TaxTMI 
TaxTMI 
2023 (8) TMI 861
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.... and Mr. Amir Arsiwala, Advocates for R - 1 Mr. Arun Kathpalia, Sr. Advocate with Mr. Tishampati Sen, Ms. Riddhi Sancheti, Mr. Ashish Parwani, Mr. Chintan Gandhi, Mr. Rajeev Nair, Ms. Gitika Makhija, Mr. Himanshu Kaushal, Mr. Anurag Anand and Mr. Dikshat Mehra, Advocates for R - 2 Mr. Abihjeet Sinha, Mr. Debamalya Benerjee, Mr. Shioaj Salelkar, Mr. Rohan Sharma, Mr. Kartik Bhatnagar, Mr. Nicholas Choudhary and Mr. Anmol, Advocates for LICHFL JUDGMENT ASHOK BHUSHAN , J. This Appeal by Suspended Director of the Corporate Debtor has been filed challenging the two orders dated 29.03.2023 passed in I.A. No. 979/MB/2023 filed by the Resolution Professional for extension of CIRP period and the order on I.A. No. 1575/MB/2022 filed by....
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....e Resolution Plan submitted by KGK Realty (India) Private Limited was approved with 76.35% vote share. (vi) The Resolution Professional filed an application being I.A. No. 1575/MB/2022 for approval of the Resolution Plan. (vii) Another application being I.A. No. 979/MB/2023 was filed by the Resolution Professional for extension of CIRP period from 24.04.2022 to 26.05.2022. (viii) The Adjudicating Authority by order dated 29.03.2023 allowed I.A. No. 979/MB/2023 granting extension of the period from 24.04.2022 to 26.05.2022 and further by order of the same date approved the Resolution Plan submitted by KGK Realty (India) Private Limited. 2. Learned counsel appearing for the Appellant challenging the orders conten....
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....in the 17th CoC meeting of CoC plans were already discussed and were to be voted upon and application has to be filed before the Adjudicating Authority for approval. 26.05.2022 is that date when the application was filed by the Resolution Professional for approval of the Resolution Plan. 24.04.2022 being last date for CIRP, on which date plans were already discussed, exclusion of 32 days lapsed between 17th CoC meeting and filing of application by Resolution Professional has rightly been allowed by the Adjudicating Authority. 6. The Adjudicating Authority has rightly noticed that the CIRP in the present case commenced during the COVID period and Adjudicating Authority also noticed that the application for approval of the plan is pending ....
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....the publication of Form G, Expression of Interest was shown by the KGK Realty (India) Private Limited and three others. The Resolution Professional published the list of Prospective Resolution Applicants which included the name of KGK Realty (India) Private Limited. The CoC treating the Resolution Applicant to be eligible proceeded to consider and discuss the Resolution Plans. At no point of time, the eligibility of the Resolution Applicant was questioned in any proceeding. The learned counsel for the Resolution Applicant has submitted that the eligibility criteria is fully fulfilled by the KGK Realty (India) Private Limited. Learned counsel for the Resolution Applicant has referred to the Resolution Plan dated 22.04.2022 submitted by KGK R....
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.... 1. Solitaire Industrial and Residential Park Baglu, Jaipur * Developed over 325 (three hundred and twenty five) Acres* Completed In 2017 Developed by KGK Realty. OC obtained in 2017. 2. Unimont Empire and Coral Navi Mumbai * 1,86,000 (one lakh and eighty six thousand) square feet of high-rise residential units and shops. * Completed in 2017-19. Developed by KGK Realty. OC obtained in 2017-19. 3. The Oasis Jaipur * 61,680 (sixty one thousand six hundred and eighty) square feet of high-rise residential project. * Completed in 2017. Developed by KGK Realty. OC obtained in 2017. 4. RSM Crystal, Diamond, Atena, Niyati, Pearl Navi Mumbai * 1,58,000 (one lakh and fifty eight thousand) sq....
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....d, deliberated and approved by the CoC. We are satisfied that the KGK Realty (India) Private Limited is not ineligible to submit the Resolution Plan and submission of the Appellant that it does not fulfil eligibility criteria cannot be accepted. 11. Insofar as submission of the Appellant that Appellant itself intended to submit its Resolution Plan, the Adjudicating Authority has in the order dated 29.03.2023 has held that application submitted by the Suspended Director to submit the plan was rejected. Similar prayers were made by filing I.A. No. 75/2023, which was dismissed by the Adjudicating Authority on 09.01.2023. The said fact has been noticed in Para 4.4 of the order, which is to the following effect: "4.4 The ex-director ....