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In the matter of Grateful Buildinfra Pvt. Ltd. Cp No. (Ib) -20-7-JPR-2020

NCLT4 Mar 2021

Case brief

AI extract

What is this about?

The judicial member determined that the Union of India was not a necessary party in an application under Section 7 of the IBC. Finding a financial default by the corporate debtor, the Tribunal admitted the CIRP, approved the appointment of the nominated IRP, invoked the moratorium, and directed the applicant to deposit fees.

What did the court decide?

CIRP admitted; Mr. Shailesh Dayal appointed as IRP; moratorium under Section 14 invoked; IRP appointed to take over affairs; Applicant directed to deposit Rs. 2,00,000 for IRP expenses.

In the matter of Grateful Buildinfra Pvt. Ltd. Cp No… — Insolvency and Bankruptcy | NCLT (2021)

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CORAM: SHRI A.IAY KUMAR VATSAVAYI, HON'BLE JUDICIAI, MEMBEII SHRI IIAGHI.J NAYYAR HON'BLE TECHNICAL MEMBER

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CP No.^(IB)- 20/T1.tpIU20?0

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(Linder Section 7 ofthe Insolvency and llankruprcy Code,20l6 read w.ith Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Aurhorit3.) Rules, 2016)

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rN T-I,{E MAr:r ER OFt

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ilIls Roshan Colonisers Pvt. Ltd. Shop No. 9-10, Narayan Sagar, Block-A. Near Narayan Vihar, Gopalpura Byepass, Ajmer fkrad, Jaipur- 302020 (Rajasthan)

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...Financial Creditor

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VERSUS

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M/s Grateful Buildinfra Pvt. Ltd. G-123, Ramanuj Path, Shyam Nagar, Jaipur- 3020 I 9 (Rajasthan)

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...Corporate Dchtor

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Union of India

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Ministry of Corporate Affairs, A-Wing, Shastri Bhawan, Rajendra Prasad Road, New Delhi- 1 10001

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( Through its S ecretar-v)

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...Recpondent

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IEFE^{OF cosr} coPY CERNFIED TO BE TRUE COPY

S"l '
y Law Tribunat

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QrCe!"^P{o[ounced On: -, 02.03.202 l,

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ORDER

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Per:^{Shri Raqhu Nayyar.} Technical Member

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J. This Application is filed by Mls Roshan Colonisers Pvt. L.td. ('Applicant'). claim'ing to be a Financial Creditor. through it.s Director. Mr. Slarrvan Kumar Shartna, who is duly authorized vide Board resolutiop datecl 02.01.2A2A to file this Application against Grateful Buildinlia privare I-irnited ('Respondent' / 'Corporate Debtor,) undet Section 7 of the Insolvency and Bankruptcy Code ('IBC' 1 'Code') ,2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Aurhoris) Rules, 2016, seeking initiation of Corporate Insolvency Resolutiorr Process ('CIRP'), pursuant to default committed by the Respondent in repayrnenr ol' loan amount to the Applicant. It is seen that the Applicanr had inrpleaded the Union of India, Ministry of Corporate Affairs as parties in this nra$er" As this is a Section 7 apptication under IPC'Ministry of Corporate Affairs lnas no role to play and its inclusion in the array of parties is irrelevant and inconsequential. This matter is considered accordingly.

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The Applicant / Financial Creditor is a Private l-imited Company incorporated under the Companies Act, 1956 on 28.04.2005 and duly registered with rhe Registrar of companies. Jaipur, learine CIN: U70l0IRI2005PTC02A672. The registered office of the Applicant

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FREE OF COST COPY CERTIFIED TO BE TRUE COPY

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ny Law Tribunal

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company is at shop No. 9-10" Narayan Sagar, Block A. Near Narayan vihar, Gopalpura Byepass, Ajmer Road, Jaipur - 302020 (Ra.iasthan).

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-).1 'Ihe Respondent is a Private Limited Cornpany, incorporated under the Companies Act, I956 on 06.09.2A12 and duly registered with rhe Registrar of companies, Jaipur bearing cIN: I-J70l0lRI20l2pTC0400lt. The Registered office.fthe company is ar G-123, llamanuj path, shyarn Nagar, Jaipur - 302019 (Rajasthan).^"l"he Authorised share capital of the Respondent is Rs. 10,00,000/- (Ten Lakhs onry) and the paid-up Share Capital is Rs" 1,00,000/- (One Lakh Only)"

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It is submitted by the Applicant i'Financial Creditor that it entered into a loan agreement with the Respondent i Corporate Debtor on 20.12,2016 vide which the Applicant advanced a loan of Rs. 30"00,000i- to the Corpgrate Debtor- In pursuance of the said loan agreement, a sum of Rs. 15,00,0001was disbursed on 23.12.2016 and the remaining Rs. 15,00.000i- was disbursed on 28.02.2018: As per the loan agreement, the Respondenr was under obligation to repay the loan advanced by the Applicant not later than 3 years from the date of the first disbursement or upon'sale of the finalized property, whichever is earlier, along with 40o/o of gross profits earned upon the sale of the finalized property. Since, the sale of properly was not finalized, therefore in terms of the said agreelnent, the dehl fell due on 22.12.2019. However, the same was not repaid.

