TMI Blog2021 (1) TMI 936X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017 (9) TMI 1270 - SUPREME COURT ] , has inter alia, held that I B Code, 2016 is not intended to be substitute to a recovery forum. In the instant case, it is seen that the Petitioners have already obtained an order from the relevant forum under the RERA Act and the same can be executed before any relevant forum. This Tribunal cannot be used as a recovery forum when orders of the K-RERA or any other forum are not complied with. Merely because the other courses may be cumbersome, as pleaded, cannot be a ground for taking recourse to the I B Code when no case is even otherwise made out for admission, since the Petitioners do not admittedly meet the minimum threshold of 10% etc. of Financial Creditors of the same class. For this reaso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quired to purchase an undivided right, title within the plinth area of the particular building/tower in which the residential apartment is constructed, proportionate to the saleable area of the residential project situated at Rachenahalli Village, K.R Puram Hobli, Bengaluru South Taluk. The Petitioners also entered into a separate Agreement for construction dated 18.08.2015 with the developer. 3. It is submitted that for Apartment bearing No.C-1201, C Block, 12 th Floor, admeasuring 1420 sq.ft in the project Mantri Manyata Lithos under the pre-EMI Scheme, the Petitioners agreed to purchase the apartment for total sale consideration of ₹ 99,41 ,800/-. 4. The Petitioners and the Respondent entered into Memorandum of Understand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... can be rest assured that we are leaving no stone unturned to ensure that we handover the project at the earliest possible time. You will appreciate that this situation is not only for us but is across the sector for all the developers. 6. It is submitted that the Respondent extended the date of handover of possession to April 2019 vide email dated 09.01.2019. Since the Respondent failed to handover possession of the apartment, the Petitioners approached the Karnataka Real Estate Regulatory Authority, Bengaluru Bench (K-RERA) and filed a complaint under section 31 of Real Estate (Regulation Development) Act, 2016 against the Respondent for the possession. 7. It is submitted that the Hon'ble K-RERA passed order dated 05.07.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which neither amounts to 10% of the total class of financial creditors or 100 Financial Creditors. The Petition therefore fails at the very threshold level, and therefore cannot be entertained. 11. We may further clarify that it is a settled position of law that the provisions of Code cannot be invoked for recovery of outstanding amount but it can be invoked to initiate CIRP for justified reasons as per the Code. The Hon'ble Supreme Court in the case of Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited [(2018) 1 SCC 353], has inter alia, held that I B Code, 2016 is not intended to be substitute to a recovery forum. 12. In the instant case, we see that the Petitioners have already obtained an order from th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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