17th November, 2025 Approval of Resolution Plan - Raghupati Construction Private Limited [IA Plan No. 5/2024 in CP (IB) No. 39/ALD/2023] (976.91 KB)
IA (Plan) No.05 /2024 IN CP (IB) NO.39/ALD/2023 Page 1 of 73 IN THE NATIONAL COMPANY LAW TRIBUNAL, ALLAHABAD BENCH, PRAYAGRAJ
IN THE NATIONAL COMPANY LAW TRIBUNAL
IA Plan NO.5/2024 IN CP (IB) NO.39/ALD/2023
[Application filed by Resolution Professional under section 30(6) of the
Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for
Corporate Persons) Regulations, 2016, and order passed under Section 31(1) of
the Code.]
IN THE MATTER OF:
Mr. Kunwarpreet Singh
Resolution Professional of M/s Raghupati Constructions Private Limited
Address: 77, Ground Floor, Sant Nagar, South Delhi, New Delhi-110065
Email id: singhkunwar2012@gmail.com
………Applicant
Versus
NASA CONSORTIUM
Represented by its Lead Member
Mr. CDR Shiv Dev Singh Narania
Address: P-346, Sector-21, Nodia, Uttar Pradesh
Email id: shivdev_narani@rediffmail.com
………Respondent
AND IN THE MATTER OF:
Avargreen Organic Foods Private Limited
………. Financial Creditor
Versus
M/s Raghupati Construction Private Limited
………. Corporate Debtor
Order Pronounced On: 03rd November, 2025
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Coram: Mr. Praveen Gupta
: Member (Judicial) Mr. Ashish Verma
:
Member (Technical)
Appearances:
Sh. Sunil Fernandes, Sr. Adv.
: For the Applicant/RP,
Assisted by Sh. Shivanshu kumar Mr. Kunwarpreet Singh,
with Ms. Anshika Verma, Advs.
present in person
Sh. Dinkar Singh, Adv.
: For the SRA ORDER 1. The present interlocutory application having IA. No. 05/2024 was filed on 02.12.2024 on behalf of Mr. Kunwarpreet Singh, Resolution Professional (“hereinafter referred to as Applicant/RP”) of the Corporate Debtor, M/s Raghupati Construction Private Limited under the provisions of Sections 30(6) of the Insolvency & Bankruptcy Code, 2016 [hereinafter referred to as “Code” or “IBC”] read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“hereinafter referred to as CIRP Regulations”) for approval of the Resolution Plan in respect of Raghupati Construction Private Limited. (“hereinafter referred to as Corporate Debtor”). 2. The underlying Company Petition CP (IB) No.39/ALD/2023 filed by M/s Avargreen Organic Foods Private Limited (Financial Creditor) under
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Section 7 of the Code for initiation of Corporate Insolvency Resolution
Process (“CIRP”) against the Corporate Debtor, was admitted by this
Adjudicating Authority vide its order dated 19.10.2023 (“Admission
Order”) and appointed Mr Kunwarpreet Singh as IRP and Moratorium
under section 14 of the IBC came into effect from the date of admission
order, and thus commencing the CIRP of the Corporate Debtor.
3.
It is submitted that in compliance of the order dated 19.10.2023, the
Applicant made a Public Announcement in Form A on 22.10.2023 in two
newspapers namely i.e., Financial Express (English Edition) and Janwani
Meerut (Hindi Edition) for inviting claims from the creditors of the
Corporate Debtor, in terms of Regulation 6(1) of the Insolvency and
Bankruptcy Board of India (Insolvency Resolution Process for Corporate
Persons) Regulations, 2016 ("CIRP Regulations") and the last date of
submission of claim was mentioned as 02.11.2024. A copy of FORM A
published by the Applicant has been annexed as ANNEXURE A-2 with this
Application.
4.
Pursuant to the public announcement, the Applicant received, verified, and
collated claims, and accordingly constituted the CoC on 13.11.2023, with
M/s Avargreen Organic Foods Private Limited as the sole member.
Subsequently, in light of the acceptance of new claims from the creditors,
the CoC was reconstituted on 27.03.2024, 30.04.2024, and 10.06.2024,
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respectively. The composition and voting share of the reconstituted CoC as
on the date of this application are as follows:
S
No.
Name of the Financial
Creditor
Amount
Claimed (In
Rs.)
Amount
Admitted
(In Rs.)
Voting
Share %
1
Avargreen Organic Foods
Private Limited
1,06,75,000
1,00,00,000 34.02
2
Mr
Virendra
Maurya,
Authorised
Representative
of
the
Financial Creditors in a
class
13,85,53,550 1,93,95,000 65.98
TOTAL 14,92,28,550 2,93,95,000 100%
The RP convened the 1st meeting of the COC on 20.11.2023, wherein the
Applicant, with 100% voting of the CoC, was unanimously decided to
continue as the Resolution Professional (hereinafter referred as the “RP”)
of the Corporate Debtor and the same was approved by this Tribunal vide
order dated 22.12.2023.
6.
The RP submits that a total of 14 CoC meetings have been held during the
whole CIRP period.
EVALUATION AND VOTING
7.
The RP appointed Registered Valuers for determining the fair market value
and liquidation value of the assets of the Corporate Debtor. Forensic
Auditor was also appointed by the RP for conducting the forensic as well
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as transaction audit of the Corporate Debtor, who has submitted his detailed
report with RP, and on the basis of the same, the RP has filed a PUFE
application under Section 43 of the Code vide I.A. No. 626 of 2024.
8.
In the 4th CoC meeting held on 09.04.2024, the CoC approved the
exclusion of the CIRP period of the Corporate Debtor for 173 days w.e.f
25.10.2023 to 15.04.2024, due to non-cooperation on the part of the
suspended management of the Corporate Debtor. Subsequently, the RP
filed an application bearing I.A. No. 215 of 2024 before this Tribunal,
which was allowed by this Tribunal vide Order dated 15.04.2024,
excluding the said period in completion of CIRP.
9.
In the 5th CoC meeting held on 03.05.2024, the RP presented the
Information Memorandum (IM), prepared on the basis of available records
in accordance with section 29 of the Code and Regulation 36 of the CIRP
Regulations, to the CoC members. Upon receipt of additional information,
the IM was subsequently updated on 05.05.2024, 19.06.2024, 03.07.2024,
22.08.2024, 19.09.2024, 25.09.2024, 09.10.2024, and 21.10.2024. In the
same meeting, the CoC approved the draft of eligibility criteria under
section 25 of the Code for submission of EOI and publication of Form-G.
The Applicant published FORM-G on 10.05.2024 in two newspapers,
namely Financial Express (English Language) and Jansatta (Hindi
Language), inviting Expressions of Interest (“EOI”) from eligible
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Prospective Resolution Applicants (“PRAs”) for submission of resolution
plans in respect of the Corporate Debtor as per the provisions of Section
25(2)(h) of the Code.
10. In the 6th COC meeting, held on 06.06.2024 and 14.06.2024, the CoC
approved the Request for Resolution Plan (RFRP), including the
parameters of the Evaluation Matrix, amount of Performance Guarantee
and Earnest Money deposit (EMD). Thereafter, as per Regulation 36A(10)
of the CIRP regulations, RP issued a provisional list of PRAs on
04.06.2024, and the same became the final list on 19.06.2024 as no
objection was received. These PRAs are as under:
a.
M/s Zapstar Construction and Realty Private Limited
b.
Consortium of Mr. Saurav Arora & M/s Aquatar Homes and
Developers Private Limited
c.
NASA (Consortium of CDR Shiv Dev Singh Narania, Naveen
Kumar Jain, Anand Prakash and Ankur Chauhan)
d.
Consortium of M/s Resurgent Property Ventures Private Limited
and M/s Nodia Cyber Park Private Limited
e.
Consortium of M/s We Commit Projects and Ventures Private
Limited and Sanjay Jain
-
From the above list of PRAs, the RP received only three resolution plans from the PRAs namely M/s Zapstar Construction and Realty Private Limited, Consortium of M/s We Commit Projects and Ventures Private
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Limited and Sanjay Jain (“Consortium of M/s We Commit”) and NASA (Consortium of CDR Shiv Dev Singh Narania, Naveen Kumar Jain, Anand Prakash and Ankur Chauhan) (“NASA Consortium”) on 02.09.2024. 12. In the 9th CoC meeting held on 05.09.2024, the resolution plans submitted by above mentioned three PRAs were opened and identified that one of the PRAs, namely M/s Zapstar Construction and Realty Private Limited, failed to submit EMD of Rs. 10 Lakhs in accordance with the terms of RFRP. Consequently, in the 10th CoC meeting, held on 14.09.2024, the CoC resolved to disqualify M/s Zapstar Construction and Realty Private Limited from the resolution process of the Corporate Debtor. 13. In the 11th CoC meeting held on 26.09.2024, the RP informed the CoC that the appointed professional agency, i.e., M/s JMVD Legal, had submitted its Section 29A report wherein both the PRAs, i.e., Consortium of M/s We Commit and NASA Consortium, were compliant as per Section 29A of the Code. However, certain observations/issues were identified and communicated to PRAs for necessary clarification and modifications in the resolution plans submitted. 14. Further in the said meeting, CoC unanimously gave an extension of 5 days to the remaining two PRAs who submitted a valid Resolution Plans and also found Section 29A compliant, for addressing the discrepancies and
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extended the timeline for submission of the resolution plan to 08.10.2024
in the 12th CoC meeting held on 03.10.2024.
15. In the 12th CoC meeting held on 03.10.2024, the CoC unanimously
approved the extension of the CIR Process of the Corporate Debtor for 60
days, as the period of 180 days was going to expire on 05.10.2024.
16. As per the decision taken in the 12th COC meeting, the RP filed an
application bearing I.A. No. 514 of 2024 before this Tribunal seeking
extension of 60 days beyond 180 days of the CIRP. This Tribunal vide order
dated 10.01.2025 extend the CIRP period till 04.12.2024.
