TMI Blog2022 (5) TMI 653X X X X Extracts X X X X X X X X Extracts X X X X ..... 09.2021. Hence, the Petition has been filed within the period of limitation. The respondent corporate debtor in his reply, admitted the debt and default - The application filed in the prescribed Form No. 1 is found to be complete. Application admitted - moratorium declared. - CP (IB) No. 87/BB/2021 - - - Dated:- 26-4-2022 - Ajay Kumar Vatsavayi, Member (J) And Manoj Kumar Dubey, Member (T) For the Appellant : Abhijit Atur For the Respondents : Rupa Ron ORDER Ajay Kumar Vatsavayi, Member (J) 1. The present Petition is filed, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'IBC/Code') by Mr. Aravindan Devarajan 6 Ors. (hereinafter referred to as 'Applicants/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urred on 18.07.2015, the default of Rs. 77,18,108/- as against Mrs. Sreeja Iyer and Mr. Pradeep Harihara Iyer (Financial Creditor) occurred on 02.01.2015, the default of Rs. 1,03,85,136/- as against Mr. Rahul Kumar and Mrs. Shalini Kamalakannan (Financial Creditor) occurred on 31.03.2019 and the default of Rs. 97,50,000/- as against Mrs. Divya P. and Mr. Ranjeeth Kumar Murthy (Financial Creditor) occurred on 02.08.2021 as per NESL. 4. It is submitted that the corporate debtor, a real estate developer, approached the financial creditors with the proposal to construct, handover and convey townhouses in the residential project known as 'LGCL ONE STREET' in Bangalore. The corporate debtor has entered into the Joint Development Agreem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In response to such a request, the corporate debtor provided a construction schedule by way of an email dated 30.03.2021. A copy of the construction schedule is produced herewith as Annexure-D of the petition. 7. It is submitted that based on the schedule provided by the corporate debtor, which consisted of revised dates for delivery, the financial creditors, left with no choice and while placing their faith in the corporate debtor once again, agreed to make additional payment, as recorded in the email dated 05.04.2021 which is annexed as Annexure - E of the petition. However, contrary to various commitments and assurances provided to the financial creditors, the corporate debtor once again failed to complete the stages of construction i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tility are produced as Annexure-B of the Application. 10. The Corporate Debtor through reply stated that the project LGCL ONE STREET could not be completed on time, and the company is currently facing financial constraints in completion of project. The company has been consistently declaring losses in its financial statements. 11. We have heard the learned Counsel for the parties and have also perused the records carefully. 12. Section 7(5)(a) of the Code is as follows:- 5) Where the Adjudicating Authority is satisfied that- (a) a default has occurred and the application under sub-section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ourt 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 beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the Corporate Debtor; (e) It is further directed that the supply of essential goods or services to the Corporate Debtor as may be specified, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IRP is directed to take the steps as mandated under the IBC, specially under Sections 15, 17, 18, 20 and 21 of IBC, 2016. 19. The Interim Resolution Professional shall after collation of all the claims received against Corporate Debtor and the determination of the financial position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene first meeting of the Committee within seven days for filing the report of Constitution of the Committee. The Interim Resolution Professional is further directed to send regular progress reports to this Tribunal every fortnight. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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