IA(IBC)/98(KOB)/2022

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IN THE NATIONAL COMPANY LAW TRIBUNAL

KOCHI BENCH, KOCHI

IA(IBC)/98(KOB)/2022

IN

IBA/11 (KOB)/2020

(Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016)

Order delivered on: 23.06.2022

Coram:

Hon’ble Mr. Ashok Kumar Borah, Member (Judicial)

Hon’ble Mr. Anil Kumar. B, Member (Technical)

Michael Meenattor

S/o. Mani J Meenattoor,

Villa No. 43, Trinity Gardens,

Aluva-Kaladi Road,

Desom, Aluva – 683 102. … Applicant/Intervenor

Verses

P.T Joy

Interim Resolution Professional of

MIR Realtors Private Limited,

First Floor, JB Plaza,

Edappally – Thripunithura Road,

Near NSS Hostel, Padivattom,

Edappally PO,

Oberon Mall Junction,

Ernakuklam, Kochi – 682 024. …Respondent

Parties/Counsel present (through video conference)

For Applicant/Intervenor … S/Sh. Ashok B Shenoy, Gireesh P.S,

Raymond George Dias, Arjun R Naik

- Advocates

For Respondent … Shri. Sankar P Panicker - Advocate

IA(IBC)/98(KOB)/2022

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ORDER

Per: Ashok Kumar Borah, Member (J)

This IA has been filed under Section 60(5) of IBC, 2016 by Michael Meenattoor, who is

stated to be a Financial Creditor of M/s. MIR Realtors Private Limited being a “home buyer”

who had contracted to purchase four separate Residential Apartments from the Corporate

Debtor.

2.

The Corporate Debtor through four separate agreements dated 26/07/2010,

28/07/2010 & 29/07/2010 agreed to complete the construction of the aforesaid four

Apartments in the multi storeyed residential building complex “MIR Jade Heights Tower 1”

constructed in 53 cents of land in Kakkanad Village of Kanayannur Taluk in Ernakulam

District and agreed to handover its possession by 31/03/2012 and towards consideration for

the same, received from the Applicant Rs. 1,87,34,756/- (Rupees one crore eighty-seven

lakh thirty-four thousand seven hundred fifty-six only) and a further sum of Rs.1,44,077/-

(Rupees One lakh forty-four thousand seventy-seven only), totaling Rs.1,88,78,835/-

(Rupees one crore eighty-eight lakh seventy-eight thousand eight hundred thirty-five only).

3.

The applicant stated that in the year 2014, he filed a complaint against the Corporate

Debtor

before

the

Kerala

State

Consumer

Disputes

Redressal

Commission,

Thiruvananthapuram as Complaint No. 28/2014. Since the Corporate Debtor did not

complete the construction of the aforesaid four apartments and handed over it to the

applicant, the said complaint was allowed by the Commission vide order dated 07/12/2017

directing the Corporate Debtor to complete the construction of the Apartments and handover

the same to the applicant within six months from that date allowing interest at the rate of

10% per annum from 31/03/2012 till the date of delivery.

IA(IBC)/98(KOB)/2022

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4.

However, the Corporate Debtor has not so far handed over the Apartments to the

Applicant. While so on 16/11/2021, this Tribunal admitted IBA/11(KOB)/2020 and appointed

respondent herein as the Interim Resolution Professional (IRP). The IRP issued public

notice dated 21/12/2021 and pursuant thereto applicant submitted his claim in Form – CA

before the respondent on 31/12/2021. The respondent through his mail dated 28/02/2022

directed the applicant to submit four separate claims for each Apartments. The applicant

submitted four separate claims in Form – CA on 28/02/2022. The respondent by his e-mail

dated 11/03/2022 informed the applicant that his claim amount of Rs. 1,88,78,833/- (Rupees

One crore eighty-eight lakh seventy eight thousand eight hundred and thirty three only) is

admitted in full and applied inter