17. In pursuance of the extension granted, both the PRAs submitted the revised
resolution plan on 08.10.2024. Thereafter, the revised plans were discussed
in the 14th CoC meeting held on 16.10.2024 and 21.10.2024 and were kept
for e-voting, starting from 24.10.2024 at 04:00 PM till 27.10.2024 at 04:00
PM and accordingly circulated the results of e-voting to the CoC through
email dated 16.10.2024. The CoC approved the Resolution Plan with 100%
votes submitted by the Resolution Applicant, namely NASA (Consortium
of CDR Shiv Dev Singh Narania, Naveen Kumar Jain, Anand Prakash and
Ankur Chauhan). The approved resolution for the submitted resolution
plans, along with the voting result, is reproduced below:
“SUMMARY OF THE DECISION TAKEN BY THE MEMBERS OF
THE
COMMITTEE
OF
CREDITORS
OF
RAGHUPATI
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CONSTRUCTION PRIVATE LIMITED FOR THE RESOLUTIONS WHICH WERE PROPOSED FOR VOTING DURING THE FOURTEENTH MEETING OF COMMITTEE OF CREDITORS OF RAGHUPATI CONSTRUCTION PRIVATE LIMITED HELD ON WEDNESDAY, THE 16th DAY OF OCTOBER, 2024 AND ADJOURNED MEETING HELD ON MONDAY, THE 21st DAY OF OCTOBER, 2024, AT 5:00 P.M. Item No. Particulars Decision taken by the CoC Approved /Rejected Approved (% of Voting Share) Rejected (% of Voting Share) Not Voted (% of Voting Share) 06. To ratify the CIRP expenses incurred till date Approved 100% 0 0 9A. To Approve the Resolution Plan Submitted by NASA (Consortium of CDR Shiv Dev Singh Narania, Naveen Kumar Jain, Anand Prakash and Ankur Chauhan) Approved 100% 0 0 9B. To Approve the Resolution Plan Submitted by Consortium of M/s We Commit Projects and Venture Private Limited and Sanjay Jain Rejected 0 100% 0 10A To approve the estimated liquidation cost Rejected 0 100% 0 10B To approve the plan providing for contribution for meeting out the difference between the estimated liquidation cost and estimated value of liquid asset as per Rejected 0 100% 0
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regulation 39b (3) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 10C To approve the sale of corporate debtor as a going concern Rejected 0 100% 0 10D Fixation of fee of liquidator Rejected 0 100% 0
(*) The percentage reflects the voting share of the CoC member who have not voted S. No . Name of the CoC Member % of Voting Share Item No.06 Item No.9A Item No.9 B Item No.10 A Item No.10 B Item No.10 C Item No.10 D 1. Avargreen Organic Foods Private Limited 34.02 ✓ ✓ x x x x x 2. Mr. Virendra Maurya (Authorized Representat ive of Financial Creditor in a class i.e., Real Estate Allottees) 65.98 ✓ ✓ x x x x x
Total 100%
✓ Indicates approval X Indicates rejection N Indicates not voted/Abstained ”
-
RP has submitted a compliance Certificate in terms of the prescribed “Form H” under regulation 39 (4) of the CIRP Regulations, which was also filed
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before this Tribunal as Annexure-15 at page 452-470 of the instant
application.
19. As per the FORM H, the average fair value of the Corporate Debtor is at
Rs. 13,18,42,324, and the average liquidation value of the Corporate
Debtor is at Rs. 10,23,88,234.
Details of Resolution Plan/Payment Schedule
20. The Successful Resolution Applicant, i.e., NASA Consortium (hereinafter
referred to as “SRA Consortium”) submitted the Resolution plan through a
joint venture consisting of CDR Shiv Dev Singh Narania, the lead member
of the Consortium, Mr. Naveen Kumar Jain, Mr. Anand Prakash and Mr.
Ankush Chauhan. The members of the SRA Consortium are reputed
professionals with extensive experience in the real estate and construction
sector. Their technical expertise includes a team of engineers, financial and
legal professionals, safety officers, industry experts, supervisors, and
contractors, possessing strong knowledge of the real estate market,
particularly in Meerut and Western Uttar Pradesh. The Consortium also
maintains a robust network of potential investors and strategic consultants.
Overview of the Successful Resolution Applicant is given at page 205
(Clause 2 of the Resolution Plan) and pages 207, 208 and 209 (Clause 5 of
the Resolution Plan) of the present application.
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-
The SRA Consortium, in its Clause 7 of the Resolution Plan, has identified the cause of default as arising from delays and non-completion of the “Kalindi Kunj” project at Roorkee Road, Meerut, undertaken by the Corporate Debtor for the development of residential and commercial plots in accordance with the scheme approved by the development authority. Despite partial completion and substantial collections of money from allottees, the project remained incomplete, leading to the accumulation of operational and statutory liabilities. The default is primarily attributed to internal disputes among directors and key managerial personnel, along with several unresolved project-related issues such as road remetalling, temple construction, main gate reconstruction, sewage and STP installation, rainwater harvesting, and other development works within Shanti Nagar Colony and Shanti Nagar II. These challenges, compounded by liquidity constraints and unsound business practices, led to financial distress and the eventual initiation of the CIRP against the Corporate Debtor.
-
The SRA Consortium proposed to make a payment of a total amount of Rs.14.88 crores towards the settlement of the dues of creditors of the Corporate Debtor. The details of the proposed payments in the resolution plan are as under: -
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S. No. Financial outlay Amou nt Claim ed Admitted Amount by RP Amount under verification Proposed Amount to be paid (in lakh) % of Amount proposed in the Resolution Plan Timeline
Priority Payment (100%)
CIRP Cost (Estimated)
75 100% CIRP costs be paid at actuals in full and in priority to any claim of any other creditors on the approval date. 2. Settlement of Financial Creditors 1003. 49 100
100 100% 100% amount of FC in accordance with the time frame as set out below 3. Settlement of the Liabilities of Financial Creditors in a Class 1385. 53 193.95
193.95 100% 100% Amount of FC in a class in accordance with the time frame as set out below. 4. Settlement of the liabilities of Operational Debts. 1316. 15 1133.18
1019.86 90% 90% Amount of OC in a class in accordance with the time frame as set out below. 5. Contingency fund
(100.00)
Shall be paid in terms of the resolution plan.
Total 3705. 17 1427.13 0 1488.81
-
As per Point 10 of the addendum dated 19.10.2024, it is clarified by the SRA consortium that they shall infuse additional funds for payment of the CIRP cost, if the actual unpaid CIRP cost exceeds the provision made by the SRA consortium under the resolution plan.
-
The SRA consortium shall contribute a minimum sum of Rs. 5 Cr. for improvising the business operations after payment of all creditors under the resolution plan and within a time frame of 365 days from the NCLT Approval Date.
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The SRA consortium has proposed a contingency fund of Rs. 1 crore in settlement of the disputed claims in I.A. 89 of 2024. Estimated Total Amount Proposed to be brought in the Corporate Debtor for the turnaround of the Corporate Debtor:
S.
No
Particulars
Amount (In Rs.)
A. CIRP Cost
75,00,000
B. Upfront cash payment to the Unsecured
Financial Creditors to be paid within 30 working
days
from
the
effective
date
(25% of the admitted claim of Rs. 1 Crore)
25,00,000
C. Upfront cash payment to the Operational
Creditors to be paid within 30 working days
from
the
effective
date
(90% of the admitted claim of Rs. 1.019 crore is
to be paid, out of which 25% is to be paid as
upfront)
2,54,96,639.32
D. Total Upfront Cash Payment as part of
Resolution Plan (A+B+C+D+E)
4,03,45,389.32
E. Deferred Payment to be paid to the Unsecured
Financial
Creditors
(Remaining Amount of the admitted claim in 5
75,00,000
[5*15,00,000]
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monthly equal instalments commencing after 30 days of upfront payments) F. Deferred Payment to be paid to the Operational Creditors (Remaining Amount of the admitted claim in 5 monthly equal instalments commencing after 30 days of upfront payments) 7,64,89,917.97 [5*1,52,97,983.6] G. Payment to be made to the Unsecured Financial Creditors in class (The RA proposes to offer settlement of 100% of the amount admitted by Resolution Professional pertaining to Financial Creditors in a Class in full settlement of their dues aggregating to Rs. 193.95 Lacs. The RA has proposed to offer to provide ready/developed plot in the project "Kalindi Kunj" as booked by them in accordance with terms of Builder Buyer Agreement or alternatively refund of their total admitted claim by RP along with simple interest @8% per annum in accordance with the provision of this resolution plan. (Ref PART-B, Clause 4.3 of this Resolution Plan) NOTE: (As per the addendum dated 19.10.2024) It is clarified that the term ready/developed plots mean the plots with boundary walls and proper passage which includes road metalling near the 1,93,95,000
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respective plot and other basic amenities as approved under the sanction plan by the concerned authority. It is also clarified that the allottee(s) who wish to take the refund shall be granted simple interest @8% per annum from the date of the allottee exercising the right for the refund till the date of actual payment by the RA, which shall not exceed the payment schedule as provided under the Resolution Plan.) H. Statutory Dues
I. Workmen/Employees
J. Contingent Claims
1,00,00,000
K. Payment to outside party (C+D+E+F+G+H)
10,85,36,167.97
L. Working
capital
(Development/construction
cost for project)
5,00,00,000
M. Total Fund Required(G+H+I)
19,88,81,557.29
Term and Implementation of the Plan 23. As per the Resolution Plan, the upfront payments proposed to the Operational Creditors, Financial Creditors, and other stakeholders shall be made by the SRA Consortium within T + 30 days, while the deferred
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payments to all stakeholders shall be completed within T + 180 days, where
‘T’ denotes the date of approval of the Resolution Plan by this Tribunal.
24. Further, the SRA Consortium, in Clause 2.2, Appendix 2 of Part B of the
Resolution Plan, has stipulated that the overall implementation period of
the said plan shall be T + 190 days.
Sources of Funds
25. As stated in the Resolution Plan, the SRA consortium submits that they
have sufficient financial strength, with surplus funds parked in both
movable and immovable assets, enabling it to meet its commitments
under the Resolution Plan.
26. Further, upon achieving upfront payments on the Effective Date, the
SRA consortium intends to monetise the unsold inventory of the
Corporate Debtor and recover the outstanding dues from the financial
creditors in a class, the proceeds of which shall be utilised towards
payments envisaged under the Resolution Plan. Additionally, the
Consortium Members have arranged for raising unsecured loans from
their family and relatives to ensure the timely fulfilment of payment
obligations under the Resolution Plan.
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-
For better clarification on the availability of the sources of funds during the hearing on 02.09.2025, the Ld. Sr. Counsel representing the Applicant/RP as well as Applicant/RP in person sought a short accommodation to file an affidavit preferably in the shape of a table with respect to the total inflow of the amount infused as well as the outflow of the amount spent to meet the cost of the construction in completion of the project by giving specific matrix and parameters, so as to ascertain the financial viability of the project in terms of its implementation.
