TMI Blog2020 (3) TMI 1285X X X X Extracts X X X X X X X X Extracts X X X X ..... ays further time is granted is without any basis, and permissible 270 days have already been exhausted without doing any substantial work in CIRP. The Applicant has not furnished any material to show as to how State Government freezes the Property of Corporate Debtor, and what enquiry/investigation was conducted before etc. He cannot threaten the Officials of State Govt. with Contempt, without citing any substantial material, as they are also discharging their statutory deities under Law. There would be no useful purpose to grant further time as asked for. The instant Application is totally misconceived, and the grounds mentioned in the application are baseless, and untenable, and they are liable to be rejected. In terms of Section 33 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ep Kumar Others, under Section 7 of the IBC, 2016, R/w Rule 4 of the I B (AAA) Rules, 2016, was admitted by this Adjudicating Authority, vide order dated June 27th, 2019 by initiating CIRP, appointing Ms. Medha Kulkarni as the IRP, imposing moratorium etc. Subsequently, the Adjudicating Authority, vide its order dated September 11th, 2019 passed in IA No. 427 of 19 appointed the Applicant as RP and Viswanathan Shankaran as Authorised Representative for class Home Buyers. Subsequently, by an order dated 3rd January, 2020, passed in I.A. No. 684 of 2019, has extended further period of 90 days from 23.12.2019. (2) It is stated that the Applicant had written a letter dated October 3rd 2019 to the Under Secretary, Government of Karnataka, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Claim made on Group Company Dreamz Infra India Ltd. ₹ 18.92 Cr. (Excluding Interest) Status Dreamz Resolution Professional has rejected the claim on 3 grounds of being in cash, statement of Directors before police not admissible in evidence and transactions being in 2016 and 2017. The Resolution Professional plan to produce the Employees of the CD as witnesses. Pursue for Group Resolution. Advances paid to Land owners ₹ 19.37 Cr. Status Follow up in progress - 4 Land owners Aretraced and have confirmed to repay Advance amounts which is totalling to ₹ 2 Crores. They ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21st May 2020 (5) It is also stated that in the 3rd Meeting of CoC held on 7th March 2020, voted in favour of extending CIRP period of 60 days to May 21st 2020 by 99.6% of the voting shares. There is lot of work done in respect of the 3 (three) Principal Assets of the Corporate Debtor i.e. the Properties, Diversion of Funds to Dreams and Advance Recovery from Land owners. The Resolution Professional is confident of completing the work in 1 to 1.5 months at the end of which, he can invite Expression of Interest for a Resolution Plan and to enable this the Resolution Professional need the Adjudicating Authority to consider the Time lost towards legal proceedings with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that Authorities would initiate action, only after making through enquiry/investigation into the matter. However, the Applicant herein, as well as Petitioners, have not disclosed investigation conducted by the State Govt. before freezing both liquid and real estate properties of fraudulent Companies, which includes the Corporate Debtor as mentioned in the Govt. letter dated 31.12.2019. 5. As stated supra, total time permissible under Code viz. 180+90 days, was going to expire on 22nd March, 2019. The record shows that there is no substantial work done in the CIRP process in the case except filing one Application or the other seeking various reliefs from the Adjudicating Authority. There are hardly realisable assets standing in the name ..... X X X X Extracts X X X X X X X X Extracts X X X X
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