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TMI Blog2022 (10) TMI 519X X X X Extracts X X X X X X X X Extracts X X X X ..... roject namely, 'Blossom Greens' situated at, Sector 143, Noida (hereinafter referred to as "Project"). ii. The Corporate debtor vide Letter of Intent dated 06.09.2010 (LOI) awarded the work of civil and structural works for the said project, as mentioned in the tender document for a contract price of Rs. 235,00,00,000/- excluding taxes to the operational creditor. iii. Accordingly, the operational creditor submitted Bill of Quantities (BOQ) matching to the contract price vide Letter No. ACIL/TS/LCC/10/355 dated 16.09.2010. Thereafter, pursuant to the documents stated above, an Agreement bearing no. M880314 dated 31.12.2010 was executed between the Operational Creditor and the Corporate Debtor which was later amended by Memorandum of Understanding No. AD211608/AD211610 dated 05.10.2012 (hereinafter referred to as "Main Contract"). iv. Thereafter, in addition to above, Corporate Debtor awarded a Work Order bearing No. L-I/Tech/264/2014 dated 11.07.2014 (hereinafter referred to as "Work Order") to the Operational Creditor to construct balance work of Non-Tower Area for the said Project for an amount of Rs. 24,80,47,690/- excluding taxes. The Main Contract and the Work Or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oned above, an amount of Rs. 55,93,501/- on account of IMCM Audit Report, Labour Cess, Insurance, Material Supply Debit, EPF, Malba removal and taxes shall be deducted. xii. Finally, the parties arrived at a settlement of lump sum amount of Rs. 11,00,00,000/-, payable by Corporate Debtor to the Operational Creditor against the full and final settlement of money payable against work done by the Operational Creditor under the Work Contracts. xiii. In the terms of the understanding explained above, a Memorandum of Understanding/Settlement Agreement dated 30.09.2019 was executed between the Corporate Debtor and Operational Creditor wherein amongst various other things, following terms for payment as per settlement between the parties were recorded: a. Under the Agreement, the corporate debtor agreed to pay a sum of Rs. 11,00,00,000/- (hereinafter referred to as "Settlement Amount"), against the work done under the Work Contract, to the Operational Creditor, in tranches, over a period of Six months from the execution of the Agreement. b. As part payment of the Settlement Amount, the Corporate Debtor agreed to allot and grant unhindered/unencumbered possession of 7 flats/inventor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounts of first and second instalment within 7 days of the receipt of the said letter. xix. Consequentially, the operational creditor issued a Notice dated 09.01.2020 to the Corporate Debtor whereby the Operational creditor requested to clear an amount of Rs. 3,75,00,000/- which became due and payable by the corporate debtor under first, second and third instalment within 7 days of receipt of the notice and further put notice of legal action to the corporate debtor in event of failure in payment of amounts as mentioned above. xx. The Corporate Debtor vide email/letter dated 17.01.2020 replied to the Notice dated 09.01.2020 issued by the Operational Creditor whereby the Corporate Debtor acknowledged and admitted its liability to pay the amounts as agreed under the Agreement dated 30.09.2019 and further reiterated the contents of email dated 15.11.2019 as the reasons for failure to clear the necessary payments. Further, vide said reply the Corporate Debtor stated that it is in the process of negotiation and in advance talks with certain financial companies/banks for obtaining loan which would allow the Corporate Debtor to release funds required to ensure payments to the Operationa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f India. The Hon'ble Supreme Court of India vide its Order dated 09.12.2019 lifted the complete ban and imposed a partial ban wherein the construction activities per permitted only during the day time from 6:00 AM to 6:00 PM only, subject to the criteria stipulated in GRAP, wherein strict enforcement of rules for dust control in construction activities and closure of non-compliant sites is mandated in moderate to poor AQI category. iv. Further due to the construction banned imposed by the various authorities and institutions, the daily wage laborers and construction workers also becomes unemployed. Resultantly many of these daily wage laborers and construction workers then relocate to a new construction site due to their financial reasons. It is due to this reason (construction ban alongwith relocation worker/laborers), the Corporate Debtor has to deal with another burden to find skilled construction worker/laborers for the completion of the project in effective and efficient manner and the same takes considerable time. Even the Hon'ble National Green Tribunal admitted the fact that due to the construction ban, the daily wage laborers and construction workers are the wors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssignment of IRP is also filed which is valid upto 30.01.2023. He shall take such other and further steps as are required under the statute, more specifically in terms of Section 15, 17 and 18 of the Code and file his report within 30 days before this Bench. 11. The Applicant shall deposit a sum of Rs. 2 lakhs to enable the IRP to meet the immediate and initial expenses. The same shall be accounted for by the IRP and shall be reimbursed to the Applicant to be recovered as costs of the CIRP. The operational creditor may fix the IRP fee and expenses, if not done so far. 12. In pursuance of Section 13 (2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional, immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 9 of the Insolvency & Bankruptcy Code, 2016. 13. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) & (d) of the Code. Thus, the following prohibitions are imposed: "(a) the institution of suits or con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ters or any other person associated with the Management of the Corporate Debtor, are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional, as may be required by him, in managing the day-to-day affairs of the 'Corporate Debtor'. In case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else, the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of his obligation, imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code, Rules and Regulations. 17. The office is directed to communicate a copy of the order to the Financial Creditor, the Corporate Debtor, the Interim Resolution Professional and the Registrar of Companies, NCT of Delhi & Haryana, at the earliest possible but not later than seven days from today. The Registrar of C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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