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5" As a consequence" this Ap-plication was filed. As claimed by the Applicant, the Respondent is liable to pay an amount of Rs. 30,00.000i- as reflectccl in Part IV of Form- 1 filed"

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Part IV

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iS.No. i" -"-	iParticulars of-Financial Debt -
--- : l.	+ I^'fotalamountcrfdnhr al r ofdebt granted	IAm< i^mountofDebtGranted: Principal Amount Rs.30,00,0001-
	Date(s)ofDisbursement	AmountofRs.15,00,000i- Date:23.12.2A16 Amounto{'Rs.i5,00,000i- Date:28.02.20I8
	AmountctaimedtoU"loi defaulrandthedateon whichthedefaultoccurred	A-."ruCf I Rs.30,00.0001- (Thirtyl-akhsOnly)
		Datefrom WhichDebtFellDue: 22.12_2019

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The Respondent has filed reply on 12"03.2020 and has stated that it w,as in

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need of finances for business and availed Rs. 30.00,000/- loan fbr tlre same.

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to be returned within 3 years of first di.sbursernent. However, due to poor

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market conditions and acute slump in the real estate industry, the business

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FREE OF COST COPY
CERTIFIED TO BE TRUE COPY
y Law Tribunat

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of the Respondent suflered and it was not in a state to retum the loan arnounr to the Applicant.

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The Respondent also statecl that ir intbrmed the Applicant of their condition and requested them to extend the time fbr repayment but the Applicant did not pay heed tcr the same" The Respondent has surbmitted that the debt incurred is undisputed and is willing to rerum the loan anrount in due course of time"

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ti. (Jpon a detailed consideration oI'the application and docurnents {rled by the Applicant, it is apparenr that the payment of claim amounr has been defaulted by the Corporate I)ebtor. Hence. this Tribunal is inclined to initiate CIRP against the Corporate Debtor as envisaged under the provisions of rBC. 2016.

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T'he Applicant has named one Mr. Shailesh Day'al with Regisrration No" IBBI/IPA-002/IP-N00934/zarg-20.12630, duly registerecr with the Insolvency and Bankruptcy Board ot'lndiao to be appointed as the lnter:im Resolution Professionar ('IRp'). The Applicant has filed consent in F.orm 2 under Insolvency and Bankruptcy Board of India (Application tcr Adjudicating Authority) Rules. 2a16, staring rherein rhat no disciplinary proceedings are pending against the named IRP. The credentials of the proposed IRP have been checked from IBBI website (wrrlw,lbbl.gor..in) ancl nothing adverse is found on record.

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.10. consequences of initiation of cIRp shall be inter-alia as follows:

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(i) The Insolvency Resorution professionar proposed by the Appricant Mr. shailesh Dayal is hereby appointed as the IRp to rake over the altairs of the corporate Debtor and duties as required to be performed by him under the provisions of IBC, 2016 including issue of publication in widely circulated Newspapers as conternplated under the provisions of IBc, 2016 and calling for the clarlms f:rom the creditors of Corp.rate. Debtor and collation of the same shail be do,e.

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(ii) Further, as a sequer of admission, moratorium as envisaged unrjer section 14 of rBC ,2016 is invoked in relation to the corporate Debtor which will be in vogue during the Corporate Insolvencv Resolution Process of the Corporate Debtor. Ihe IRP shall carry out CIRp strtictll as per the timelines specified and as envisaged under the provisiorrrs ot' IBC, 2016 in relation to the Corporate Debtor,

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(iii) The said IRP shall act srrictly with the provisions of IBC, 2016 and with a view to defray his expenses to be incurred and fees on account. the Applicant is directed to deposit a sum of Rs. 2,00"000i- (-l-wo l.akhs only) to the account of IRP within three days from the dare of this order' The IRP shall duly file a smtus report apprising this T ribr,rnal about the progress of CIRP unfolded in relation to the Corporate Debtor. In rerms of section 17 & r9 of IBc, 2oL6 alr personner of the Corporate Debtor including promoters and Board of Difficters, whose

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powers shall stand suspended shall extend all cooperation to the IRp

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-t
Law Tribunal

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FREE OF COST COPY CERTIFIED TO BE TRUE COPY

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during his Lenure as such and the management of the affairs of. the Corporate Debtor shall vest with the IRp.

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('iv) In terms of Section 7 of IBC,2016, this ordershall be comrnunicated at the earliest, not exceeding one week lrom toda-v^ to tlre Applicant. Corporate f)ebtor as weltr as the IRP appointed by this^-l'ribqnal ro cany out the CIRP" A copy of this order shall also be cornrnunicated to IIjBI lbr its records.

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I 1. In the circumstances, cp No. (IB) 20/7lJpR/2020 is admitted"

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SII" RAG}IIJ NAYYAR, TECHNICAL MEMBER

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SH, AJAY KI]MAR VATSAVAYI. JUDICIAI." MEMBOR

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FREH OF COST^COPY CERTIIIED TO BE^TRUECOPY

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ny Law Tribunal Jaipur

In the matter of Grateful Buildinfra Pvt. Ltd. Cp No. (Ib) -20-7-JPR-2020

Case brief

What is this about?

What did the court decide?

In the matter of Grateful Buildinfra Pvt. Ltd. Cp No. (Ib) -20-7-JPR-2020

Case brief

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What did the court decide?

What the court decided

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