TMI Blog2020 (2) TMI 1582X X X X Extracts X X X X X X X X Extracts X X X X ..... for being sanctioned. The brief background of this case is that the CIR process of the Corporate Debtor was admitted at the instance of an Operational Creditor vide order dated 24.07.2018. Mr. Dinesh Chandra Agarwal was appointed as the IRP, who after collating all claims and constituting the CoC, took all such steps as were required under the statute. He was later confirmed as the RP. Valuation of the assets of the Corporate Debtor, being the Fair Value as well as the Liquidation value, was conducted. 2. The Corporate Debtor, Maple Realcon Pvt. Ltd. (MRPL) is in the business of development of Real Estate Projects and the present project under consideration is a residential housing project being developed under the name style of Misty Heights on land allotted by Greater Noida Authority. There have been acrimonious dissensions between the Directors of the Corporate Debtor, which needless to say, has resulted in an unfortunate situation of non-completion of the project. Upon expressions of interest being invited through publication, it is submitted chat only one plan was received which appeared to be viable and was therefore put forth for consideration of the CoC. The CoC afte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ixit 7,02,000/- 15,800/- 10. Mr. Varun Jindal 12,20,000/- 26,600/- 11. Mr. Subhash Chandra Thakur 4,27,375/- 2,97,375/- 12. Mr. Upender Singh 3,90,000/- 1,39,300/- Total 47,70,694/- 12,52,676/- c. Similarly claims of Operational Creditors were also considered as under: Sr. No. Operational Creditors Amount claimed (In Rs.) Claim admitted (In Rs.) 1. Mr. Ashish Jain, Proprietor of M/s. Shantinath Plywood 2,94,272/- 2,94,272/- 2. Colleagues Buildcon Private Limited 3,42,32,130/- 8,60,000/- 3. Giri Sons Power Private Limited 3,01,120/- 3,01,120/- 4. Krishna Builders 23,65 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he market, as well as with the banks, and are not tainted with any outstanding dues or liabilities in their past projects. 6. With respect to the actual Resolution Plan, the Resolution Applicant proposes to raise funds from their own resources, unsold inventory, arrears/ further payment from allottees. They would be making an input of ₹ 6 crores initially. Other than this input, the amount to complete the project is proposed to be raised as under: Sr. No. Means of finance Amount (in Rs.) 1. Sale of unsold/unclaimed unit in Towers A,B,C,D and E assumed to be 4,24,000 Sq. Ft. 1,28,32,50,000 2. Recovery of uncalled and unpaid amount from existing home buyers 54,00,00,000 7. The final claims admitted by the RP are as under: Nature of Creditors Amount claimed by Creditors Amount admitted Financial Creditors Secured financial creditors 10,35,18,741/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and therefore the plan provides job security as well. 11. With respect to the claims of the home buyers, the Resolution Applicant undertakes to complete the project within 36 months in a phased completion manner. They propose to do so from their personal resources, sale of unsold units and other amounts due from allottees. They shall ensure all compliance are made and necessary clearances are obtained to enable flat buyers, not only get the possession of their unit, but also Conveyance Deeds executed in their favour. 12. Coming to the only other Financial Creditor being a secured creditor i.e. Syndicate Bank which had cast a dissenting vote in respect of the Resolution Plan, the Plan provides that their claim of ₹ 10,35,000/- shall be extinguished in full by releasing the matured proceeds under an FDR for ₹ 3 crores held by them towards partial discharge of their admitted liability. The same can be appropriated immediately on pronouncement of this order. The remaining amount shall be paid in 24 equal monthly instalments. 13. It is directed that the title documents of the project land shall be released by Syndicate Bank to the Resolution Applicant immediately ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roved by the NCLT shall be binding on MRPL and its stakeholders (including its creditors and shareholders) 16. We find the above just and proper and permit the same. The Reconstituted Board shall comprise of the following two Directors viz., Mr. Satnam Singh Sachdeva and Mr. Charanjeet Singh. The Resolution Plan has made provision for a Monitoring Committee. However, this Bench directs that other than the nominees of the Resolution Applicant, there shall be a nominee of Syndicate Bank on the Monitoring Committee, and two representatives of the flat Allottees Association (duly registered) to be Members of the Monitoring Committee so that the interest of allottees is duly taken care of and the construction of the project is carried in a strict Lime bound schedule. In the event of more than one association, the representatives of the Association which has a larger no. of allottees as its members shall be on the Monitoring Committee 17. It is also noted that no claim has been received from Greater Noida Authority even though as per the IM an amount of ₹ 9,77,43,33/- is to be paid by the Corporate Debtor. The Resolution Applicant proposes to pay 10% of this Operational Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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