TMI Blog2022 (2) TMI 416X X X X Extracts X X X X X X X X Extracts X X X X ..... orate debtor - there exists a default and evidence of default has already been placed by the financial Creditor. According to Sec. 7(5) if the Adjudicating Authority is satisfied that a default has occurred and the Application is Complete in Accordance to Sec. 7(2) and 7(3) Then Adjudicating Authority may admit such Application. The Application is complete in all respects and there is a denial of the refunds of payment made by financial creditors and application is within the limitation Period - application admitted - moratorium declared. - CP (IB) 1529 (ND)/2019 - - - Dated:- 28-1-2022 - Abni Ranjan Kumar Sinha , Member ( J ) And Avinash K. Srivastava , Member ( T ) For the Appellant : Siddharth Rajkonwar , Advocate For th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur, Rajasthan. ii. That, Financial Creditors (101 Applicants) have made payments from time to time to the Corporate Debtor towards the total amount for purchase of residential plots in Bhaskar Enclave-II. Amounts that have been disbursed towards the payments and Receipts for the said Payment for the 101 Applicants have been placed on record. iii. It is submitted by the Financial Creditor that 'Deposit Registration Form' (Annexure A-3) has been issued by the Respondent which provides for provisional allotment of a Residential plot. For proving the said allotment, Financial creditors have made the full payment (Receipts annexed) and have placed various documents like Intimation Letters (Additional Documents), Possession Lett ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authority which grants the right and interests in the plots were not given on time. Financial Creditors submitted that there was no contractually stipulated date of Completion of development of plots or handing over the possession. For Proving the same, Financial Creditor has placed documents titled Regularization of Your Plot , Intimation Letter etc. Few Email Conversations with respect to one of the Applicant has also been placed on record which evidences that Applicant tried their best efforts to get the possession of the plot but they have not received any satisfactory reply from Corporate Debtor, rather General manager Gaurav Dhody of Corporate debtor informed one of the Financial Creditor that there is an ongoing dispute between th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tances of the case are: i. That the present Application filed by the Financial Creditor is liable to dismissed as Financial Creditor has not come with clean hands and concealed the relevant fact and also did not impleaded Mr. Ashok Aggarwal who is the Owner of the land. ii. That there are two directors of the Corporate Debtor viz. Mr. Sudhir Chauhan and the answering defendant (Parmesh Kumar). Out of which Mr. Sudhir Chauhan is misusing the funds and land of the Company and is acting in an oppressive manner against the public interest. It is further submitted by answering director that Company has sufficient funds and land available to meet the liabilities of the Creditors but due to fraudulent conduct of Mr. Sudhir Chauhan, the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urposes of this sub-clause- (i) any amount raised from an allottee under a real estate project shall be deemed to be an amount having the commercial effect of a borrowing; and (ii) the expressions, allottee and real estate project shall have the meanings respectively assigned to them in clauses (d) and (zn) of Section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016); 6. The financial creditor has furnished the receipts proving the payments, as per the directions given by the Hon'ble Supreme Court, has annexed the list of the 101 applicants and the amount claimed by them, and proof of the payments made by them and received by the Corporate Debtor, has placed various documents substantiating the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty is occupied by or in the possession of the corporate debtor. Further: (e) the supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. The provisions of (a), (b), (c) (d) shall not apply to: i). such transactions as may be notified by the Central Government in consultation with any financial sector regulator or any other authority, ii). a surety, in a contract of guarantee to a corporate debtor. 10. The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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