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IB-1097/(PB)/2019
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IN THE NATIONAL COMPANY LAW TRIBUNAL
NEW DELHI
BENCH-VI
IB-1097/(PB)/2019
Section: Under Section 7 of the Insolvency and Bankruptcy
Code, 2016 and Rule 4 of the Insolvency and Bankruptcy
(Application to Adjudicating Authority), Rules, 2016.
In the matter of:
M/s. The Verandas Apartment Owners Association
Registered Office At: The Salcon Verandas, Basil Lobby,
Sector-54,Gurugram-122002
…Applicant/Financial Creditor
Versus
M/s. Saluja Construction Company Ltd.
Registered Office At: 3, Munirka Marg, Vasant Vihar
New Delhi -110057
...Respondent/ Corporate Debtor
Coram:
Shri. Bachu Venkat Balaram Das (Member Judicial)
Shri. Rahul Bhatnagar (Member Technical)
IB-1097/(PB)/2019
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Counsel for Petitioner: Adv. Sonal Anand
Counsel for Respondent: Adv. Mohit Nandwani
ORDER
Per: Bachu Venkat Balaram Das, Member (Judicial)
Date: 04.05.2023
1.
This is an application filed by M/s. The Verandas
Apartment
Owners
Association
to
initiate
corporate
insolvency
resolution
process
(“CIRP”)
against
M/s.
Saluja Construction Company Ltd. under Section 7 of
the Insolvency and Bankruptcy Code 2016 (“the Code”)
for the alleged default on the part of the Respondent in
settling
an
amount
of
Rs.
12,48,15,750/-
(Rupees
Twelve Crores Forty Eight Lacs Fifteen Thousand Seven
Hundred Fifty only). The details of transactions leading
to the filing of this application as averred by the
Applicant are as follows:
i.
That sometime in 2010-11, the Corporate Debtor
had launched the Project comprising of high rise
Apartments on the land ad-measuring approx.
8.972 Acres, forming a part of a Residential
IB-1097/(PB)/2019
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Colony, named "Suncity", in Sector-54, Village
Haiderpur Viran, District Gurgaon, Haryana.
ii. That as per the Allotment Letters, as well as the
Clause 10.1 (d) of the Flat Buyer's Agreements of
the Apartment Owners, the Corporate Debtor
collected a Maintenance Security Deposit @ Rs.
125/- per Sq. Ft. of the Super Area of each flat
of the Project.
iii. That pursuant to the said Clause the Corporate
Debtor
collected
an
amount
of
Rs.
12,48,15,750/-
(Rupees
Twelve
Crores
Forty
Eight Lacs Fifteen Thousand Seven Hundred
Fifty only) from the Apartment Owners. Further,
as per the said Clause, the Corpus so collected
by the Corporate Debtor was to be handed over
to the Society as and when it was formed.
iv. That it was legally determined on 18.05.2015
that
the
society
formed
by
the
Owners/the
present Applicant ie. the Financial Creditor is
the
duly
constituted
Society
to
manage
the
Project
(as
also
to
get
handed
over
the
IB-1097/(PB)/2019
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Maintenance Deposit). However, despite this, the
Corporate
Debtor
did
not
transfer
the
Maintenance Corpus to the Financial Creditor.
v. That the Corporate Debtor on 04.12.2017 had
filed
a
consumer
complaint
against
the
Corporate Debtor before the NCDRC, bearing CC
No. 3577/2017 inter-alia seeking transfer of the
Corpus, whereby, the Corporate Debtor has not
filed any reply/participated despite service and
were proceeded ex-parte on 11.01.2019.
vi. That the statutory period having elapsed, the
debt being admitted and due in any case from
the
date
of
default.
There
is
a
statutory
presumption that the Corporate Debtor is unable
to pay its debts and therefore, the corporate
insolvency process should be initiated against
them.
vii.That
due
to
the
fact
that
the
Maintenance
Deposit
collected
by
the
Corporate
Debtor
included
both
"Interest
Bearing
Maintenance
Deposit" or "IBMS" as well as "Interest Free
IB-1097/(PB)/2019
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Maintenance Deposit" or "IFMS", the Corporate
Debtor is hence, liable to pay the outstanding
legal debt amounting to as on date, along with
the applicable interest to the members who were
the IBMS w.e.f. the date of the payment made to
the Corporate Debtor, whereas, interest shall
applicable to the members assured IFMS from
18.05.2016 i.e. the date when the rights of the
Society got crystallized by the Ld. Registrar of
Societies, till the date of payment/refund by the
Corporate Debtor.
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