10th November, 2025 Approval of Resolution Plan - Lokaa Developer Private Limited [IA(IBC)/Plan/11(CHE)/2024 in CP(IB)/124(CHE)/2023] (1.07 MB)

IA(IBC)/Plan/11/CHE/2024 in CP(IB)/124(CHE)/2023 In the matter of Lokaa Developer Pvt Ltd Page 1 of 39

 IN THE NATIONAL COMPANY LAW TRIBUNAL, 

DIVISION BENCH – II, CHENNAI IA(IBC)/PLAN/11(CHE)/2024 In
CP(IB)/124(CHE)/2023 In the matter of Lokaa Developers Pvt Limited (filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 R/w, Section 60(5) of the Insolvency and Bankruptcy Code, 2016)

Ramakrishnan Sadasivan,
Resolution Professional Lokaa Developer Pvt Ltd
.........Applicant

Order pronounced on 28th October 2025

CORAM: SHRI JYOTI KUMAR TRIPATI, MEMBER (J) SHRI RAVICHANDRAN RAMASAMY, MEMBER (T)

For Applicant
: Ravi Rajagopalan Advocate.

O R D E R Under consideration is an application filed under Section 30(6) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) and Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 CIRP Regulations), by the Resolution Professional of the Corporate Debtor viz., Lokaa Developers Pvt Limited seeking approval of resolution plan submitted by Successful Resolution Applicant (SRA) viz.,. M One Flat Owners Association. The Applicant has sought for the following reliefs: -

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1. That this Hon'ble Adjudicating Authority may be pleased to condone the delay of 14 days and waive the same in filing the present application in view of the. facts and circumstances set out.
2. Pass an Order approving the Resolution Plan submitted by the Resolution Applicant being M One Flat Owners Association in respect of the Corporate Debtor under Section 31 (1) of the Code, as approved by the CoC of the Corporate Debtor with a majority of 87.23% by way of e-voting.
3. To declare that M One Flat Owners Association's Resolution Plan, upon its approval shall be binding on the Corporate debtor and its employees, members, Land Owners, creditors including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force, including such as authorities to whom statutory dues are owed, guarantors and other. stakeholders involved in this Resolution Plan.
4. Pass an order directing the Resolution Applicant to implement the Resolution Plan in the manner set out in the resolution plan.
5. To consider and grant such reliefs/specific reliefs, waivers, concessions as sought by M One Flat Owners Association in this Resolution Plan, as set out in the Resolution Plan in Annexure 7- Part III - (A) Specific Reliefs numbering (1) to (6) and (B) Other Reliefs and Concessions, forming part of this application.
6. Pass on Order that the Avoidance Applications filed by the Resolution Professional and pending before this Hon'ble Adjudicating Authority be continued by the Resolution Applicant, upon the approval of the Resolution Plan and be adjudicated thereupon.

DETAILS OF THE CORPORATE DEBTOR Lokaa Developer Private Limited (Corporate Debtor), a company incorporated on 2nd September 2011 under Companies Act, 1956, and is engaged in the business of Real Estate/Construction Industry.

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CORPORATE INSOLVENCY RESOLUTION PROCESS – IN BRIEF 2.1 Application under section 7 of Insolvency and bankruptcy code was filed against the corporate debtor in CP(IB)/124/2023 and vide order dated 07.06.2024, Corporate insolvency resolution process was initiated, and the Applicant herein was appointed as the Interim Resolution Professional.
2.2 It is stated that in compliance with order dated 07.06.2024 under Regulation 6 the Public Announcement was made in Business Standard (Chennai edition) and Makkal Kural (Chennai edition) on 12.06.2024 inviting claims from creditors of the Corporate Debtor and the last date for submission of claims by the creditors was set for 24.06.2024.
2.3 The list of claims admitted by the resolution professional are extracted herein under

