2020 (4) TMI 152

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....h and Mr. Sivaramakrishnan of the M/s. Royal Splendour Developers Private Limited against the Resolution Professional ("RP"), the Prospective Resolution Applicant and all CoC members alleging that this Resolution Plan placed before this Bench is in violation of the Regulations of CIRP, for the RP has not issued fresh invitation for Expression of Interest inviting Expression of Interest from the Prospective Resolution Applicants, for the persons continuing as representatives on behalf of the homebuyer are not authorized representatives as contemplated under the Regulations and various other allegations including the allegation saying that the Resolution Applicant, whose plan has already been approved by the CoC, is run by the Managing Direct....

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....ared by the RP on 23-2-2018, not by the IRP as stated by the Applicants. The Resolution Applicants for whom these suspended directors were canvassing, those Applicants have not been taken into consideration to place it before CoC, since the RP has observed that those two Resolution Applicants viz, MIY Constructions and Pelicon Realty have not met with the eligibility criteria not having net worth of Rs. 10 crore, there was no occasion for this RP or to the CoC to go into it as to whether two Applicants have merit to file Resolution Plans. 6. In view thereof, we are of the considered opinion that these allegations raised by these suspended directors have no locus to raise such objection, since these Resolution Applicants have not met with t....

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....ompany of Rs. 21 crore and receivables to the Corporate Debtor. 11. On perusal of these contentions of either side, it appears that these suspended directors will not get anything out of those Resolution Plans or some other plans, because the debt exposure admitted against this company is around Rs. 64 crore, as to liquidation value of the company, it is only Rs. 21 crore including the property in dispute with regard to High Tension Line passing through the property held by the Corporate Debtor. These suspended directors/allegations are in respect to assumed grievances of the persons, whoever fails to show that worth of each of these companies is more than Rs. 10 crore. The homebuyers, whose suffering he is talking of, they are not present....