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TMI Blog2020 (8) TMI 897X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency and Bankruptcy Code, 2016 (hereinafter referred as the "Code") seeking approval of the Resolution Plan, under Section 31, of the Code, read with regulation 39, of the Insolvency and Bankruptcy Board of India, (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, in respect of the corporate debtor M/S. JNC Constructions Private Limited. 2. The facts in brief necessary for disposal of the present application are that one of the Financial Creditors, Mr. Ranjeet Ramakrishna Yadav, had preferred an application under Section 7 of the Code, for initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. JNC Constructions Private Limited ("Corporate Debtor"). The said Company Petition (IB)- 272 (PB)/ 2019 was admitted on 30.05.2019, imposing moratorium under Section 14 of the Code. Mr. Ajay Kumar Jain was appointed as an Interim Resolution Professional (IRP), in respect of the Corporate Debtor, M/ s. JNC Constructions Private Limited. 3. Thereafter, in terms of Regulation 6 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations"), the Interim Resolution Professi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... OC, held on 03.03.2020, the RP placed before COC the resolution plans from the Prospective Resolution Applicants, namely: a. M/s. SMV Agencies Pvt. Ltd. b. M/s. Gautam Builders in consortium with Rapid Contracts Pvt. Ltd. c. M/s. Maya Buildcon Pvt. Ltd. d. M/s. Zircon Builders Pvt. Ltd. 11. Thereafter, in the eleventh meeting of COC, held on 17.03.2019, the resolution plans submitted by all the Prospective Resolution Applicants were discussed. Subsequently, in the same meeting of CoC it was decided to put all the plans for e-voting from 23.03.2020 to 26.03.2020. Hence, the resolution plan of M/s. Gautam Builders in consortium with Rapid Contracts Pvt. Ltd. was approved with 96.07% votes. The copy of minutes of the eleventh CoC meeting along with voting results have been annexed along with the petition. 12. It is submitted by the Applicant that pursuant to approval of the Resolution Plan by the CoC, the Applicant issued a Letter of Intent to the Resolution Applicant, inter-alia, informing that the revised resolution plan, as submitted before the CoC, was approved. The Copies of Letter of Intent and the Performance guarantee have been placed on record. 13. The resolution p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s from effective date but prior to handing over the projects to homebuyers. 1F Payment to OC-(Claim Not Filed) 59,63,87,497 0% Nil 1G Payment to Employees - (Claim Filed) 5,85,288 60% 3,51,173 Within 90 days from Effective Date 1H Payment to Employees - (Claim Filed) 37,11,961 60% 22,27,177 Nil 1I Payment to avas vikas 1,23,07,52,746 10% 12,30,75,275 Dues shall be converted into sq. feet of area to be completed and payment shall be made on sq feet basis at the time of Registration of each of the units. Payment to Greater Noida Authority (Claim not filed) 13,47,40,819 10% 1,34,74,082 Dues shall be converted into sq. feet of area to be completed and payment shall be made on sq. feet basis at the time of Registration of each of the units. 1J Payment of statutory dues & taxes 1,14,24,757 10% 11,42,7 46 Payment shall be made in line with the payment made to Greater Noida authority and UP awas Parishad Total 241,37,82,132 26,07,29,264 2 Period of resolution plan for completion of flats to Home Buyers & Commercial Shops 193,09,28,532 Completion of Projects Green Woods at Vasundhara While commi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r from its own resources to meet the requirements of the COMPANY and mobilize the resources to revive the commercial operations of the COMPANY. 4 Discount/Late penalty payments/interest by RA as per BBA to HB Delay penalty amount to be paid to every home buyers, irrespective mentioned in their BBA, @ Rs. 5.10 PSF per month for total delay in possession from scheduled date of possession as mentioned in original BBA to proposed date of possession or actual date of possession, whichever is later, on first day and if:- The penalty amount is more to due amount, in that case no amount will be demanded. In the event of delay penalty exceeds the final demand payable by buyer, same shall be paid to the buyer at the time of possession. No interest will be charged from Defaulters if they pay the balance due amount within 15 days from the first demand which is going to be raised only after 90 days from the cut-off date. These buyers will also be eligible to get a late penalty as other home buyers. 5 Additional funding sought from existing members Nil. However the amount due as per BBA shall be recovered. 6 Refund of amount claim accepted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties mentioned in the BBA:- Home Automation program for all fiats. Hybrid (Solar/Electrical) powered street lights. Centralized water softener plant Enhance power back up for 2 Bedroom flat 1.00 KV and 3/4 Bedroom flats 2.00 KV PNG Gensets. 8 Shifting policy 1. Buyer may avail shifting facility of his unit (within project) at the maximum capping rate of Rs. 2600 per sq. feet in JNC The Park. 2. Buyer may avail shifting facility of his unit (within project) at the maximum capping rate of Rs. 3850/- per sq. feet in Greenwood Project. 3. Buyer may avail shifting facility of his unit from JNC The Park to Greenwood at the maximum capping of Rs. 3850/- per sq. feet Shifting Policy is applicable only on increased area. 17. In respect of compliance of Section 30(2)(a), of the Code, it is seen that there is a provision in the resolution plan Chapter VI clause 6.1 provides for payment of CIRP costs in priority over payments to any other creditors. Be that as it may it is made clear that Insolvency Resolution Process cost shall be paid in its entirety by the resolution applicant in priority to other debts of the corporate debtor. 18. As regards compliance of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... kruptcy Code 2016, the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and does not contravene any of the provisions of the law for the time being in force. 23. The Resolution Applicant has given adequate declaration and undertaking on their eligibility to submit the Resolution Plan. At para 4(ii) of Form H Resolution Professional has also certified that the Resolution Applicant has submitted an affidavit in this regard. It has been confirmed that the Resolution Applicant is eligible to submit resolution plan and does not fall under any of the categories as mentioned in Section 29A of the Code. 24. As a sequel to aforesaid discussions, we are satisfied that all the requirements of Section 30 (2) are fulfilled and no provision of the law for the time being in force appears to have been contravened. 25. In respect of provisions of Regulation 39 (4), the RP in Form H states that the compliance of said provision has been done. A bank guarantee of Rs. 3.30 crore from Bank of Baroda and a RTGS of Rs. 1 crore has been made. 26. The Resolution Professional has confirmed compliance of Section 38 (2) and (3) in the complian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... required under any law for the time being in force within a period of one year from the date of this order or within such period as provided for in such law, whichever is later. 33. It is clarified that Section 30 (2) (f) of the Code mandates that the resolution plan should not be against any provisions of the existing law. The Resolution applicant therefore, shall adhere to all the applicable laws for the time being in force under the proposed Resolution Plan, whether or not specifically provided therein. 34. The Resolution Professional shall forward all records relating to the CIR Process and the Resolution Plan to IBBI to be recorded at its database in terms of Section-31 of the Code. 35. The approved 'Resolution Plan' shall become effective from the date of passing of this order. 36. For the Resolution Applicant already conceded to pay off Rs. 26,97,196/- to M/s HDFC Bank, the same being reflected in the order dated 31.07.2020; notwithstanding the quantum of payment payable to HDFC Bank mentioned in the Resolution Plan, we hereby direct the Resolution Applicant to pay off the same to H DFC Bank as ordered. 37. I.A. 1802 (PB)/ 2020 and I.A. 1166 (PB)/ 2019 are hereb ..... X X X X Extracts X X X X X X X X Extracts X X X X
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