2.4 The list of creditors as on 06.05.2025 submitted in the application is herein under,

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2.5
It is submitted that After receiving the claims and duly verifying the said claims, 182 Homebuyers out of the 190 Homebuyers have appointed Mr. N. Venkateswaran bearing IBBI Registration No: IBBI/IPA-003/ICAI-N- 00352/2021-2022/14069 and with a Valid Authorization for Assignment, to act as the Authorized Representative for the class of Unsecured Financial Creditors in a class - "Home Buyers". 2.6 It is stated that on 06.08.2024 applicant herein had published Form G under Regulation 36A (1) of the CIRP Regulation for invitation of Expression of Interest from the prospective resolution applicants. The last date for submission of the Expression of Interest was 31.08.2024. It is submitted that the Applicant herein had in response to the 1st EOI Issued on 06.08.2024 received the Expression of Interest from two Prospective Resolution Applicants being 1). Mr. Anuj Goyal and 2). M One Flat Owners Association.

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Out of the 2 PRAs, only 1 PRA being the "M One Flat Owners Association" submitted their Resolution Plan on 04.11.2024. It is submitted that the Resolution Applicant after incorporating the necessary changes, submitted the Revised (Final) Resolution Plan on 18.11.2024.
2.7 Resolution Plan along with the connected Resolutions were put to e- voting and the Resolution Plan submitted by M One Flat Owners Association was approved by 87.23% of the voting share of the CoC.

3. DETAILS OF THE SUCCESSFUL RESOLUTION APPLICANT 3.1
   The Resolution Applicant is an Association formed by the home buyers of M One Project, in the name of “M ONE FLAT OWNERS ASSOCIATION” ("MOFOA" or "Association") a Registered Society bearing Serial number: SRG/Chennai North/158/2023 dated 2nd Aug 2023, under

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Tamil Nadu Society Registration Act, 1975. The Resolution Applicant is represented by its authorized representatives and joint signatories Mr. Satya Sundar Sahu, Secretary and Mr. S Subramani, Treasurer. 4. DETAILS OF THE RESOLUTION PLAN PROPOSED BY THE SUCCESSFUL RESOLUTION APPLICANT
The successful resolution applicant, M One flat owners association stated for the payment settlement as follows, 4.1 CIRP COST: The CIRP Costs shall be settled in priority by the Resolution Applicant within 30 days from the date of approval of the Resolution Plan, The Resolution Plan provides for the payment of estimated CIRP Costs at Rs. 75 lakhs. If the CIRP cost exceeds Rs. 75 Lakhs, the exceeded amount shall be paid by Resolution Applicant.
4.2 PAYMENT TO SECURED FINANCIAL CREDITOR- LIC HOUSING FINANCE LIMITED
The resolution plan envisages payment of Rs. 47.23 lakhs which is approximately 4.91% of Secured Financial Creditor's claim admitted by RP. The entire amount of Rs. 47.23 Lakhs allocated to Secured Financial Creditors shall be paid by the Resolution Applicant within 90 Days from the approval of Resolution Plan in addition to Rs. 47.23 Lakhs, the unsettled claim shall be paid proportionately in the unsettled claim ratio out of the recoveries, if any, made from avoidance transactions, proceeds from IA 2019/2024 and IA 2042/2024 shall be apportioned between Landowners and the Assenting Secured Financial Creditors in the ratio of 8:2.

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4.3 PAYMENT OF SECURED FINANCIAL CREDITOR-INDIAN OVERSEAS BANK
Total admitted claim is 205.10 lakhs out of which 20.00 lakhs resolution amount is proposed to be paid in 90 days or before allocating funds for the construction of the project. In addition to Rs. 20 Lakhs, unsettled claim shall be proportionately paid in the unsettled claim ratio out of the recoveries, if any, made from avoidance transactions, excepting recoveries exclusively allocated to the Landowners, proceeds from IA 2019/2024 and IA 2042/2024 shall be apportioned between Landowners and the Assenting Secured Financial Creditors in the ratio of 8:2. 4.4 PAYMENT TO OPERATIONAL CREDITORS (GOVERNMENT DUES) & OTHER OPERATIONAL CREDITORS: The Resolution applicant proposes to pay an absolute amount of Rs. 14 lakhs to the operational creditors and shall be distributed between the trade creditors and Government Dues (PF) in proportion to their claim amount admitted. The same shall be paid as per the provisions of section 30 (2) (b) of IBC, 2016.
4.5 PAYMENT TO UNSECURED FINANCIAL CREDITORS (OTHER THAN BELONGING TO A CLASS): The total claim admitted under the category of Unsecured Financial Creditor is Rs. 2,433.98 lakhs. Unsettled claim shall be proportionately paid in the unsettled claim ratio out of the recoveries, if any, made from excepting recoveries avoidance transactions, exclusively allocated to the Landowners.