-
In compliance with the said order, the Applicant, through an affidavit, having Dairy No. 1984 dated 06.10.2025, clarified the SRA consortium’s availability and source of funds for meeting the commitments of the Resolution Plan. The relevant table is reproduced below:
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Treatment of Unsecured Financial Creditors in Class, i.e. Allottees
29. It is stated that under Appendix 2, Part B- Financial proposal, particularly
in Clause 4.3 relating to the claims of allottees, the treatment of the
allottees’ interests shall be addressed as outlined below:
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“4.3 FINANCIAL CREDITORS IN A CLASS (PROPOSED SETTLEMENT) As per the information memorandum, the total amount of the admitted claims pertaining to Financial Creditors in a Class (Unit Buyers) is for a sum of Rs. l93.95 Lacs. It is submitted that on the basis of the perusal of the information memorandum, the resolution professional has accepted a total claim from a total number of l0 allottees. Besides, it is stated that the resolution professional has also received other claims from a total number of 23 other claimants. However, out of the said claims, the resolution professional has rejected 5 (Nos) of Claims for a total amount of Rs. 90.85 Lacs as rejected and balance number of claims aggregating to 18 in Nos as being treated by the Resolution Professional in the category of Contingent Claims for an amount of Rs. 1100.73 Lacs. It is also noticed by RA that the List of the Allottees as shared by the Resolution Professional along with Information Memorandum on the basis of the records of the corporate debtor with regard to the total number of Unit Buyers updated as at 19.10.2023 (i.e. commencement of corporate insolvency resolution process) also confirms that there are total number of Unit Buyers of 10 in number(s) with a combined sale value of Rs. 405.25 lacs and total received amount of Rs. 193.50 Lacs. It is noted that all such claims as evidenced from the record of the corporate debtor have already been accepted by the resolution professional and the further claims as being received by the resolution professional are outside the records of the corporate debtor. Therefore, the RA proposes to deal with the claims of other FC in a Class (Unit Buyers as per following details).
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Proposed Settlement of the Liabilities of Financial Creditors in a Class:
Total
Amount
Claimed
(In Lacs)
Total
Amount
Admitted by
RP (In Lacs)
Amount Kept by
RP under
Contingent
Claim
(Rs. In Lacs)
Rejected by
RP
(Rs. In Lacs)
Settlement Amount
Offered by RA
1385.53
193.95
1100.73
90.85
100% as per details
given below to the
extent of the amount
as
admitted
by
Resolution
Professional of Rs.
193.95 Lacs as per
details
provided
hereunder.
Sr. No. Total Settlement Amount (In Rs.) Treatment as Proposed in the Resolution Plan 1. 1,93,50,000/- or Rs. 193.95 (In Lacs). 100% of the Financial Obligations of the Corporate Debtor towards FC in a Class (Real Estate Allottees) to be met by the Resolution Applicant in either of the following manner. Allotment of the respective developed plot in the project "Kalindi Kunj" to the Allottees/FC in a Class without any escalation in the price. Alternatively complete payment of the amount paid by the respective allottees along with simple interest @ 8% in case of refund by the company or option exercised
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by the respective unit buyer in view of the circumstances as described below. 4.3.1 BRIEF OF THE ABOVE SETTLEMENT PROPOSAL TO FC IN A CLASS: 4.3.1.2 RA will adhere to the commitments made by Corporate Debtor to provide the fully developed plot(s) to the Claimants (FC in a Class) in settlement of their claim. It is however submitted that in case of Unit Buyer(s) who have not paid their respective due amount to the Corporate Debtor within the agreed/stipulated period as contained in their respective allotment letter/agreement to sell/builder buyer agreement etc. etc. at any time before commencement of CIRP i.e. 19.10.2023. Meaning thereby those home buyers/unit buyer(s) were in default in making payment to the corporate debtor prior to commencement of CIRP i.e. 19.10.2023 as per agreed time schedule. These home buyer(s) shall only be paid an amount of 100% of the principal amount as paid by them. These unit buyer(s) shall not be allotted by the corporate debtor on account of their payment default to the corporate debtor. 4.3.1.3 It is however proposed that the other unit buyer(s) shall be provided units at their contractual value without any escalation in their sales pricing by CD. However, no delay penalty/interest towards delayed possession or otherwise shall be provided by RA in such a case whether in accordance with the provisions of RERA/terms of BBA or as otherwise provided in any other law. The obligations towards providing their booked units shall be completed by RA within a maximum period of 1 year. In case of any delay in providing the delivery and possession of their booked units within such time, a delay penalty of Rs. 1000/- per sq. yards per annum (to be calculated on the basis
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of their respective booked plot size) shall be payable by RA to such allottees. In case of delay less than one year or beyond one year, the above penalty shall be calculated on the basis of no of months delay (fully completed months) proportionately. However, RA submits that the total period of delivery of such a developed plot to such respective allottees shall not exceed a period of 2.5 years in any case from the date of approval of this resolution plan by Hon'ble NCLT. 4.3.1.4 In case such unit buyer(s), at their option, does not desire to seek the possession /delivery of their apartments, the RA agrees to provide a refund of 100% of their actual amount paid by them as per below given time schedule. Payment Schedule It is submitted that all refund of the principal and interest amount as proposed herein above shall be paid to the FC in a Class (Unit Buyers) as per the following time schedule. a) 25% Amount of the Admitted Claim by the Resolution Professional pertaining to FC in a Class to be paid within a period of 30 days of approval of the resolution plan by Hon'ble NCLT b) Remaining Payments amounting to 75% of the amount due to the respective Financial Creditor(s) in a Class in accordance with the terms of the Resolution Plan be paid in 5 monthly equal installments commencing after 30 days of upfront payments.
4.3.2 PROVISION IN CASE OF UNIT BUYERS WILLING TO TAKE DELIVERY OF THEIR BOOKED UNITS.
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It is submitted herein that in case of unit buyer(s) opting to choose the delivery/possession of their units, the unit buyer(s) shall be obliged to pay their respective due amount towards the corporate debtor in 4 monthly equal installments commencing after 30 days of approval of resolution plan by Hon'ble NCLT. It is submitted that in case of delay in payment of respective installments by Unit Buyers, a penal charge calculated @8% simple interest per annum shall be applicable in such a case. Provided further that in case, there is a default by any unit buyer(s) for payment of their monthly installments consecutively for a period of 2 months, the right of such unit buyer(s) to receive the possession/delivery/ownership of the unit shall be forfeited and such buyer(s) shall only be entitled for refund of their actual amount paid to the corporate debtor. Such amount shall be paid to such defaulting unit buyer(s) within a period of 120 days from the date of occurrence of default by these home buyers in making payments to CD. It is also submitted that in all such cases, a revised Builder Buyer Agreement shall be executed by and between CD and such home buyer(s) in place of existing builders buyers agreement setting out the new terms and conditions as proposed herein under the resolution plan for dealing with the interest of the unit buyers. It is submitted that the corporate debtor shall not be obliged to seek RERA Registration in case of existing bookings and current project being undertaken by CD. Any further sales / new launch in the project shall only be liable for RERA Registration.”
Compliance of the Resolution Plan under various provisions of the Code:
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-
The Applicant has submitted the details of various compliances as envisaged by the Code and the CIRP Regulations, which a Resolution Plan is required to adhere to as follows: (a) Compliance with Section 30(2) of the Code: Sr. No. Description/Requirement Section/Regulation Details/how dealt with in the Resolution Plan i. An affidavit to be submitted in Appendix X of this Resolution Plan stating that the Resolution Applicant and its Connected Persons are eligible under Section 29A of the Code Section 29A and Section 30(1) of the Code Refer to Annexure A of the affidavit dated 06.10.2025 (Dairy No. 1984) ii. Provide for payment of insolvency process costs and in priority to any other creditor. Section 30(2)(a) of the Code Refer to Part B, Clause 4.1 of the resolution plan. The resolution applicant undertakes to pay the complete/unpaid dues towards the CIRP Cost as approved by the
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committee of creditors. In case any amount of the Interim finance has been raised by the resolution professional for defrayment of CIRP Cost, the RA undertakes to pay the same along with interest, if any. iii. Provides for payment of debts of operational creditors in such a manner which shall not be less than-
i.) Amount to be paid to such creditors in the event of liquidation of the corporate debtor under Section 53;
ii.) Amount that would have been paid to such creditors if the amount would be distributed under the resolution Section 30(2)(b) of the Code and Regulation 38(1) of the CIRP Regulations Refer to Part B, Clause 4.7 of the resolution plan.
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plan has been distributed in order of priority in Section 53(1). iv. Mechanism regarding management and control of the business of the Corporate Debtor during the term of the Resolution Plan/ after approval of the Resolution Plan Section 30(2)(c) of the Code and Regulation 38(2) (b) of CIRP Regulations Refer to Part C, Clause 1.2, 1.3 of the resolution plan. v. Term of the Resolution Plan and its implementation schedule Section 30(2) (d) Regulation 38(2)(a) of CIRP Regulation Refer to Part C, Clause 1 of the resolution plan. vi. Adequate mechanism/ means for implementation and supervision of the Resolution Plan Section 30(2)(d) of Code and Regulation 38(2) (c) of CIRP Regulations Refer to Part C, Clause 1.3 of the resolution plan. vii. Declaration to the effect that the Resolution Plan is not in contravention of provisions of the Applicable Laws and confirms to such other requirements as may be specified by the Board Section 30(2)(e) and Section 30(2) (f) of IB Code Refer to Part A, Clause 9.1.2 of the resolution plan.
(b) Measures provided in Resolution Plan in terms of Regulation 37 of CIRP Regulations.
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Sr. No. Description/Requirement Section/Regulation Details/how dealt with in the Resolution Plan i. Any proposed transfer of all or part of the assets of the corporate debtor to one or more persons. Regulation 37 (a) of CIRP Regulations Not Applicable ii. Any proposed sale of all or part of the assets whether subject to any security interest or not Regulation 37 (b) of CIRP Regulations Not Applicable iii. restructuring of the corporate debtor, by way of merger, amalgamation and demerger Regulation 37 (ba) of CIRP Regulations Not Applicable iv. Any proposed substantial acquisition of shares of the corporate debtor, or the merger or consolidation of the corporate debtor with one or more persons Regulation 37 (c) of CIRP Regulations Refer to Part C, Clause 1.2.2(A) of the resolution plan. iv. Any proposed cancellation of any shares of the corporate debtor Regulation 37 (ca) of CIRP Regulations Refer to Part A, Clause 5.4.2 (iii) of the resolution plan. v. Any proposed satisfaction or modification of any security interest Regulation 37 (d) of CIRP Regulations Refer to Part B, Clause 4.2 of the resolution plan.
