TMI Blog2019 (11) TMI 1640X X X X Extracts X X X X X X X X Extracts X X X X ..... gly, moratorium is declared in terms of Section 14 of the Code - Petition admitted. - (IB)-266(ND)2019 - - - Dated:- 8-11-2019 - SMT. INA MALHOTRA, HON'BLE MEMBER (J) AND SHRI. L. N. GUPTA, HON'BLE MEMBER (T) For the Petitioner: Ms. Mrinali Prasad, Adv. For the Respondent: Ms. Nattasha Garg and Ms. Aashima Singhal, Advs ORDER PER SHRI L. N. GUPTA, MEMBER (T) The present petition is filed under Section 7 of Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC, 2016') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the Rules') by Mr. R. Tarkeshwar and Mrs. Divya Jayram, with a prayer to initiate the Corporate Insolvency Resolution process against M/S Horizon Buildcon Pvt. Ltd. (for brevity 'Corporate Debtor). 2. The Corporate Debtor namely, Horizon Buildcon Pvt. Ltd. is a Company incorporated on 03.05.2006 under the provisions of Companies Act, 1956 with CIN No. U 70101DL2006PTC148372, having its registered Office atC-36, Gulmohur Park, New Delhi-110049. 3. The Authorised Share Capital of the Respondent Company is ₹ 15,00,000/- and Paid-up Share C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Deed shall be in the form and content as approved by the Developer's legal advisor and shall be favour of the Allottee. Provided that the Conveyance Deed shall be executed only upon receipt of full consideration amount Of the Said Unit, Stamp Duty and Registration Charges and receipt of other dues as per these presents. 7. It is further submitted by the Financial Creditor that they have made a payment of ₹ 32,34,108 towards the total agreed consideration amount of ₹ 49,76,500. The details of payments made by the Financial Creditors are reproduced below : Sr. No Date of Disbursement i.e. date of payment of the amount to HCPL Amount Disbursed i. e. Amount paid to HCPL (marketing arm of HBPL) 1 03-01-2014 50,000/- 2 22-04-2014 20,89,891/- 3 11-07-2014 4,40,114/- 4 03-09-2014 6,54,103/- TOTAL 32,34,108/- 8. The Financial Creditors have made the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;a person' who owes debt to any person. There is no provision in the IBC which allows the financial creditor initiate CIRP proceedings against two companies simultaneously for the same 'debt'. Therefore, the corporate debtor cannot initiate CIRP proceedings against two companies simultaneously for the same 'debt' by filing a single application under Section 7 of the Code. 12. It is submitted by the Corporate Debtor that the Financial Creditor has already filed a consumer complaint before the Hon'ble NCDRC, New Delhi. It is further submitted by the Corporate Debtor that the Financial Creditor is having efficacious remedy under the RERA Act. 13. On seeking clarification, the Financial Creditor has filed its Affidavit on 06.11.2018 stating the following : 3. a. That the petitioner had filed two petitions against the Respondent/ Corporate Debtors namely, M/s Horizon Buildcon Private Limited ( Corporate Debtor I ) bearing CP (IB) No. 266/ ND/ 2019 and M/s Horizon Concept Private Limited ( Corporate Debtor 2 ) bearing C.P. (IB) No. 594/ND/2019 for the same amount of the default, since both the Respondent/ Corporate Debtors are liable to pay the defa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns submitted by the Financial Creditor, it is evident that CIR process against the Horizon Concept Pvt. Ltd (HCPL) initiated by this Tribunal is in the matter of Richa Satsangi Anr. Versus M/s Horizon Concept Pvt. Ltd. (IB-84/ND/2019). Clearly, the Financial Creditors in that Petition are different namely, Richa Satsangi Anr. than the Financial Creditor in the current Petition. Further, the Financial Creditor in the current petition has given an undertaking that he has not submitted his claim with the IRP appointed in the case of M/s Horizon Concept Pvt. Ltd. Additionally, the Financial Creditor has submitted that he has filed an application bearing Diary No. 0710102144782019 for withdrawing the Insolvency Petition bearing No. CP(IB) 594/ND/2019 filed against M/s Horizon Concept Pvt. Ltd. 16. In the facts and circumstances narrated above, the Financial Creditor has established the default on the part of the Corporate Debtor in payment of the Financial Debt. The present Petition being complete and the amount of default being above ₹ 1,00,000, the Petition is admitted in terms of Section 7 (5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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