TaxTMI 
TaxTMI 
2019 (11) TMI 1212
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.... 'Corporate Insolvency Resolution Process' was admitted by the Adjudicating Authority by order dated 5th December, 2018 in C.P. No. 1083(PB)/2018. 3. During the pendency of the 'Corporate Insolvency Resolution Process' against the 'Principal Borrower'- 'Adel Landmarks Limited', the Appellant- 'Edelweiss Asset Reconstruction Company Limited', in whose favour 'Corporate Guarantee' were given by other 'Corporate Guarantors' for securing the loan disbursed to the 'Adel Landmarks Limited' ('Principal Borrower'), filed separate applications under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) for initiation of the 'Corporate Insolvency Resolution Process', as detailed below: Sl. No. Corporate Debtors Appeal No. 1. Sachet Infrastructure Pvt. Ltd. Company Appeal (AT) (Insol.) No. 377 of 2019 2. Superlative Infrastructure Pvt. Ltd. Company Appeal (AT) (Insol.) No. 378 of 2019 3. Magad Realtors Pvt. Ltd. Company Appeal (AT) (Insol.) No. 379 of 2019 4. Mehak Realtech Pvt. Ltd. Company Appeal (AT) (Insol.) No. 380 of 2019 5. Sameeksha Estate Pvt. Ltd. Company Appeal ....
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....at the case of the Appellant is not at par with the case of Piramal Enterprise Ltd.' (supra) as referred to by the Adjudicating Authority. 7. According to learned counsel for the Appellant, the 'Corporate Insolvency Resolution Process' cannot proceed only against one of the 'Corporate Debtor', namely- 'Adel Landmarks Limited'- ('Principal Borrower') as the said 'Adel Landmarks Limited' in consortium with nine 'Corporate Debtors' herein decided to develop the area by constructing flats/shops for allottees. 8. It was submitted that 'Resolution Process' will not be complete if the total area comprising of lands belonging to all the 'Corporate Debtors' are not developed for the allottees. According to him, lands of all the nine 'Corporate Debtors', in question, have been consolidated for the purpose of construction of the housing projects. 9. According to the Appellant, the nine 'Corporate Debtors', as referred to above, are the landholders who in concert with 'Adel Landmarks Limited' ('Principal Borrower') decided to develop the total area by constructing Infrastructure for the allot....
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....ompletion of all the projects. It was also submitted that the same 'Resolution Professional' should take care of all the projects. 14. Learned counsel for the Appellant while submitted that the case of Piramal Enterprises Ltd.' (supra) is not applicable in the facts and circumstances of the case, he relied on the decision of this Appellate Tribunal in "Mrs. Mamatha v. AMB Infrabuild Pvt. Ltd. & Company Appeal (AT) (Insolvency) Nos. 377 to 385 of 2019 Ors.─ Company Appeal (AT) (Insolvency) No. 155 of 2018"disposed of on 30th November, 2018. In the said case, the Adjudicating Authority rejected the application under Section 7 for initiating the 'Corporate Insolvency Resolution Process' jointly against two 'Corporate Debtors' on the ground that the application under Section 7 cannot be filed jointly against two 'Corporate Debtors'. This Appellate Tribunal noticed that 'M/s. AMB Infrabuild Pvt. Ltd.' one of the 'Corporate Debtor' and another Company, namely- 'M/s. Earth Galleria Pvt. Ltd.' entered into 'Collaboration Agreement' dated 3rd May, 2013 for development of a land. Taking into consideration the fact tha....
