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2023 (10) TMI 751 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI -LBAdmission of section 7 application - seeking grant of interim relief for commencement of the project - It was contended that with the introduction of Strategic Partner, Corporate Debtor shall complete the project under the supervision of the IRP in a time bound manner which shall be beneficial to the homebuyers/allottees and to the creditor without having to undergo any haircut. HELD THAT:- From the sequence of the events and submissions made by Learned Counsel for the parties, it is clear that the project of the Appellant which is ‘Belvedere’, Sector-79, Noida having an area of 30,000 Sq. Mtr. is a project which can be very well revived under the supervision of the IRP with the assistance and co-operation of the promoters and the strategic finance provider. ‘EKA Life’ a strategic project partner has offered to provide finance even before filing of this Appeal and the ground taken in the Appeal is that ‘EKA Life’ the strategic project partner is ready to provide interim finance of Rs.75 Crores which shall sufficient to carry out the completion of the project which will be beneficial to both homebuyers as well as the Financial Creditor. Having passed a detailed order on 25.07.2023 for carrying out the construction in the project as per directions contained therein, there are no reason to modify the said direction and now permit any other interim finance provider who has now come up offering to provide interim finance to the project. The cost of interim finance as offered by ‘EKA Life’ is now equal to the one offered by ‘Zenious Global Media Pvt. Ltd.’ - it is satisfying that there are no grounds made out to issue any modification of our order dated 25.07.2023 and we are of the view that the construction of the project need to be proceeded further as per the direction on 25.07.2023. After commencement of the construction in the project, receivables in the project have to be deposited in the RERA designated account i.e. 70% and 30%. Although in the Master Agreement, as noted above, certain clauses have been indicated with regard to payment of dues of ‘Aditya Birla Finance Limited’, the promoters, IRP and interim finance provider in consultation with the ‘Aditya Birla Finance Limited’ need to submit a fresh proposal as to how and in what manner the dues of ‘Aditya Birla Finance Limited’ shall be cleared out of the project. Thus, the commencement of the project is needed to serve the interest of homebuyers as well as creditors - List the Appeal on 04.12.2023.
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