2024 (3) TMI 1235

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....r. Monish Surendran, Mr. Juvas Rawal, Ms. Nishtha Grover, Advocates along with Mr. Ajay Singal For the Respondents : Mr. Sanjeev Singh & Ms. Taniya Bansal, Advocates for R-48. Mr. Gaurav Katiyar (IRP in person) & Mr. Rishabh Jain, Advocate for R-1. Mr. Piyush Singh, Mr. Vivek Kumar, Mr. Jayant Upadhyay, Advocates for R - 2 to 47 ORDER ( Hybrid Mode ) Per : Justice Rakesh Kumar Jain ( Oral ) 18.03.2024: This appeal is filed by Suspended Director of the Corporate Debtor against the order dated 03.06.2022 passed by Adjudicating Authority (National Company Law Tribunal, Court-III) in CP (IB) No. 1066/ND/2020 registered on an application filed under Section 7 by Devinder Yadav & Ors. (Financial Creditor) for the resolution of thei....

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....im Resolution Professional and this Hon'ble Tribunal on the principles of "Reverse CIRP" as propounded by this Hon'ble Tribunal;" 5. Vide order dated 27.02.2024, the following order was passed : "I. A. No. 546 of 2024 This application is filed by the Appellant invoking Rule 11 of National Company Law Appellate Tribunal Rule, 2016 for the following relief :- "To allow the unsecured financial creditors (financial creditors in a class)- namely, the allottees of the Avalon Regal Court Project of the Corporate Debtor, and the secured financial creditor - namely, Tata Capital Housing Financial Limited, to vote on the Project Completion Proposal filed vide Affidavit dated 24.08.2023 and further settlement terms given ....

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....ayer is concerned, is hereby allowed and the AR of the allottees of Avalon Regal Court Project of the Corporate Debtor as well as the Secured Financial Creditor, namely, Tata Capital Housing Financial Limited are permitted to vote on the Project Completion Proposal 24th August, 2023 and also further settlement terms which are given on 4th September, 2023 and 23rd December, 2023. Let the needful be done within two weeks. The formality shall be carried out by Respondent No. 1 for holding the meeting and e-voting. After the e-voting, Respondent No. 1 shall file compliance report to this Court with copy to the parties concerned. It is needless to mention that the prayer 'b' shall be considered only after perusing the ....

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....ow was provided by the IRP to the creditors from 10.03.2024 at 07:00 PM till 13.03.2024 at 10:00 PM, Votes casted be creditors are as under: Name of Creditors Agree Disagree Authorized Representative: Financial Creditor in class (Real Estate Allottees) 54.3% - Tata Capital Housing Finance Ltd. 45.7% - Total 100.0% - The resolution passed by the creditors with 100% majority." 7. The resolutions having been passed by the Resolution Professional and Authorized Representative are also reproduced as under: "VOTING ON THE SETTLEMENT PROPOSAL GIVEN BY MR. AJAY SINGAL -EX-DIRECTOR OF "CORPORATE DEBTOR" BEFORE HON'BLE NCLAT VIDE AFFIDAVITS DATED 24.08.2023, 04.09.2023 AND 23.12.2023: "R....