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....A License No. 46 of 2009 was issued on 21st August, 2009 by the Director, Town and Country Planning, Haryana, Chandigarh, Haryana Government under Rule 12 granting license in favour of 'M/s. Mehak Realtech Private Limited' ('Corporate Debtor' herein); 'M/s. Sameeksha Estates Private Limited' ('Corporate Debtor' herein); 'M/s. Magad Realtors Private Limited' ('Corporate Debtor' herein); 'M/s. Sachet Infrastructure Private Limited' ('Corporate Debtor' herein) and 'M/s. SRC Buildcon Private Limited' ('Corporate Debtor' herein). All having their Registered Office situated at 153, Okhla Industrial Estate, Phase-III, New Delhi- 110020, Sh. Yogesh, son of Sh. Kiranpal, Smt. Sangeeta D/o Shri Kiranpal, Sh. Amit Kumar, Sh. Lalit Kumar both sons of Sh. Kishan Pal, residents of Village Palwal, District Palwal, C/o M/s. Era Landmarks (India) Limited (formally known as M/s. Era Infrastructure (India) Limited) (now known as 'Adel Landmarks Limited') having its registered office at 153, Okhla, Industrial Estate, Phase-III, New Delhi-110020 for setting up of a Residential Plotted Colony at Village Palwal in Sec....
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....p; 4-3 or 0.519 Acres 7. Detail of land owned by M/s. Sameeksha Estates Private Limited-3/5 share, M/s. Magad Realtors Private Limited-1/5 share and M/s. Sachet Infrastructure Private Limited-1/5 share at Village Palwal, District Palwal Village Rect. No. Killa No. Area K-M Palwal 156 23/2 3-18 24/1 5-12 24/3 1-8 25 7-3 182 4 8-0 5/1 1-0 27-1 or 3.381 Acres 8. Detail of land owned by M/s. Sameeksha Estates Private Limited-5/6 share and M/s. Magad Realtors Private Limited -1/6 at Village Palwal, District Palwal Village Rect. No. Killa No. Area K-M Palwal 183 6/2 4-4 7/2 1-15 15/1 5-7 14/2 2-10 13-16 or 1.725 Acres 9. Detail of land owned by M/s. Sameeksha Estates Private Limited-1/5 share, M/s. Sachet Infrastructure Private Limited-1/5 share, M/s. Mehak Realtech Private Limited-2/5 share and M/s. SRC Buildcon Private Limited-1/5 share at Village Palwal, District Palwal Village Rect. No. Killa No. Area ....
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....0 3/1 0-17 23 8-16 194 3 8-0 40-18 or 5.113 Acres 15. Detail of land owned by M/s. Mehak Realtech Private Limited-28/30 share, Amit Kumar - Lalit Kumar s/o Shri Kishan Pal-2/30 share at Village Palwal, District Palwal Village Rect. No. Killa No. Area K-M Palwal 182 26/1 5-18 5-18 or 0.737 Acres 16. Detail of land owned by M/s. Sameeksha Estates Private Limited-23/25 share and M/s. Megad Realtors Private Limited-2/25 share at Village Palwal, District Palwal Village Rect. No. Killa No. Area K-M Palwal 156 3/2 2-16 4/2 5-19 7/1 5-0 14/2 3-10 150 23/2 1-17 156 3/1 4-7 23-9 or 2.931 Acres K-M GRAND TOTAL 418-11 or 52.318 Acres 18. Subsequently, renewal of License No. 46 of 2009 has been given in favour of the aforesaid persons by the Directorate of Town & Country Planning, Haryana Vide Memo No. LC-1012 Vol. II/2013/62179, dated 31st December, 2013 as extracted below : DIRECTORATE....
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....19. It followed by a formal order dated 31st December, 2013 issued in favour of all the aforesaid 'Corporate Debtors' by the Directorate of Town & Country Planning, Haryana, prescribing therein the composition rates and the composition fee worked out, which the licensee had deposited by 11th December, 2013, as verified by Accounts Section, as under: 20. A License No. 53 of 2009 was issued on 28th August, 2009 by the Director, Town and Country Planning, Haryana, Chandigarh, Haryana Government under Rule 12 granting license in favour of 'M/s. Magad Realtors Private Limited' ('Corporate Debtor' herein); 'M/s. Sachet Infrastructure Private Limited' ('Corporate Debtor' herein), 'M/s. Sameeksha Estates Private Limited' ('Corporate Debtor' herein); 'M/s. SRC Buildcon Private Limited' ('Corporate Debtor' herein) and 'M/s. Mehak Realtech Private Limited' ('Corporate Debtor' herein) and all having their Registered Office situated at 153, Okhla Industrial Estate, Phase-III, New Delhi- 110020, Sh. Lala Ram S/o Sh. Muradi, Sh. Lekh Raj Dagar S/o Sh. Jodha Ram residents of Village Palwal, District Palwal, C/....
