9911796707
TMI Blog2021 (12) TMI 1239X X X X Extracts X X X X X X X X Extracts X X X X ..... to meet the costs and expenses incurred in the CIRP. Further the instalments of corpus had been approved and created by the requisite majority of the CoC members. It is seen that there are pending contributions from the Respondents towards the said approved corpus. Therefore, in view of the urgent need for the funds and in absence of any alternate source of funds for running of the Consolidated CIRP of the Corporate Debtor Company and to keep the Corporate Debtor Company as a going concern, this Bench hereby directs the Respondents as mentioned in paragraph no. 17 to make payments towards their respective share of pending contributions to the corpus as approved by the CoC, within 15 days from receiving the Certified copy of the Order, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r held on 07.09.2020. 3. The Applicant submits that in absence of adequate funds the Applicant is finding extremely challenging to meet the day to day Operational requirements to keep the Corporate Debtor Company as a going concern. The Applicant states that the Corporate Debtor is principally engaged in the business of Comprehensive Development and management of the Lavasa hill Station township project. The Applicant states that due to pending approvals/renewals of the environmental clearances for the project, the construction activity of the project was hampered. 4. Further, with respect to city management services, provided to the residents pursuant to the lease/sale deed/agreements executed between the Corporate Debtor and the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2020 and other such insolvency resolution expenses etc. have remained pending for a significant amount of time. 7. On account of inadequate revenue and in view of the abovementioned factors, the Applicant had no option but to seek assistance of the members of CoC, other than Financial Creditors in class A, being Home Buyers, to fund the CIRP costs to carry the CIRP of the Corporate Debtor in a smooth and efficient manner. Therefore, in the third CoC meeting held on 03.12.2018, the approval of the members of the CoC was sought for creation of a corpus to meet costs incurred for the CIRP and the operations of the Corporate Debtor. 8. Further, after deliberations by the members of the CoC, it was agreed that the corpus would initially be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d tranche of the contribution for the first corpus for an amount of ₹ 2,46,25,882/- (Rupees Two Crore Forty Six Lakhs Twenty Five Thousand Eight Hundred and Eighty Two Only). 11. However, some of the members of the CoC had not paid their contribution towards the first cash call of the first corpus and the said issue was taken up in the seventh CoC meeting dated 07.03.2019. The Applicant informed the members of the CoC that an amount of ₹ 12.34 Crores was sought from the members of the CoC against which the Applicant received only ₹ 6.60 Crores which constitutes merely 53% of the amount sought towards the shortfall. Due to the said inordinate delay in receipts of funds, the said Applicant could not make crucial payments ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red by the Corporate Debtor by a reduction in payment of city expenses and employees salaries. Further in the fifth consolidated meeting of the CoC held on 07.09.2020, the Applicant proposed creation of a third corpus with different end uses namely CIRP expenses, city maintenance expenses, salary payments etc. Pursuant to the conclusion of the e-voting, the CoC approved the creation of third corpus of ₹ 7,01,30,834/- (Rupees Seven Crores One Lakh Thirty Thousand Eight Hundred and Thirty Four Only) with a voting majority of 74.25%. 15. Pursuant to the creation of the third corpus, the Applicant made a cash call to the members of the CoC requesting for their respective contributions and giving them 7 days time for disbursement. Howe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion (INR) 1. Bank of India 3,00,82,997 2. Central Bank of India 1,21,29,834 3. Punjab National Bank (incl. erstwhile Oriental Bank of Commerce) 44,81,086 4. Asset Care Reconstruction Enterprise Ltd. (ACRE) 2,15,98,534 5. Indian Bank (Erstwhile Allahabad Bank) 1,15,14,104 6. SSG Investment Holding India Ltd. 70,22,013 7. Edelweiss Asset Reconstruction ..... X X X X Extracts X X X X X X X X Extracts X X X X
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