TaxTMI 
TaxTMI 
2024 (10) TMI 1551
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....he Corporate Debtor- 'M/s. Today Homes and Infrastructure Pvt. Ltd.'. Company Appeal (AT) (Insolvency) No. 1691 of 2023 and Company Appeal (AT) (Insolvency) No.331 of 2024 have been filed against the common order dated 05.12.2023 passed in IA No.3356 of 2020 and IA No.5001 of 2021. Company Appeal (AT) (Insolvency) No.336 of 2024 and Company Appeal (AT) (Insolvency) No. 337 of 2024 have been filed against the order dated 22.12.2023 passed in IA No. 4876 of 2020 and IA No.987/2021. 2. Company Appeal (AT) (Insolvency) No. 1691 of 2023 and Company Appeal (AT) (Insolvency) No.331 of 2024 arise out of the same facts and events which need to be noted separately whereas facts giving rise to Company Appeal (AT) (Insolvency) No.336 of 2024 and Company Appeal (AT) (Insolvency) No. 337 of 2024 are common and shall be noted separately. Company Appeal (AT) (Insolvency) No. 1691 of 2023 and Company Appeal (AT) (Insolvency) No. 331 of 2024 3. It shall be sufficient to refer facts and pleadings in Company Appeal (AT) (Insolvency) No. 1691 of 2023 for deciding both the Company Appeal (AT) (Insolvency) No. 1691 of 2023 and Company Appeal (AT) (Insolvency) No.331 of 2024. The Respondents- Mor....
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....y for consideration of Rs.40,00,00,000/-, developer assigned all the rights, obligations, responsibilities and interest in the entire Floor Space Index (FSI) totalling to 8,00,000 sq. ft. to the Corporate Debtor. The rights and obligations in favour of the developer was transferred to the Corporate Debtor as per Development Agreement dated 03.03.2007. The DTCP issued a License No.77 of 2010 to the owners with New India as collaborator for development of the IT Park on area admeasuring 12.55 acres. The Sole Arbitrator as per Consent Award dated 05.09.2009 after obtaining the license on 11.10.2010 by order dated 12.10.2010 directed the joint receivers to handover the possession of the said land to the developer. The Sole Arbitrator- Ms. Usha Mehra recused herself on 08.09.2014 and thereafter under the order of the High Court, Justice R.M. Lodha was appointed as Arbitrator vide order dated 27.11.2015. Further dispute between the developer and owners arose. Sole Arbitrator Justice R.M. Lodha held his first sitting on 11.01.2016. Supplementary statement of claims and claims by the owners were filed before the Arbitrator. Sole Arbitrator heard the parties. An award was delivered by sole ....
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.... 2021 by which application owners sought a direction to the Resolution Professional to exclude the project land ad-measuring 10.81 acres situated in Village Behrampur from the proposed Resolution Plan. 3.2. All the aforesaid three IAs were heard by the Adjudicating Authority and by order dated 05.12.2023, Adjudicating Authority disposed all the three applications. The Adjudicating Authority in the impugned order after noticing three applications framed five issues. The first issue framed was "who has the actual physical possession of the land in dispute as on date and from which date, supporting documents in this regard shall be filed". The Adjudicating Authority held that the Resolution Professional could not place on record any evidence to show that the physical possession of the land in question was handed over to him and the Resolution Professional is in possession of the land. It was further observed that the issue of possession has to be decided by a Civil Court having jurisdiction on the basis of oral and documentary evidence and the Adjudicating Authority is not competent to decide the same. The Adjudicating Authority held that it cannot grant any relief as prayed for by....
