9911796707
TMI Blog2023 (8) TMI 861X X X X Extracts X X X X X X X X Extracts X X X X ..... n. 24.04.2022 being last date for CIRP, on which date plans were already discussed, exclusion of 32 days lapsed between 17th CoC meeting and filing of application by Resolution Professional has rightly been allowed by the Adjudicating Authority. The Adjudicating Authority has rightly noticed that the CIRP in the present case commenced during the COVID period and Adjudicating Authority also noticed that the application for approval of the plan is pending consideration before the Adjudicating Authority which may result in resolution of the Corporate Debtor, case has been made out for exclusion of the period from 24.04.2022 to 26.05.2022 - there are no error in the order passed by the Adjudicating Authority granting exclusion of period from 24.04.2022 to 26.05.2022. There is no infirmity in the order dated 29.03.2022 which may warrant interference by this Appellate Tribunal. Approval of the Resolution Plan - principal submission advanced by the Appellant is that the Resolution Applicant is not eligible to submit the Resolution Plan - HELD THAT:- The Committee of Creditors in its commercial wisdom has approved the Resolution Plan submitted by KGK Realty (India) Private Limited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alty (India) Private Limited; (2) Ashdan Properties Private Limited and NNP Buildcon Private Limited; and (3) Aanya Real Estate Private Limited. (v) Resolution Plans were opened and considered by the CoC in its 16th meeting. In 17th CoC meeting held on 24.04.2022, plans were discussed and put to vote. The Resolution Plan submitted by KGK Realty (India) Private Limited was approved with 76.35% vote share. (vi) The Resolution Professional filed an application being I.A. No. 1575/MB/2022 for approval of the Resolution Plan. (vii) Another application being I.A. No. 979/MB/2023 was filed by the Resolution Professional for extension of CIRP period from 24.04.2022 to 26.05.2022. (viii) The Adjudicating Authority by order dated 29.03.2023 allowed I.A. No. 979/MB/2023 granting extension of the period from 24.04.2022 to 26.05.2022 and further by order of the same date approved the Resolution Plan submitted by KGK Realty (India) Private Limited. 2. Learned counsel appearing for the Appellant challenging the orders contends that there is no justification for allowing the exclusion ex-post facto and 24.04.2022 was last date for period of CIRP. It is further submitted that the Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.05.2022. There is no infirmity in the order dated 29.03.2022 which may warrant interference by this Appellate Tribunal. 7. Now coming to the challenge of the Appellant to the approval of the Resolution Plan. The principal submission advanced by the Appellant is that the Resolution Applicant is not eligible to submit the Resolution Plan. In the Affidavit filed by the Appellant to bring Additional Document on record, copy of Form G has been filed as Annexure-1. Form G, Annexure A provides for Eligibility Criteria. Eligibility Criteria as provided in Form G is as follows: I. Eligibility Criteria Under Section 25 (2) (h) i. The PRA should have successfully completed Real Estate Projects as a Real Estate Developer with Occupation Certificate, at least 10 Lakhs Sq.ft of saleable area preferably in Mumbai Metropolitan Region ( Eligible Project ). ii. The PRA being an Individual/AOP/ Company/ Body Corporate/ Joint Venture/Consortium/ SPV/ Investment Company/Fls / PE Investors /ARC should have minimum net worth (at individual or group level) of INR 50 Cr. (Rupees Fifty Crores only) as per latest audited Financial Statements. 8. In pursuance of the publication of F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Jaipur Developed over 325 (three hundred and twenty five) Acres Completed In 2017 Developed by KGK Realty. OC obtained in 2017. 2. Unimont Empire and Coral Navi Mumbai 1,86,000 (one lakh and eighty six thousand) square feet of high-rise residential units and shops. Completed in 2017-19. Developed by KGK Realty. OC obtained in 2017-19. 3. The Oasis Jaipur 61,680 (sixty one thousand six hundred and eighty) square feet of high-rise residential project. Completed in 2017. Developed by KGK Realty. OC obtained in 2017. 4. RSM Crystal, Diamond, Atena, Niyati, Pearl Navi Mumbai 1,58,000 (one lakh and fifty eight thousand) square feet of residential projects. Completed between 2015- 18. Developed by KGK Realty.OC obtained in 2015-18. 9. We have noted that eligibility under Form G is that the Prospective Resolution Applicant should have success ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
