PAL INFRASTRUCTURE DEVELOPERS & PRIVATE LIMITED- Insolvency Proceedings

Dear Sir

INSOLVENCY PROCEEDINGS:

All Creditors, Financial Creditors including Home Buyers/ Operation Creditors and Investors/ Employees of Company/ workmen

Last date for submitting 25 Sep 2019, as per information:

On 5 Sep 2019, the NCLT Principal Bench New Delhi admitted the insolvency petition No. (IB)-755(PB)/2018, of the financial creditor of S.C.S.L Buildwell Private Limited, who booked 20 Flats in Real Estate Project Named as ? Icon Tower? proposed to be developed by Corporate Debtor at Sector 70-A, Gurgaon, Haryana and NCLT appointed Mr.Dilip Kumar Niranjan as an IRP ( Interim Resolution Professional) for carrying out the functions  as stated in the Code..

As per the process in the Code and the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2017 (?Regulations?), the creditors of Pal Infrastructure & Developers Private Limited  are required to file their claims. As IRP has to make Public announcement by publishing in News paper immediately (3 days as prescribed by Regulation 6(1) of the IBBI Regulations, 2016 with regard to admission of this case application under section 7 of the Insolvency & Bankruptcy code, 2016 and should ask claims from Financial Creditors/ Home Buyers.

 In my opinion home buyers should file Form C ? which is a form for financial creditors. The flat buyers have to claim that the amount due to them because of the failure / delay in delivery of the flat qualifies as ?financial debt? which was disbursed against the consideration for time value of money. Every flat was to be delivered within a specific time period and there is an interest that the builder has to pay to the buyer for every month of delay in delivery.

Form D, Under Regulation 18 of the Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 should file by Financial Creditors /Home buyers for submitting their claims, as Home buyers comes under the definition of Financial Creditor.

Under Rule 17: A person claiming to be an operational creditor of the corporate debtor, other than a workman or employee, shall submit proof of claim to the liquidator in person, by post or by electronic means in Form C of Schedule II.

UNDER RULE 18: A person claiming to be a financial creditor of the corporate debtor shall submit proof of claim to the liquidator in electronic means in Form D of Schedule II.

Different Forms to be used for other investors/ workmen.

List of Annexures to Form D
The following documents have to be attached with Form D
1. Provisional Allotment Letter
2. Statement of Account
3. Copy of any one identification proof ? PAN / Aadhaar Card / Election Commission ID
4. In case the Power of Attorney holder is signing, please attach copy of the Power of Attorney.
5. The Affidavit has to be notarized but not the Form or the supporting documents.
6. If you stay out of India, the Affidavit has to be notarized or apostilled in the country where you live.
7. The IRP should have done  away with the requirement of paying stamp duty on the Affidavit/ if not done than Rs. 50/- Stamp paper can be used but in most cases it is always waved by IRP.
8. In case of co-applicants, two separate affidavits are required for the first and the second co-applicant. But file single Form C. Follow the simple rule ? one Form C per apartment. And one affidavit for each flat applicant / co-applicant.
9. Lastly, please file your claim form on time. The deadline cannot be extended.

TAKE ADVISE OF YOUR  ADVOCATE or EXPERT

Thanks
Dr. Zulfiqar Ali Khan,
Advocate at Supreme Court of India
MB: 9884102961