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TMI Blog2020 (2) TMI 1582X X X X Extracts X X X X X X X X Extracts X X X X ..... s Bench 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claims have been received and collated. Sr. No. Operational Creditor Amount claimed (in Rs.) Claim admitted (in Rs.) 1. Mr. Arvind Kumar 1,21,800/- 3,000/- 2. Mr. Chander Mohan 4,41,415/- 3,14,70/-1 3. Nr. Eshant Choudhary 44,000/- 5,000/- 4. Ms. Geetanjali 90,000/- 87,100/- 5. MR. Kuldeep Pal 3,54,104/- 1,98,000/- 6. Ms. Manisha Chauhan 1,50,000/- 60,200/- 7. Mr. Mukesh 1,53,000/- 51,000/- 8. Mr. Shahnawaz Hameedi 6,77,000/- 54,600/- 9. Mr. Sudhir Kumar Dixit 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 Cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as received from a consortium formed by a Real Estate Company namely M/s. Apex Heights Pvt. Ltd. and one of its Directors viz. Mr. Satnam Singh Sachdeva in his personal capacity having a stake of 75% and 25% respectively in the Joint Venture. The collective financial worth of the consortium has been duly appraised and was found satisfactory. It is also submitted that Apex Heights Pvt. Ltd. has a clean record and has been constructing and delivering residential projects on time. It is further submitted that they do not suffer from any disqualification under Section 29 A of the Code. Relevant affidavit has been filed along with other required declarations. The Resolution Applicant has stated that they have credibility in the market, as well a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tine Operational Creditors including workmen & employees in terms of the provisions of the Code and keeping the liquidation value in mind. The remaining amount shall be used as fresh infusion for stabilizing and improving operations. 9. As per the provisions in terms of the plan, after allocating Rs. 1 crore towards the CIR costs, the balance shall be utilized for liquidating the liability of the Operational Creditors and for restarting the operation of the project. Disbursement towards the admitted claims of the workmen would be Rs. 1,25,267/60 as per law. This amount shall be given in full discharge of their claims made. Further a provision for payment of Rs. 22,77,278/40 towards final settlement of claims of the Operational Creditors h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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 on furnishing fresh personal guarantees & securities by the ex-Directors who have undertaken to do so. The Resolution Applicant shall ensure that the same is not mortgaged with any other financial institution for the purpose of raising a loan or encumbering the same in any manner. It is equally expedient to ensure that the Syndicate Bank holds sufficient security for the balance of their admitted claim. As the same is to be liquidated over a period of 24 months, equitable mortgage of properties belonging to the ex-Directo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l be pursuant to the NCLT Approval Order and shall not require any other procedure as required under the Companies Act, including that under Section 66 of the Companies Act or regulations of the SEBI; (iii) Shall not require the consent of any of the creditors or MRPL or approval of the shareholders of MRPL as the Resolution Plan upon being approved 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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