9911796707
TMI Blog2024 (3) TMI 1235X X X X Extracts X X X X X X X X Extracts X X X X ..... ete the project under the guidance of the IRP, in terms of the affidavit filed on 24.08.2023, 04.09.2023 and 23.12.2023 and also on the principles of reverse CIRP which has been propounded by this Tribunal in the case of FLAT BUYERS ASSOCIATION WINTER HILLS 77, GURGAON VERSUS UMANG REALTECH PVT. LTD THROUGH IRP ORS. [ 2020 (2) TMI 1409 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] . The request has been made by the appellant is hereby accepted and as a result thereof, the present appeal is hereby disposed of. - [ Justice Rakesh Kumar Jain ] Member ( Judicial ) , [ Mr. Naresh Salecha ] Member ( Technical ) And [ Mr. Indevar Pandey ] Member ( Technical ) For the Appellant : Mr. Vivek Kohli, Sr. Advocate, Mr. Sandeep Bhuraria, Mr. Mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide Affidavit dated 24.08.2023 and further settlement terms given in the affidavits filed on 04.09.2023 and 23.12.2023 by the Appellant, the contents of which are also reproduced in the current application; b) If, the voting in terms of (a) above is in favour of the Project Completion Proposal, to allow the Appellant / Applicant to implement the Project Completion Proposal as filed before this Hon ble Appellate Tribunal vide Affidavit dated 24.08.2023 and further settlement terms given in the affidavits filed on 04.09.2023 and 23.12.2023; and also reproduced in the current application, for completion of the Avalon Regal Court Project of the Corporate Debtor under the aegis of the Interim Resolution Professional and this Hon ble Tribunal on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Authorised Representative (in short AR ) of the allottees of Avalon Regal Court Project. It is submitted that the AR and the Secured Creditor (Tata Capital Housing Financial Limited) may be allowed to vote on the Project Completion Proposal which has been made through Affidavit dated 24th August, 2023 and also further settlement terms which have been given in the Affidavits dated 4th September, 2023 and 23rd December, 2023. The prayer made in the application and submitted before us is not opposed by the Respondents herein. Thus, in view thereof, the application, in so far as the aforesaid prayer is concerned, is hereby allowed and the AR of the allottees of Avalon Regal Court Project of the Corporate Debtor as well as the Secured Financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etion (through e-voting) on the settlement proposal based on their assessment and evaluation. The Authorised Representative informed the IRP on 13.03.2024 (at 07:39 PM through email) that financial creditors in class have casted their votes and the response on the given agenda item is as under: Agree : 99% Disagree : 1% Accordingly, Authorized Representative casted the vote on behalf of Real estate allottees, in accordance with the provisions of section 25A(3) of IBC 2016. Voting window was provided by the IRP to the creditors from 10.03.2024 at 07:00 PM till 13.03.2024 at 10:00 PM, Votes casted be creditors are as under: Name of Creditors Agree Disagree Authorized Representative: Financial Creditor in class (Real Estate Allottees) 54.3% - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsidered at this stage which in fact was dependent upon the success of Prayer (a) of the said application about which it is submitted that the resolution has been passed by both the stakeholders with 100% voting rights for the completion of the project. 10. Thus, in view of the aforesaid facts and circumstances, the Prayer (b) is now considered. The Corporate Debtor is allowed to complete the project under the guidance of the IRP, in terms of the affidavit filed on 24.08.2023, 04.09.2023 and 23.12.2023 and also on the principles of reverse CIRP which has been propounded by this Tribunal in the case of Flat Buyers Association Vs. Umang Realtech Pvt. Ltd. Ors. 11. The request has been made by the appellant is hereby accepted and as a result t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
