Page 795 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
By Hon’ble NCLT New Delhi-II Bench

IN THE NATIONAL COMPANY LAW TRIBUNAL
NEW DELHI BENCH

C.P. (I.B.) No. 70/7/NCLT/ND/2017

Decided On: 08.05.2017

Applicant: Devesh Singh
VS
Respondent: M/s Mega Soft Infrastructure Pvt. Ltd.

Judges/Coram:
Hon'ble Sh. INA Malhotra, Member (J)

Counsels:
For Appellant/Petitioner/Plaintiff: Mr. Rahul Shukla, Advocate

For Respondent: Mr. Abhishek Mahta, Charted Accountant in Practice & Ms. Manisha Gola, Company
Secretary

ORDER

Hon'ble Sh. INA Malhotra,Member (J)

1. Vide the present petition prayer has been made to trigger off Insolvency Resolution Process against the

Respondents under the Insolvency and Bankruptcy Code 2016, (hereinafter referred to as Code).

2. As per averments, the petitioner claims to be a financial creditor, claiming a financial debt of Rs.

30,69,000/- from the Corporate Debtor. The basis of the claim emanates from an initial transaction
between petitioner/ financial creditor with one M/s Maruti Realtors Pvt. Ltd. for purchase of 300 sq. yard
plot in a residential project to be developed at Bagpat. The consideration paid by the financial creditor

was Rs. 10,50,000/- and the terms of their agreement dated 25.08.2006, provided a scheme for buyback.
Since M/s Maruti Realtors failed to develop and deliver the proposed property within the stipulated period
of 24 months, the petitioner agreed to co-opt for an IT commercial complex being developed by the

Corporate Debtor in lieu of the consideration given to M/s Maruti Realtors, having the same Director on
its Board. Upon taking on the obligation of the Maruti Realtors, the Corporate Debtor agreed to develop

and allocate 400 sq. ft. on the 3rd Floor of a commercial project proposed to be developed under the name
and style of "The Grid". A fresh agreement was executed on 08.10.2008 reflecting the financial creditor's
contribution as Rs. 11 lakhs. It was also agreed that the Corporate Debtor would pay assured returns of

Rs. 21,437/ - per month till 20th August, 2011, which thereafter would stand increased to Rs. 42,875/-

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