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4.6 PAYMENT TO UNSECURED FINANCIAL CREDITORS (BELONGING TO A CLASS) - HOMEBUYERS OF M ONE PROJECT BY LOKAA: In the Total 211 Units in the project 192 Homebuyers claim have been admitted by the Resolution professional, All the Homebuyer allottees shall contribute towards the resolution value of the M one project and shall take possession of the respective units allotted to them. On failure to contribute towards the Resolution value by any of these members as per the payment plan, and on becoming overdue for more than 60 days, the Resolution Applicant shall cancel the units and refund to the extent of 75% of the amount paid only on realisation of sale proceeds ( the details of the obligation is mentioned in resolution plan read with addendum submitted by the M one flat owners association)
4.7 HOMEBUYERS WHO HAVE NOT SUBMITTED THEIR CLAIM: -  There are 6 Homebuyers who has not submitted their claim, out of which 5 of them are registered home buyer. These 6 homebuyers, after the approval of the Resolution Plan, be given an opportunity by the Resolution Applicant to exercise their rights of retention to their respective flats by submitting the payment proofs, In furtherance shall contribute towards the Resolution Value in order to fulfil the obligation under this Resolution Plan for construction of the "M One" Project and shall take possession of the respective units allotted to them.
 In case if they do not exercise this right of retention option within 2 weeks from the date of intimation of this opportunity by the

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Resolution Applicant, then the Resolution Applicant shall cancel the units and refund to the extent of 75% of the amount paid. 4.8 TREATMENT OF DOUBLE SALE: Claim for 4 units have been received and admitted under home buyer's category of double booking. The claim amount against these four double bookings shall be considered for settlement on realisation of amount, if any, through avoidance transactions being filed by the Resolution Professional under the provisions of IBC. 4.9 TREATMENT OF CANCELLED FLAT:  There are 3 Claims received under cancellation category, shall be considered for settlement on realisation of amount, if any, through avoidance transactions being filed by the Resolution Professional under the provisions of IBC.  There is 1 claim received under the cancellation category against a unit which had already been registered in the name of the homebuyer and where no double booking is found against this unit, this claimant shall be given option to continue his booking and contribute towards the Resolution value. In case, he prefers for refund, he shall be treated like other cancellation category and shall be considered for settlement on realisation of amount, if any, through avoidance transactions being filed by the Resolution Professional under the provision of IBC.

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4.10 RESOLUTION TREATMENT FOR THE HOMEBUYERS: The project comprises of 234 units is proposed to be completed by generating funds as mentioned below,
 Collection of Resolution Value of Rs. 5,000 lakhs (as reduced by sale of unsold units, if any) from all the members of the Resolution Applicants based on super area of each flat.  Realisation from sale of unsold units, if any, shall be reduced from the contribution by allottees including Landowners.  Treatment for Homebuyers who do not contribute to the Resolution amount and Homebuyer who has agreed to contribute to the estimated cost for the pending construction work of” M One Project” and later failed to contribute his portion for any unforeseen reason, and the same becoming overdue for more than 60 days, the Resolution Applicant shall apply for the cancelation of such registered/unregistered units and sell such units to another prospective buyer. The Resolution Applicant shall settle the dues by paying 75% of the amount paid by the original buyer after selling the respective flat to a prospective buyer. 4.11 PAYMENT TO OTHER CREDITOR
LANDOWNERS
Allocation of Apartments:

A total of 26 apartment units, which are unsold or have been surrendered/cancelled by the homebuyers, is being earmarked for the Land Owners, This would include 11 out of the 12 apartments surrendered by M/s Vijaya Enterprises to the CD which are being cancelled and which has been

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recorded by this Tribunal in IA/IBC/578/CHE/2025 vide its order dated April 4, 2025. The relevant portion of order is extracted below, This is a case where the Applicant RP sought permission to facilitate the execution of the deeds cancelling the sale deeds and construction agreements by M/s. Vijaya Enterprises in relation to 12 apartments given at Annexure-1 of the application. The Applicant relied on the letter dated 17.03.2025 given by the partner of Vijaya Enterprises addressed to RP stating that they are cancelling all the agreements to sell which are executed by Vijaya Enterprises and its related parties. Also, the letter states that original sale deeds have also been handed over to RP. The Counsel for the Respondent confirms the above and therefore the Application is allowed.

Treatment of Unsettled claims

Any recoveries made from avoidance transactions shall be distributed to all the creditors after meeting the expenses for such recoveries, in the unsettled claim ratio which is calculated as below:

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Resolution Applicant shall pursue the avoidance applications and the cost of the proceedings shall be borne by the Resolution Applicant excepting the cost of proceedings filed to protect the Landowner's interest exclusively. The proceeds, if any, from the avoidance applications shall be deposited into a separate account in the name of the CD and the same shall be distributed among the creditors in the unsettled claim ratio, calculated on the date of settlement for each settlement amount, after deducting the cost of recovering including the legal expense incurred on avoidance transactions. 5. SOURCES OF FUND

6. IMPLEMENTATION:

Step

Implementation of various activities

Indicative term/schedule from the Approval Date

1 Setting up of management team and control system, Completion of Definitive documents engagement of contractor, PMCs, etc and execution of fresh contracts

3 Months

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2 Restart of construction of M one Project on priority

4th Month onwards

3 Completion of the Construction & Handing over the possession to the Home Buyers

On completion of 24 months or before.

7. MONITORING AND SUPERVISION: The Corporate Debtor shall be monitored by the implementation and Monitoring Committee for the effective implementation of the Resolution Plan. Upon the NCLT Approval Date, an Implementation and Monitoring Committee shall consist of three persons as members.
    Resolution Applicant shall appoint the Chairman of the Implementation and Monitoring Committee
    one representative of home buyers
    one Representative from Secured Financial Creditors to be formed by the Executive Committee of the Resolution Applicant.

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8. TIMELINE OF PAYMENT PROPOSED IN THE RESOLUTION PLAN

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9. TABULATION OF VARIOUS COMPLIANCES REQUIRED UNDER THE PROVISIONS OF IBC, 2016 9.1 The Applicant has submitted the details of various compliances as envisaged within the provisions of IBC, 2016 and CIRP Regulations, which require a Resolution Plan to adhere to, which are reproduced hereunder: CLAUSE REQUIREMENT HOW DEALT WITHIN THE PLAN 30(1) (a) Submission of Affidavit stating the eligibility of the resolution Applicant under section 29A
   29A Affidavit provided as a

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Separate Annexure to Resolution Plan 30(2) The Resolution Plan (a)provides for the payment of insolvency resolution process.
costs

(b) provides for the payment to the operational creditors

(c) provides for payment to the financial creditors who did not vote in favour of the resolution plan (d)provides for the management of the affairs of the corporate debtor.

(e)provides for the implementation and supervision of the resolution plan. (f)does not contravene any of the provisions of the law for the time being in force

Page 24 of the Resolution Plan Clause 13.1 Page 29 of the -Clause 17.2 of the Resolution Plan

Page 41 Clause 21 & 22 of the Resolution Plan

Page 52-54 of the resolution plan clause 29 of the resolution plan.

