TMI Blog2021 (5) TMI 136X X X X Extracts X X X X X X X X Extracts X X X X ..... ecution of Sale Deed in favor of Petitioner further confirm the admitted position of debt and default by the Corporate Debtor - the existence of debt and default is reasonably established by the Petitioner as a major constituent for admission of a Petition under Section 7 of the Code. Application admitted - moratorium declared. - C. P. (IB)-1396/MB/2020 - - - Dated:- 16-4-2021 - Suchitra Kanuparthi , Member (J) And Chandra Bhan Singh , Member (T) For the Appellant : Vikram Nankani and Prachi Wazalwar, Advs. For the Respondents : Madan Godse, Adv. ORDER Suchitra Kanuparthi, Member (J) 1. Mr. Anup Jain Ors. (hereinafter called 'Petitioners') has sought the Corporate Insolvency Resolution Process of M/s. Udaipur Entertainment World Private Limited (hereinafter called the 'Corporate Debtor') on the ground, that the Corporate Debtor committed default to the extent of ₹ 34,76,19,780/- as provided under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereafter called the 'Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Contentions of the Petitioner: 2. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... struct multi storied residential tower of group housing flats in the year of 2012. The Corporate Debtor obtained construction permission from UIT Udaipur in September, 2012. Further, the Corporate Debtor obtained sanction of project loan of (??) 55 crores and mortgage loan of (??)40 crores for the project in the year of 2013. 7. The Counsel for the Corporate Debtor then submits that in the year 2016, a case was registered by CBI against the husband of shareholder of holding company of the Corporate Debtor and the CBI issued communication dated 20.03.2017 to the Sub-Registrar of Udaipur prohibiting them from registering any to documents in respect of the Project. Due to the communication made by CBI, fresh registration of new flats became impossible and hugely affected the said project of housing flats. 8. In pursuance of the said project, the Corporate Debtor started inviting the proposed buyers to book the flats in the said project. Thereafter, the proposed buyers entered into an Agreement to Sell with the Corporate Debtor for purchase of the flat/s in the said project. As per the said Agreement to Sell, the Corporate Debtor agreed to give possession of the flats to the buye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #39;ble Consumer Court to handover the possession of the flats within 30 days of such order. The flats were never handed over by the said Corporate Debtor to the Petitioners. Moreover, the Corporate Debtor has not completed the project till date and the premises are uninhabitable. The Corporate Debtor was also directed to pay interest to the tune of 24% on the invested sum and till date, no payments have been received. 13. The Counsel for the Petitioners further submits that the Petitioners have invested monies from 2012 onwards and today, the prices of real estate projects are much higher. Even if the Petitioners are offered monies against their investment, the Petitioners will be in huge losses. If the Corporate Debtor is admitted under CIRP then their prospects of the said project to be taken by a real estate entity who can deliver the flats along with final permissions from civic bodies. 14. It is submitted that the Petitioners had formed a federation (unregistered) for filing Writ Petition before the Hon'ble High Court of Rajasthan. The Hon'ble High Court of Rajasthan has found merit in their Petition and thus, asked the Corporate Debtor to immediately issue debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the agreed rate per sq. ft. and other charges will be applicable for the revised area i.e., at the same rate at which the Demised Premises was allotted and accordingly, as a consequence of such reduction or increase in Super Built Up Area, the ALLOTTEE(S) shall be entitled to refund without interest only the extra price and other pro-rata charges recovered or shall be liable to pay to the SELLER additional price and other proportionate charges without interest, as the case may be. However, the ALLOTTEE(S) shall be liable to pay interest over the additional price once the period for payment of the same as communicated by the SELLER has expired. 25. That the possession of the Demised Premises is proposed to be delivered by the SELLER to the ALLOTTEE(S) within 48 months plus 12 months grace period from the date of execution of this Agreement, subject to force majeure conditions. If the completion of the said Complex is delayed by reason of non-availability of steal and/or cement or other legislation, order or rule of regulation made or issued by the Government or any other Authority or if the competent authority(ies) refuses, delays, withholds, denies the grant of necessary app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor has clearly defaulted in handing over the possession of the flats to the Petitioners within the mentioned period of the said Agreement and also, defaulted in returning the monies of the petitioners when failed to give possession of the flats. The Bench has no hesitation in concluding that there is a debt and that the Corporate Debtor has committed a default and therefore, it is a fit case for admission. 18. This Bench, on perusal of the documents filed by the Petitioner, is of the view that the Corporate Debtor defaulted in repaying the financial assistance availed. The order of the Consumer Redressal Forum, Rajasthan, directing the Corporate Debtor to deliver the flats, payment of interest and execution of Sale Deed in favor of Petitioner further confirm the admitted position of debt and default by the Corporate Debtor. In the light of above facts and circumstances, the existence of debt and default is reasonably established by the Petitioner as a major constituent for admission of a Petition under Section 7 of the Code. Therefore, the Petition under sub-section (2) of Section 7 is taken as complete, accordingly this Bench hereby admits this Petition prohibitin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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