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vi. Any proposed curing or waiving of any breach of the terms of any debt due from the Corporate Debtor Regulation 37 (e) of CIRP Regulations Refer to Part D of the resolution plan, which contains the other reliefs and concessions vii. Any proposed reduction in the amount payable to the creditors Regulation 37 (f) of CIRP Regulations The amount payable to the creditors of the Corporate Debtor shall be paid in accordance with the details as set out under Part B of the resolution plan.
viii. Any proposed extension of a maturity date or a change in interest rate or other terms of a debt due from the corporate debtor; Regulation 37 (g) of CIRP Regulations Not Applicable ix. Any proposed amendment of the constitutional documents of the corporate debtor Regulation 37 (h) of CIRP Regulations Refer Part C, Clause l.2.2(A) of the resolution plan.
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x. Any proposed issuance of securities of the Corporate Debtor, for cash, property, securities, or in exchange for claims or interests, or other appropriate purpose; Regulation 37 (i) of CIRP Regulations The RA submits that existing shares of the corporate debtor shall stand cancelled, and RA shall subscribe to new shares of the Corporate Debtor at the face value of Rs. 10/- each. This will be subscribed to the new shares of the Corporate Debtor in its own name or affiliates. xi. Any proposed change in portfolio of goods or services produced or rendered by the corporate debtor Regulation 37 (j) of CIRP Regulations N.A. xii. Any proposed change in technology used by the corporate debtor Regulation 37 (k) of CIRP Regulations N.A. xiii. List and status of necessary approvals from the Central/ State Regulation 37 (l) of CIRP Regulations Refer to Part D of the resolution plan.
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Governments and other authorities
(c) Mandatory contents of Resolution Plan in terms of Regulation 38(1) of CIRP Regulations: Sr. No. Description/Requirement Section/Regulation Details/how dealt with in the Resolution Plan i. Provides for payment of debts of operational creditors in priority over financial creditors. Regulation 38(1)(a) of the CIRP Regulations Refer to Part B, Clause 4.7.2 of the resolution plan. ii. The amount payable under a resolution plan
(b) to the financial creditors, who have a right to vote under sub-section (2) of section 21 and did not vote in favour of the resolution plan, shall be paid in priority over financial creditors who voted in favour of the plan Regulation 38(1)(b) Refer to Part B of the resolution plan at Sr.No.4.2.3
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iii. A statement as to how the Resolution Applicant has dealt with the interests of all stakeholders, including financial creditors and operational creditors of the Corporate Debtor in the Resolution Plan Regulation 38(lA) of CIRP Regulations Refer to Part B, Clause 3 of the Resolution Plan. iv. A statement as regards to failure, if any, in implementation or contribution to failure of implementation with any other resolution plan approved by the Adjudicating Authority in the past by the resolution applicant or any of its related parties. Regulation 38(1B) of the CIRP Regulations Refer to PART A Clause 9.1.1 of the resolution plan.
v. Term of the Resolution Plan and its implementation schedule Regulation 38(2)(a) of CIRP Regulation Refer to Part C, Clause 1 of the resolution plan. vi. Mechanism regarding management and control of the business of the Corporate Debtor during the term of the Resolution Regulation 38(2) (b) of CIRP Regulations Refer to Part C, Clause 1.2, 1.3 of the resolution plan.
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Plan/ after approval of the Resolution Plan vii. Adequate mechanism/ means for implementation and supervision of the Resolution Plan Regulation 38(2) (c) of CIRP Regulations Refer to Part C, Clause 1.3 of the resolution plan. viii. Manner in which proceedings in respect of avoidance transactions, if any, under Chapter III or fraudulent or wrongful trading under Chapter VI of Part II of the Code, will be pursued after the approval of the resolution plan and the manner in which the proceeds, if any, from such proceedings shall be distributed Regulation 38(2) (d) of CIRP Regulations Refer to Part A, Clause 9.2(j) of the resolution plan. ix. addresses the cause of default Regulation 38 (3a) of CIRP Regulations Refer to Part A, Clause 9.1.4(i) of the resolution plan.
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x. is feasible and viable; Regulation 38 (3b) of CIRP Regulations Refer to Part A, Clause 9.1.4(ii) of the resolution plan. xi. has provisions for its effective implementation; Regulation 38 (3c) of CIRP Regulations Refer to Part C, Clause 1.2 of the resolution plan. xii has provisions for approvals required and the timeline for the same; and Regulation 38 (3d) of CIRP Regulations Refer to Part A, Clause 9.1.4(iii) of the resolution plan. xiii The resolution applicant has the capacity to implement the resolution plan Regulation 38 (3e) of CIRP Regulations Refer to Part A, Clause 9.1.4(iv) of the resolution plan.
Details of the Monitoring Committee:
31. The composition of the Monitoring Committee shall be as per clause 1.3 of
Part C of the Resolution Plan (Page 250 of the paper book), reproduced as
under:
“i. Chairperson: The present Resolution Professional / Any Other
Independent Resolution Professional/An Independent Professional being
a Chairperson of the Monitoring Committee.
ii Members of the Resolution Applicant: There shall be 2 (Two)
Authorised Representatives duly appointed by the Resolution Applicant.
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iii Authorised Representative on behalf of the Operational Creditor.
iv Authorised Representative on behalf of the Financial Creditor in class
(Homebuyers).”
32. The fees and expenses related to the Monitoring Committee, including the
fee of the RP acting as the Monitoring Professional, as well as costs
incurred for meetings of the Committee, shall be borne by the SRA
Consortium and mutually agreed upon between the SRA Consortium and
the Monitoring Committee.
33. It is envisaged that the Monitoring Committee shall be paid a monthly
remuneration of Rs. 1 lakh. Additionally, the Monitoring Professional shall
be entitled to reimbursement of actual out-of-pocket expenses incurred
during the implementation period of the Resolution Plan.
34. The term of office of the Monitoring Committee shall be T+190 days as
envisaged in Clause 2.2 of the Resolution Plan (Implementation Schedule
of the Resolution Plan), where ‘T’ denotes the date of approval of the
Resolution Plan by this Tribunal.
35. The Applicant submits that the SRA Consortium has submitted affidavits
in regard to the eligibility under section 29A of the Code, as required by
Regulation 39(1)(a) of the CIRP Regulations. However, during the hearing
on 02.09.2025, the SRA consortium undertook to file a separate affidavit
with respect to the compliance with provisions of Section 29A, particularly
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all of its sub-clauses, including sub-clause (j), with respect to all the members of the consortium and was accordingly granted one week’s time to do so. 36. In compliance with the order dated 02.09.2025, the SRA consortium, through an affidavit, having Diary No. 1984 dated 06.10.2025, submitted revised Section 29 A affidavits, annexed as Annexure A, at page no. 7-26 of the said affidavit. The relevant paras of the affidavits submitted by the members of the SRA Consortium are reproduced thereunder: - “i) Ankur Chauhan I, Ankur Chauhan, son of Shri R.L. Singh Chauhan, aged about 40 years, currently residing at House No. R-36, Khirki Extension, Malviya Nagar, New Delhi 110017 and having Aadhaar number 3173 5259 4762, one of the Consortium Member of NASA (The Consortium) having registered office at P-346, Sector-21, Noida, Gautam Buddha Nagar, Uttar Pradesh 201301 ("Resolution Applicant"), do solemnly affirm and state to the Committee of Creditors ("CoC") of the Raghupati Construction Private Limited ("Corporate Debtor") and the Resolution Professional of the Corporate Debtor ("RP") as follows:
-
I hereby unconditionally state, submit and confirm that the document is true, valid and genuine.
-
I hereby unconditionally state, submit and confirm that We are not disqualified from submitting a Resolution Plan in respect of the Corporate Debtor, pursuant to the Insolvency and Bankruptcy Code, 2016 ("Code").
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I hereby state, submit and declare that none of (a) us being the Resolution applicant: (b) any other person acting jointly or in concert with us; (c) any person who is a promoter and/er in the management and/or control of the Resolution Applicant; (d) any person who shall be the promoter and/or in management and/or control of the business of Raghupati Construction Private Limited during complementation of the Resolution Plan; and/or (e) the holding company, subsidiary company, associate company or related party of any person referred to in (c) and/or (d). (a) is an undischarged insolvent; (b) is a wilful defaulter in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949; (c) at the time of submission of the resolution plan a person who, (i) has an account which has been classified as non-performing asset in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 or the guidelines of a financial sector regulator issued under any other law for the time being in force, or (ii) controls or manages or is the promoter of a corporate debtor whose account has been, classified as non-performing asset in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 or the guidelines of a financial sector regulator issued under any other law for the time being in force; and such classification has continued for a period of one year or more from the date of such. classification till the date of commencement of the corporate insolvency resolution process of
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any of the Corporate Debtor and all such overdue amounts along with interest, costs and charges thereon has not been fully repaid at the time of submission of resolution plan (d) has been convicted for any offence punishable with imprisonment: (v) for two years or more under any Act specified under the Twelfth Schedule of the Code and two years have not passed from the date of release from such imprisonment; or (vi) for seven years or more under any law for the time being in force and two years have not passed from the date of release from such imprisonment; (e) is disqualified to act as a director under the Companies Act. 2013; (f) is prohibited by the Securities and Exchange Board of India from trading in securities or assessing the securities markets: (g) has been a promoter or in the management or control of a corporate debtor in which a preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction has taken place and in respect of which an order has been made by the Adjudicating Authority under this Code(other than preferential transaction, undervalued transaction, extortionate credit action or fraudulent transaction which has taken place prior to the acquisition of the corporate debtor by the Resolution Applicant pursuant to a resolution plan approved under the Code or pursuant to a scheme or plan approved by a financial sector regulator or a court, and the Resolution Applicant has not otherwise contributed to the preferential transaction,
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undervalued transaction, extortionate credit transaction or fraudulent transaction); (h) has executed a guarantee in favour of a creditor in respect of a corporate debtor against which an application for insolvency resolution made by such a creditor has been admitted under this Code and such guarantee has been invoked by the creditor and remains unpaid in full or part; (i) is subject to any aforesaid conditions under any law in a jurisdiction outside India. (j) has a connected person not eligible under clauses (a) to (i) 4. That the Resolution Applicant unconditionally and irrevocably represents, warrants and confirms that it is eligible under the terms and provisions of the Code and the rules and regulations thereunder to submit a resolution plan and that it shall provide all documents, representations and information as may be required by the RP or the CoC to substantiate to the satisfaction of the RP and the CoC that the Resolution Applicant is eligible under the Code and the rules and regulations thereunder to submit a resolution plan in respect of the Corporate Debtor. ………
ii) CDR Shiv Dev Singh Naraina I, CDR Shiv Dev Singh Narania, son of Dhanantar Singh Narania, aged about 66 years, currently residing at P-346, Sector-21, Noida, Gautam Buddha Nagar, Uttar Pradesh-201301 and having Aadhaar 9576 8956 5489, on behalf of NASA (The Consortium) having registered office at P-346, Sector-21, Noida, Gautam Buddha Nagar, Uttar Pradesh 201301 ("Resolution Applicant")
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pursuant to authorization of the Board of the Resolution Applicant dated 01.10.2024 (as enclosed herewith), do solemnly affirm and state to the Committee of Creditors ("CoC") of the Raghupati Construction Private Limited ("Corporate Debtor") and the Resolution Professional of the Corporate Debtor ("RP") as follows:
-
That I am duly authorized and competent to make and affirm the instant affidavit for and on behalf of the Resolution Applicant in terms of power of attorney dated 01.10.2024. I hereby unconditionally state, submit and confirm that the document is true, valid and genuine.
