{"id":279241,"date":"2022-12-07T16:00:00","date_gmt":"2022-12-07T10:30:00","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=279241"},"modified":"2022-12-10T12:14:10","modified_gmt":"2022-12-10T06:44:10","slug":"date-of-default-and-acknowledgement-are-two-different-events-nclat-imposes-penalty-of-rs-25-lakhs-for-attempting-to-stop-implementation-of-a-rera-order","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/12\/07\/date-of-default-and-acknowledgement-are-two-different-events-nclat-imposes-penalty-of-rs-25-lakhs-for-attempting-to-stop-implementation-of-a-rera-order\/","title":{"rendered":"Date of default and acknowledgement are two different events; NCLAT imposes penalty of Rs. 25 lakhs for attempting to stop implementation of a RERA order"},"content":{"rendered":"
\n

\n

National Company Law Appellate Tribunal<\/b> | While dealing with an appeal challenging the impugned order passed by NCLT, Ashok Bhushan<\/b>*, J., Dr. Alok Srivastava (Technical Member) and Barun Mitra (Technical Member), held that the date of default and acknowledgement are two different events and date of default is not dependent on acknowledgement of debt. The Tribunal imposed a penalty of Rs. 25 Lakh as filing of application under S. 9<\/a> IBC<\/a> was an attempt to stop the implementation of a RERA order.<\/p>\n

Factual Matrix<\/span><\/p>\n

M\/s PSA IMPEX (P) Ltd., a corporate debtor (CD) launched a real estate project in the year 2012 to be completed within 36 months. Due to the delay in completion of project, home buyers approached RERA with complaints under Real Estate (Regulation and Development) Act, 2016<\/a>. RERA conducted an inspection and it was found that only 10% of the work has been started and the rest was abandoned. RERA cancelled the registration of the project and in response to public notice issued by RERA for completion of remaining project work, SLB Welfare Association (Appellant) submitted a proposal to complete Project.<\/p>\n

An application under S. 9<\/a> of the Insolvency and Bankruptcy Code, 2016<\/a> was filed by M\/s. Rudra Buildwell Constructions (P) Ltd. claiming to be an Operational Creditor (OC) which was later withdrawn by OC as case is hit by S. 10A of the Code. The Adjudicating Authority (NCLT) vide order dated 29-11-2021 dismissed the application as withdrawn.<\/p>\n

The OC again issued notice dated 06-12-2021 under S. 8<\/a> IBC<\/a> to the CD demanding payment of an unpaid operational debt of Rs.5,39,60,674\/- including interest, the date of default being 31-03-2020.<\/p>\n

The OC filed an application under S. 9<\/a> IBC<\/a> on 24-12-2021 against CD. After seeking clarification on the issue of S. 10-A<\/a> IBC<\/a> from OC, the Adjudicating Authority allowed the application on 18-04-2022 ex-parte, as CD did not appear.<\/p>\n

This appeal was filed by the appellant challenging the order dated 18-04-2022 and 25-07-2022 vide which appellant was ordered to handover peaceful possession and custody of the project to Interim Resolution Professional (IRP).<\/p>\n

Tribunal’s Observation<\/span><\/p>\n

While examining the facts in the appeal, the Tribunal observed that appeals against orders of RERA were filed by the CD through its authorised signatory Mr. Raj Kumar, OC who had filed an application under S. 9<\/a> IBC<\/a>. After dismissal of the RERA appeal, a second appeal was filed in the High Court by CD through Mr. Raj Kumar, wherein it was submitted that 99.75% of shares in CD have been transferred to OC.<\/p>\n

The Tribunal observed that the object of filing of application under S. 9<\/a> IBC<\/a> by the OC, was not for resolution of insolvency of CD, but was an attempt to stop the implementation of RERA order and to take back the Project from the Appellant.<\/p>\n

The Tribunal stated that the object for enactment of the IBC is re-ogranisation and insolvency resolution of the CD.<\/p>\n

The Tribunal further observed that proforma invoices prepared bears the date of 31-03-2020 and contains the particulars of various materials supplied from 25-08-2019 to 19-01-2020 which do not contain GST details as required under the law and entries made in the books of accounts were not in normal course of business. This is evidenced from the fact that no work was undertaken at the project site during the relevant period.<\/p>\n

