TaxTMI 
TaxTMI 
2021 (10) TMI 1181
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....016 (TBC/'Code'), read with Rule 11 of the NCLT Rules, 2016 seeking following reliefs: a. Waiving/relaxing the compliances as stipulated in detail in Annexure-3 of the instant IA in relation to Section 29 and Section 39 of the Code and Regulations 27, 36(1), 36A, 36B, 37, 38 and 39 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation, 2016; b. Directions in relation to treatment of claims of the existing operational creditors; and c. Pass such further order/orders as this Authority may deem fit and proper in the facts and circumstances of the instant case and to sub serve the ends of justice. 2. It is stated that the application for Corporate Insol....
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....st CoC meeting was convened wherein the Applicant was confirmed as the RP. The Applicant states that no construction is being going on since past 2 years in the project in consideration i.e., Coral Radha Krishna. 5. The Applicant stated that he is facing continuing non-cooperation from the suspended board of directors of the Corporate Debtor in providing necessary information as required under law and accordingly the Applicant has filed an application under Section 19(2) of the Code. 6. The Applicant further states that he has been facing dilemma in relation to the compliances as envisaged under the Code and Regulations made thereunder, as to whether they are to be performed or not in the present case of reverse CIRP which is a novel ....
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....ear the existing operational creditors during CIRP, appropriate directions are required on this aspect. The Applicant RP has filed the seventh status cum progress report wherein he has stated that Director of the Corporate Debtor, Mr. Mahendra Kalla has entered into an MoU with a contractor who has started work on the project. In view of this, the RP is directed to look into hiring new suppliers or service providers, if needed, for the purpose of completion of the project as directed by this Authority vide order dated 25.11.2020 and the cost of the same shall be included in CIRP cost. Further, the treatment of the existing operational creditors be done according to Section 53 of the Code. b. Section 25 (2) (c), (g), (h) & ....
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....orporate Debtor as a whole and is shared with members of CoC after obtaining and entering into a Non-Disclosure Agreement (NDA). RP submitted that the IM prepared only for one project of CD is not feasible and would be meaningless. It is also stated that preparation/sharing of M/s. not needed as the same is one of the input/basis for CoC for evaluating Resolution Plan which is not required to be done in Reverse CIRP. Also, in this case the members of CoC are Allottees/Home Buyers represented by Authorized Representative (AR) besides secured lender and the NDA for the same is to be taken from each of the CoC members. Now the ambiguity arises, whether the NDA is to be obtained from AR on behalf of all the allottees or it is to be obtained fro....