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....n 06.01.2011, the Directorate of Town and Country Planning Department, Haryana issued a License dated 06.01.2011 in favour of the Respondent Nos.1 to 4 for setting up of a group housing colony. A supplementary Joint Collaboration Agreement dated 06.11.2015 was entered between the parties where parties entered into certain agreements. IA No.4876 of 2020 was filed by the Resolution Professional seeking direction against Respondent Nos.1 to 3 to handover the peaceful, vacant and peaceful physical possession area admeasuring 2.14 acres. It is also relevant to notice that in the CIRP of the Corporate Debtor, a Resolution Plan was submitted by the SRA- Consortium of Canary Greens Buyers Welfare Association, Callidora Flat Owners Welfare Association and Royal Elegancia Apartment Buyers Association which was approved by the CoC in its 12th meeting dated 16.08.2021 with 96.93% voting share and the application IA No.4876 of 2020 was filed by the Resolution Professional for approval of the plan is pending before the Adjudicating Authority. The Adjudicating Authority relying on its order dated 05.12.2023 passed in IA No.3356 of 2020, IA No.3629 of 2020 and IA No.5001 of 2021 took the view that....
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....ne. The developer obtained license from Directorate of Town and Country Planning, Haryana for the development of Residential as well as IT Park Land, in developer shares area of 10.81 acres, the developer has assigned its rights and obligations under the Development Agreement to the Corporate Debtor for consideration. The owners have also executed a Power of Attorney in favour of the corporate debtor and the corporate debtor on the land which is in the developer' shares has already constructed the project namely- 'Canary Greens' where several towers have already been constructed and allotments have been made to the homebuyers. It is submitted that the development rights which were given to the developers and assigned to the corporate debtor are right to property and the Resolution Professional was clearly entitled to take possession of the land on which development rights were granted. The Adjudicating Authority committed error in returning a finding that no document could be filed by the Resolution Professional to prove that the Resolution Professional is in possession of the area. It is submitted that there are sufficient documents on record to prove that it was Resolution Profes....
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....rs have rights. It is not open for the land owners who have given development rights over the entire land to claim that area 10.81 acres be excluded. It is submitted that the owners are in possession of their share of 10.81 acres. Arbitration award obtained by the owners on 09.12.2007 has already been put into execution by the owners which they are free to prosecute. 7. Adjudicating Authority committed error in observing that it had no jurisdiction to decide the possession. It is submitted that there being development rights in favour of the developer which has assigned to corporate debtor, it is the corporate debtor who has rights and obligations in the subject land which requires determination by the Adjudicating Authority and issue of development rights in the land cannot be decided dehorse the IBC proceedings and the Adjudicating Authority committed error in holding that it has no jurisdiction. 8. Shri Rajesh Kumar Gautam, Learned Counsel appearing for the owners in Company Appeal (AT) (Insolvency) No.331 of 2024 submits that the land is owned by the Appellant and is in their possession. The Corporate Debtor has failed to prove that it was in possession on the day of comm....
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....hat the authorised capital of the corporate debtor is Rs.60 Cr. and paid up capital is Rs.56.29 Cr., hence, how the corporate debtor can agree to issue equity shares of Rs.120 Cr. to developer in consideration of the developer selling the entire FSI of 8,00,000 sq. ft. of Group Housing Project to the Corporate Debtor. 9. Counsel for the Appellant in Company Appeal (AT) (Insolvency) No.336 of 2024 and Company Appeal (AT) (Insolvency) No. 337 of 2024 submits that the orders impugned in these two appeals are based on the order dated 05.12.2023 passed by the Adjudicating Authority in IA No.1691 of 2023 and IA No.331 of 2024. It is submitted that the order dated 05.12.2023 being not sustainable the orders which are subject matter challenge in this Appeal also deserves to be set aside. It is submitted that the land which is subject matter of these two Appeals being Company Appeal (AT) (Insolvency) No.336 of 2024 and Company Appeal (AT) (Insolvency) No. 337 of 2024 was also subject to Joint Collaboration Agreement dated 06.08.2010 between Respondent No.1 to Respondent No.3, Realtech Realtors Pvt. Ltd. and Jai Mata Realtors Pvt. Ltd. On 06.08.2010, an agreement was entered between Jai M....
