending that too wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Professional, is hereby appointed as Interim Resolution Professional, in respect of the Corporate Debtor to carry on the functions as mentioned under the Insolvency and Bankruptcy Code, 2016 and various rules issued by IBBI from time to time; Her fee is fixed at Rs. One Lakhs per month; (3) The following moratorium is declared prohibiting all of the following, namely: a) 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; b) transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; c) 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 Act, 2002; d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession where of the Corporate Debtor; e) The supply of essential goods or s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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