-
We hereby unconditionally state, submit and confirm that We are not disqualified from submitting a Resolution Plan in respect of the Corporate Debtor, pursuant to the Insolvency and Bankruptcy Code, 2016 ("Code").
-
We hereby state, submit and declare that none of (a) us being the Resolution applicant: (b) any other person acting jointly or in concert with us; (c) any person who is a promoter and/er in the management and/or control of the Resolution Applicant, (d) any person who shall be the promoter and/or in management and/or control of the business of Raghupati Construction Private Limited during complementation of the Resolution Plan; and/or (e) the holding company, subsidiary company, associate company or related party of any person referred to in (c) and/or (d). (a) is an undischarged insolvent;
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(b) is a wilful defaulter in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949; (c) at the time of submission of the resolution plan a person who, (i) has an account which has been classified as non-performing asset in accordance with the guidelines of the Reserve Bank India issued under the Banking Regulation Act, 1949 or the guidelines of a financial sector regulator issued under any other law for the time being in force, or (ii) controls or manages or the promoter of a corporate debtor whose account has been, classified as non- performing asset in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 or the guidelines of a financial sector regulator issued under any other law for the time being in force; and such classification has continued for a period of one year or more from the date of such. classification till the date of commencement of the corporate insolvency resolution process of any of the Corporate Debtor and all such overdue amounts along with interest, costs and charges thereon has not been fully repaid at the time of submission of resolution plan (d) has been convicted for any offence punishable with imprisonment: (v) for two years or more under any Act specified under the Twelfth Schedule of the Code and two years have not passed from the date of release from such imprisonment; or
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(vi) for seven years or more under any law for the time being in force and two years have not passed from the date of release from such imprisonment; (e) is disqualified to act as a director under the Companies Act. 2013; (f) is prohibited by the Securities and Exchange Board of India from trading in securities or assessing the securities markets; (g) has been a promoter or in the management or control of a corporate debtor in which a preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction has taken place and in respect of which an order has been made by the Adjudicating Authority under this Code(other than preferential transaction, undervalued transaction, extortionate credit action or fraudulent transaction which has taken place prior to the acquisition of the corporate debtor by the Resolution Applicant pursuant to a resolution plan approved under the Code or pursuant to a scheme or plan approved by a financial sector regulator or a court, and the Resolution Applicant has not otherwise contributed to the preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction); (h) has executed a guarantee in favour of a creditor in respect of a corporate debtor against which an application for insolvency resolution made by such a creditor has been admitted under this Code and such guarantee has been invoked by the creditor and remains unpaid in full or part;
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(i) is subject to any aforesaid conditions under any law in a jurisdiction outside India. (j) has a connected person not eligible under clauses (a) to (i) 4. That the Resolution Applicant unconditionally and irrevocably represents, warrants and confirms that it is eligible under the terms and provisions of the Code and the rules and regulations thereunder to submit a resolution plan and that it shall provide all documents, representations and information as may be required by the RP or the CoC to substantiate to the satisfaction of the RP and the CoC that the Resolution Applicant is eligible under the Code and the rules and regulations thereunder to submit a resolution plan in respect of the Corporate Debtor. ……..
iii) Naveen Kumar Jain 1, Naveen Kumar Jain, son of Jugmander Dass Jain, aged about 65 years, currently residing at G-62, Meenakshi Puram. Mawana Road, Meerut, Incholi, Meerut, Uttar Pradesh 250001 and having Aadhaar number 9398 3133 6323, one of the Consortium Member of NASA (The Consortium) having registered office at P-346, Sector-21, Noida, Gautam Buddha Nagar, Uttar Pradesh - 201301 ("Resolution Applicant"), do solemnly affirm and state to the Committee of Creditors ("CoC") of the Raghupati Construction Private Limited ("Corporate Debtor") and the Resolution Professional of the Corporate Debtor ("RP") as follows:
-
I hereby unconditionally state, submit and confirm that the document is true, valid and genuine.
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I hereby unconditionally state, submit and confirm that We are not disqualified from submitting a Resolution Plan in respect of the Corporate Debtor, pursuant to the Insolvency and Bankruptcy Code, 2016 ("Code").
-
1 hereby state, submit and declare that none of (a) us being the Resolution applicant: (b) any other person acting jointly or in concert with us; (c) any person who is a promoter and/er in the management and/or control of the Resolution Applicant; (d) any person who shall be the promoter and/or in management and/or control of the business of Raghupati Construction Private Limited during complementation of the Resolution Plan; and/or (e) the holding company, subsidiary company, associate company or related party of any person referred to in (c) and/or (d). (a) is an undischarged insolvent; (b) is a wilful defaulter in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949; (c) at the time of submission of the resolution plan a person who, (i) has an account which has been classified as non-performing asset in accordance with the guidelines of the Reserve Bank India issued under the Banking Regulation Act, 1949 or the guidelines of a financial sector regulator issued under any other law for the time being in force, or (ii) controls or manages or the promoter of a corporate debtor whose account has been, classified as non- performing asset in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 or the guidelines of a financial sector regulator issued under any
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other law for the time being in force; and such classification has continued for a period of one year or more from the date of such. classification till the date of commencement of the corporate insolvency resolution process of any of the Corporate Debtor and all such overdue amounts along with interest, costs and charges thereon has not been fully repaid at the time of submission of resolution plan (d) has been convicted for any offence punishable with imprisonment: (v) for two years or more under any Act specified under the Twelfth Schedule of the Code and two years have not passed from the date of release from such imprisonment; or (vi) for seven years or more under any law for the time being in force and two years have not passed from the date of release from such imprisonment; (e) is disqualified to act as a director under the Companies Act. 2013; (1) is prohibited by the Securities and Exchange Board of India from trading in securities or assessing the securities markets; (g) has been a promoter or in the management or control of a corporate debtor in which a preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction has taken place and in respect of which an order has been made by the Adjudicating Authority under this Code(other than preferential transaction, undervalued transaction, extortionate credit action or fraudulent transaction which has taken place prior to the acquisition of the corporate debtor by the
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Resolution Applicant pursuant to a resolution plan approved under the Code or pursuant to a scheme or plan approved by a financial sector regulator or a court, and the Resolution Applicant has not otherwise contributed to the preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction); (h) has executed a guarantee in favour of a creditor in respect of a corporate debtor against which an application for insolvency resolution made by such a creditor has been admitted under this Code and such guarantee has been invoked by the creditor and remains unpaid in full or part; (i) is subject to any aforesaid conditions under any law in a jurisdiction outside India. (j) has a connected person not eligible under clauses (a) to (i) 4. That the Resolution Applicant unconditionally and irrevocably represents, warrants and confirms that it is eligible under the terms and provisions of the Code and the rules and regulations thereunder to submit a resolution plan and that it shall provide all documents, representations and information as may be required by the RP or the CoC to substantiate to the satisfaction of the RP and the CoC that the Resolution Applicant is eligible under the Code and the rules and regulations thereunder to submit a resolution plan in respect of the Corporate Debtor. …….
iv) Anand Prakash 1, Anand Prakash, son of Shri Lal Singh Verma, aged about 56 years, currently residing at 548 B, Shipra Sun City, Indirapuram,
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Ghaziabad, Uttar Pradesh - 201014 and having Aadhaar number 2536 2879 7813, one of the Consortium Member of NASA (The Consortium) having registered office at P-346, Sector-21, Noida, Gautam Buddha Nagar, Uttar Pradesh 201301 ("Resolution Applicant"), do solemnly affirm and state to the Committee of Creditors ("CoC") of the Raghupati Construction Private Limited ("Corporate Debtor") and the Resolution Professional of the Corporate Debtor ("RP") as follows:
-
I hereby unconditionally state, submit and confirm that the document is true, valid and genuine.
-
I hereby unconditionally state, submit and confirm that We are not disqualified from submitting a Resolution Plan in respect of the Corporate Debtor, pursuant to the Insolvency and Bankruptcy Code, 2016 ("Code").
-
I hereby state, submit and declare that none of (a) us being the Resolution applicant: (b) any other person acting jointly or in concert with us; (c) any person who is a promoter and/er in the management and/or control of the Resolution Applicant; (d) any person who shall be the promoter and/or in management and/or control of the business of Raghupati Construction Private Limited during complementation of the Resolution Plan; and/or (e) the holding company, subsidiary company, associate company or related party of any person referred to in (c) and/or (d). (a) is an undischarged insolvent; (b) is a wilful defaulter in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Aci, 1949;
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(c) at the time of submission of the resolution plan a person who, (i) has an account which has been classified as non-performing asset in accordance with the guidelines of the Reserve Bank India issued under the Banking Regulation Act, 1949 or the guidelines of a financial sector regulator issued under any other law for the time being in force, or (ii) controls or manages or the promoter of a corporate debtor whose account has been, classified as non- performing asset in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 or the guidelines of a financial sector regulator issued under any other law for the time being in force; and such classification has continued for a period of one year or more from the date of such. classification till the date of commencement of the corporate insolvency resolution process of any of the Corporate Debtor and all such overdue amounts along with interest, costs and charges thereon has not been fully repaid at the time of submission of resolution plan (d) has been convicted for any offence punishable with imprisonment: (v) for two years or more under any Act specified under the Twelfth Schedule of the Code and two years have not passed from the date of release from such imprisonment; or (vi) for seven years or more under any law for the time being in force and two years have not passed from the date of release from such imprisonment; (e) is disqualified to act as a director under the Companies Act. 2013;
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(f) is prohibited by the Securities and Exchange Board of India from trading in securities or assessing the securities markets; (g) has been a promoter or in the management or control of a corporate debtor in which a preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction has taken place and in respect of which an order has been made by the Adjudicating Authority under this Code(other than preferential transaction, undervalued transaction, extortionate credit action or fraudulent transaction which has taken place prior to the acquisition of the corporate debtor by the Resolution Applicant pursuant to a resolution plan approved under the Code or pursuant to a scheme or plan approved by a financial sector regulator or a court, and the Resolution Applicant has not otherwise contributed to the preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction); (h) has executed a guarantee in favour of a creditor in respect of a corporate debtor against which an application for insolvency resolution made by such a creditor has been admitted under this Code and such guarantee has been invoked by the creditor and remains unpaid in full or part; (i) is subject to any aforesaid conditions under any law in a jurisdiction outside India. (j) has a connected person not eligible under clauses (a) to (i) 4. That the Resolution Applicant unconditionally and irrevocably represents, warrants and confirms that it is eligible under the terms and provisions of the Code and the rules and regulations
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thereunder to submit a resolution plan and that it shall provide all
documents, representations and information as may be required
by the RP or the CoC to substantiate to the satisfaction of the RP
and the CoC that the Resolution Applicant is eligible under the
Code and the rules and regulations thereunder to submit a
resolution plan in respect of the Corporate Debtor.
