IN THE NATIONAL COMPANY LAW TRIBUNAL

PRINCIPAL BENCH, NEW DELHI

CP (IB) No.54/(PB)/2023

ORDER UNDER SECTION 7 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 R/W RULE 4 OF THE INSOLVENCY AND BANKRUPTCY

(APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016.

IN THE MATTER OF :

Mr. Paritosh Jain & Anr. .... APPLICANT

VERSUS

Anand Divine Pvt. Limited .… RESPONDENT

ORDER PRONOUNCED ON: 21.03.2024

CORAM:

CHIEF JUSTICE (RETD.) RAMALINGAM SUDHAKAR

HON’BLE PRESIDENT

SHRI AVINASH K. SRIVASTAVA

HON’BLE MEMBER (TECHNICAL)

Appearances:

For the Applicant/ : Ms. Amrita Sarkar, Advocate

Financial Creditor

For the Respondent : Mr. Krish Kalra, Advocate for the

/ Corporate Debtor Respondent

O R D E R

1. This is an application filed by Mr. Paritosh Jain and Ms. Nidhi Jain (Applicant/Financial Creditor), represented by their power of attorney holder Mr. Sanjay Bharadwaj, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC,2016), r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, (Adjudicating Authority Rules), for initiating the Corporate Insolvency Resolution Process (CIRP), declaring moratorium and for appointment of Interim Resolution Professional (IRP), against the Respondent/Corporate Debtor (CD) viz., M/s. Anand Divine Developers Private Limited

2. As per Part-IV of the application, the Petitioner/Financial Creditor claims a default on the part of respondent/Corporate Debtor for an aggregate amount of Rs. 5,87,76,100/- (Rupees Five Crore Eighty-Seven Lakh Seventy-Six Thousand One Hundred Only) as on 30.11.2022. A copy of the working for computation of amount and days of default in a tabular form is annexed as Part- IV of the Application at Page 21

3. The Respondent/Corporate Debtor was incorporated on 27.04.2011, having CIN No.: U70101DL2011PTC218192, under the Companies Act, 1956, with the purpose of doing business of Real estate activities with own or leased property. The registered office is at 11/92, Deepali Nehru Place New Delhi DL 110019. Therefore, this Bench has jurisdiction to deal with this application. A copy of the Master Data of the Respondent/Corporate Debtor as accessed from the MCA website is annexed at Annexure 2 at Pg. 45-46 of the Application.

4. Facts of the Case i. It is submitted that in April 2014, the Financial Creditors were approached by the representatives of Corporate Debtor to invest in their Group Housing Project namely "ATS Triumph", situated in Village Dhanwapur, Sector 104, Gurgaon, Haryana.

ii. It is submitted that the Applicant/ Financial Creditor made an application for booking a flat in the Project under subvention- cum-guaranteed buy back scheme in terms of a fixed price which would be repaid to the Financial Creditors.

iii. It is submitted that the Applicant invested in the project by making a booking amount of Rs 15,00,000/- (Fifteen Lakhs). On 18.06.2014 the Financial Creditors and the Corporate Debtor entered into a Buyer’s Agreement and Memorandum of Understanding, both dated 18.06.2014 for the purchase of a flat for a sum of Rs. 2,01,07,750/- (Rupees Two Crores One Lakh Seven Thousand Seven Hundred and Fifty only) in a project namely "ATS Triumph" situated in Village Dhanwapur, Sector 104, Gurgaon, Haryana, and accordingly the Applicant was allotted a flat bearing no. 3262 on 26th Floor in Tower/ Building

3 by the Corporate Debtor.

iv. It is submitted that Financial Creditors took a loan to the tune of Rs. 1,50,00,000/›(Rupees One Crore Fifty Lakhs) for the purchase of the flat and executed a Home Loan Agreement dated 07.08.2014 and a Tripartite Agreement dated 18.06.2014 with HDFC Bank and Corporate Debtor. Upon Signing the agreement, HDFC Bank disbursed Rs. 1,50,00,000/- to the Corporate Debtor as and when requested by Corporate Debtor.

v. It is submitted that under the subvention-cum-guaranteed buy back scheme, the CD guaranteed to buyback the apartment and the Applicants were assured by the Respondents/Corporate Debtors that the flat was being sold at Rs. 8100 per Sq.