IN THE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH COURT III C.P. No. 3794 I tB,C Ij|mB I ZOtg Under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rule 2Ot6) In the matter of Central Bank of India Nariman Point Branch Corporate Office: Chandermukhi Building, Nariman Point, Mumbai- 40002t ......Financial Creditor Vs Mls Neptune Developers Limited (CIN: U7 O LO2MH2OO4PLC 1 475 1 0) Registered office at:4th Floor Neptune Magnet MalI, Near Mangatram Petrol Pump, LBS Road, Bhandup (W), Mumbai- 4OOO78 Project Site at: Neptune Swarajya, Ambivili, Kalyan, Maharashtra Corporate Debtor Order delivered on: 16.O2.20.21 Coram: Hon'ble Shri H.V. Subba Rao, Member (Judicial) Hon'ble Chandra Bhan Singh, Member (Technical) For the Applicant: Adv. Ms. Rathima Maravararnan For the Respondent: Mr. Akshay patil Per: Shri H.V. Subba Rao, Member (Judicial) ffi^H,h :\'-t/ t >J . -,.,'i. i:i"...f 'rO -a o [8,*t z Z ti:3 Cs;;f'9 IN THE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH C.P. No. 37 94 I IBC I MB / 20 t9 ORDER 1. This Company petition is filed by Central Bank of India (hereinafter called "Financial creditor") seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Neptune Developers Limited (hereinafter called "Corporate Debtor") alleging that the Corporate debtor committed default in making payment to the Financial Creditor. This petition has been filed by invoking the provisions of Section 7 Insolvency and bankruptcy code (hereinafter called "Code") read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 20 16. 2. The present petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 185,35,24,3791- (Principal amount 80,89,09,406 I - plus Interest 104,46,14,913 I -lr. 3. The brief facts of the case are as follows:- i. The Financia-l Creditor filed an application bearing no. 4086 dated 24.70.2018 under Section 7 of the Insolvency and Bankruptcy Code against the Corporate Debtor herein for initiating Corporate Insolvency Process as the Debtor has defaulted to pay to the Applicant Bank the debt of an arnount of Rs. 189,05,51,2641 - ii. The Financial. Creditor further submitted that before the admission of the said application, the C Debtor has approached the Financial C settlement of their dues. Accord pffi^.-q- z compromise proposal submitted by the t- dxsfl"& IN THE NATIONAL COMPANY LAW TRIBUNAL, MU C.P. No. 37 94 I IBC I MB I 2Or9 Debtor was accepted by the a t Bank vide sanction letter dated 28.01 .2019 on the following terms and conditions; a. Total compromise amount Rs. 3.18 Crores b. Upfront payment: 7Oo/o of the ise amount c. Time frame for the payment of of compromise amount: within 90 days from date of sanction (18.0r.2O7e). iii. Further, as per the compromise sanctioned, the Corporate Debtor has to pay to the Financial Creditor upfront payment of LOoh the compromise amount (Rs. 9.3 Crores) and the ce arnount has to be paid by the Corporate tor within the duration of 90 days from the date 'sanction (i.e. on 18.O4.2O19) and the settlement been arrived at, the matter was withdrawn on 31.0 .2019. iv. The Corporate Debtor has paid t upfront amount of Rs. 10.00 Crores to the ial Creditor but thereafter Corporate Debtor has iled to pay any amount. The 90 days period has al ady expired and the Applicant Bank has al rescinded their compromise proposal vide letter dated 17.o6.20t9. V. As on 13.08.2019, the Corporate btor has to pay to the Financial Creditor an amount of Rs. L85,35,24,3L9 /- (Rupees One Eighty Five Crores Thirty Five Lakhs Ttve Four Thousand Three hundred and nineteen The Fi Creditor is filed the present petitio under ,vNNY t lg. %\ 'i#$: r- g.