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CP No. (IB)- 224/9/JPR/2019

IN THE NATIONAL COMPANY LAW TRIBUNAL

JAIPUR BENCH

CORAM: SHRI DEEP CHANDRA JOSHI,

HON’BLE JUDICIAL MEMBER

SHRI PRASANTA KUMAR MOHANTY,

HON’BLE TECHNICAL MEMBER

In CP No. (IB) 224/9/JPR/2019

(Under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule

6 of the Insolvency and Bankruptcy (Application to Adjudicatory Authority)

Rules, 2016)

IN THE MATTER OF:

Mr. SUDARSHAN LODHA,

No. 2, Gopal Menon Street,

Near Doveton Playground,

Choolai, Chennai, Tamil Nadu-600112

…Applicant / Operational Creditor

VERSUS

M/S Grexter Housing Solutions Private Limited

Flat no. 401, Gokul Apartment,

Kanti Chand Road, Bani Park,

Jaipur, Rajasthan-302016

…Respondent/Corporate Debtor

For the Applicant : Mr.Harsh Gattani, Adv.

Mr. Naresh Kumar Sejvani, Adv.

For the Respondent : Mr. Nikhil Yadav, Adv.

Order Pronounced on: 04.11.2022

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CP No. (IB)- 224/9/JPR/2019

ORDER

Per: Shri Deep Chandra Joshi, Judicial Member

1. This Application is filed by Mr. Sudarshan Lodha (‘Operational Creditor’ /

‘Applicant’) seeking to initiate the Corporate Insolvency Resolution Process

(‘CIRP’) of M/S Grexter Housing Solutions Private Limited (‘Corporate

Debtor’ / ‘Respondent’), under Section 9 of the Insolvency and Bankruptcy

Code 2016 (‘IBC’ / ‘Code’) read with Rule 6 of the Insolvency and

Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (‘Rules’).

2. The Corporate Debtor was incorporated under the Companies Act, 2013 on

10.12.2015 holding CIN: U74930KA2015PTC128733, and engaged in the

business of providing rental accommodation for stay wherein Mr. Pratul

Gupta, hereinafter referred to as ‘Director 1’ and Mr. Nikhil Dosi, hereinafter

referred to as ‘Director 2’ of the Corporate Debtor Company. The Corporate

Debtor has an Authorised Share Capital of Rs. 10,00,000/-(Rs. Ten Lakh

Only) and a Paid-Up Share Capital of the Corporate Debtor was 1,53,000/-

(Rs. One Lakh Fifty-Three Thousand Only).

3. However, the Registered Office of the Corporate Debtor got changed on

27.08.2019 from Flat No. 401, Gokul Apartment, Kanti Chand Road, Bani

Park, Jaipur, Rajasthan-302016 to L-364, Ground Floor, HSR Layout Sector

VI (Agara) Extension, Bangalore, Karnataka-560102 and the same came to

the notice of the Registrar of Companies, Bangalore on 14.10.2019.

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CP No. (IB)- 224/9/JPR/2019

4. The Applicant has filed the present Application under Section 9 of IBC, 2016

alleging the following set of facts:

a. The Applicant was approached by the directors of the Corporate Debtor

Company through Mr. Rohit Bafna to seek investment services in the

Corporate Debtor Company. As the Corporate Debtor is a start-up

Company and was in need of funds thus the Applicant agreed to

provide investment services.

b. The Applicant entered into an arrangement in the month of September

2018 with the Corporate Debtor wherein the Applicant had provided

the investment banking service i.e. fundraising in the Corporate Debtor

Company along with Mr. Rohit Bafna.

c. It is stated by the Applicant that for the entire transaction and

fundraising process the Corporate Debtor was to be charged 3% of the

total fund raised as a success fee of the fundraising. Such professional

fee was explicitly agreed by Director 1 vide E-mail dated 27.09.2018.

The copy of the Email dated 27.09.2018 is annexed with the petition as

Annexure – 3.

d. Further, the professional fee of the Applicant was fixed at the rate of

3% wherein further breakage of the share for the Applicant was 2% and

the balance of 1 % was the share of Mr. Rohit Bafna.

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CP No. (IB)- 224/9/JPR/2019

e. Thereafter, the Corporate Debtor raised an investment of Rs.

7,50,00,000/- (Rupees Seven Crore Fifty Lakhs Only) in the month of

December 2018 on the account of services provided by the Applicant.

f. Pursuant to the terms of the arrangement