Page 52-54 of the Resolution Plan

Clause 30 of the resolution plan

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10. MANDATORY CONTENTS OF THE RESOLUTION PLAN IN TERMS OF REGULATION 38 OF THE CIRP REGULATIONS:-

Reference to relevant Regulation Requirement How dealt with in the Resolution Plan 38(1) The amount due to the Operational Creditors under a Resolution Plan shall be given priority in payment over Financial Creditor.
Page 41 Clause 21 & 22 of the Resolution Plan 38(1A) A Resolution Plan shall include a statement as to how it has dealt with the interest of all stakeholders, including Financial Creditors and Operational Creditors of the Corporate Debtor

Page 30-48 of the Resolution Plan – Clause 18-26 of the Resolution Plan

38(1B) A Resolution Plan shall include a statement giving details if the resolution Applicant or any of its related parties has failed to implement or contributed to the failure of implementation of any other resolution plan approved by the Adjudicating Authority at any time in the past.
Page 24 of the Resolution Plan received Clause 13.2 of the Resolution Plan 38(2) A Resolution Plan shall provide
(a) the term of the plan and its implementation schedule . Page 51-52 of the Resolution Plan Read with Page no. 20 of the Addendum dated 23.05.2025- Clause 28 of the Resolution Plan (b) the management and control of the business of the Corporate Debtor during its terms; and Page 52-54 Clause 29 of the Resolution Plan (c) adequate means for supervising its implementation Page 52-54 Clause 29 of the Resolution Plan

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Reference to relevant Regulation Requirement How dealt with in the Resolution Plan 38(3) A Resolution Plan shall demonstrate that.
(a) It addressed the cause of default; Page 22-24 Clause 11 of the Resolution Plan Page 20 of the Addendum dated 23.05.2025. -Clause 28.3 in the Addendum dated 23.05.2025

(b) It is feasible and viable; Page 20 of the Addendum dated 23.05.2025. -Clause 28.3 in the Addendum dated 23.05.2025 (c) it has provisions for its effective implementation; Page 51-52 of the Resolution Plan received on 18.11.2024 Read with Page No. 20 of the Addendum dated 23.05.2025
-Clause 28 of the Resolution Plan (d) it has provisions for approvals required and the timeline for the same; and (e) the Resolution Applicant has the capability to implement the Resolution Plan Page No. 3 of the Addendum dated 23.05.2025-16 of the Addendum dated

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Reference to relevant Regulation Requirement How dealt with in the Resolution Plan 23.05.2025.

The Successful Resolution Applicant has submitted an Affidavit under Section 29A of IBC, 2016 read with Regulation 38(3) of CIRP Regulations to the Resolution Professional Resolution and the same is Placed in the page 128 of the plan Application. 12. FINDINGS OF THE TRIBUNAL 12.1 Heard the counsel for the parties and perused the documents on record. 12.2 It is seen from Form H filed along with the Application that the Fair value of the Corporate Debtor is estimated to be Rs 2,07,65,100/- (2.08 crores) and the Liquidation value has been estimated to be 1,76,07,603/-(1.76 crores) The Resolution Plan value is Rs. 50 crores. It is also seen in the Form H that there are PUFE applications pending and in Form H the details of realisation and dealing with the Applications, it is directed that Avoidance Applications filed by the Resolution Professional and pending before this Adjudicating Authority be continued by the Resolution Applicant, upon the approval of the Resolution Plan. 12.3 In so far as the approval of the Resolution Plan is concerned, this Tribunal is relying on Judgments of the Hon’ble Supreme Court in the matter of K. Sashidhar –Vs– Indian Overseas Bank (2019) 12 SCC 150, wherein in para 19 and 62 it is held as under.

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“19…….In the present case, however, our focus must be on the dispensation governing the process of approval or rejection of resolution plan by the CoC. The CoC is called upon to consider the resolution plan under Section 30(4) of the I&B Code after it is verified and vetted by the resolution professional as being compliant with all the statutory requirements specified in Section 30(2).