……”
37. The SRA Consortium has also given an undertaking vide affidavit dated
01.10.2024, wherein SRA has provided that every information and record
provided in the resolution plan is true and correct. The relevant extract of
the undertaking is reproduced below:
“…….
k) has provided all information and data during this Resolution
Plan Process, in a manner that is true, correct, accurate and
complete and no such information, data or statement provided by
the Resolution Applicant is inaccurate or misleading in any
manner; and….”
38. The Applicant/RP has filed a Compliance Certificate in the prescribed
Form, i.e. Form ‘H’ dated 23.11.2024, in compliance with Regulation 39(4)
of the CIRP Regulations. The SRA has furnished a performance security of
Rs. 75,00,000/-, which was initially deposited as EMD along with the EOI
through RTGS transfer.
Details on Management and Implementation as per the Resolution Plan.
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-
The Resolution Plan also provides for details of management and control, implementation, supervision and term of the Resolution Plan, which is set out in Part C of the Resolution Plan under the head “Part C- Other terms of the Resolution Plan”.
Waivers, Reliefs and Exemptions -
The SRA has sought/ prayed for the reliefs, waivers and concessions as enumerated under Part D of the Resolution Plan approved by the CoC. The essential reliefs in the form of directions, being sought from this Tribunal, are reproduced as under: “2.1 Direct the appropriate statutory authorities (including Income Tax and GST) and associate companies to refund any and all such deposits and advances made by the Corporate Debtor, up to the NCLT Approval Date, on or before the Effective Date. 2.2 The Resolution Applicant has prepared this Resolution Plan with a view to maximize the value of the assets of the Corporate Debtor to resolve insolvency and improve utilization of such resources (in line with the legislative mandate of the Code). It is imperative that necessary directions be granted by the NCLT to the relevant Governmental Authority to grant the concessions, waivers and reliefs set out herein above, which directions are reasonable and just, in view of the present condition of the business of the Corporate Debtor.
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2.3 In the event the directions and reliefs prayed for are denied or rejected by the Adjudicating Authority, the same will have an adverse impact on the business condition of the Corporate Debtor, its stakeholders and inter alia is likely to result in failure of the Resolution Plan to resolve insolvency. 2.4 It is hereby clarified that unless a direction/statement in this Resolution Plan is specifically denied or rejected by the Adjudicating Authority, the same shall be deemed to have been granted.”
- Further reliefs sought under Clause 1 of Part D of the Resolution plan are reproduced as under: Sr. No. Relief and/or Concessions and Approvals Sought Competent Authority/ Courts/ Government/ Semi Government Authority for relief sought
- Any licenses and approvals held by the
Corporate Debtor, which have expired
prior to the NCLT approval Date shall
be renewed/extended by the relevant
Governmental Authorities, and the
Corporate Debtor shall be permitted to
continue to operate its business and
assets until the renewal/extension of
such licenses and approvals. The
relevant Governmental Authorities will
provide a reasonable period of time, not
being less than 1 year, after the
Effective Date in order for the
Resolution Applicant to;
Relevant Government Authorities such as UP RERA, Meerut Development Authority etc.
Note: The Resolution Applicant has not indicated any specific government authority with respect to this relief.
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i) assess the status of licenses and
approvals required by the Corporate
Debtor and to procure that the
Corporate Debtor applies for the same;
and
ii) regularize any non- compliances
under the Applicable Law (including
non-registration.
inadequate/non-
stamping of documents as required
under Applicable Law) existing prior to
NCLT approval Date.
02. The relevant Governmental Authorities
shall
not
initiate
any
investigations/actions or proceedings
in relation to any non-compliance with
Applicable Law by the Corporate
Debtor during the period prior to the
NCLT approval Date. Neither shall the
Resolution
Applicant,
nor
the
Corporate Debtor nor their respective
directors, officers and employees
appointed on and as of Effective Date
be liable for any violation, liabilities,
penalties or fines with respect to or
pursuant to the Corporate Debtor not
having in place any requisite licenses
and approvals required to undertake its
business as per Applicable Law, or any
non-compliances of Applicable Law by
the Corporate Debtor. Further, the
relevant Governmental Authorities will
provide a reasonable period of time
after the NCLT approval Date, not
being less than 1 year, for the
Resolution Applicant to assess the
status of any non-compliances under
the Applicable Laws including and to
procure that the Corporate Debtor
regularizes
such
non-compliances
Relevant
Government
Authorities such as UP
RERA,
Meerut
Development Authority,
Registrar of Companies
etc.
Note: The Resolution Applicant has not indicated any specific government authority
Page 54 of 73
under the Applicable Law existing prior to the NCLT approval Date. 03. Meerut Development Authority/UPRERA shall provide a completion certificate to the Project "Kalinid Kunj" upon payment of applicable charges, if any thereon without charging any dues & penalty thereon. Meerut Authority/UPRERA Development 04. RA may also apply to the Government Authority(ies) including but not limited to Meerut Development Authority and/or Uttar Pradesh Real Estate Regulatory Authority for additional FAR, if available and additional business activities, if any, as may be required to be carried out in the best possible interest of the corporate debtor and other stakeholders. In addition, any extra permissible FAR shall be granted by MDA to the project/RA upon receipt of normal charges for such FAR (without penal charges). Similarly, any revision in the lay-out of a project shall be allowed by the development authority without charging any penalty / penal charges. However, the normal charges for such revision shall be paid by RA. Meerut Development Authority/ UPRERA and any other Competent Authority 05. RA may also change the name of the corporate debtor from its current name "Raghupati Construction Private Limited' to 'GP Homes Promoters and Developers Private Limited and/or any other name proposed by RA
Similarly, RA may also change the name of the project being developed by the corporate debtor from 'Kalindi Kunj' to 'GP Homes and/or any other Meerut Development Authority, UPRERA and Registrar of Companies.
Page 55 of 73
name proposed by RA at its option for be marketing of the project. In such a case, the MDA/RERA shall accord its approval to such change without charging any additional fee(s) in the matter. 06. The Corporate Debtor shall be exempted from taking approvals from the relevant Governmental Authority under the Applicable Law for sale/disposal of any of its assets owned by the Corporate Debtor, which is non- core to its business or necessary for the revival of the Corporate Debtor. The RA agrees to comply with applicable laws. In case, any relief as sought by RA is not in accordance with the law. In case in the opinion of resolution professional/COC/Adjudicating Authority any relief sought in the resolution plan is not in accordance with the provisions of law, the RA may withdraw the relief as sought in the matter. Relevant Governmental Authority
Note:
The
Resolution
Applicant
has
not
indicated any
specific
government
authority
07. The Department of Registration and
Stamps of the relevant state and the
Ministry of Corporate Affairs shall
exempt the Resolution Applicant and
the Corporate Debtor, from the levy of
stamp duty and fees applicable in
relation to this Resolution Plan and the
transactions contemplated herein and
implementation.
The concerned State Revenue/ Stamp
Authorities are requested to waive
penalties for any non-registration, any
inadequate/
non-stamping
of
the
documents executed by the Corporate
Debtor included but not limited to the
documents in connection with the
The
Department
of
Registration and Stamps
of the relevant state and
the Ministry of Corporate
Affairs
Page 56 of 73
implementation of this Resolution Plan. 08. Notwithstanding the terms of the relevant agreements with the suppliers/ customers of the Corporate Debtor as the case may be, the Adjudicating Authority shall direct that the prior approval of the counter parties shall not be required to be separately obtained for change in control/constitution of the Corporate Debtor pursuant to the terms of the Resolution Plan and the counter parties shall not terminate or take any adverse actions against the Corporate Debtor of such change in control/constitution of the Company.
The Adjudicating Authority shall also
direct customers/ suppliers to waive all
objections
or
liabilities
of
the
Corporate Debtor, arising out of
noncompliance
by
the
Corporate
Debtor for obtaining prior consent for
appointment
of
the
Resolution
Professional and in respect of the
implementation of this Resolution
Plan.
Hon'ble
Adjudicating
Authority,
Allahabad
Bench
Note: The Resolution Applicant has not indicated any specific government authority 09. The Adjudicating Authority shall direct relevant Governmental Authorities to: (i) refund all or any duties/ taxes paid under protest by the Corporate Debtor in respect of tax related litigations; (ii) continue with tax credits and State incentives available to the Corporate Debtor and (iii) delayed filing of annual accounts with MCA and IT pertaining to the period prior to the NCLT approval date.
Tax Authorities, Ministry of Corporate Affairs and Registrar of Companies
Hon'ble Adjudicating Authority, Allahabad Bench
Page 57 of 73
The Adjudicating Authority shall direct termination of all agreements/arrangements between the Corporate Debtor and the persons classified as related parties in accordance with Applicable Laws, with no liability to the Corporate Debtor. All claims of the Corporate Debtor against such related parties and liabilities of such related parties towards the Corporate Debtor shall remain outstanding, due and payable and survive such termination. Note: The Resolution Applicant has not indicated any specific government authority 10. The relevant Governmental Authority shall waive the requirement of obtaining an approval for change in ownership/constitution/management of the Corporate Debtor and shall continue to grant state and other incentives. Note: The Resolution Applicant has not indicated any specific government authority 11. The Adjudicating Authority shall direct the Ministry of Corporate Affairs to waive the requirements under Section 140 of the Companies Act, 2013 in respect of the removal of the existing auditors of the Corporate Debtor. Ministry Corporate Affairs 12. Issue necessary directions, instructions to all Governmental Authorities including the Registrar of Companies that the Corporate Debtor, its directors and its key managerial personnel, officers and employees appointed after the NCLT Approval Date shall not be held liable in respect of all or any, statutory regulatory non-compliances having occurred prior to the NCLT approval Date, including with respect to various provisions of Applicable Laws including but not limited to the Companies Act, 1956 and/or Registrar of Companies, Tax authorities.
