Akshay Kr. Soni vs Value Infraestate India Pvt. Ltd

L.N. Gupta, Member (T)

The present Petition is filed under the Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC, 2016') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by Sh. Akshay Kr. Soni (for brevity 'Financial Creditor'), with a prayer to initiate the Corporate Insolvency Resolution Process against M/s. Value Infraestate India Pvt. Ltd. (for brevity 'Corporate Debtor').

The Corporate Debtor namely, M/s. Value Infraestate India Pvt. Ltd. is a Company incorporated on 16.04.2012 under the provisions of Companies Act, 1956 with CIN No. U45300DL201PTC234356, having its registered Office at 715, Naurang House 21 K.G. Marg, Connaught Place, New Delhi-110001.

The Authorized Share Capital of the Corporate Debtor is Rs. 5,00,000 and its Paid up Share Capital is Rs. 1,00,000.

It is submitted by the Financial Creditor in the Part IV of the Petition that:

" Part-TV Particulars of Financial Debt

1

Total Amount of Debt granted, Date(s) of Disbursement

Total amount of debt 58,00,000 Principal & Interest 41,76,000 Despite repeated demand by Financial Creditor, Corporate Debtor had failed to make the payment to the Financial Creditor i.e. amount assured to be given by the corporate Debtor along with the interest.

2

Amount Claimed to be in Default and the Date on which the default occurred (Attach the workings for Computation of Amount and Days of default in tabular form)

Amount claimed to be in default along with the Interest is: 99,76,000 Principal 58,00,000 & interest @ 18%-41,76,000 Default occurred on 30.12.2015 when post-dated cheques being cheque no 837841 dated 02.06.2015 of ICICI Bank for Rs 4,00,000 and cheque no 837842 dated 02.10.2015 of ICICI Bank for Rs. 50,00,000 with the assurance that the said post-dated cheque shall be duly honored on presentation which were given in terms of the buyback offer dated 18.02.2015 and the said cheques were bounced due closed account.

"

It is stated by the Financial Creditor that it had agreed to purchase three flats of 1265 Sq. Ft. area each and had paid the full consideration amount of Rs. 50,00,000 (in instalments of Rs. 37,00,000 on 06.10.2013, Rs. 5,00,000 vide Cheque No. 000021 dated 23.12.2013, and further Rs. 8,00,000 on 01.02.2015) to the Corporate Debtor.

It is submitted by the Financial Creditor that an Allotment Letter was issued and an Agreement to Sell dated 02.02.2015 was executed between the Corporate Debtor and the Financial Creditor in respect of Flat No. B-101 on the 10th Floor, Flat No. B-111 on the 11th Floor, and Flat No. B-151 on the 15th Floor in Tower B comprising of 1265 sq. ft. each at the Group Housing Project 'SKY WALKS GNW' at the Subdivided Plot No. GH-02C, Sector-12, Greater Noida, (U.P.). It is also stated by the Financial Creditor that subsequently, the Corporate Debtor issued the offer for repurchase of the flats vide its offer letter dated 18.02.2015 and further issued three post-dated cheques of ICICI Bank dated 02.06.2015 for Rs. 40,00,000, dated 02.10.2015 for Rs. 40,00,000 and dated 02.10.2015 for Rs. 50,00,000.

It is submitted by the Financial Creditor that all the aforesaid Cheques issued by the Corporate Debtor were dishonored due to the reason "Account closed" as reflected by the HDFC Bank, Noida Branch. The Financial Creditor has also annexed the copies of the dishonored Cheques along with the return Memos of the Bank. It is added that the same has resulted in occurrence of default by the Corporate Debtor.

On a query raised by this Bench regarding the position of the Financial Creditor in respect of the Ordinance dated 28.12.2019, it was submitted by the Ld. Counsel appearing for the Financial Creditor that they are not hit by the Ordinance, since the entire Project under reference has been scrapped and allotment of land to the Project has been cancelled by the Greater Noida Authority vide their Letter of Cancellation dated 31.01.2017. The Letter of Cancellation of the Greater Noida Authority as annexed to the Petition is reproduced below :

As none appeared on behalf of the Corporate Debtor during the proceedings, the Corporate Debtor was proceeded ex-parte vide Order dated 13.09.2019 passed by this Tribunal.

In the given facts and circumstances, the Financial Creditors have established the default on the part of the Corporate Debtor in payment of the Financial Debt. The present Petition being complete and the amount of default being above Rs. 1,00,000, the Petition is admitted in terms of Section 7(5) of the IBC. Accordingly, the CIRP is initiated and moratorium is declared in terms of Section 14 of the Code. As a necessary consequence of the moratorium in terms of Section 14(1) (a), (b), (c) & (d), the following prohibitions are imposed, which must be followed by all and sundry :

"(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 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 Securitisation 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."

As proposed by the Financial Creditor, this Bench appoints Sh. Kumud Shekhar, as an IRP having Office at D-54, Road No. 6, Street No. 4, Shyam Vihar Phase-1, New Delhi-110043 (e-mail-kumud.shekhar@gmail.com) and Registration No. IBBI/IPA-003/IP-N00206/2018-19/12358, subject to the condition that no disciplinary proceedings are pending against the IRP so named and disclosures as required under IBBI Regulations, 2016 are made him within a period of one week from this Order. The IRP is directed to take the steps as mandated under the IBC specifically under Section 15, 17, 18, 20 and 21 of IBC, 2016.

The Petitioners are directed to deposit Rs. 2,00,000 (Two Lakh) only with the IRP to meet the immediate expenses. The amount, however, will be subject to adjustment by the Committee of Creditors as accounted for by the Interim Resolution Professional and shall be paid back to the Petitioner.

A copy of this Order shall be communicated to the Petitioner, the Respondent and the IRP mentioned above by the Registry of this Tribunal immidiately. In addition, a copy of the Order shall also be forwarded by the Registry to IBBI for their records.