TMI Blog2019 (11) TMI 1212X X X X Extracts X X X X X X X X Extracts X X X X ..... '; 'Sameeksha Estate Pvt. Ltd.' and 'Jamvant Estates Pvt. Ltd.' apart from the 'Corporate Insolvency Resolution Process' which has already been initiated against 'Adel Landmarks Limited'- ('Principal Borrower'). As the Adjudicating Authority has failed to appreciate the relevant fact that in the facts and circumstances, a group insolvency is to be initiated and in absence of simultaneous 'Corporate Insolvency Resolution Process' against five 'Corporate Debtors' namely- 'Sachet Infrastructure Pvt. Ltd.'; 'Magad Realtors Pvt. Ltd.'; 'Mehak Realtech Pvt. Ltd.'; 'Sameeksha Estate Pvt. Ltd.' and 'Jamvant Estates Pvt. Ltd.', the township project of Town and Country Planning, Haryana, will not be complete, we set aside the impugned order dated 7th March, 2019 and remit the case to the Adjudicating Authority - Adjudicating Authority will admit the applications under Section 7 filed by 'Edelweiss Asset Reconstruction Company Limited' against 'Sachet Infrastructure Pvt. Ltd.'; 'Magad Realtors Pvt. Ltd.'; 'Mehak Realtech Pvt. Ltd.'; 'Sameeksha Estate Pvt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. Mehak Realtech Pvt. Ltd. Company Appeal (AT) (Insol.) No. 380 of 2019 5. Sameeksha Estate Pvt. Ltd. Company Appeal (AT) (Insol.) No. 381 of 2019 6. Manogayan Estates Pvt. Ltd. Company Appeal (AT) (Insol.) No. 382 of 2019 7. Bhisham Infrastructure Pvt. Ltd. Company Appeal (AT) (Insol.) No. 383 of 2019 8. Neeleshwar Mines Minerals (India) Pvt. Ltd. Company Appeal (AT) (Insol.) No. 384 of 2019 9. Jamvant Estates Pvt. Ltd. Company Appeal (AT) (Insol.) No. 385 of 2019 4. As common questions of law and facts involving pertain to the 'Corporate Guarantor' for securing the loan disbursed to 'Adel Landmarks Limited'- ('Principal Borrower') being common, the Adjudicating Authority mainly dealing with the case of 'Manogayan Estates ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... complete if the total area comprising of lands belonging to all the 'Corporate Debtors' are not developed for the allottees. According to him, lands of all the nine 'Corporate Debtors', in question, have been consolidated for the purpose of construction of the housing projects. 9. According to the Appellant, the nine 'Corporate Debtors', as referred to above, are the landholders who in concert with 'Adel Landmarks Limited' ('Principal Borrower') decided to develop the total area by constructing Infrastructure for the allottees. The Agreements were signed between 'Adel Landmarks Limited' and nine 'Corporate Debtors' aforesaid for such development and for the said reason, 'Principal Borrower' had availed term loan of ₹ 170 Crores from 'ECL Finance Limited' (original 'Financial Creditor') in whose favour nine 'Corporate Debtors' had executed guarantee to repay the debt. Copies of the 'Loan Agreement' and the 'Corporate Guarantee Agreement(s)' dated 7th October, 2013 and the 'Assignment Agreement' of 'ECL Finance Limited' dated 23rd March, 2017 whereby ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase, the Adjudicating Authority rejected the application under Section 7 for initiating the 'Corporate Insolvency Resolution Process' jointly against two 'Corporate Debtors' on the ground that the application under Section 7 cannot be filed jointly against two 'Corporate Debtors'. This Appellate Tribunal noticed that 'M/s. AMB Infrabuild Pvt. Ltd.' one of the 'Corporate Debtor' and another Company, namely- 'M/s. Earth Galleria Pvt. Ltd.' entered into 'Collaboration Agreement' dated 3rd May, 2013 for development of a land. Taking into consideration the fact that without the collaboration of the land owner and the builder, the Infrastructure Project cannot be developed, this Appellate Tribunal held that the application under Section 7 is maintainable jointly against both the 'Corporate Debtors', and disposed of the case with following observations: 14. If the two 'Corporate Debtors' collaborate and form an independent corporate unit entity for developing the land and allotting the premises to its allottee, the application under Section 7 will be maintainable against both of them jointly and not individu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Landmarks Limited'. However, copy of the agreement(s) have not been enclosed. 