2021 (2) TMI 1290

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....on, [Dr. Ashok Kumar Mishra] Member (Technical) and [Dr. Alok Srivastava] Member (Technical) For the Appellant: Mr. Rana Mukherjee, Sr. Advocate with Mr. Mani Bhushan Sinha, Mr. Ashutosh Kr. Bishnoi and Mr. Pranab Prakash, Advocates. For the Respondent: Mr. Amit Goel, Advocate with Mr. Bhim Sain Goyal, Mr. Saurabh Yadav, Advocate, Mr. Ritesh Agarwal, Mr. Sunil Kumar, Mr. Harish Malik and Mr.....

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....e project but has requested for revision of rates due to escalation of costs. The Report also states that the total amount receivable from the buyers of Tower - 1to 12 is Rs.120.38 Crore. Besides that 18 large size unsold flats can be sold to generate additional funds. It is gathered from the Report that 74 Homebuyers have approached the Resolution Professional to restart the construction activiti....

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....eering Limited for completion of Phase-I of the project comprising of Tower 1 to 12. But the contract stood terminated and Indsao Infratech was engaged as the new contractor in January, 2016 to complete the construction work. 70% of the construction work is stated to have been completed. As regards the main grievance of the Homebuyers of the Project viz. 'Orion Galaxy' i.e. restart of construction....

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....fessional that the Promoter has agreed to infuse a sum of Rs.5 Crore which by no means can be said to be an adequate amount to either start or complete the project. Let the Revised Proposed Settlement Plan be filed by the Appellant/ Promoter within two weeks. On submission thereof we shall be taking a decision whether reverse insolvency resolution process will be adopted or Corporate Insolvency Re....