IN THE NATIONAL COMPANY LAW TRIBUNAL

MUMBAI BENCH-IV

CP (IB) No. 3050/MB-IV/2019

Under Section 7 of the I&B Code, 2016

In the matter of:

Shri. Vasant Seena Poojary

…Financial Creditor/Applicant

V/s

M/s. Temple Rose Real Estate Private

Limited,

[CIN: U70102MH2007PTC169257]

...Corporate Debtor/Respondent

Order Dated: 09.02.2023

Coram:

Mr. Manoj Kumar Dubey

Mr. Kishore Vemulapalli

Hon’ble Member (Technical)

Hon’ble Member (Judicial)

Appearances (via videoconferencing):

For the Petitioner(s) : Ms. Precilla D’souza, Advocate.

For the Respondent(s)

:

Mr. Prakhar Tandon, Advocate.

ORDER

Per: Kishore Vemulapalli, Member (Judicial)

1.

This is a Company Petition being C.P. (IB) No. 3050/NCLT/MB/C-

IV/2019 filed by Shri Vasant Seena Poojary, the Financial Creditor, on

16.08.2019 under section 7 of Insolvency & Bankruptcy Code, 2016 (I &

B Code) against M/s. Temple Rose Real Estate Private Limited,

Corporate Debtor, for initiating Corporate Insolvency Resolution

IN THE NATIONAL COMPANY LAW TRIBUNALMUMBAI BENCH-IV

CP (IB) No. 3050/MB-IV/2019

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Page 2 of 9

Process (CIRP). The Financial Creditor claiming a sum of

Rs.10,29,881/- is outstanding.

2.

The case of the Financial Creditor is as under.

a.

The Corporate Debtor is a Private Limited Company

incorporated under Companies Act, 1956 and is engaged in the business

of acquiring land and developing into Mini Township in Natural

Ambience

with

Urban

lifestyle

facilities

and

constructing

Bungalows/Villas with modern amenities.

b.

The Corporate Debtor liability arises in connection with the

certain financial investment in the Ponzi Schemes introduced by the

Corporate Debtor to the Financial Creditor where the Financial

Creditor is an individual investor of the Corporate Debtor.

c.

The Corporate Debtor for the purpose of development floated

various schemes for the sale of acquired land and among them also

introduced various Cash Incentive Schemes (CIS). The investors

invested/deposited various sums of money as per the schemes

introduced by the Corporate Debtor. The Corporate Debtor had

obtained credit rating from CRISIL and also ISO Certification which

showed the credibility, and stability of the company. More than 6000

Investors/Depositors had invested in the various schemes of the

company. The Cash Incentive Schemes of the Corporate Debtor were

reproduced hereinunder: -

i.

Income Growth Plan (IGP);

ii.

Monthly Income Plan (MIP)

iii.

Buy back scheme(s)

iv.

Guaranteed Buyback Scheme 3 to 5 years period scheme:

v.

Guaranteed Buyback Scheme 3 to 3 ½ years period scheme:

vi.

Revenue Sharing

IN THE NATIONAL COMPANY LAW TRIBUNALMUMBAI BENCH-IV

CP (IB) No. 3050/MB-IV/2019

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Page 3 of 9

vii.

Unit Certificate

viii.

Equal Monthly Instalment Scheme

ix.

Bungalow Scheme

x.

Agro Farm Scheme

xi.

Unique offer 10 plots

xii.

Personal Loan

d.

The Financial Creditor invested total amount of Rs. 4,50,000/-

on different dates under 3 years Guaranteed Buy Back Scheme which

doubles the amount after the period of 3 years. The Financial Creditor

also invested Rs. 66,215/- in Equal Monthly Instalments (EMI)

Scheme by making the 20% down payment of the proposed N.A land

opted to purchase by paying in future 60 Equated Monthly Instalments

to the Corporate Debtor. The Notarised Sale Agreement between

Corporate Debtor and Financial Creditor had been executed for the

piece of land/plot which was given as security which is detailed as infra:

i.

Invested full payment an amount of Rs. 1,50,000/-

(Rupees One Lakh Fifty Thousand only) vide Agreement

dated 5^th May 2015 with the Corporate Debtor under

Receipt 02461 dated 18^th April 2015 in the proposed N.A

project Rose Raigad City- 1, location W