Page 801 - 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. 260/7/NCLT/ND/2017

Decided On: 23.08.2017

Applicant: Neelam Singh
Vs
Respondent: Mega Soft Infrastructure Pvt. Ltd.

Judges/Coram:
Hon'ble Smt. INA Malhotra, MEMBER (J)

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

For Respondents/Defendant: Mr. Abhishek Nahta, Learned Advocate and Ms. Manisha Gola, Learned
Advocate

ORDER

Hon'ble Ina Malhotra, Member (J)

1. This petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (herein after referred

to as the "Code") read with Rule 4 of the Insolvency and Bankruptcy (Application to adjudicating
authority) Rules 2016 seeks to initiate resolution process against the respondent/ Corporate Debtor on
grounds of their irrecoverable debt of Rs. 1,73,09,195/ -.

2. The brief background of the case is that vide agreement dated 06.10.2008, the petitioner/Financial

Creditor had booked 1150 sq. ft. in an upcoming IT Commercial cum Corporate Hub being developed by
the Corporate Debtor under the name and style of "The Grid". The total sale consideration was agreed at

Rs. 15,37,500/- which was paid upfront. The Corporate Debtor offered to pay an assured return of Rs.
61,633/- (Pre TDS) w.e.f. 08.06.2008 to 30,05,2011. The Financial Creditor was further assured that the
project would be constructed by May 2011 upon which he would get a minimum return of Rs. 1,26,500/-

from June, 2011.

3. A similar agreement was executed between the parties for space measuring 350 sq. ft. for a total
consideration of Rs. 10,37,500/- As per this agreement, the Corporate Debtor had assured a return of Rs.

18,758/- till May, 2011 and thereafter at the rate of Rs. 37,450/- per month.

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