Ansal Properties Pays The Dues Lately, NCLT Delhi Dismisses Insolvency Petition Imposing A Cost Of Rs. 1 Lakh On Ansal

The National Company Law Tribunal ("NCLT"), New Delhi Bench, comprising of Shri. Abni Ranjan Kumar Sinha (Judicial Member) and Shri. L. N. Gupta (Technical Member), in M/s. Dalmia Family Office Trust v M/s. Ansal Properties and Infrastructure Ltd., has dismissed the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), seeking initiation of the Corporate Insolvency Resolution Process ("CIRP") against Ansal Properties and Infrastructure Ltd. after the outstanding dues were paid off. A cost of Rs. 1 Lakh has been imposed on Ansal Properties and Infrastructure Ltd. for delaying the proceedings and depositing the due amount in the account of Dalmia Family Office Trust without its consent and after the NCLT Bench had reserved the order. The Order was passed on 06.06.2022. Background Facts M/s. Dalmia Family Office Trust ("Applicant") had filed an Application under the Section 7 of the IBC before NCLT New Delhi ("Adjudicating Authority"), seeking initiation of CIRP against Ansal Properties and Infrastructure Ltd. ("Respondent") for an outstanding of Rs. 4,88,20,618/- as on 30.09.2021 as mentioned in Part IV of the application, out of which Rs 1,40,00,000/- was the Principal Amount. The date of default was mentioned as 28.10.2015 in the application. When the Adjudicating Authority had reserved the matter for order, the Corporate Debtor deposited Rs. 4,90,00,000/- in the account of the Applicant on 16.05.2022, without the latter's consent. Contentions Of The Parties The Applicant submitted that the Respondent had deposited Rs. 4,90,00,000/- without any prior consent as there were no settlement between the parties. Further, a balance amount of Rs. 65,83,033/- was still outstanding towards the principal dues, after Rs. 4,90,00,000/- was adjusted towards the interest portion calculated till 24.05.2022. Hence, CIRP could be initiated. The Respondent submitted that the payment of Rs. 4,90,00,000/- had resulted in complete discharge of the full Principal amount of Rs.1,40,00,000/- as well as the interest as claimed by the applicant in the Part IV of the Application. Observations Of The Adjudicating Authority The Adjudicating Authority observed that the Applicant has also claimed interest portion falling within the suspension period of IBC under Section 10A, i.e from 25.03.2020 to 24.03.2021, for which no CIRP can ever be initiated. The said fact was not relevant prior to deposit of Rs. 4,90,00,000/- by the Respondent, since the principal outstanding claimed Application was above Rs 1 Crore, which was due and payable much prior to the suspension period of IBC. The Bench observed that the Applicant had received Rs.4,90,00,000/-, which was more than the total amount claimed of Rs.4,88,20,618/-. It was held that the Applicant cannot claim any amount beyond what is claimed in the Part IV of its Application since it is a trite law that the IBC proceedings are not recovery proceedings. The Bench dismissed the application and imposed a cost amounting to Rs. 1 Lakh on the Respondent for delaying the matter and depositing Rs.4,90,00,000/- behind the back of the Applicant without its consent, when the order was reserved by the Bench. Case Title: M/s. Dalmia Family Office Trust v M/s. Ansal Properties and Infrastructure Limited, (IB)-639(ND)/2021 Counsel for the Applicant: Sr. Adv. Darpan Wadhwa, Adv. Hancy Maini, Adv. Varun Khanna, Adv. Neelakshi Bahaduria Counsel for the Respondent: Adv. Ankit Sharma, Adv. Sujoy Datta Click Here To Read/Download Order

Ansal Properties Pays The Dues Lately, NCLT Delhi Dismisses Insolvency Petition Imposing A Cost Of Rs. 1 Lakh On Ansal

Pallavi Mishra

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