9911796707
TMI Blog2021 (7) TMI 363X X X X Extracts X X X X X X X X Extracts X X X X ..... and Bankruptcy Code, 2016 (hereinafter referred as "IBC") seeking following reliefs: a. Pass an order to postpone the voting on proposed Resolution Plan/CoC meeting till the time the claims of the applicants are considered by the RP; b. Direct the RP to amend the admitted amount of claim and include pre-EMI interest paid by the applicants till 8th January 2020 as a part of principal amount; c. Direct the RP to correct the Information Memorandum and roll out to RA's for the affected claims/Units resolution Plan and to create a separate class of Subvention Buyers so that their claim can be addressed effectively; d. Appoint an authorized representative within subvention buyers' group to represent the subvention buyers' agen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aurav Katiyar was appointed as Resolution Professional of the Corporate Debtor by CoC. After discussion with the representatives of the Applicants, RP accepted that the matter and nature of subvention buyers claims, was complex and hence suggested a way out as collating the claim wherein the pre-EMI paid till 8th January, 2020, to be considered as principal amount and to be clubbed with the principal amount paid by subvention scheme buyers and rest of the claim beyond 8th January 2020 was to be accepted as contingent claim. Accordingly, applicants submitted their claims with all documentary evidence with the RP. c. It is averred that after doing all exercise and saving the RP's resources and time, the applicants were not allowed direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lated and interest collated by the RP shall be of little significance as RA is satisfying the allottees claim with development and handover flats in accordance with approved resolution plan. Furthermore, 11 applicants have claimed more principal amount in form CA than as appearing their statement of accounts, therefore, the RP reserves the right to reconcile the SoAs of these applicants with the actual principal payment made by them to the corporate debtor. Moreover, the representatives of the applicants pressed the demand of "pre-EMI interest" during CoC meeting on 02.04.2021 and 16.04.2021, one PRA denied their demand on the spot and other PRA denied their demand by way of amendment in the Resolution Plan. Hence, applicants were allowed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... material on record. The findings of the Tribunal on each of the prayers are as follows: (i) With regard to prayer (a) of the application, as the Members of the CoC have already voted on resolution plan, the prayer has become infructuous at this stage of the matter. (ii) With regard to prayer (b) it is evident from the material based before us that the applicants have been provided opportunity to meet Prospective Resolution Applicants (PRAs) and place their demands. It is the purely commercial decision of the PRAs to suitably address the issue of applicants. As the Resolution Plan already approved by the CoC is yet to be filed with this Authority, the prayer made against this item is premature at this juncture. (iii) With regard to pra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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