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....l/ Corporate Debtor is in possession of area admeasuring 10.81 acres i.e. land in question? (iii) Whether Adjudicating Authority was not competent to decide the question of possession of subject land in which development rights was claimed by the corporate debtor and the question was required to be adjudicated only by a Civil Court? (iv) Whether subject land i.e. 10.81 acres was required to be excluded from the CIRP of the Corporate Debtor as prayed by owners in their IA No.5001 of 2021? (v) Reliefs, if any, to which the Appellants are entitled in these Appeals? 13. Before we enter into submissions of the Appellants and the issues as noted above, we need to notice the relevant Development Agreement, Special Power of Attorney, Consent Arbitration Award and other relevant materials which falls for consideration in the present Appeals. The first document which need to be noticed is the Development Agreement dated 03.03.2007 which was entered between the owners and M/s. New India City Developers Pvt. Ltd. (hereinafter referred to as Developer). M/s. New India City Developers Pvt. Ltd. has been referred to in the Agreement in following:- "M/S New I....
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....to the Developer the absolute right to develop the said property. Clause 2.1 is as follows:- "2. Deposit 2.1 In consideration of the owners granting to the Developer the absolute right to develop the said property the Developer agrees to pay to the Owners @ Rs. 10,00,000/-(Rupees Ten Lacs only) per acre total amounting to Rs. 3,52,05,000/- (Rupees Three Crore Fifty Two Lacs Five Thousand Only). payable to the respective constituent Owners as non-refundable amount and out of the said amount a sum of Rs. 1,97,40,000/- (Rupees One Crore Ninety Seven Lacs Forty Thousand Only) has already been received by the Owners from Jaimata Realtors Pvt. Ltd. at the time of signing of the erstwhile Development Agreement with M/s. Jaimata Realtors Pvt. Ltd., which the Developer herein has taken over the responsibility to refund to the said M/s Jaimata Realtors Pvt. Ltd. and a sum of Rs. 1,54,65,000/- (Rupees One Crore Fifty Four Lacs Sixty Five Thousand Only) is being paid at the time of execution of this agreement, and as fully described in annexure-D'annexed hereto the receipt whereof the constituent Owners and each of them do hereby admit and acknowledge Alongwith the above ....
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....l alone be responsible for the payment of the cost of Development or labour and other charges payable to such contractors, sub-contractors and the owners shall in no way be responsible for any failure or default of the developer. The owners shall only be entitled to sub- contract, development / construction in favour of contractors/sub-contractors as it deems fit with regard to the Owner's allocation. However any dispute or liability arising out of or in connection with the said development of the owner's allocation, the owner shall be exclusively liable for the same and shall indemnify and keep harmless the developer. The developer shall be bound to promote and develop the project as a Today Group Project." 20. Clause 9.3 deals with 'possession of scheduled land'. Clause 9.3 is as follows:- "9.3 Possession of Scheduled Land: That upon execution of this agreement, the Owner has handed over possession of the scheduled property to the Developer to enable the Developer to do various acts as may be required from time to time for commencing, development, marketing and completing the project and also to set up the site office." 21. The license being Licens....
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....to fulfill the requirements of notification dated 14.09.2006 issued by the Ministry of Environment & Forests, Govt. of India before starting the development works in the colony. 9. That you will use only CFL fittings for internal lighting as well as for campus lighting in the complex. 10. That you shall convey "Ultimate Power Load Requirement of the project to the concerned power utility, with a copy to the Director, with in two month period from the date of grant of licence to enable provision of site in your land for Transformers/Switching Station/ Electric Sub-Stations as per the norms prescribed by the power utility in the zoning plan of the project. 11. The licence is valid upto 11-2-2011. Dated Chandigarh" 22. In the present Appeals, we are only concern with the area which is meant for group housing project of 10.81 acres which fell in the developer's portion. Application was filed by the Resolution Professional with regard to the said area and application filed by the owners being IA No.5001 of 2021 was for excluding the area 10.81 acres from the CIRP of the corporate debtor. We have noticed above that due to certain disputes between th....
