TaxTMI 
TaxTMI 
2019 (6) TMI 1632
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....' was allowed to ensure that the company remains a going concern and payment of wages to the employees/workmen and construction etc. do not suffer. On 21st May, 2019, learned counsel for the Appellant submitted that the parties have settled the matter and they were allowed to enclose the Terms of Settlement'. 3. An affidavit (vide Diary No. 12512) has been filed on behalf of the Appellant enclosing the Terms of Settlement'. By 'Settlement Agreement' dated 20th May, 2019, the Appellant settled the matter with Mr. Kapil Arora who had 18% share. The Terms of Settlement' reads as under: "SETTLEMENT AGREEMENT This Settlement Agreement is entered into at New Delhi on 20 day of May, 2019 (hereinafter "this Agreement"/"this Settlement Agreement") BY AND BETWEEN Mr. Kapil Arora, s/o. LATE SHRI ATAM PRAKASH ARORA, r/o. B-134, SECTOR-30, NOIDA DISTRICT GAUTAM BUDH NAGAR (hereinafter referred to as 'FIRST PARTY', which expression shall, unless repugnant to or inconsistent with the context of meaning thereof, be deemed to include his successors, heirs and permitted assigns); AND Mr. Prithvi Raj Kasana, S/o.....
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..... NOW THEREFORE, in consideration thereof, the Parties agree as follows: 1. The Parties acknowledge that: IN RESPECT OF MORPHEUS a. an amount of Rs. 1,00,00,000/- (Rupees One Crore only) was advanced by the FIRST PARTY to Morpheus under Memorandum of Understanding dated 04.10.2015; b. the said principal sum paid by the FIRST PARTY was to bear time value in the form of assured returns for 12 months, after which the amount was to be returned by Morpheus to the FIRST PARTY; c. Morpheus defaulted in re-payment and admits that part Principal Sum (Rs. 50,00,000/-) became liable to be paid along with interest to the FIRST PARTY. 2. In acknowledgement of its debt and in order to ensure the return of the money to the FIRST PARTY, the SECOND PARTY has agreed to pay a sum of Rs. 50,00,000/- (Rupees Fifty Lakh only) to the FIRST PARTY in lieu of the principal sum outstanding. The SECOND PARTY has also agreed to pay interest and compensation on the said outstanding principal sum further amounting to Rs. 87,50,000/- (Rupees Eighty Seven Lakh and Fifty Thousand only) as time value for the outstanding sum, in consideration of the extended ti....
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....ts mentioned in Schedule I to this Agreement within 7 (seven) days of insolvency proceedings being dissolved by any competent Hon'ble Court/Authority/Tribunal/Appellate Tribunal against Morpheus. It shall be the responsibility of the SECOND PARTY to ensure builder buyer agreements are executed and allotment formalities are fulfilled in favor of the FIRST PARTY by Morpheus or any other entity, as required. In case of failure to execute the said Builder Buyer Agreements in favor of the FIRST PARTY, the same shall constitute default by the SECOND PARTY and the FIRST PARTY shall be free to undertake all legal remedies including reinstating the proceedings under the Insolvency and Bankruptcy Code, 2016 against Morpheus. (d) In case payments are made by the SECOND PARTY in terms of clause 3 above, either in full or in part, the FIRST PARTY will release units mentioned in Schedule I of the equivalent value and the monies to be derived from taking over such units mentioned in Schedule I will reduce accordingly. 4. The Parties shall make appropriate representation before the Hon'ble National Company Law Appellate Tribunal in the pending Appeal to ensure this Agreem....
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....any default in repayment under clause 3 of this Agreement or any other default in following the terms of this Agreement, the FIRST PARTY shall be entitled to seek revival of its claims against Morpheus and to reinstate proceedings inter alia under the Insolvency and Bankruptcy Code, 2016 or any other law for the time being in force against Morpheus. 10. This Settlement Agreement is being agreed to and executed in super-session of all previous agreements and understanding between the Parties. 11. This Settlement Agreement shall be governed by and construed exclusively in accordance with the laws of India and the courts at New Delhi shall have exclusive jurisdiction. 12. The FIRST PARTY and SECOND PARTY both jointly in equal portion agrees to bear the costs and expenses of execution of this Settlement Agreement. 13. This Settlement Agreement is being executed in two counterparts each of which constitutes original. In witness whereof the Parties have caused this Settlement Agreement to be duly executed by themselves on the date and year first hereinabove written. MR. KAPIL ARORA (FIRST PARTY) Date and Place 20/5/19 NOIDA ....
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....ement on 30th May 2019 (hereinafter called Settlement Agreement) and an application under Section 12 A was filed by the Mr. Kapil Arora, Applicant with Hon'ble National Company Law Appellant Tribunal, New Delhi (hereinafter called as Hon'ble NCLAT) for withdrawal of application admitted under Section 7 of the IBC and the next date of hearing fixed on 3rd June 2019 order by the Hon'ble NCLAT. WHEREAS, MDPL (HB) (1-54) has requested the Authorized representative as appointed by NCLT as home buyer class (AR) as per IBC-2016 to submit this settlement Agreement from MDPL before Hon'ble NCLAT on 3rd June 2019 with voting outcome from electronic means from voting agency of his class of creditors i.e. MDPL (HB) (1-54) as per regulation 26 of insolvency resolution regulations 2016 for individual approval of this settlement agreement or/and against voting pattern consolidated 82% voting share in this case COC as constituted by IRP as per sec-21 of IBC-2016 its consolidated outcome voting patter of favour and against this settlement agreement, NOW THEREFORE, after observing the above circumstances, it is hereby agreed by and between the parties hereto as foll....