17. A License No. 46 of 2009 was issued on 21st August, 2009 by the Director, Town and Country Planning, Haryana, Chandigarh, Haryana Government under Rule 12 granting license in favour of 'M/s. Mehak Realtech Private Limited' ('Corporate Debtor' herein); 'M/s. Sameeksha Estates Private Limited' ('Corporate Debtor' herein); 'M/s. Magad Realtors Private Limited' ('Corporate Debtor' herein); 'M/s. Sachet Infrastructure Private Limited' ('Corporate Debtor' herein) and 'M/s. SRC Buildcon Private Limited' ('Corporate Debtor' herein). All having their Registered Office situated at 153, Okhla Industrial Estate, Phase-III, New Delhi- 110020, Sh. Yogesh, son of Sh. Kiranpal, Smt. Sangeeta D/o Shri Kiranpal, Sh. Amit Kumar, Sh. Lalit Kumar both sons of Sh. Kishan Pal, residents of Village Palwal, District Palwal, C/o M/s. Era Landmarks (India) Limited (formally known as M/s. Era Infrastructure (India) Limited) (now known as 'Adel Landmarks Limited') having its registered office at 153, Okhla, Industrial Estate, Phas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Palwal 155 17/3 4-17 23/3 3-12 24 7-13 25 8-0 183 5/1 2-13 6/1 3-4 155 16/1 1-10 156 20 8-0 21 8-0 22/1 2-17 2 7-11 7/2 2-13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed-186/612 share at Village Palwal, District Palwal Village Rect. No. Killa No. Area K-M Palwal 181 11/1 4-3 4-3 or 0.519 Acres 7. Detail of land owned by M/s. Sameeksha Estates Private Limited-3/5 share, M/s. Magad Realtors Private Limited-1/5 share and M/s. Sachet Infrastructure Private Limited-1/5 share at Village Palwal, District Palwal Village Rect. No. Killa No. Area K-M Palwal 156 23/2 3-18 24/1 5-12 24/3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Area K-M Palwal 181 1 8-0 10/2 2-17 157 21 8-0 20 8-0 26-17 or 3.356 Acres 11. Detail of land owned by M/s. Sachet Infrastructure Private Limited-307/344 share and M/s. SRC Buildcon Private Limited-37/344 at Village Palwal, District Palwal Village Rect. No. Killa No. Area K-M Palwal 182 1/1 4-4 183 4/2 2-0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 194 4/1 3-15 182 8/1 4-11 9/2 4-14 12/1 6-10 19/2 4-8 38-8 or 4.8 Acres 14. Detail of land owned by M/s. Sachet Infrastructure Private Limited-1/5 share, M/s. Mehak Realtech Private Limited-71/90, Amit Kumar - Lalit Kumar s/o Shri Kishan Pal-1/90 share at Village Palwal, District Palwal Village Rect. No. Killa No. Area K-M Palwal 182 1/2 0-13 2/2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 156 3/1 4-7 23-9 or 2.931 Acres K-M GRAND TOTAL 418-11 or 52.318 Acres 18. Subsequently, renewal of License No. 46 of 2009 has been given in favour of the aforesaid persons by the Directorate of Town Country Planning, Haryana Vide Memo No. LC-1012 Vol. II/2013/62179, dated 31st December, 2013 as extracted below : DIRECTORATE OF TOWN COUNTRY PLANNING, HARYANA SECTOR-17C, CHANDIGARH To (i) Magad Realtors Pvt. Ltd. (ii) Sachet Infrastructure Pvt. Ltd. (iii) Sameeksha Estates Pvt. Ltd. (iv) SRC Buildcon Pvt. Ltd. (v) Mehak Realtors Pvt. Ltd. (vi) Yogesh s/o Kiranpal, Smt. Sangeeta D/o Sh. Kiranpal, Sh. Amit Kumar, Sh. Lalit Kumar both sons of Sh. Kishan Pal in collaboration with Era Landmarks (India) Ltd. (formally known as Era Infrastructure Ltd.) 153, Okhla Industrial Est ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued on 28th August, 2009 by the Director, Town and Country Planning, Haryana, Chandigarh, Haryana Government under Rule 12 granting license in favour of 'M/s. Magad Realtors Private Limited' ('Corporate Debtor' herein); 'M/s. Sachet Infrastructure Private Limited' ('Corporate Debtor' herein), 'M/s. Sameeksha Estates Private Limited' ('Corporate Debtor' herein); 'M/s. SRC Buildcon Private Limited' ('Corporate Debtor' herein) and 'M/s. Mehak Realtech Private Limited' ('Corporate Debtor' herein) and all having their