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....ued to the Corporate Debtor. Clauses 5, 7(a) & 7(c) provides as follows:- "5. To commence, Carry on and complete and/or cause to be commenced, carried out and complete Construction work on the said land in accordance with the license or sanctioned building plans and specifications whether amended or otherwise and carry out the terms and conditions as mentioned in the order, sanctioned plans, Commencement Certificate, layout plans etc. as the case may be. 7(a) To sell, transfer market, lease, license, construct, mortgage, dispose off, get delicensed, surrender or make any other arrangement with any third party/ies like Joint Venture in respect to the Developers allocation with respect to the share in the land/developed land/constructed areas thereupon with all facilities and amenities as is available thereto and as fully demarcated in colour Green (50% FSI) in the plan annexed hereto for the Group Housing Project and as fully demarcated in colour Blue (50% FSI) in the plan annexed hereto for the Cyber Park project and further empowered to deal with as above, 100% of the site falling under public area (community sites) like School, Hospital, Clubs, Facilities, entir....
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....1 to 4 in favour of New India & M/s. Today Homes & Infrastructure Private Limited can be acted upon and considered to be valid despite the fact that the land owners i.e. (Respondent No. 1 to 4) have revoked the said Power of Attorney vide Registered Deed No. 489 dated 30.08.2019. 3. Whether the Resolution Professional has the actual possession of the land in question." 28. Submissions of the parties at Paragraphs 20 to 27 have been noted. In paragraph 28, prayer of the Resolution Applicant to handover possession of Canary Greens admeasuring 10.81 acres was noted and Adjudicating Authority has observed that the Resolution Professional could not place on record any evidence to show that the physical possession of the land in question was handed over to him. Adjudicating Authority further observed that the issue of possession has to be decided by a Civil Court having jurisdiction on the basis of oral and documentary evidence and the Adjudicating Authority is not competent to decide the same. Paragraph 28 of the judgment of the Adjudicating Authority reads as follows:- "28. Be that as it may, the Resolution Applicant/Applicant, in this application has prayed for di....
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....o decide the same. We may observe that the Adjudicating Authority in framing issues in paragraph 20 has framed the issue "Whether the Resolution Professional has the actual possession of the land in question". When the application was filed by the Resolution Professional being IA No.3356 of 2020 seeking a direction to handover the possession, the question which was required to be framed by the Adjudicating Authority was as to whether the Resolution Professional was entitled to have possession of area admeasuring 10.81 acres. The question whether the Resolution Professional is in possession or actual possession of the land could have been incidence to decide the main question. We have noticed the Terms and Conditions of the Development Agreement dated 03.03.2007 where development rights were granted to the developer. We have also noted one of the terms of the Development Agreement i.e. Clause 7 where developer was bound to promote and develop the project as a Today Group Project and Clause 7 specifically empowers the developer to develop the project either independently or by appointing partners contractors, sub- contractors or other agencies. After the Consent Terms were noticed by....
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....ion Professional (RP) and I.A. No. 5001/2021 filed by the Owners. In I.A. No. 3356/2020 filed by the RP dated 18.11.2020, the RP pleaded that Corporate Debtor is erecting/constructing a group housing Project in the name of "Canary Greens" spread over 10.81 acres in Sector 73, Sohna Road. It was further pleaded that Owners by Development Agreement dated 03.03.2007, has transferred the subject land to New India City Developers Private Limited (Developer), and the Corporate Debtor has been transferred 8,00,000 sq. ft. residential for development/erecting housing Project on said land by Agreement dated 30.07.2010 entered between Developer and Corporate Debtor. Reference of irrevocable Power of Attorney dated 19.01.2010 executed by Owners in favour of Corporate Debtor was also made. After the appointment RP took steps for taking custody and control of the all assets including the land measuring 10.81 acres. On 11.08.2020, Owner dispossessed Applicant from the land, hence the Application was filed. In the Application, details, facts and events have been pleaded. It was pleaded that as per the Consent Award dated 05.09.2009, possession was handed over to the Developer. Reference of revoca....