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....vate Limited-619/685 share and Shri Lekh Raj Dagar S/o Shri Jodha Ram-66/685 share at Village Palwal, District Palwal Village Rect.No. Kila No. Area K-M Palwal 155 6 8-0 7/1 3-6 7/3 0-6 14 7-13 15 8-0 16/2 6-10 17/1 0-10 34-5 or 4.281 Acres 8. Detail of land owned by Shri Lekh Raj Dagar S/o Shri Jodha Ram at Village Palwal, District Palwal Village Rect. No. Killa No. Area K-M Palwal 155 26 6-19 6-19 or 0.868 Acres 9. Dettails of land owned by M/s. Magnd Realtors Private Limited -7/9 share and Shri Lekh Raj Dagar S/o Shri Jodha Ram-2/9 share at village Palwal, District Palwal Village Rect. No. Killa No. Area K-M Palwal 156 10/2 0-11 11 8-0 8-11 or 1.069 Acres 10. Detail of land owned by M/s. Sameeksha Estate Private Limited-44/135 share and M/s. Mehak Realtech Private Limited-91/135 share at Village Palwal, District Palwal Village Rect. No. Killa No. Area &....
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....Enforcement), Haryana, Chandigarh. 13. Senior Town Planner (Monitoring Cell),. Sec.-8 Haryana, Chandigarh. 14. District Town Planner, Faridabad along with a copy of agreement. 15. Accounts Officer, O/o Director, Town & Country Planning, Haryana, Chandigarh along with a copy of agreement. (Hitesh Sharma) District Town Planner (Hq) For Director, Town and Country Planning, Haryana, Chandigarh. 21. Subsequently, renewal of License No. 53 of 2009 has been given in favour of the aforesaid persons by the Directorate of Town & Country Planning, Haryana vide Memo No. LC-1012 Vol. III/2014/1931, dated 22nd January, 2014 as extracted below: DIRECTORATE OF TOWN & COUNTRY PLANNING, HARYANA SCO 71-75, SECTOR-17C, CHANDIGARH Phone : 0172-2549349, email : [email protected] http://tcpharyana.gov.in To (i) Magad Realtors Pvt. Ltd. (ii) Sachet Infrastructure Pvt. Ltd. (iii) Sameeksha Estates Pvt. Ltd. (iv) SRC Buildcom Pvt. Ltd. (v) Mehak Realtors Pvt. Ltd. & Lala Ram s/o Muradi Lekh Ram Dagar s/o Sh. Jodha Ram in collaboration with Era Landmarks (India) Ltd. (formerly known as Era Infrastructure Ltd. 153, Okhla Industrial Estate Phase - III, Ne....
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....72-2500851 ORDER 1. Where, licence No. 53 of 2009, dated 28-08-2009 granted to Magad Relators Pvt. Ltd. Sacher Infrastructure Pvt. Ltd. Sameeksha Estates Pvt. Ltd. SRC Buildcone Pvt. Ltd. Mehak Realtors Pvt. Ltd. & Lala Ram s/o Sh. Muradi, Lekh Ram Dagar s/o Sh. Jodha Ram in collaboration with Era Landmarks (India) Ltd. (formerty known as Era Infrastructure Ltd.) 153, Okhla Industrial Estate, Phase-III, New Delhi-110020 for setting up of residential plotted colony under the provisions of the Haryana Development and Regulation of Urban Areas Act, 1975. As per terms and conditions of the licnece and of the agreement executed on LC-IV, the licence is required to comply with the provisions of the Haryana Development and Regulation of Urban Areas Act, 1975 and its Rules, 1976 thereof. 2. Account Division of the Directorate has conducted an audit and it has been noticed that the licencee has not complied with the provisions of Rules 24, 26(2), 27 & 28 of the Haryana Development and Regulation of Urban Areas Act, 1975 and its Rules, 1976 thereof. 3. The Govt. vide Memo No. PH-68/2012/5138/2012-2TCP, dated 14-06-2012 has prescribd the composition rates for compounding the offence o....
