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TMI Blog2022 (2) TMI 416X X X X Extracts X X X X X X X X Extracts X X X X ..... itor") against Corporate Debtor M/s. Orior Developers and Infrastructure Private Limited (hereinafter referred to as "Corporate Debtor") under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Sub Rule 1 of Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to initiate Corporate Insolvency Resolution process (CIRP) in respect of Corporate Debtor. 2. The Corporate Debtor (Orior Developers and Infrastructure Private Limited) duly incorporated dated 27.06.2006 under the provisions of Companies Act, 1956 having its Registered Office at 'Flat No. 969, Radhika Apartment, Sector 14, Pocket 1, Dwarka, New Delhi-110078. The Authorized Share Capital is Rs. 1,00,00,000. The Paid-Up Share Capit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso submitted by the Financial Creditor that prior to the enactment of RERA, it was not a legal obligation that first the parties ought to enter into a builder buyer agreement and then only the money consideration can be received by the builder. It is averred by the Financial Creditor that in absence of any written agreement between the builder and buyer, the amount received by the builder does not cease to be a "Financial Debt" under IBC. v. The Financial Creditor has relied upon various Watsapp Conversations to prove the admission of liability on part of Corporate debtor. For this Financial Creditor has placed its reliance upon United India Insurance Co. Ltd. and Anr. Vs. Samir Chandra Chaudhary [Civil Appeal No. 3663/2005. vi. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntial plots in the same township project which was earlier launched by Corporate Debtor, that the financial creditor got to know about the fraudulent activities and conduct of the Corporate Debtor. It was the address of some third party viz 26, bajrang vihar, behind Durgapur railway station, Jaipur. It was only then, Financial Creditors got to know that Corporate debtor was playing fraud on them and making fool of them. Subsequent to the Newspaper Advertisements, it came to be known to the Financial Creditor that the Corporate Debtor had abandoned the Project. Reading the document annexed Annexure A5 (whatsapp chat with general manager) wherein Manager stating that "the problems with the directors has been resolved, now the restoration proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to Financial Creditors. iv. Corporate debtor further contends that all the receipts and payments were done in accordance to the terms of the payment and Financial Creditors have not placed proper receipts on record. Hence, Financial Creditors have not met the obligations as agreed upon between the parties and placed improper records and also concealed the facts. He further submits that the application is nothing but used as a recovery tool which is not in accordance of law. 5. We have perused the written submissions, arguments advanced and documents placed by both the parties and we are of the considered opinion that, to admit the application Under Sec. 7 IBC r/w Rule 4 Sub rule (1) the most important ingredient is the existence of defau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... udicating Authority may admit such Application. 8. Thus, We are of the opinion that 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. 9. Accordingly, this petition is ADMITTED. A moratorium in terms of Section 14 of the IBC, 2016 shall come into effect forthwith prohibiting:- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we are appointing Mr. Prabhakar Kumar, having E-mail:[email protected] and Registration No. :IBBI/IPA-002/IP-N00774/2018-19/12373, from the panel of IRPs of IBBI as the Insolvency Resolution Professional (hereinafter referred to as IRP). The IRP is directed to take such steps as are mandated under the Code, more specifically under Sections 15, 17, 18, 20 and 21 and shall file his report before the Adjudicating Authority. 12. The Financial Creditor is directed to deposit a sum of Rs. 2 lakh to meet the immediate expenses of IRP. The same shall be fully accountable by the IRP and shall be reimbursed by the Committee of Creditors, to the Financial Creditor to be recovered as CIRP costs. 13. Copy of the order be sent to both the pa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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