NARENDER KUMAR DOGRA vs ANSAL PROPERTIES & INFRASTRUCTURE LTD.

Since the CIRP proceedings has been initiated  and moratorium has been declared  in terms of section 14 of the  Code  and  the complainant  had made all the payments to M/s Ansal properties and Infrastructure Pvt. Ltd. which is respondent no.1 which is under CIRP, the matter is adjourned sine die. In case the complainant gets any feedback regarding lifting of the moratorium on the company  i.e. Respondent No.1, he is free to move an application for further proceedings, in the authority.                         File be consigned to the registry.

It has been brought to the notice of the authority by Shri Ashwani Kumar Singla, who has been appointed as an interim resolution professional.  On 23.11.2022, Mr. Ashwani Kumar Singla IRP for M/s Ansal Properties & Infrastructure Limited informed vide a letter wherein, it has been mentioned that National Company Law Tribunal, Bench- IV, New Delhi vide its order dated 16.11.2022, passed in case bearing No. lB-330(ND)/2021 - titled Bibhuti Bhushan Biswas & 125 others Versus M/s Ansal Properties & Infrastructure Limited under section 7 of the Insolvency and Bankruptcy Code, 2016 and rule 4 of the Insolvency and Bankruptcy (application to Adjudicating Authority), rules, 2016 has admitted the application under Section 7[(5)(a)] of the IBC. Accordingly, the CIRP has been initiated, and a moratorium has been declared in terms of Section 14 of the Code. As a necessary consequence of the moratorium in terms on 14 (l) (a) (b), (c) and (d), the following prohibitions have been to be followed by all and sundry: a.      The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree, or order in any court of law, tribunal, arbitration panel or other Authority. b.      transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c.       any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d.     the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor.          The application encloses the list of the following projects with respect to which insolvency proceedings are initiated. S.no. Project Name 1. The Fernhill                           So far as respondent No.2 is concerned,  enough opportunities have been given to file the reply but neither an appearance has been made nor any reply filed. Therefore, respondent No.2 is proceeded exparte.          Matter to come up on 04.10.2023 for further proceedings.

The counsel for respondent No.1 states at bar that the NCLT has appointed Mr. Ashwani Kumar Singla IRP for M/s Ansal Properties & Infrastructure Limited vide orders dated 16.11.2022 passed in case bearing No. lB-330(ND)/2021 – titled  Bibhuti Bhushan Biswas & 125 others Versus M/s Ansal Properties & Infrastructure Limited under section 7 of the Insolvency and Bankruptcy Code, 2016 and rule 4 of the Insolvency and Bankruptcy (application to Adjudicating Authority), Rules, 2016 and has admitted the application under Section 7[(5)(a)] of the IBC. Accordingly, the CIRP has been initiated, and a moratorium  has   been   declared    in  terms of  Section  14 of the Code.   As a  necessary consequence of the moratorium in terms on 14 (l) (a) (b), (c) and (d), the following prohibitions have been to be followed by all and sundry: a.      The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree, or order in any court of law, tribunal, arbitration panel or other Authority. b.      transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c.       any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d.     the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor.        However, the counsel for the complainant states that besides M/s Ansal Properties and Infrastructure  Limited,  M/s Samayak Projects Pvt. Ltd. has also been impleaded as respondent No.2 who be directed to file the reply. The respondent No.2 is directed to file reply within 2 weeks with an advance copy to the complainant.   Matter to come up on 17.05.2023 for further proceedings.