9911796707
TMI Blog2021 (10) TMI 1181X X X X Extracts X X X X X X X X Extracts X X X X ..... 11 of the NCLT Rules, 2016 seeking following reliefs: a. Waiving/relaxing the compliances as stipulated in detail in Annexure-3 of the instant IA in relation to Section 29 and Section 39 of the Code and Regulations 27, 36(1), 36A, 36B, 37, 38 and 39 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation, 2016; b. Directions in relation to treatment of claims of the existing operational creditors; and c. Pass such further order/orders as this Authority may deem fit and proper in the facts and circumstances of the instant case and to sub serve the ends of justice. 2. It is stated that the application for Corporate Insolvency Resolution Process ('CIRP') of the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he RP. The Applicant states that no construction is being going on since past 2 years in the project in consideration i.e., Coral Radha Krishna. 5. The Applicant stated that he is facing continuing non-cooperation from the suspended board of directors of the Corporate Debtor in providing necessary information as required under law and accordingly the Applicant has filed an application under Section 19(2) of the Code. 6. The Applicant further states that he has been facing dilemma in relation to the compliances as envisaged under the Code and Regulations made thereunder, as to whether they are to be performed or not in the present case of reverse CIRP which is a novel approach being adopted in relation to real estate projects. In view of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this aspect. The Applicant RP has filed the seventh status cum progress report wherein he has stated that Director of the Corporate Debtor, Mr. Mahendra Kalla has entered into an MoU with a contractor who has started work on the project. In view of this, the RP is directed to look into hiring new suppliers or service providers, if needed, for the purpose of completion of the project as directed by this Authority vide order dated 25.11.2020 and the cost of the same shall be included in CIRP cost. Further, the treatment of the existing operational creditors be done according to Section 53 of the Code. b. Section 25 (2) (c), (g), (h) & (i) of the Act of 2016 and Regulation 27 of the Regulations of 2016: The purpose of valuation is estim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted that the IM prepared only for one project of CD is not feasible and would be meaningless. It is also stated that preparation/sharing of M/s. not needed as the same is one of the input/basis for CoC for evaluating Resolution Plan which is not required to be done in Reverse CIRP. Also, in this case the members of CoC are Allottees/Home Buyers represented by Authorized Representative (AR) besides secured lender and the NDA for the same is to be taken from each of the CoC members. Now the ambiguity arises, whether the NDA is to be obtained from AR on behalf of all the allottees or it is to be obtained from all the allottees individually. In case AR submits NDA, whether he can share with individual allottees, and that too with or witho ..... X X X X Extracts X X X X X X X X Extracts X X X X
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