TaxTMI 
TaxTMI 
2020 (2) TMI 1582
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....ed by the CoC, has been submitted before this Bench for being sanctioned. The brief background of this case is that the CIR process of the Corporate Debtor was admitted at the instance of an Operational Creditor vide order dated 24.07.2018. Mr. Dinesh Chandra Agarwal was appointed as the IRP, who after collating all claims and constituting the CoC, took all such steps as were required under the statute. He was later confirmed as the RP. Valuation of the assets of the Corporate Debtor, being the Fair Value as well as the Liquidation value, was conducted. 2. The Corporate Debtor, Maple Realcon Pvt. Ltd. (MRPL) is in the business of development of Real Estate Projects and the present project under consideration is a residential housing proj....
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.... 1,15,64,31,203 84,33,50,117 89.07% b. There are 12 workmen/ employees whose claims have been received and collated. Sr. No. Operational Creditor Amount claimed (in Rs.) Claim admitted (in Rs.) 1. Mr. Arvind Kumar 1,21,800/- 3,000/- 2. Mr. Chander Mohan 4,41,415/- 3,14,70/-1 3. Nr. Eshant Choudhary 44,000/- 5,000/- 4. Ms. Geetanjali 90,000/- 87,100/- 5. MR. Kuldeep Pal 3,54,104/- 1,98,000/- 6. Ms. Manisha Chauhan 1,50,000/- 60,200/- 7. Mr. Mukesh 1,53,000/- 51,000/- 8. Mr. Shahnawaz Hameedi 6,77,000/- 54,600/- 9. Mr. Sudhir Kumar Dixit 7,02,000/- 15,800/- 10. Mr. Varun Jindal 12,20,000/- 26,600/-....
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....ng in view chat the home buyers constituted 89.07 % of the financial claimants, being the major constituents of CoC, the Resolution Plan was approved by them, though dissented by the other member viz. Syndicate Bank, having a stake of 10.93%. 5. Upon invitation of the Expression of Interest, a resolution plan was received from a consortium formed by a Real Estate Company namely M/s. Apex Heights Pvt. Ltd. and one of its Directors viz. Mr. Satnam Singh Sachdeva in his personal capacity having a stake of 75% and 25% respectively in the Joint Venture. The collective financial worth of the consortium has been duly appraised and was found satisfactory. It is also submitted that Apex Heights Pvt. Ltd. has a clean record and has been constructi....
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....employees) 47,70,694/- 12,52,676/- Statutory dues 0 SUB-TOTAL (B) 52,28,44,543/- 2,40,25,460/- TOTAL (A) AND (B) 1,78,27,94,487/- 97,08,94,318/- CIRP COST (ASSUMED) (C) 1,00,00,000/- TOTAL 98,08,94,318/- 8. Resolution Applicant proposes to infuse Rs. 6 crores which shall be disbursed towards CIRP cost and 10% of the admitted claims of tine Operational Creditors including workmen & employees in terms of the provisions of the Code and keeping the liquidation value in mind. The remaining amount shall be used as fresh infusion for stabilizing and improving operations. 9. As per the provisions in terms of the plan, after allocating Rs. 1 crore towards the CIR costs, th....
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.... only other Financial Creditor being a secured creditor i.e. Syndicate Bank which had cast a dissenting vote in respect of the Resolution Plan, the Plan provides that their claim of Rs. 10,35,000/- shall be extinguished in full by releasing the matured proceeds under an FDR for Rs. 3 crores held by them towards partial discharge of their admitted liability. The same can be appropriated immediately on pronouncement of this order. The remaining amount shall be paid in 24 equal monthly instalments. 13. It is directed that the title documents of the project land shall be released by Syndicate Bank to the Resolution Applicant immediately on furnishing fresh personal guarantees & securities by the ex-Directors who have undertaken to do so. The....
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....e existing equity share capital held by the existing promoters & promoter group of MRPL i.e. 10,000/- Equity shares and shall stand cancelled/ extinguished without requirement of writing of the words "and reduced" in the corporate name and style of MRPL (b) The cancellation of equity shares and capital reduction: (i) Shall be applicable to the existing promoters/ promoter group/ affiliates and associates of MRPL; (ii) Shall be pursuant to the NCLT Approval Order and shall not require any other procedure as required under the Companies Act, including that under Section 66 of the Companies Act or regulations of the SEBI; (iii) Shall not require the consent of any of the creditors or MRPL or approval of the ....