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....he REFUND is made in instalments the compensation shall he calculated till the date of actual REFUND amount against each instalment of Refund. Refund would be paid after 30th June-2020 and before 31st December '2020. In case any buyer wants to retain its allotment in phase-2, Morpheus will start construction of Phase-2, immediately after completion of phase-1 and the plan for the same shall be shared with buyers in due course of time. The delay possession compensation for the delay period shall be calculated as per the details mentioned in S. No. 12 of this Agreement. Morpheus will ensure with utmost care to the buyers of the Phase-2 (Towers B7 to B10) that the flats offered to them in Phase-1 (Towers B1 to B6) will be free from any obligations and dispute. 3. Morpheus will start construction from 1st July-2019. 4. Buyers will form a Buyer committee and Sub-Committee for Review financial data and construction planning and progress. 5. To resume the construction activities in a sustainable manner, Morpheus shall arrange for mobilisation funds for at least 5-months of constructions activities as per detailed construction schedule and f....
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....exercised. 17. In case of any conflict of terms with the BBA, the terms in this Agreement will prevail. This Agreement is signed at NOIDA (Place) and on 30TH May, 2019 by ... IN WITNESS whereof this Settlement Agreement has been entered into on the date first above written. SUBMITTED: - Through AR (IP NAVJIT SINGH) OF MDPL (HE) (1-54) List enclosed Before Honorable NCLAT. And MDPL(HB) (1-54) Home buyer reprehensive by AR having 82% voting power as per COC constituted in this case by IRP as per Sec-21 of IBC-2016 (voting consolidate outcome list)-enclosed as per regulation 26 of Insolvency resolution regulation regulations 2016. Date:- 30/05/2019 Place:- NOIDA Annexure - 1 PROJECT: MORPHEUS PRATIKSHA - GH 16A, SECTOR - 01, GREATER NOIDA - UTTAR PRADESH BROAD OUTLINE OF THE PROJECT AND TENTATIVE COMPLETION SCHEDULE AND CASH FLOWS : STAGE OF CONSTRUCTION & COMPLETION OF B-1 TO B-6 TOWERS TENTATIVE COST TO BE INCURRED : (AMT IN Rs) PROSPECTIVE CASH FLOWS TO COMPLETE THE PROJECT TENTATIVE DATE OF HANDING OVER POSSESSION 5. Mr. Navjit Singh, who represented 54 allottees, submits that apart from 18% voting share of Mr. K....
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....r' - 'Morpheus Developers Private Limited' within the period as may be prescribed by the Adjudicating Authority. 10. In the result, the appeal is allowed with aforesaid liberty. In effect, order (s) passed by Ld. Adjudicating Authority appointing 'Interim Resolution Professional', declaring moratorium and all other order (s) passed by Adjudicating Authority pursuant to impugned order and action taken by the 'Resolution Professional' are set aside. The application preferred by the 1st Respondent under Section 7 of the I & B Code is disposed of as withdrawn with liberty as mentioned above. The Adjudicating Authority will now close the proceeding. The 2nd Respondent Company is released from all the rigour of law and is allowed to function independently through its Board of Directors from immediate effect. The appeal is allowed with aforesaid observations and directions. No costs. ============= Document 1 Proposed Payment Date 20-05-2019 of Amount to be paid (in Rupees) Rs.30,00,000/- 20-06-2019 Rs. 20,00,000/- 20-05-2020 Rs.37,50,000/- 20-11-2020 Rs. 50,00,000/- TOTAL Rs. 1,37,50,000/- Document 2 Sl.....
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....-- -- 95% 95% Document 9 Tower Tower Tower Tower Tower Tower B-1 B-2 B-3 B-4 B-5 B-6 RCC 1852000 800000 29500000 29500000 1500000 2967000 Brick work 2795000 1800000 4900000 6130000 1050000 1123500 Railing 1163000 900000 2100000 2100000 640000 1200000 Internal Plaster 3900000 2550000 10500000 11500000 3122000 3150000 Door Frame (Chowkh at) 988000 410000 Plumbing 6300000 4300000 1118000 9300000 1088000 430000 600000 9300000 2154000 2134000 Outer Plaster 5250000 4100000 7800000 7500000 5100000 5300000 Parapet 400000 Fire 5000000 300000 4000000 Lift 8800000 6600000 Finishing 70200000 47500000 400000 5000000 8800000 75200000 400000 400000 400000 5000000 5000000 8800000 5000000 6600000 6600000 TOTAL 78900000 57300000 16021800 52600000 106648000 73260000 154618000 0 83296000 81074500 TOTAL 659114500 Total area cost with finishing Non tower area STP & WTP Electrical Hub Landscaping....