………In the present case, however, we are concerned with the provisions of I&B Code dealing with the resolution process. The dispensation provided in the I&B Code is entirely different. In terms of Section 30 of the I&B Code, the decision is taken collectively after due negotiations between the financial creditors who are constituents of the CoC and they express their opinion on the proposed resolution plan in the form of votes, as per their voting share. In the meeting of the CoC, the proposed resolution plan is placed for discussion and after full interaction in the presence of all concerned and the Resolution Professional, the constituents of the CoC finally proceed to exercise their option (business/commercial decision) to approve or not to approve the proposed resolution plan. In such a case, non- recording of reasons would not per-se vitiate the collective decision of the financial creditors. The legislature has not envisaged challenge to the “commercial/business decision” of the financial creditors taken collectively or for that matter their individual opinion, as the case may be, on this count.”

12.4 The Hon’ble Supreme Court of India in the matter of Committee of Creditors of Essar Steels –Vs– Satish Kumar Gupta &Ors. in Civil Appeal No. 8766 – 67 of 2019at para 42 has held as under; 42. ………Thus, it is clear that the limited judicial review available, which can in no circumstance trespass upon a business decision of the majority of the Committee of Creditors, has to be within the four corners of Section 30(2) of the Code, insofar as the Adjudicating Authority is concerned, and Section 32 read with Section 61(3) of the Code, insofar as the Appellate Tribunal is concerned, the parameters of such review having been clearly laid down in K. Sashidhar (supra). 12.5 The Hon’ble Supreme Court in the matter of K. Sashidhar v. Indian Overseas Bank and Ors. (2019) 12 SCC 150 has lucidly delineated the scope

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and interference of the Adjudicating Authority in the process of approval of the Resolution Plan and held as under; “55. Whereas, the discretion of the adjudicating authority (NCLT) is circumscribed by Section 31 limited to scrutiny of the resolution plan “as approved” by the requisite per cent of voting share of financial creditors. Even in that enquiry, the grounds on which the adjudicating authority can reject the resolution plan is in reference to matters specified in Section 30(2), when the resolution plan does not conform to the stated requirements. Reverting to Section 30(2), the enquiry to be done is in respect of whether the resolution plan provides: (i) the payment of insolvency resolution process costs in a specified manner in priority to the repayment of other debts of the corporate debtor, (ii) the repayment of the debts of operational creditors in prescribed manner, (iii) the management of the affairs of the corporate debtor, (iv) the implementation and supervision of the resolution plan, (v) does not contravene any of the provisions of the law for the time being in force, (vi) conforms to such other requirements as may be specified by the Board. The Board referred to is established under Section 188 of the I&B Code. The powers and functions of the Board have been delineated in Section 196 of the I&B Code. None of the specified functions of the Board, directly or indirectly, pertain to regulating the manner in which the financial creditors ought to or ought not to exercise their commercial wisdom during the voting on the resolution plan under Section 30(4) of the I&B Code. The subjective satisfaction of the financial creditors at the time of voting is bound to be a mixed baggage of variety of factors. To wit, the feasibility and viability of the proposed resolution plan and including their perceptions about the general capability of the resolution applicant to translate the projected plan into a reality. The resolution applicant may have given projections backed by normative data but still in the opinion of the dissenting financial creditors, it would not be free from being speculative. These aspects are completely within the domain of the financial creditors who are called upon to vote on the resolution plan under Section 30(4) of the I&B Code.