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....ent dated 09.07.2020 to M/s Krishna Sahil Construction Private Limited to re-start/continue with the remaining work of Civil, Electrical, Internal Plumbing and Sanitary Work of Towers of the said Project. Thereafter, on 05.08.2020, the Applicant issued two work orders to the Contractor, one for the construction of non-tower area and another for Towers 2, 3, 4 & 8. Therefore, vide the said work orders, the Applicant requested the Contractor to resume and expedite the construction work of the said Project. However, the Project Management Consultant and Project/Legal team of the Corporate Debtor was advised to obtain pending approval/clearance, if any so that construction is actually started after obtaining the requisite approval/clearance. Copy of Letter of Intent dated 09.07.2020 alongwith work orders dated 05.08.2020 are annexed herewith and marked as ANNEXURE A-14 (COLLY). 24. That as the construction work of the Housing Project was pending for a considerable period, the area surrounding the Housing Project required cleanliness, upkeep and regular maintenance. Being so, certain cleaning/maintenance staff was engaged to carry out the said task. 25. That while the ....
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....cal possession of Canary Greens situated at Sector 73, Sohna Road, Gurugram and direction to Respondent No. 5 & 6 to assess the Applicant in restoring the peaceful, vacant and physical possession of the said land. The Registry is directed to issue notice to the respondents. RP is permitted to issue private notice to the respondents and file proof of service along with an affidavit on or before the next date of hearing. List the matter on 28th August, 2020. It is submitted by the Counsel for the Resolution Professional that the Corporate Debtor has right of developing a housing project at Canary Greens admeasuring an area of 8 lac Sq. Feet in terms of the agreement with New India dated 30.07.2010 and irrevocable power of attorney dated 20.01.2010 executed by the owners/Respondent No. 1 to 4 in favour of the Corporate Debtor. He further submitted that Respondent No. 1 to 4 have entered into the project site without any right and have interfered with peaceful possession and construction of the Corporate Debtor which is in violation of the provisions of IBC particularly Section 14, as the Corporate Debtor has been undergoing CIR process since 31.10.2019. In the circumstances, ....
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....ict Gurugram in the State of Haryana in respect of the Canary Greens Project. 11.2. That the Corporate Debtor only had the Development rights of the Project on the basis of Power of Attorney dated 19.01.2010 issued by the Applicants/Land Owners in favour of the Corporate Debtor, however, the said Power of Attorney stands revoked on 30.08.2019 i.e. much prior to the admission of Application filed by the Operational Creditor under Section 9 on 31.10.2019 and the Corporate Debtor has already filed a Civil Suit No.CS/3694 of 2019 before the Civil Judge Sr. Division Gurugram and the said Civil Suit is pending. Further, even, as admitted by the Resolution Professional in the Rejoinder dated 30.09.2020 at Page-13 in Para-(h), this Hon'ble Tribunal does not exercise appropriate jurisdiction to decide the issue of cancellation or rights of the parties." 37. In the Application I.A. 5001/2021, Applicant prayed for following relief: "17. In view of the facts and submissions mentioned/made herein above, the Applicant prays for the following reliefs: a. The Resolution Professional be directed to exclude the Project Land admeasuring 10.81 acre situated in estate of V....
