The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Mahendra Khandelwal (Judicial Member) and Shri Rahul Bhatnagar (Technical Member), while adjudicating a petition filed in Chirag Jain & Ors. v Imperia Structures Ltd., has initiated Corporate Insolvency Resolution Process (“CIRP”) against Imperia Structures Ltd., which launched a real estate...
The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Shri Mahendra Khandelwal (Judicial Member) and Shri Rahul Bhatnagar (Technical Member), while adjudicating a petition filed in Chirag Jain & Ors. v Imperia Structures Ltd., has initiated Corporate Insolvency Resolution Process (“CIRP”) against Imperia Structures Ltd., which launched a real estate project named “Imperia Byron/Mindspace” in Sector- 62, Gurgaon, Haryana.
Mr. Gaurav Katiyar has been appointed as the Interim Resolution Professional (IRP).
Background Facts
Imperia Structures Ltd. (“Corporate Debtor”) is engaged in the business of real estate development. The Corporate Debtor had launched a Project named “Imperia Byron/Mindspace” situated at Sector- 62, Gurgaon, Haryana under the scheme of ‘Investment Return’ along with ‘Guaranteed Assured Return’. It was represented that in the event the buyers paid upfront sale consideration for the Units booked, the Corporate Debtor would undertake to make payment of the monthly guaranteed assured return till the Units were leased out. Thereafter, the Corporate Debtor would pay assured rental to the buyer upon leasing of the Unit to the intended tenant.
Based on these representations, Mr. Chirag Jain alongwith (“Financial Creditors”) booked their Units in the Project in 2011-12 and separate Memorandum of Understanding (MoU) for each Unit was signed with the Corporate Debtor.
The Corporate Debtor committed a default in payment of assured returns to the Financial Creditors in terms of the MoU executed between the Parties. Consequently, the Financial Creditors”) filed a petition under Section 7 of the Insolvency Bankruptcy Code, 2016 (“IBC”), seeking initiation of Corporate Insolvency Resolution Process (“CIRP”) against the Corporate Debtor, over a default of Rs. 3,67,93,375/-.
NCLT Verdict
The Bench observed that the Corporate Debtor is in default of a debt due and payable and that the default is for an amount which is more than the minimum amount of pecuniary threshold stipulated under Section 4(1) of IBC. Accordingly, the petition under Section 7 of IBC has been admitted and CIRP has been initiated against the Corporate Debtor.
Mr. Gaurav Katiyar has been appointed as the Interim Resolution Professional (IRP).
Case Title: Chirag Jain & Ors. v Imperia Structures Ltd
Case No.: IB-525/PB/2022
Counsel For the Applicant: Mr. Akshay Srivastava, Mr. Vivek Kumar
Counsel For the Respondent: Mr. Sandeep Bajaj, Mr. Vipul Jai, Mr. Mayank, Ms. Zoya Junaid, Advs.