Mr. Raman Puri vs Pallavi Joshi Bakhru & Anr

Mr. Raman Puri ...Appellant

Vs.

Pallavi Joshi Bakhru & Anr. ...Respondents

Present: For Appellant:- Mr. Jayesh Gaurav and Mr. Nikhil, Advocates. Mr. Ashish Makheja and Mr. Anurag Bhatt, Advocates for impleaders.

For Respondents:- Mr. R.K. Gupta, Advocates. Mr. Suprit Gupta for R-2.

ORDER

30.08.2018- This appeal has been preferred against the order dated

3rd July, 2018 passed by the Adjudicating Authority (National Company

Law Tribunal), New Delhi Bench, whereby and whereunder, the

application under Section 7 of the Insolvency and Bankruptcy Code,

2016 ('I&B Code' for short) preferred by the Respondent- 'Pallavi Joshi

Bakhru' allottee of the flat of Real Estate owner has been admitted and

'Corporate Insolvency Resolution Process' has been started against

'Universal Buildwell Pvt. Ltd.'- ('Corporate Debtor').

2. On 3rd August, 2018, when the matter was taken up, the following

order was passed:

Contd/-..............

-2- "03.08.2018 Prima facie, we are of the view

that the respondent, allottee of flat by real estate

owner comes within the meaning of 'Financial

Creditor' on the basis of the agreement, apart from

the fact that they have been treated to be a

'Financial Creditor' by the amendment made on 6th

June, 2018 in the Insolvency and Bankruptcy Code.

At this stage, learned counsel appearing on

behalf of the appellant submits that the parties have

settled the dispute. If so, he may file an affidavit

enclosing the copy of the settlement.

In the meantime, let notice be issued on the

respondents by Speed Post to find out whether a

settlement has been reached by the petitioner with

the respondents or not. Requisite along with

process fee, if not filed, be filed by 6th August, 2018.

If the appellant provides the e-mail address of

respondents, let notice be also issued through e-

mail.

Post the case 'for orders' on 30th August,

2018. The appeal may be disposed of on the next

date.

Company Appeal (AT) (Insolvency) No. 386 of 2018 -3-

In the meantime, Interim Resolution

Professional (IRP) will ensure that the company

remains on going and the manufacturing and

production of the company do not suffer, payment of

wages to the employees/workmen are made on time

and if any material is supplied by any supplier

during corporate resolution process, the payment

must be paid to the supplier/creditor. If so

necessary, the Insolvency Resolution Professional

will take aid of (suspended) Board of Directors. The

Bank having account of the 'corporate debtor' will

also cooperate with the Insolvency Resolution

Professional. If possible, the 'Resolution

Professional' may ensure completion of the flats and

may hand over the possession to the allottees."

3. Pursuant to the notice, the Respondent- 'Pallavi Joshi Bakhru'

has appeared and accepted that part payment has been made in terms

of the settlement.

4. Mr. Ashish Makheja, Advocate submits that he has filed

intervention application on behalf of the five 'Financial Creditors' and

Company Appeal (AT) (Insolvency) No. 386 of 2018 -4-

the settlement has already been reached with only one of the 'Financial

Creditors'. According to him, it is always open to the Appellant to move

before the 'Committee of Creditors' for getting approval of 90% voting

shares for moving an application under Section 12A of the 'I&B Code'.

5. Having heard learned counsel for the parties, we are not inclined

to grant any relief on the ground that the settlement has been reached

between the Appellant and the 1st Respondent but give liberty to the

Appellant to move before the 'Committee of Creditors' and thereafter, if

allowed, before the Adjudicating Authority for appropriate order under

Section 12A of the 'I&B Code'. It will be also open to the Appellant to

move before the appropriate forum.

6. The appeal stands disposed of.

(Justice S.J. Mukhopadhaya) Chairperson

(Justice Bansi Lal Bhat) Member(Judicial) Ar/uk

Company Appeal (AT) (Insolvency) No. 386 of 2018