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Judgment
Per: Ajay Kumar Vatsavayi, Member (Judicial)
This present Company Petition has been filed by Mr. Sharad S. Heda and Mr. Sameer Heda (for brevity 'Petitioners/Financial Creditors') under Section 7 of the IBC, 2016, r/w Rule 4 of the I&B (Application to Adjudicating Authority) Rules, 2016 with a prayer to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Unishire Lifestyle Dwellings LLP (hereinafter called as 'Respondent /Corporate Debtor'), on the ground that it has committed default for total amount of Rs.3,15,28,583/- (Rupees Three Crore Fifteen Lakh Twenty Eighty Thousand Five Hundred and Eighty Three Only) as on 31.10.2019, which includes both the principal amount of Rs.60,00,000/-(Rupees Sixty Lakh Only) and Rs.2,55,28,583/- (Rupees Two Crore Fifty Five Lakh Twenty Eight Thousand Five Hundred and Eighty Three) towards interest from 12.10.2013.
Mr. Sharad S. Heda (hereinafter called as 'Petitioner No.1 /Financial Creditor) son of Srikrishna Heda, aged about 60 years is residing at No.605, Life is Beautiful Apartments, Building #76, (30^{\mathrm{th}}) Cross, (4^{\mathrm{th}}) T Block, Jayanagar, Bangalore - 560041.
Mr. Sameer Heda (hereinafter called as 'Petitioner No.2 /Financial Creditor) son of Mr. Sharad S. Heda, aged about 27 years is residing at No.605, Life is Beautiful Apartments, Building #76, (30^{\mathrm{th}}) Cross, (4^{\mathrm{th}}) T Block, Jayanagar, Bangalore - 560041.
M/s. Unishire Lifestyle Dwellings LLP (hereinafter called as 'Respondent /Corporate Debtor) is a limited liability partnership registered under the Limited Liability Partnership Act, 2008 on 23.09.2011 bearing identification number LLPIN: AAA-6356. The Partners Fixed Capital Account of the Company is Rs.5,00,000/- (Rupees Five Lakh only) and Partners Current Capital Account is Rs.2,46,73,781/-(Rupees Two Crore Forty Six Lakh Seventy Three Thousand Seven Hundred and Eighty One Only). The Company is inter alia engaged in the business of real estate.
Heard Mr. Abhijit Atur, learned Counsel for the Petitioners/Operational Creditors and none for the Respondent/Corporate Debtor. We have carefully perused the pleadings of the parties and extant provisions of the Code, and the Rules made thereunder.
It is seen that the Respondent/Corporate Debtor filed a Memo vide diary no.1700 dated 12.03.2020 admitting the debt and its inability to pay the same to the Petitioner. In view of the same, the C.P. is liable to be admitted.
In the given facts and circumstances, the present petition being complete and having established the default in payment of the financial debt and for the default amount being above Rs.1,00,00,000/-, the petition is admitted in terms of Section 7 of the IBC, 2016 and accordingly, moratorium is declared in terms of Section 14 of the Code. As a necessary consequences of the moratorium in terms of Section 14, the following prohibitions are imposed, which must be followed by all and sundry:
The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in
any court of law, tribunal, arbitration panel or other authority;
Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein;
Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002;
The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the Corporate Debtor;
It is further directed that the supply of essential goods or services to the Corporate Debtor as may be specified, shall not be terminated or suspended or interrupted during the moratorium period;
The provisions of Section 14(3) shall however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator and to a surety in a contract of guarantee to a Corporate Debtor;
The order of moratorium shall have effect from the date of this order till completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under sub-section (1) of Section 31 or passed an order for liquidation of Corporate Debtor under Section 33 as the case may be;
In Part III of Form 1, Mr. Ratnakar Shetty, Registration No. IBBI/IPA-001/IP-P01630/2019-2020/12718 has been proposed as Interim Resolution Professional (IRP). Written Consent given by the IRP in Form 2 dated 22.11.2019 has been filed along with the C.P at Page Nos.90-91. However, since certificate of registration is not filed, the IRP shall file the same within one week from the receipt of this order.
The Law Research Associate of this Adjudicating Authority has checked the credentials of Mr. Ratnakar Shetty and there is nothing adverse against him. In view of the above, we appoint Mr. Ratnakar Shetty, bearing Registration No. IBBI/IPA-001/IP-P01630/2019-2020/12718, registered address at No.F507, Mantri Tranquil, Gubbalala Gate, Kanakapura Road, Bangalore-560061, as the Interim Resolution Professional of the Corporate Debtor. The IRP is directed to take the steps as mandated under Sections 15, 17, 18, 20 and 21 of IBC, 2016.
The Interim Resolution Professional shall after collation of all the claims received against Corporate Debtor and the determination of the financial position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying constitution of the Committee to this Adjudicating Authority on or before the expiry of thirty days from the date of his appointment, and shall convene first meeting of the Committee within seven days for filing the report of Constitution of the Committee. The Interim Resolution Professional is further directed to send regular progress reports to this Adjudicating Authority every fortnight.
A copy of the order shall be communicated to both the parties. The learned Counsel for the Petitioners shall deliver a copy of this order to the Interim Resolution Professional forthwith. The Registry is also directed to send a copy of this order to the Interim Resolution Professional at his e-mail address forthwith.