Note: The Resolution Applicant has not indicated any specific government authority
Page 58 of 73
Companies Act, 2013 and/or the Taxation Laws and also of non- preparation and/or non-approval of financial statements for any of the financial years prior to the Transfer Date and also to allow amendment in the Memorandum of Association and Articles of Association without approaching the Central Government and grant exemption to the Corporate Debtor for holding the Annual General Meeting of the members and other formalities. 13. Waiver from the requirement of obtaining a no objection certificate under Section 281 of the Income-tax Act, 1961 and that the provisions of taking over predecessor's tax liability under Section 170 of the Income-tax Act, 1961 Act shall not be applicable.
To exempt the Corporate Debtor from
applicability of Section 281 of the
Income Tax Act, 1961 due to any
pending
proceedings
and
dues
(including interest and penalty) of the
Corporate Debtor for periods prior to
the NCLT approval Date (including
such proceedings and dues for periods
prior to the Effective Date that may
crystallize subsequent to the NCLT
approval Date).
The RA shall be allowed to claim set-
off of the future profit of CD against
any assessed loss of CD by the income
tax authorities and the same shall not be
denied to RA on the ground of delayed
filing of income tax return by CD and
transfer of ownership of the business in
favour of RA.
Tax Authorities and other
relevant authorities
Note: The Resolution Applicant has not indicated any specific government authority
Page 59 of 73
Extinguishment of pending assessments which are under process including the pending transfer pricing and TDS matters and also with regard to notices issued by the relevant Governmental Authority for relevant assessment years under various provisions of the Income Tax Act or indirect tax laws, the relevant Governmental Authorities make any further assessment with respect to reduction of losses or unabsorbed depreciation or raise any demand in respect of payment of Tax on and before the NCLT Approval Date and the same shall stand settled at NIL value. 14. In respect of default on part of the Corporate Debtor in depositing the dues relating to tax deducted at source with the government, the Resolution Applicant/Corporate Debtor shall not be liable to deposit the same with the relevant Governmental Authority as the same has been settled at NIL value under this Resolution Plan.
The Corporate Debtor and the Resolution Applicant shall be granted an exemption from all taxes, levies, fees, transfer charges, premiums, and surcharges that arise from or relate to implementation of the Resolution Plan, since payment of these amounts may make the Resolution Plan unviable. Tax Authorities and other relevant authorities
Note: The Resolution Applicant has not indicated any specific government authority
Page 60 of 73
- To the extent not paid and settled under this Resolution Plan, waiver of any income-tax and Minimum Alternate Tax (MAT) liability or consequences (including interest, fine, penalty, etc) on the Corporate Debtor, Resolution Applicant and its shareholders on account of various steps as proposed in the Resolution Plan, including but not limited to liabilities if any under Section 56, Section 43, Section 28, Section 115JB and Section 79 of the Income-tax Act, 1961, including, without limitation (A) waiver of any Tax or MAT liability to the Resolution Applicant on account of purchase of Equity Shares of the Corporate Debtor from the Shareholders in accordance with Chapter V; (B) waiver of MAT and income tax implication arising due to hiving off of surplus/obsolete assets, sold for raising money to make Balance Payment; (C) waiver of MAT and income tax implication arising due to write back/write off of liabilities in the books of accounts of the Corporate Debtor without any impact on brought forward tax and book loss/depreciation, pursuant to this Resolution Plan. Tax Authorities and other relevant authorities
Note: The Resolution Applicant has not indicated any specific government authority 16. Notwithstanding of the extinguishment any liability (including Statutory Dues) the Corporate Debtor shall continue to be entitled to exemptions/deductions /reliefs otherwise available to the Corporate Debtor but which could not be availed due to delays/non claim/lapses etc. including the matters which are presently sub-judice/pending with statutory/ judicial authority. Note: The Resolution Applicant has not indicated any specific government authority
Page 61 of 73
- The Corporate Debtor shall not be
denied
any
benefit
under
any
Applicable Law including but not
limited to Income Tax Act, 1961,
Goods and Service Tax, Act, MEIS
merely on account of unavailability of
supporting documents (including but
not limited to purchase invoices,
shipping bill, bill of export, etc.).
Tax Authorities and other relevant authorities
Note: The Resolution Applicant has not indicated any specific government authority 18. Any fair valuation/deeming provision of the Income Tax Act, 1961 (including but not limited to Sections 43CA, 45, 50C, 50CA etc.) shall be considered to have been complied with in respect of the transaction contemplated under this Plan and accordingly, the Corporate Debtor оr Resolution Applicant shall not be subject to any additional Taxes.
Any requirements to obtain waivers from any tax authorities including in terms of Section 79 of the IT Act is deemed to have been granted upon approval of this Resolution Plan on the NCLT Approval Date.
Any approvals that may be required from Governmental Authorities (including tax authorities) in connection with the implementation of the Resolution Plan including on account of change in ownership / control of the Corporate Debtor shall be deemed to have been granted on the NCLT Approval Date. Tax Authorities and other relevant authorities
Note: The Resolution Applicant has not indicated any specific government authority
Page 62 of 73
-
Upon approval of the Resolution Plan/ CoC Approved Resolution Plan by the Adjudicating Authority, all non- compliances, breaches and defaults of the Corporate Debtor for the period prior to the NCLT approval Date (including but not limited to those relating to tax), shall be deemed to be waived by the concerned Governmental Authorities. Immunity shall be deemed to have been granted to the Corporate Debtor from all proceedings and penalties under all Applicable Laws for any non- compliance for the period prior to the NCLT Approval Date and no interest/penal implications shall arise due to such non- compliance/default/breach prior to the NCLT Approval Date. Note: The Resolution Applicant has not indicated any specific government authority
-
From the Effective Date, all inquiries, investigations and proceedings, whether civil or criminal, suits, claims, disputes, proceedings in connection with the Corporate Debtor or affairs of the Corporate Debtor, including proceedings before Debt Recovery Tribunal and consumer courts or any other court, arbitral tribunal or affairs of the Corporate Debtor, including proceedings before Debt Recovery Tribunal and consumer courts or any other court, arbitral tribunal or any other authority, pending or threatened, present or future in relation to any period prior to the NCLT Approval Date, shall stand withdrawn and dismissed and all liabilities and obligations therefore, whether or not Note: The Resolution Applicant has not indicated any specific government authority
Page 63 of 73
set out in the balance sheets of the Corporate Debtor or the profit and loss account statements of the Corporate Debtor will be deemed to have been written off fully, and permanently extinguished and no adverse orders passed in the said matters shall apply to the Corporate Debtor or the Resolution Applicant. Upon Effective date, all new inquiries, investigations, notices, suits, claims, disputes, litigations, arbitrations or other judicial, regulatory or administrative proceedings will be deemed to be barred and will not be initiated or admitted against the Corporate Debtor in relation to any period prior to the NCLT Approval Date. 21. All statutory dues including but not limited to GST, RTO (Regional Transport Office), road tax, permits including national permits, fitness charges, licenses, insurances, pertaining to movable and immovable assets of the Corporate Debtor prior to the NCLT approval date, shall stand dissolved upon the Effective date. Note: The Resolution Applicant has not indicated any specific government authority 22. All the corporate guarantees given / accorded or any other charge created by the Corporate Debtor against any other known and unknown loans and advances other than claims admitted by the Resolution Professional and as proposed in the IM and RFRP inviting the proposal of resolution plan shall stand dissolved upon the Effective date. Note: The Resolution Applicant has not indicated any specific government authority 23. The RA shall be permitted to the relevant ROC/Returns of the corporate debtor in due compliance with the Ministry of Corporate Affairs and Registrar of Companies
Page 64 of 73
provisions of Companies Act, 2013 prior to the effective date (NCLT Approval date) without any penalty / delayed filing fees.
The Corporate Debtor shall be granted waiver/exemption from compliance of provisions of Companies Act, 2013 and other Applicable Laws for removal of both statutory and internal auditors of the Corporate Debtor and appointment of new auditors.
Note:
The
Resolution
Applicant
has
not
indicated any
specific
government
authority
24. Upon payment to financial creditors in
accordance with Part B, Clauses 4.2 of
the Resolution Plan, the account of the
Corporate Debtor with all the Financial
Creditors
shall
be
upgraded
to
"Standard" category from NPA
Financial Creditors
25. Other
than
Persons
receiving
settlements under the Resolution Plan,
no other payments or settlements of
any kind shall be made to any other
Person in respect of claims filed under
the CIRP, including any unverified
portions of claims, and all claims
against the Corporate Debtor along
with any related legal proceedings,
including criminal proceedings and
other penal proceedings, shall stand
irrevocably
and
unconditionally
abated, settled and extinguished in
perpetuity as on the Effective Date.
Note:
The
Resolution
Applicant
has
not
indicated any
specific
government
authority
26. the payment to persons contemplated
in the resolution plan shall be the
corporate debtor's and the resolution
applicant's full and final performance
and satisfaction of all its obligations to
such persons and all claims, including
Note:
The
Resolution
Applicant
has
not
indicated any
specific
government
authority
Page 65 of 73
any unverified claims, of such Persons against the Corporate Debtor shall stand irrevocably and unconditionally settled and extinguished in perpetuity as on the effective date 27. As on the NCLT Approval Date, the guarantors that have provided guarantees or securities for and on behalf of and in order to secure the debt availed by, the Corporate Debtor, shall not be entitled to exercise any subordinate rights in respect of such guarantees and/or securities. All the outstanding negotiable instruments issued by the Corporate Debtor prior to CIRP commencement date including but not limited to demand promissory notes, post-dated cheques and letter of credit, shall stand terminated and the Corporate Debtor's liability under such instruments shall stand extinguished without any further deed or action on part of the Resolution Applicant or the Corporate Debtor or any other Person. However, if any action is initiated against any third party, then in no circumstances, such third party can exercise any subrogation rights against the Corporate Debtor. Note: The Resolution Applicant has not indicated any specific government authority
-
On the Effective Date, the rights of any person, whether exercisable now or in the future and whether contingent or not, to call for allotment, issue, sale or transfer of shares, shall stand unconditionally and irreversibly extinguished. Note: The Resolution Applicant has not indicated any specific government authority
-
The RA or its affiliates shall be free to dilute their shareholding and transfer the new shares of CD as held by them to any other third party at any time after Note: The Resolution Applicant has not indicated any specific
Page 66 of 73
complete payment has been made to the financial creditors/operational creditors as envisaged in this resolution plan. government authority
Pending litigations: -
42. While examining the Resolution Plan, it was observed that SRA
consortium, with respect to the treatment of the Application filed under
Section 43 of the Code by the RP, having IA 626 of 2024, against Mr. Akhil
Tayal and Ors. has provided for in Sr. No. J of Clause 9.2 under the head
‘Summary of mandatory contents’ of Part A of the Resolution Plan as
follows:
“Note: As per the addendum dated 19.10.2024
It is clarified that the PUFE application shall be pursued by the
Resolution Applicant for the benefit of the Creditors.
