9911796707
TMI Blog2020 (3) TMI 1396X X X X Extracts X X X X X X X X Extracts X X X X ..... le 6 of I&B (AAA) Rules, 2016, by inter-alia, seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Samruddhi Realty Ltd. (Respondent/Corporate Debtor) on the ground that it has committed default for an amount of Rs. 1,73,41,155/-. Accordingly, the case was admitted by this Adjudicating Authority vide Order dated 16.04.2019, by initiating CIRP in respect of the Corporate Debtor, appointing Shri Surender Devasanias IRP, imposing moratorium etc. Accordingly, the IRP took over the management and business affairs of the Corporate Debtor, and started carrying out function in accordance with the provision of the IBC and IBBI (CIRP for Corporate Persons) Regulations, 2016. As a first step, IRP made public announcement in Financial Express (English) and Kannada Prabha (Vernacular language - Kannada) newspaper on 1st May 2019, by inviting the claims from the Creditors of the Corporate Debtor. (2) In the 1st CoC meeting was held on 28.05.2019, wherein CoC inter-alia resolved to change the IRP and to appoint Mr. Vedagiri Venkata Krishnamurthy as RP. Accordingly, he was approved as RP, by this Adjudicating Authority vide Order of dated 24.06.2019 passed in I.A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted by the CoC: S. No. Name Remarks 1 Citrus Ventures Pvt. Ltd. Networth as on 31.03.2019 was negative 0.71 Crores. 2 Babbars Realty Private Limited Did not submit any documents to prove net worth as per eligibility criteria. 3 Navanaami Projects Private Limited Did not submit any documents to prove net worth as per eligibility criteria. 4 Accurate Developers Private Limited Net worth as on 31.03.2019 was 7.86 Crores. (7) The CoC members were informed that Invitation for Resolution Plans, Evaluation Matrix and the Information Memorandum along with other information in respect of the Company shall be shared with the eligible prospective Resolution Applicants forming part of the Final List on September 16, 2019 through a virtual data room and included the same 6 Applicants that formed part of the Provisional List. The Information Memorandum and access to other data of the Company has also been provided to those eligible Applicants, who have signed the confidentiality agreement. In the Sixth meeting of CoC held on 16th September 2019, has approved Process Memorandum (Issue for Request of Resolution Plans) and the same has been issued on 19th September, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h September, 2019 and further amended on October 18th, 2019, November 19th, 2019, and December 10th, 2019. Last date for submission of Resolution plan was 28th December, 2019 and the RP received a Resolution plan only from Accurate Developers Private Limited ("ADPL") on 28th December, 2019. The plan was non-compliant on various grounds and the same was informed to Resolution Applicant. After the discussion on this Resolution plan in the CoC meeting held on 2nd January, 2020, there was a round of negotiation that was held ADPL representatives on 3rd January, 2020. Post these discussions, ADPL representatives informed the CoC that they shall submit the revised resolution plan on 11th January, 2020. (10) During 10th CoC meeting held on 14th January, 2020, ADPL representatives sought for time till 31st January, 2020 to submit the revised Resolution plan. Ultimately, revised Plan was received on 27th January, 2020 from ADPL, which was discussed and deliberated at length in the 11th CoC meeting held on 28th January, 2020, and was thereafter, put to vote on 29th-30th January, 2020. However the Resolution plan submitted by Accurate Developers Private Limited did not get approved by the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fled as per the provisions of the Code. 3. Heard Shri Pradeep Joy, learned Counsel for the Resolution Professional and Sri A. Hareesh, Authorised Representative for Home Buyers. We have carefully perused the pleadings of Party and extant provisions of the Code and Rules made thereunder. 4. As narrated supra, the Resolution Professional has made his best efforts to revive the Company by exploring the possibility to find a suitable Resolution Plan of the Corporate Debtor. The Committee of Creditors has also considered the lone Resolution Plan in question, and found it is not in compliance with extant provisions of Code and rules made thereunder and thus it was not approved with requisite majority as extant provisions of Code. The instant Application is filed strictly in accordance with law. Since the Applicant/existing RP was not recommended to appoint him as Liquidator by the COC, and time for CIRP is over, having no Resolution Plan accepted by the COC, it is necessary to appoint eligible Resolution Professional as Liquidator from the Panel forwarded by IBBI for Bangalore Bench, in order to further delay to initiate liquidation process as it against the object of Code. Therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
