9911796707
TMI Blog2022 (9) TMI 137X X X X Extracts X X X X X X X X Extracts X X X X ..... te Insolvency Resolution Process (CIRP) against Neptune Ventures and Developers Private Limited (hereinafter called "Corporate Debtor") alleging that the Corporate Debtor committed default in making payment to the Financial Creditor. This Petition has been filed by invoking the provisions of Section 7 Insolvency and Bankruptcy Code, 2016 (hereinafter called "IBC") read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The present Petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of an aggregate amount of Rs. 17,84,219/- (Rupees Seventeen Lakhs Eighty-Four Thousand Two Hundred and Nineteen Only) along with interest at the rate of 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to this Petition. 4. Subsequently, the said Loan was disbursed and the Corporate Debtor allotted the said Flat to the Financial Creditor according to the terms of the Agreement. But soon after, the Corporate Debtor addressed a Letter dated 16th October 2011 to the Financial Creditor requesting the cancellation of the allotment of the said Flat. The Financial Creditor accepted the request however, the Corporate Debtor kept deferring the payment of the said Loan indefinitely beyond the due date for payment as agreed. Ultimately, the Corporate Debtor acknowledged the outstanding amount and admitted its inability to repay the same vide Letter dated 1st April 2014, and simultaneously also requested for an extension of the period for repayment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 17,11,069/- yet the same remained unpaid. Consequently, the Financial Creditor issued a Legal Notice dated 3rd February 2017 calling upon the Corporate Debtor to pay a sum of Rs. 17,84,219/- along with interest at the rate of 24% per annum from 16th January 2017 till the actual date of repayment. The Corporate Debtor replied to the said Notice on 3rd April 2017, acknowledged the outstanding dues and requested the Financial Creditor to adjust the same towards purchase consideration of the new Flat to which the Financial Creditor agreed. The Corporate Debtor issued a Revised Allotment Letter dated 21st June 2018 to the Financial Creditor wherein it was stated that the possession of the new Flat shall be handed over in June 2021 however, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evant documents, particularly the Loan Agreement dated 20th July 2011 and Letter dated 3rd April 2017 addressed by the Corporate Debtor to the Financial Creditor in respect of which the admission of the outstanding Principal amounting to Rs. 15,00,000/- out of the initial Loan amount of Rs. 1,00,00,000/- is noted. The Ledger Accounts for the Financial Years 2011-12 through 2016-17 provide the requisite evidence of the existence of the debt and the liability of the Corporate Debtor is established beyond doubt. Further, we find that the talks between the parties regarding allotment of the proposed Flat and settlement have clearly broken down and the deal is unworkable at present. It is also evident that there has been no repayment of the outs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover 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; 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. That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