The Tribunal stated that the issue of date of default mentioned as 31-03-2020, the affidavit submitted by OC before Adjudicating Authority, stated that CD vide letter dated 03-06-2021 acknowledged the inability to repay and had acknowledged the debt; and therefore, the date of default occurred on 03-06-2021.<\/p>\n

The Tribunal observed that mere acknowledgement given by CD on 03-06-2021 accepting the debt, shall not change the date of default. The date of default and acknowledgement are two different events and date of default is not dependent on acknowledgement of debt. Hence, the application filed under S. 9<\/a> IBC<\/a> was also liable to be rejected being hit by S. 10A.<\/p>\n

Tribunal’s Decision<\/span><\/p>\n

While allowing the appeals, the Tribunal held that initiation of CIRP by the OC was done fraudulently with a purpose other than insolvency resolution as such admission order vitiated in law and imposed a penalty of Rs. 25,00,000\/- on OC.<\/p>\n

[SLB Welfare Assn. v. PSA IMPEX (P) Ltd., Company Appeal (AT) (Insolvency) Nos. 905 and 642 of 2022, decided on 04-11-2022<\/span>]<\/p>\n

\n

Advocates who appeared in this case :<\/p>\n

Mr. Abhijeet Sinha, Mr. Shantanu Singh, Mr. Ravi Sehgal, Mr. Aditya Shukla and Ms. Divya Narayanan, Counsel for the the Appellant;<\/p>\n

Mr. Saurabh Jain, Counsel for Impleader (SLAB Home Buyer’s Welfare Association);<\/p>\n

Mr. Abhishek Anand, Mr. Nipun Gautam and Mr. Pathik Chaudhury, Counsel for the Respondent No. 1;<\/p>\n

Mr. Gaurav Mitra, CS Gaurav Joshi and Mr. Atul Bhatia, Counsel for the Respondent No. 4<\/p>\n

Mr. Prabhjot Ranjan Singh, for RP.<\/p>\n

\n

*Ritu Singh, Editorial Assistant has put this report together.<\/span><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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Singh (Technical Member) while setting aside an appeal opined that \u201c\u2026this Tribunal an irresistible, inevitable and inescapable conclusion that in respect of the loan account of the \u2018Corporate Debtor\u2019, there was an \u2018Acknowledgement of\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":245356,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/11\/issuance-of-cheque\/","url_meta":{"origin":279241,"position":3},"title":"NCLAT| Issuance of the cheque is indicative of acknowledgement of debt, even if returned dishonored","author":"Editor","date":"March 11, 2021","format":false,"excerpt":"National Company Law Appellate Tribunal- A Coram of Anant Bijay Singh, J. (Judicial Member) and Shreesha Merla (Technical Member) dismissed an appeal while affirming the impugned order where the appellant made a default in making payments. In the present case, the Respondent was the operational creditor who sold, supplied and\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":281143,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/06\/national-company-law-appellate-tribunal-nclat-corporate-debtor-debt-application-section7-insolvency-and-bankruptcy-code-2016-rejected-limitation-barred-by-limitation\/","url_meta":{"origin":279241,"position":4},"title":"NCLAT | Date of default cannot be strictly construed as the date of Non-Performing Assets","author":"Editor","date":"January 6, 2023","format":false,"excerpt":"In the instant matter, the Adjudicating Authority dismissed S. 7 IBC application on the ground of limitation and the Tribunal acknowledged that there was default and debt, and the application is not barred by limitation.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":248324,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/17\/acknowledgment-of-debt\/","url_meta":{"origin":279241,"position":5},"title":"NCLAT | ‘Balance and Security Confirmation Letter’ is sufficient ‘acknowledgement of debt’ so as to extend limitation period for initiating insolvency proceedings under S. 7 IBC","author":"Bhumika Indulia","date":"May 17, 2021","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A Division Bench of Justice Venugopal M. (Judicial Member) and V.P. Singh (Technical Member) dismissed an appeal filed against the order of the National Company Law Tribunal, Hyderabad (\"NCLT\"), whereby the NCLT had admitted an application filed by the Financial Creditor\u2212Punjab National Bank under\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/279241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=279241"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/279241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/279124"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=279241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=279241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=279241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}