- (1.) Per SMT. INA MALHOTRA, MEMBER (J) This petition has been filed under Section 9 of the Insolvency Bankruptcy Code, 2016 (herein after referred to as the "Code") , praying for initiation of Corporate Insolvency Resolution Process of the Respondent Corporate Debtor. As per averments made in the said petition, a sum of Rs. 8.8 crores was given to the Corporate Debtor for the purpose of purchase of land in the National Capital Region for the purpose of developing a Group Housing Project. The Respondents identified a parcel of land on the Noida Expressway after which the said amount was given by the petitioner to them.
(2.) As per averments, it is submitted that the Respondents misused the said funds and instead purchased a commercial space in the Great India Commercial Complex, Plot A-2, Sector 38-A, Noida in September, 2014. On raising objections, the respondents returned Rs. 30 lakhs and continued to remain in default of Rs. 8.5 crores which despite reminders has neither been returned nor has any land been purchased. The debt is stated to have accrued on 31.05.2014 and 07.08.2014 when the amounts were transferred via RTGS into the accounts of the Corporate Debtor.
(3.) It is submitted that notice under Section 8 under the Code was duly served on the respondents. On entering appearance, the respondents have questioned the locus of the Operational Creditor as vide order dated 20.09.2017, a provisional liquidator has been appointed by the Hon'ble High Court of Delhi in Co. Pet. No. 359/2016 while admitting the same.;