Registered Office situated at 153, Okhla Industrial Estate, Phase-III, New Delhi- 110020, Sh. Lala Ram S/o Sh. Muradi, Sh. Lekh Raj Dagar S/o Sh. Jodha Ram residents of Village Palwal, District Palwal, C/o M/s. Era Landmarks (India) Limited (formally known as M/s. Era Infrastructure (India) Limited) (now known as 'Adel Landmarks Limited') having its registered office at 153, Okhla, Industrial Estate, Phase-III, New Delhi- 110020 for setting up of a Residential Plotted Colony at Village Palwal, District Palwal as extracted below: 1. Detail of land owned by M/s. Sac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ea K-M Palwal 156 5/2 4-7 6 7-3 11-10 or 1.438 Acres 5. Detail of land owned by M/s. SRC Buildcon Private Limited-267/511 share and Shri Lekh Raj Dagar S/o Shri Jodha Ram-244/511 share at Village Palwal, District Palwal Village Rect. No. Killa No. Area K-M Palwal 155 4/1 2-6 4/2 1-3 4/4 0-8 4/5 4-0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rect. No. Killa No. Area K-M Palwal 155 26 6-19 6-19 or 0.868 Acres 9. Dettails of land owned by M/s. Magnd Realtors Private Limited -7/9 share and Shri Lekh Raj Dagar S/o Shri Jodha Ram-2/9 share at village Palwal, District Palwal Village Rect. No. Killa No. Area K-M Palwal 156 10/2 0-11 11 8-0 8-11 or 1.069 Acres 10. Detail of land owned by M/s. Sameeksha Estate Private Limited-44/135 share and M/s. Mehak Realtech Priva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... res A copy is forwarded to the following for information and necessary action:- 1 M/s. Magad Realtors Private Ltd. M/s. Sachet Infrastructure Private Ltd, M/s. Sameeksha Estates Private Limited, M/s. SRC Buildcon Private Ltd. M/s. Mehak Realtech Private Limited all having their registered office situated at 153, Okhla industrial Estate, Phase-III, New Delhi- 110020, Sh. Lala Ram S/o. Sh. Muradi, Sh. Lekh Raj Dagar S/o Sh. Jodha Ram residents of Village Palwal, District Palwal, C/o M/s. Era Landmarks (India) Limited (formally known as M/s. Era Infrastructure (India) Limited) having its registered office at 153, Okhla, Industrial Estate, Phase-III, New Delhi- 110020, along with copy of agreement LC-IV and bilateral agreement. 2. Chairman, Pollution Control Board, Haryana, Sector-6 Panchkula. 3. Chief Administrator, HUDA, Panchkula. 4. Managing Director, HVPN, Planning Directorate, Shakti Bhawan, Sector-6, Panchkula. 5. Joint Director, Environment, Haryana-cum-Secretary, SEAC, SCO No. 1-3, Sec.-17-D, Chandigarh. 6. Addl. Director Urban Estates, Haryana, Panchkula. 7. Administrator, HUDA, Faridabad. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. That you shall revalidate the Bank Guarantees on account of IDW EDC upto the validity of renewal of licence i.e. upto 27-08-2015, before their expiary. 4. That you shall complete the construction work of community sites within the time limit given as per amendment in section 3(3)(iv) of Haryana Development and Regulation of Urban Areas Act, 1975. 5. That you shall pay outstanding enhanced EDC as and when demanded by Department after final decision of CWP No. 5835 of 2015. 6. That you shall get the offence compounded for delay in allotment/transfer of EWS plots, as per policy dated 16-08-2013 and pay the composition charges as and when demanded by the Department. (Anurag Rastogi) Director General Town Country Planning Haryana, Chandigarh Dated Endent No. LC-1012 Vol.III/2014 A copy is forwarded to the following for information and necessary section :- i. Chief Administrator, HUDA, Panchkula ii. Engine-in-Chief, HUDA, Panchkula iii. Senior Town Planner, Faridabad. iv. Direct Town Planner, Palwal v. Chief Account Officer. vi. DTP ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffence of earlier non-complying with the provisions of Rules 24, 26(2), 27 28 of the Haryana Development and Regulation of Urban Areas Rules, 1976 by the colonizer till 31-03-2013. (Anurag Rastogi, IAS) Director General Town Country Planning, Haryana, Chandigarh. Endst. No. L.C.-1012 Vol.III/2013/1929-30, dated 22/1/2014 A copy is forwarded to the following for information and necessary section. 