9911796707
TMI Blog2021 (6) TMI 316X X X X Extracts X X X X X X X X Extracts X X X X ..... esent application is being filed by Mr. Ashmeet Singh Bhatia, homebuyer in one of the companies of the Corporate Debtor, namely, M/s. Granite Gate Properties Pvt. Ltd., undergoing CIRP before this tribunal, C.P. (IB)-1248(PB) of 2018, under Section 60(1) read with Rule 11 of the Insolvency and Bankruptcy Code, 2016 ("Code") and National Company Law Tribunal Rules, 2016 seeking issuance of directions to the Respondent. 2. Under the said application the following reliefs have been prayed for :- a. "Allow the impleadment of the Applicant in the present Company Petition; b. Dismiss the present Company Petition, under Section 65 of the I & B Code, 2016, as it has been filed with malicious intent to defraud this Hon'ble Tribunal and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both Mr. Nirmal and Mr. Vidur, enquiring them about the various transactions in their group companies have been attached. 5. It is further stated that, inter alia, the email dated 15.10.2019, mentioned about a financial fraud of more than Rs. 202 crores, in the Bank Account No. 38164449254, of the Greenopolis Project belonging to a group company of the Three C Group, namely, Three C Shelter Pvt. Ltd., in which, along with others, even the Corporate Debtor, M/s. Three C Properties Pvt. Ltd. and the Financial Creditor/Applicant of this present petition, M/s. Sundram Consultants Pvt. Ltd. are also deeply involved. It is pertinent to mention here that the above said group company, M/s. Three C Shelters Pvt. Ltd. is also facing various CIRP pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 36759100958, State Bank of India, Nehru Place Branch, New Delhi, from 01.05.2019 to 30.06.2020, of the Financial Creditor/Applicant, attached as Annexure P-8, (Pages 41 to 113), would show that his Bank Account has been used for money laundering and the Financial Creditor had entered into voluminous financial transactions with the various companies owned by Mr. Harkaran Singh Uppal son of Mr. Nirmal Singh, who is promoter director of the CD. e. That it is also pertinent to mention here that M/s. Three C Universal Developers Pvt. Ltd. was the first company of this Three C Group, which was incorporated by thee promoters in 2007 and since then it has been the main flagship and main holding company, having dozens of group companies as its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any Petition. 8. The Applicant in its prayer (b), prays to "Dismiss the present Company Petition, under Section 65 of the I & B Code, 2016..". However, on the bare reading of Section 65 of the I & B Code, 2016, its states as follows; "65. Fraudulent or malicious initiation of proceedings. (1) If, any person initiates the insolvency resolution process or liquidation proceedings fraudulently or with malicious intent for any purpose other than for the resolution of insolvency, or liquidation, as the case may be, the Adjudicating Authority may impose upon a such person a penalty which shall not be less than one lakh rupees, but may extend to one crore rupees. (2) If any person initiates voluntary liquidation proceedings with the intent t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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