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....ifications given by the RP 1. Who has the actual physical possession of the land in dispute as on date and from which date, supporting documents in this regard Shall be filed The undersigned, after being appointed as RP of THIPL vide order of this Hon'ble Tribunal dated 09th January, 2020, obtained the physical possession of the Canary Greens Project Land from the IRP Mr. Deepak Bansal. However, the representatives of the erstwhile land owners dispossessed the undersigned of the project land on 11.08.2020. The undersigned therefore filed an IA bearing number IA/3356/2020 before this Hon'ble Tribunal and that vide order dated 24.08.2020, this Hon'ble Tribunal issued directions to the DM, Gurugram and Commissioner of Police, Gurugram to ensure that the landowners do not interfere in the peaceful possession of the RP on the project site land and further directed to provide due protection and assistance to the RP. In compliance of the said directions, the possession of the project land was handed back to the undersigned with the assistance of SHO, Badshahpur Police Station on 02.09.2020. In this regard, a letter dated 02.09.2020 was written by the RP to the local district ....
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.... (iii) tangible assets, whether movable or immovable; (iv) intangible assets including intellectual property; (v) securities including shares held in any subsidiary of the corporate debtor, financial instruments, insurance policies; (vi) assets subject to the determination of ownership by a court or authority; Explanation.-For the purposes of this 1[section], the term "assets" shall not include the following, namely:- (a) assets owned by a third party in possession of the corporate debtor held under trust or under contractual arrangements including bailment; (b) assets of any Indian or foreign subsidiary of the corporate debtor; and (c) such other assets as may be notified by the Central Government in consultation with any financial sector regulator." 41. The materials on the record makes it clear that there is no dispute regarding Ownership of the land of the Mordhwaj Singh & Ors. The Corporate Debtor has not claimed any Ownership Right on the land. The claim raised by RP in I.A.3356/2020 was on basis of Development Right granted to the Corporate Debtor. The Application 3356/2020 in detail traces how the Development ....
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....orate Debtor constitute Property. In Para 38 of the Judgment following was laid down: "38. From the sequence of events narrated above and the terms and conditions contained in the agreements entered into by the parties, it is more clear than a crystal that a bundle of rights and interests were created in favour of the corporate debtor, over the immovable property in question. The creation of these bundle of rights and interests was actually for a valid consideration. But for the payment of such consideration, Energy Properties would not even have become the owner of the property in dispute. Therefore, the development rights created in favour of the corporate debtor constitute "property" within the meaning of the expression under Section 3(27) IBC. At the cost of repetition, it must be recapitulated that the definition of the expression "property" under Section 3(27) includes "every description of interest, including present or future or vested or contingent interest arising out of or incidental to property". Since the expression "asset" in common parlance denotes "property of any kind", the bundle of rights that the corporate debtor has over the property in question would ....
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....rate Debtor has claimed Development Rights on the basis of documents and materials as has been detailed in I.A. 3356/2020. 48. The Issue No. 2, which was framed by the Hon'ble Supreme Court in above case was noted in Paragraph 41, which is as follows: "Issue 2 41. The main ground of attack of the appellants to the impugned orders of the NCLT and Nclat is that by virtue of the Explanation under Section 18 of the Code and also by virtue of the judicial pronouncements, the disputes between the corporate debtor and the third-party lessee/licensee are not amenable to the jurisdiction of the authorities under the Code." 49. The Hon'ble Supreme Court has approved the decision of NCLT and NCLAT in the above case, in holding that the possession of the Corporate Debtor of the Property need to be protected. In Paragraph 53 of the Judgment, following has been laid down: "53. Therefore, NCLT as well as Nclat were right in holding that the possession of the corporate debtor, of the property needs to be protected. This is why a direction under Regulation 30 had been issued to the local district administration." 50. Following is the ratio which can be culled out....
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.... claim filed by Developer and the Reply and response given by the Owners. In the said award, the question of possession of Developer was addressed. The findings were returned by the Arbitrator that Claimant i.e., Developer was put in actual physical possession of the entire land on 12.10.2010. In fact, the Arbitrator has noted the pleading of the Owners in which pleading it was mentioned that Claimant was put in possession on 12.10.2010. Although the Claimant has not done any development work in the land falling in the shares of Owners till date. Para 40 of the Award is as follows: "40. The Respondents, in the Counter Claim have asserted that the Claimant is under obligation to develop the entire portion of property falling in the share of Owners/ Respondents being 17.093 acres of the total land i.e. 50% of 21.637 acres of Group Housing Project and 50% of 12.55 Acres of IT Park/ Cyber Park. With reference to Clause 8 of the Consent Award and Clause 4.1 of the agreement, the Respondents averred that the Claimant was put in possession on 12.10.2010 but Claimant has not done any development work on the land falling in the share of the Respondents till date and consequently th....