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....or-3 B, Bahadurgarh'; 'Block-D, Sector 8, Noida'; 'Bahadurgarh, Jhajjar, Haryana' and 'Palwal, Faridabad, Haryana'. 25. The names of the Guarantors, including the 'Corporate Debtors' aforesaid have been shown therein, as apparent from Schedule-1 and Annexure 1 thereto, as extracted below: 26. The resolution of the 'Corporate Debtors' for their respective meeting(s) have also been enclosed. Simultaneously 'Guarantee Agreement(s)' were executed in favour of 'ECL Finance Limited' on 7th October, 2013, 12th October, 2013 etc. 27. 'ECL Finance Limited', the original 'Financial Creditor' subsequently by Assignment Agreement dated 23rd March, 2017 assigned the total debt in favour of the Appellant- 'Edelweiss Asset Reconstruction Company Limited' (Assignee) under Section 3 of the 'Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002'. 28. The details of the 'Financing Documents' have been shown at Schedule-1 therein, including the guarantor/co-borrower, as extracted below: 29. From the aforesaid facts, we find that the 'Corporate De....
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....#39;Principal Borrower'). 35. Insofar as rest of the four 'Corporate Debtors' are concerned namely- 'Superlative Infrastructure Pvt. Ltd.', 'Bhisham Infrastructure Pvt. Ltd.', 'Neeleshwar Mines & Minerals (India) Pvt. Ltd.' and 'Manogayan Estates Pvt. Ltd.', license No. 53 of 2009 do not reflect the name of 'Superlative Infrastructure Pvt. Ltd.'. Similarly, 'Bhisham Infrastructure Pvt. Ltd.', owner of land measuring 9.81 acres at Village Kasar and 1.8 acres at Village Khedka Musalman, Tehsil Bhadurgarh, District Jhajjar, Haryana its land or name has not been reflected in the town planning License Nos. 46 & 53 of 2009. 36. 'Neeleshwar Mines & Minerals (India) Pvt. Ltd.'s' land admeasuring 4095 sq. mtrs. is located at Industrial Plot No.8, Block-D, Sector-8, Noida, Gautam Budh Nagar, Uttar Pradesh which is in a State of U.P. and such lands have not been shown in the town planning of Haryana Government. 37. Counsel for the Appellant- 'Edelweiss Asset Reconstruction Company Limited' or other four 'Corporate Debtors' or 'Resolution Professional' have not brought on record any evidence to s....
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....vency is to be initiated and in absence of simultaneous 'Corporate Insolvency Resolution Process' against five 'Corporate Debtors' namely- 'Sachet Infrastructure Pvt. Ltd.'; 'Magad Realtors Pvt. Ltd.'; 'Mehak Realtech Pvt. Ltd.'; 'Sameeksha Estate Pvt. Ltd.' and 'Jamvant Estates Pvt. Ltd.', the township project of Town and Country Planning, Haryana, will not be complete, we set aside the impugned order dated 7th March, 2019 and remit the case to the Adjudicating Authority with following directions. 42. The Adjudicating Authority will admit the applications under Section 7 filed by 'Edelweiss Asset Reconstruction Company Limited' against 'Sachet Infrastructure Pvt. Ltd.'; 'Magad Realtors Pvt. Ltd.'; 'Mehak Realtech Pvt. Ltd.'; 'Sameeksha Estate Pvt. Ltd.' and 'Jamvant Estates Pvt. Ltd.' and appoint the 'Resolution Professional' of 'Adel Landmarks Limited'- (Developer) ('Principal Borrower') as common 'Resolution Professional' to ensure that the 'Corporate Insolvency Resolution Process' against 'Adel Landmarks Limited'- ('Corpora....