9911796707
TMI Blog2021 (6) TMI 1012X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Plan as approved by the CoC is illegal and violative of the provisions of the Code and Regulations framed thereunder; ii. Quash and set aside the Resolution Plan as approved by the CoC and the Resolution of CoC. iii. Strictly, in the alternative, modify the Resolution Plan to direct that the Applicants be refunded their Fixed Deposits along with interest in terms of the provisions of NHB Act as per the particulars of claims Exhibit A. iv. To order and declare that any terms in the resolution plan extending the recoveries made under applications filed in section 43 to 51 under section 66 of the code or any one or more of these provisions including appeal proceedings arising therefrom and recoveries contributions made consequent the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to make pre-mature repayments the applicants in case of death/critical illness of the applicants/deposit-holders. x. Direct the Financial Service Provider to release the amounts due to the Applicant i.e. amounts due on matured Fixed Deposits both principal and interest details whereof are provided in Annexure 6; 2. We have heard the arguments, submissions of both the sides, at length on various dates perused the documents, provisions of NHB Act etc. and our observations, findings are as under:- 3. Details of claim of all these Applicants in the form of NCDs fixed deposits etc., claims admitted, amount payable were discussed in detail in the Resolution Plan approved vide IA No. 449/2021 in CP 4258 of 2019 and for the sake of brevity the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d purpose we request, suggest the CoC to reconsider their distribution method, distribution amongst various members of CoC within two weeks from today and report the same to this Adjudicating Authority. 6. With regard to the decision on distribution to this public depositors, Fixed Deposit holders, subscribers to NCDs we also suggest, request the COC to reconsider their grievances, plights and generally they did not oppose the resolution plan and their request includes to enhance the percentage of payment made in the plan and the same should be increased to the level of Secured Financial Creditors i.e. approximately 40% the Financial Creditors would be getting in this plan. We further make it clear that there is no additional monetary obli ..... X X X X Extracts X X X X X X X X Extracts X X X X
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