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....Rights of the Corporate Debtor under the Development Agreement by the Civil Court. The view of the Adjudicating Authority that it has no jurisdiction to decide the issue of possession is contrary to the law declared by Hon'ble Supreme Court in `Victory Iron' (Supra). Hon'ble Supreme Court has clearly affirmed the Orders of the NCLT and NCLAT where possession of the RP with regard to asset in which Corporate Debtor had Development Rights was protected, which Orders were affirmed. 59. It is further relevant to notice that it is the case of the Owners that assets having been made part of the Resolution Plan which is been already approved by the Committee of Creditors (CoC). The Owners in the I.A. 5011/2021 has prayed for excluding the assets from the Resolution Plan. It was thus necessary for the Adjudicating Authority to decide the question as to whether assets i.e., land 10.81 acres have rightly been included in the Resolution Plan or they should be kept out of the Resolution Process. The decision regarding it being part of the assets of the Corporate Debtor or not is essential to be decided in CIRP Process and Adjudicating Authority committed error in observing that said issues ....
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.... have to be decided by a Competent Civil Court having Jurisdiction." 64. Comp. App. (AT) (Ins.) No. 337/2024, has been filed by the RP challenging the Order of the same date i.e., 22.12.2023 passed in I.A. 987/2021. I.A. 987/2021 was filed by Owners of the land, prayers in the I.A. has been noted in Paragraph 1 of the Order, which is as follows: "1. The present Application has been filed by Mr. Nilesh Sharma, Resolution Professional of the Corporate Debtor, the Applicant on 20.02.2021 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016 before this Adjudicating Authority, for seeking the following reliefs: "a) Allow the present application; b) Direct the Respondent herein to handover the peaceful, vacant and physical possession of portion of land measuring 9.675 acres bearing Rect. No. 5 Killa No. 23 (8-0), Rect No. 9 Killa No.8 (7-8), Killa No. 19/1 (5-2), Killa No. 13/1 (5-11), Killa No. 15/1 (0-10), Killa No. 17/3 (1-16),Killa No. 3(8-0), Killa No. 4/1 (5-8), Killa No. 7 (8-0), Killa No. 12 (4-5), Killa No. 13/2 (2-9), Killa No. 14/1 (6-17), Killa No. 18/1 (7-19), Killa No. 20/1/1 (5-7) and Rect N....
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....covered by Collaboration Agreement dated 06.08.2010 between R-1 to R-3, Realtech Realtors Private Limited and Jaimata Realtors Private Limited. By Agreement dated 06.08.2010 executed between Jaimata Realtors Private Limited in favour of the Corporate Debtor, on consideration of Rs.110 Crores out of which Rs.105 Crores was paid immediately rights of Jaimata Realtors Private Limited were transferred to Corporate Debtor. General Power of Attorney was executed on 06.08.2010 by Owners in favour of the Corporate Debtor, license was obtained from Directorate of Town and Country Planning and on the subject land, the Corporate Debtor had constructed Projects namely Callidora and Royal Eligncia Project with 8 Towers having more than 650 Flats which construction started since 2010. From the materials brought on the record in I.A. filed by the RP being I.A. No. 4876/2020, which is brought on the record as Annexure A-14 relevant pleadings by the RP, details of joint Collaboration Agreement, General Power of Attorney, a separate Agreement between Jaimata Realtors Private Limited and the Corporate Debtor. Area of 10.3 acres fell in the share of the Corporate Debtor. There is a reference of supple....