2023 (4) TMI 508

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....autam , for RP . Mr. Amar Vivek Advocate for R2 . ORDER As per : Justice Rakesh Kumar Jain ( Oral ) M/s.Concord Infrastructure Pvt. Ltd has filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as to 'the Code') r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 (hereinafter referred as to as 'The Rules') against M/s. Shubhkamna Buildtech Private Limited (Corporate Debtor) before the National Company Law Tribunal, New Delhi Bench -IV (hereinafter referred as to as 'The Adjudicating Authority), which was admitted on 26.11.2018 and Ms. Gurkamal Hora Arora was appointed as Interim Resolution Professional (IRP). She was replaced by Mr. Anand Sonbha....

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....nts confine his submission only to the effect that a clause is to be added in the plan regarding escalation i.e. Escalation Clause. He submits that the Adjudicating Authority ought to have remitted the plan to the Committee of Creditors (CoC) for limited consideration and Appellant had not proposed to withdraw from the plan and is fully ready to implement the plan subject to consideration of the said Escalation Clause. 2. Shri Abhishek Anand, Learned Counsel appearing for the Respondent submits that there is no CoC in existence as on date, hence, there is no occasion for remitting the plan and it is the Monitoring Committee which is only functioning. 3. In facts of the present case, we are of the view that before considering the submiss....

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....at the escalation cost as proposed by the Appellant, may be reduced. 7. It is further averred in the affidavit that after the meeting dated 07.12.2022, Class of Creditors through their AR sent two proposals to the Appellant which are as follows: "Set 1 As Per AR, 72 Allottees have forward this set of proposal "Dear Sir Meeting of SRA with Homebuyers' Observers held on 20.12.2022 The Observers of allottes had informal meeting with SRA on the escalation clause on 20.12.2022 and the meeting did not result in any agreed settlement. However, observers and many allottees after consultation and further negotiation with SRA have decided that a polling be done on the following points to find out the majority view, so that the same can b....

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....t only as per specification in the Resolution Plan. 3.Delivery of units have to be made as per timelines in the approved Resolution Plan. In case if the delivery of units is delayed, then this escalation of Rs. 100/- per sqft shall not be payable. 4.There will not be any further escalation. 5.SRA will not further litigate for escalation upon acceptance e and communicate about acceptance in NCLAT." 8. It is further averred in the affidavit that on 11.10.2023, while responding to the email dated 10.1.2023, the Appellant rejected the proposal which are contained in set-1 and accepted proposal No.2 which is reproduced hereunder: "Proposal No.2 Meeting of SRA with Homebuyers' Observers held on 20.12.2022 The Observers of allottes ha....