This complaint has been filed against the Company, namely, Puma Realtors Private Limited through its Managing Director under Section 17 of the Consumer Protection Act, 1986 with a prayer to direct the opposite party to pay compoundable interest on the deposited amount, differential value of the plot, compensation for deficiency in service and indulgence into unfair trade practice and litigation expenses etc.  Large number of similar cases are pending and fixed before this Commission today and on various other dates. Today,  Sh. Rohit Tanwar, AGM (Legal) of the opposite party has brought to our notice an order passed by the National Company Law Tribunal Principal Bench, New Delhi on 17.10.2018 in C.P.No.IB-934(PB)/2018 in the case titled as Mr.Paramjit Singh Saini & Ors. Vs. Puma Realtors Private Limited, stating that these proceedings cannot continue in view of above order passed.

                We have gone through the order, as referred to above, wherein, few financial creditors filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short ‘the Code’) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (in short ‘the Rules’) with a prayer to trigger Corporate Insolvency Resolution Process in respect of the Company, namely, Puma Realtors Private Limited. It was allegation of the financial creditors that they were allotted a residential plot in the project of the Company, namely, “IREO HAMLET”, Sector 98, SAS Nagar, Mohali and in lieu of the same, the Company continued to be in default with regard to the payment of a sum of Rs.58,75,100/-.

                Taking note of the averments made above and after hearing Counsel for the parties, finding no substance in the arguments raised by the Company, the Tribunal was satisfied that the Company has committed a default and accordingly proceedings under Section 7 of the Code were initiated and as per provisions of Section 13 (2) of the Code, Interim Insolvency Resolution Professional was appointed and moratorium was also issued, in terms of Section 14 of the Code, imposing following prohibitions :-

“(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 Securitisation 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.”

                In view of above, we are of the opinion that it is not possible for us to continue with this complaint. Counsel for the complainant(s) has also failed to show anything to the contrary. There is nothing on record to show that the order passed by the National Company Law Tribunal Principal Bench, New Delhi, as referred to above, was put under challenge or interim stay was granted against it by higher Forum.

                In view of above, we are of the opinion that to continue with this complaint will be a futile exercise.

                Accordingly, this complaint stands disposed of. However, liberty shall remain with the complainant(s) to file an application to get it revived as and when occasion so arises in future and/or the order passed by the National Company Law Tribunal Principal Bench, New Delhi is set aside and/or becomes ineffective.

                As per the order referred to above passed by the National Company Law Tribunal Principal Bench, New Delhi, the complainant(s)/consumer(s) may be at liberty to file a claim before the competent authority, as referred to in the said order.

                Certified copies of this order be sent to the parties, free of charge.