1. Chief Accounts Officer, O/o Director General, Town and Country Planning, Haryana, Chandigarh 2. Magad Realtors Pvt. Ltd. 3. Sachet Infrastructure Pvt. Ltd. 4. Sameeksha Estates Pvt. Ltd. 5. SRC Buildcon Pvt. Ltd. 6. Mehak Realtors Pvt. Ltd. 7. Lala Ram a/o Sh. Muradi, Lekh Ram Dagar s/o Sh. Jodha Ram in collaboration with Era Landmarks (India) Ltd. (formerly known as Era Infrastructure Ltd.) 153, Okhla Industrial Estate, Phase-III, New Delhi-110020 (R.S. Batt) Assistant Town Planner (HQ) For Director General, Town Country Planning Haryana, Chandigarh 23. A revised layout plan of 'Palwal Sector-8 and 9' on land belo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s have been mentioned which includes 'guarantee agreements' given by the aforesaid 'Corporate Debtors'. The descriptions of secured assets have been shown at Annexure-III of the Assignment Agreement, as extracted below: 30. Giving reference to the aforesaid documents, the plea has been taken by all the parties, including the Appellant and the 'Corporate Debtors' that projects/township relates to lands of different landholders, including 'Sachet Infrastructure Pvt. Ltd.'; 'Magad Realtors Pvt. Ltd.'; 'Mehak Realtech Pvt. Ltd.'; 'Sameeksha Estate Pvt. Ltd.' and 'Jamvant Estates Pvt. Ltd.'. 31. For the said reason, we find that the 'Resolution Professional' has rightly taken the plea that the 'Resolution Process' will not be successful if the total township is not developed. 32. As the project will be developed on the land of five 'Corporate Debtors', as referred to above as per the township plan, they have rightly taken plea that simultaneous 'Corporate Insolvency Resolution Processes' should continue against them under the guidance of same & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal (AT) (Insolvency) No. 378 of 2019); 'Bhisham Infrastructure Pvt. Ltd.' (Appellant of Company Appeal (AT) (Insolvency) No. 383 of 2019); 'Neeleshwar Mines Minerals (India) Pvt. Ltd.' (Appellant of Company Appeal (AT) (Insolvency) No. 384 of 2019) and 'Manogayan Estates Pvt. Ltd. (Appellant of Company Appeal (AT) (Insolvency) No. 382 of 2019 can be clubbed together for group insolvency. 38. However, if the Developer of the land of 'Superlative Infrastructure Pvt. Ltd.', 'Bhisham Infrastructure Pvt. Ltd.', 'Neeleshwar Mines Minerals (India) Pvt. Ltd.' and 'Manogayan Estates Pvt. Ltd.' is common i.e. 'Adel Landmarks Limited'- ('Corporate Debtor') in such case, the 'Corporate Insolvency Resolution Process' having issued against common developer, 'Corporate Insolvency Resolution Process' to be initiated against them, otherwise the allottees whose flats or shops are to be constructed by common Developer will suffer. 39. To ensure that the allottees of 'Adel Landmarks Limited' who jointly with 'Superlative Infrastructure Pvt. Ltd.' or with 'Bhisham Infrastructur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Memorandum' is prepared in a manner that the 'Residential Plotted Colony' at village Palwal at Sectors 8 9 in terms of the License No. 46 of 2009 and License No. 53 of 2009, is completed in one go by initiating a consolidated 'Resolution Plan(s)' for total development. 43. Insofar the case of 'Superlative Infrastructure Pvt. Ltd.', 'Bhisham Infrastructure Pvt. Ltd.', 'Neeleshwar Mines Minerals (India) Pvt. Ltd.' and 'Manogayan Estates Pvt. Ltd.' are concerned, their matter are remitted back to the Adjudicating Authority. The Appellant and the 'Corporate Debtors' may produce relevant Agreements to show that the 'Adel Landmarks Limited'- ('Principal Borrower') against which the 'Corporate Insolvency Resolution Process' has been initiated is common Developer. In such case, one or other 'Corporate Debtor' if show the same, the Adjudicating Authority on hearing the parties will admit their applications so as to enable the other projects are also completed of which 'Adel Landmarks Limited'- ('Principal Borrower') is the Developer. 44. In the result, Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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