* "r IN THE NATIONAL COMPAI\IY LAw TRIBUNAL, MUM BENCH C.P. No. 3794 /rBC /MB / 2oL9 7 of the code as the Corporate De had defaulted in payment their dues to the creditor. Findines 1. The Corporate Debtor, except pu up appearance through Shri Akshay patil, advocate . did not chose to file any reply in the above matter. above Company Petition is nothing but a second round of litigation. The earlier company petition bearing no. of 2018 was withdrawn by the applicant on account OTS (One Time Settlement) sanctioned to the Debtor. Except paylng upfront amount of 10 crores, the rporate Debtor did not adhere to the compliance of the ining terms of the OTS despite availing nearly two 2. Thus, the debt and default are admitted in this case and the debt is also within limitation. application is complete in all respects and the Finan Creditor also suggested the name of Mr. Vrjay pitam Lulla as Interim Resolution Profession a_long with his con t letter in Form II. Thus, the present Company petition satisfies all the necessary legal requirements for admissi 3. Under these circumstances, this tri nal is of the considered opinion that the above v petition is liable to be admitted and accordingly the is admitted by passing the following: ORDER a. The above Company Petition No. (IB) -3 (MB)/201e is hereby allowed and initiation of te Insolvency Resolution Process (CIRP) is ordered against M/s Neptune Developer Limited. b. This Bench hereby appoints Mr. Vijay Insolvency Professional, Registration QJ,H& IN THE NATIONAL COMPAI{Y LAW TRIBUNAL, MUM BENCH C.P. No. 37 94 / tBC / MB I 2ot9 001/IP-POO323/2Or7-tBl10593 as the interim resolution professional to carry out t functions as mentioned under the Insolvency & B tcy Code, 2076. c. The Financial Creditor shall deposit an nt of Rs.5 Lakhs towards the initial CIRP costs by of a Demand Draft drawn in favour of the In Resolution Professional appointed herein, im upon communication of this Order. d. That this Bench hereby prohibits the in tion of suits or continuation of pending suits or against the corporate debtor including tion of any judgment, decree or order in any court law, tribunal, arbitration panel or other authority transferring, encumbering, alienating or disposing of the corporate debtor any of its assets or any legal ri t or beneficial interest therein; any action to , recover or enforce any security interest created the corporate debtor in respect of its property includ any action under the Securitization and truction of Financial Assets and Enforcement of .rity Interest Act, 2OO2; the recovery of any property an owner or lessor where such property is occupi by or in the possession of the Corporate Debtor. e. That the supply of essential goods or ces to the Corporate Debtor, if continuing, shall be terminated or suspended or interrupted during rium period. That the provisions of sub-section (1) of ion 14 shall not apply to such transactions as may notified by the Central Government in consultation wi any financial_ sector regulator. 6ffin":, ,## _s :;ffis t "tLt na ^= @:j^,r*g IN THE NATIONAL COMPAI{Y LAW TRIBUNAL, MUM BENCH C.P. No. 3794 flBc /MB / 2ot9 g. That the order of moratorium shall have effect from the date of pronouncement of this order till he completion of the corporate insolvency resolution s or until this Bench approves the resolution under sub- section (1) of section 31 or passes an order for liquidation of corporate debtor under ion 33, as the case may be. h. That the public announcement of corporate insolvency resolution process shall be immediately as specified under section 13 of the Cod During the CIRP period, the ment of the corporate debtor will vest in the IRp/Rp. suspended directors and employees of the corporate debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRp/Rp. j. Registry shall send a copy of this order to the Registrar of Companies, Mumbai, for updating the Master Data of the Corporate Debtor. Accordingly, this Petition is allowed. The Registry is hereby directed to communicate this order to both the parties and to IRp immediately. sd/- sd/- CIIANDRA BIIAN SINGH H.V. SUBBA RAO MEMBER (TECHNTCALI MEMBER (WDICIALI -e!Tified l'rue Copy Dar:,rt Applicati N,-lli,f i,.l'Of Fi : r'a;rri ,i-;. Ai i, ;i tt';r nt called for COlleCtiOlf [.'1) 1,'.' 3i 1.".1 y;1 g.gd g Lupy issued on 6 ,\arionarLn,n,e,rv r, ,Wi:^i Bencl