It is further clarified that the proceeds realised from the PUFE
applications shall be utilised in the following manner of priority:
-
The litigation cost incurred by the RA shall be reimbursed;
-
Payment to creditors on proportionate basis of their admitted debt for the debt amount which has been compromised under the Resolution Plan; and
-
Balance, if any, shall be utilised by the Resolution Applicant for finding the capex / working capital/ or any other business requirement(s) at the discretion of the Resolution Applicant.”
Page 67 of 73 -
Another I.A. No. 89 of 2024 was filed before this Tribunal by 18 allottees, challenging the categorisation of their claims as ‘contingent’ by the Applicant. The said application has been decided by this Tribunal through a separate order passed on 03.11.2025.
-
Further, with respect to the treatment of the said application in the plan, the SRA consortium, under Appendix 2, Part B- Financial proposal, particularly in Clause 4.4, has dedicated a contingency fund of Rs. 1 crore for the disputed claims of financial Creditors in class as recognised by the RP in its IM. The treatment of disputed claimants' interests shall be dealt with as mentioned below: “ 4.4 CONTINGENT CLAIM/DISPUTED CLAIMS - PROPOSED TREATMENT The RA proposes to create a contingency fund for an amount of Rs. 100 Lacs to meet any unexpected liability not envisaged by RA at the time of submission of this resolution plan. The RA shall appropriately fund this contingency account within a period of 60 days from the date of approval of the resolution plan by Hon'ble NCLT. A separate bank account will be opened by RA in the name & style of "Raghupati Construction Contingency Fund Account" by RA to meet the payment of any contingency liability, if any arising on RA and not dealt with the other provisions of this resolution plan.
The RA has identified the following contingency which may result in additional liability obligations to RA after perusal of the information memorandum as circulated by the resolution professional. From the information memorandum, it is noticed that there are contingent claim(s) /disputed claims as recognized by the Resolution Professional claiming to be Financial Creditor(s) in a Class. It is noticed that there are a total number of 18 claimants who have submitted their claims to the resolution professional whereas the resolution professional has upon verification of their claims have categorized them as being contingent / disputed claims. Whereas aggrieved by the decision of resolution professional, these claimant(s) have moved an application to Hon'ble NCLT seeking set-aside the order of Resolution Professional against treatment ofPage 68 of 73
their claims as "Contingent Claim" vide IA 89 of 2024. It is noticed from the records that a reply in the matter has already been filed by the Resolution Professional. From the perusal of the relevant records and in the opinion of RA, these Applicant(s) / Claimants are putting-up their claim on the CD on certain plots of the corporate debtor claiming to be a home buyer unit buyer of such plots. These claimants in the above application(s) have contended that they have purportedly paid an amount of Rs. 6.22 Cr. to the Corporate Debtor via one Mr. Shyam Sunder Yadav, one of the partners of Shreenath Promoter(s) & Developers way back in the year 2011 entirely in the form of cash transactions. Whereas the Corporate Debtor has totally denied the averment of the claimants / application(s) at all legal forums. Also the balance sheet of the corporate debtor since 2012-13 and thereafter never mentions about receipt of such amount in the books of the corporate debtor. Also it is noticed that Hon'ble RERA, Uttar Pradesh have also categorically passed an order by rejecting their claims and refused to recognize them as being the allottee of the corporate debtor. It is submitted that in the opinion of RA, the above claims as filed by the above claimants appear to be on the basis of some forged fraudulent transactions dealing. In-spite of transactions being examined at various legal forum, the claimants have not been able to secure any remedy in the matter which recognizes the right of the claimant either to recover some amount from the corporate debtor or to seek entitlement in the project of the corporate debtor as being unit buyers. Therefore, under the above scenario, the RA unless these claims have attained finality is not able to assign any value to deal with the above claims as submitted by these claimants unless these claims are adjudicated by other appropriate judicial authority. However, taking in view that the Resolution Professional has treated the above claims as "Contingent Claim" seemingly due to the fact that the applicant / claimant(s) have filed appeal before UP RERA Appellate Tribunal (UPREAT) In order to address the situation wherein for any reason whatsoever in case any award is granted in their favour by any judicial / legal authority which also attains finality, the RA proposes to provide a suitable treatment to meet the unexpected liability.
NOTE: (As per the addendum dated 19.10.2024) It is clarified that the entire contingency fund of INR 1 crore shall be dedicated towards the liabilities categorised as contingent claim by the RP, only in the event a favourable order is passed by the concerned court/tribunal/appellate authority, and the same shall be paid on proportionate basis after arriving at actual claim for each of the claimant, whose claim has been categorised as contingent claim.
It is further clarified that no other claim or liability, which does not form part of the Resolution Plan, shall be borne/discharged by the RA and the same shall be considered as extinguished w.e.f. Approval Date.”
Page 69 of 73
Analysis & Findings 45. After hearing the submissions made by the Ld. Counsel for the Resolution Professional and perusing the record, we find that the Resolution Plan of SRA, namely “NASA (Consortium of CDR Shiv Dev Singh Narania, Naveen Kumar Jain, Anand Prakash and Ankur Chauhan)” has been approved by the CoC with 100% of the members voting including the Financial Creditor in class (homebuyers) in favour of the Resolution Plan. As per the CoC, the resolution Plan meets the requirement of being a viable and feasible for the revival of the Corporate Debtor. By and large source of funds for the implementation of the plan has been satisfactorily explained and there are provisions in the plan for making the Plan effective after approval by this Bench. 46. On perusal of the documents on record, we are satisfied that the Resolution Plan is in accordance with Sections 30 and 31 of the IBC and also complies with regulations 37, 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 47. The pending application bearing nos. IA No. 626 of 2024 relating to PUFE transactions before this Tribunal shall be pursued by the Successful Resolution Applicant in terms of serial J of clause 9.2 of Part A of the Resolution plan.
Page 70 of 73
-
Claim of 18 homebuyers admitted as contingent liability by the RP against which I.A. No. 89 of 2024 was filed by those claimants claiming to homebuyers and disposed off by this Tribunal vide a separate order dated 03.11.2025 shall be dealt by the SRA in terms of the order dated 03.11.2025 of this Tribunal and clause 4.4 of Part B of the Resolution Plan as enumerated above in para nos. 41 and 42, respectively.
-
The reliefs, concessions and waivers sought by the Successful Resolution Applicant will be dealt with strictly in accordance with the applicable laws by the concerned authorities acting under different Acts and Statutes.
-
As regards matters pertaining to unsecured Financial Creditors in class, i.e., Allottees, as discussed in para 29, they shall be treated as per clause 4.3 of Part B of the Financial proposal under Appendix 2 of the Resolution plan accordingly.
-
It may be clarified that litigations wherever pending against the Corporate Debtor shall be governed by Section 32A of the Code.
-
As far as the question of granting time to comply with the statutory obligations/seeking sanctions from governmental authorities is concerned, the Resolution Applicant is directed to do the same within one year as prescribed under section 31(4) of the Code.
-
In case of non-compliance with this order or withdrawal of the Resolution Plan within the stipulated time, in addition to other consequences which
Page 71 of 73
follow under law, the CoC shall forfeit the Performance Security of Rs. 75,00,000/- paid by the SRA through RTGS Transfer in adherence with the sub-regulation (4A) of regulation 36B of CIRP Regulations, 2016. ORDER 54. Subject to the observations made in this Order, the Resolution Plan of Rs. 19.88 crores as approved by the CoC is hereby approved as per Section 30(2) and the mandatory contents of the Resolution Plan in terms of Regulation 38(1). The Resolution Plan submitted along with the present application shall form part of this Order. 55. The Resolution Plan envisages payment of Rs. 75,00,000 towards the CIRP cost and the SRA Consortium, through its addendum dated 19.10.2024, has clarified that they shall infuse additional funds for payment of the CIRP cost, if the actual unpaid CIRP cost exceeds the provision made by the SRA consortium under the resolution plan. 56. With respect to the PUFE Application, i.e., I.A. No. 626 of 2024, pending before this Tribunal under Section 43 of the Code, involving a total amount of Rs. 2,35,08,000/-, shall be pursued by the Successful Resolution Applicant. 57. The proceeds realised from the PUFE applications shall be applied in the following order of priority as stated in the serial j of clause 9.2 of Part A of
Page 72 of 73
the Resolution Plan: first, to reimburse the litigation costs incurred by the Resolution Applicant; second, to make proportionate payments to the creditors based on their admitted debt amounts that were compromised under the Resolution Plan; and finally, any remaining balance shall be utilised by the Resolution Applicant towards capital expenditure, working capital, or any other business requirements at its discretion. 58. The Moratorium imposed under section 14 of the Code shall cease to have effect from the date of this order. 59. The Resolution Professional shall submit the records collected during the commencement of the proceedings to the Insolvency & Bankruptcy Board of India for their record. 60. Liberty is hereby granted for moving an appropriate application, if required, in connection with the implementation of any term or direction given in this Resolution Plan. 61. A copy of this order shall be filed by the Resolution Professional with the Registrar of Companies. 62. The Resolution Professional shall stand discharged from his duties with effect from the date of this Order, save and except those duties that are enjoined upon him for implementation of the approved Resolution Plan. 63. The Resolution Professional is further directed to hand over all records, premises/ factories/documents available with it to the Successful
Page 73 of 73
Resolution Applicant to finalise further lines of action required for starting
the operation.
64. The Registry is directed to send copies of the order forthwith to all the
parties and their Ld. Counsel for information and for taking necessary steps.
65. The registry is further directed to send a copy of the order to the IBBI, also
for their record.
66. Certified copy of this order may be issued, if applied for, upon compliance
with all requisite formalities.
67. File be consigned to the record.
-Sd-
-Sd-
(Ashish Verma)
(Praveen Gupta) Member (Technical)
Member (Judicial)
Date:03.11.2025
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