58. Indubitably, the inquiry in such an appeal would be limited to the power exercisable by the resolution professional under Section 30(2) of the I&B Code or, at best, by the adjudicating authority (NCLT) under Section 31(2) read with Section 31(1) of the I&B Code. No other inquiry would be permissible. Further, the jurisdiction bestowed upon the appellate authority (NCLAT) is also expressly circumscribed. It can examine the challenge only in relation to the grounds specified in Section 61(3) of the I&B Code, which is limited to matters “other

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than” enquiry into the autonomy or commercial wisdom of the dissenting financial creditors. Thus, the prescribed authorities (NCLT/NCLAT) have been endowed with limited jurisdiction as specified in the I&B Code and not to act as a court of equity or exercise plenary powers.”
(emphasis supplied) 12.6 Also, the Hon’ble Supreme Court in the matter of Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta and Ors. (2020) 8 SCC 531 after referring to the decision in K. Sashidhar (supra) has held as follows; “73. There is no doubt whatsoever that the ultimate discretion of what to pay and how much to pay each class or sub-class of creditors is with the Committee of Creditors, but, the decision of such Committee must reflect the fact that it has taken into account maximising the value of the assets of the corporate debtor and the fact that it has adequately balanced the interests of all stakeholders including operational creditors. This being the case, judicial review of the Adjudicating Authority that the resolution plan as approved by the Committee of Creditors has met the requirements referred to in Section 30(2) would include judicial review that is mentioned in Section 30(2)(e), as the provisions of the Code are also provisions of law for the time being in force. Thus, while the Adjudicating Authority cannot interfere on merits with the commercial decision taken by the Committee of Creditors, the limited judicial review available is to see that the Committee of Creditors has taken into account the fact that the corporate debtor needs to keep going as a going concern during the insolvency resolution process; that it needs to maximise the value of its assets; and that the interests of all stakeholders including operational creditors has been taken care of. If the Adjudicating Authority finds, on a given set of facts, that the aforesaid parameters have not been kept in view, it may send a resolution plan back to the Committee of Creditors to re-submit such plan after satisfying the aforesaid parameters. The reasons given by the Committee of Creditors while approving a resolution plan may thus be looked at by the Adjudicating Authority only from this point of view, and once it is satisfied that the Committee of Creditors has paid attention to these key features, it must then pass the resolution plan, other things being equal.” (emphasis supplied)

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12.7 The Hon’ble Supreme Court in its recent decision in Jaypee Kensington Boulevard Apartments Welfare Association &Ors. v. NBCC (India) Ltd. &Ors.inCivil Appeal no. 3395 of 2020 dated 24.03.2021 has held as follows;
76. The expositions aforesaid make it clear that the decision as to whether corporate debtor should continue as a going concern or should be liquidated is essentially a business decision; and in the scheme of IBC, this decision has been left to the Committee of Creditors, comprising of the financial creditors. Differently put, in regard to the insolvency resolution, the decision as to whether a particular resolution plan is to be accepted or not is ultimately in the hands of the Committee of Creditors; and even in such a decision making process, a resolution plan cannot be taken as approved if the same is not approved by votes of at least 66% of the voting share of financial creditors. Thus, broadly put, a resolution plan is approved only when the collective commercial wisdom of the financial creditors, having at least 2/3rd majority of voting share in the Committee of Creditors, stands in its favour.

77. In the scheme of IBC, where approval of resolution plan is exclusively in the domain of the commercial wisdom of CoC, the scope of judicial review is correspondingly circumscribed by the provisions contained in Section 31 as regards approval of the Adjudicating Authority and in Section 32 read with Section 61 as regards the scope of appeal against the order of approval.

77.1. Such limitations on judicial review have been duly underscored by this Court in the decisions above-referred, where it has been laid down in explicit terms that the powers of the Adjudicating Authority dealing with the resolution plan do not extend to examine the correctness or otherwise of the commercial wisdom exercised by the CoC. The limited judicial review available to Adjudicating Authority lies within the four corners of Section 30(2) of the Code, which would essentially be to examine that the resolution plan does not contravene any of the provisions of law for the time being in force, it conforms to such other requirements as may be specified by the Board, and it provides for: (a) payment of insolvency resolution process costs in priority; (b) payment of debts of operational creditors; (c) payment of debts of dissenting financial creditors; (d) for management of affairs of corporate debtor after approval of the resolution plan; and (e) implementation and supervision of the resolution plan.

77.2. The limitations on the scope of judicial review are reinforced by the limited ground provided for an appeal against an order approving a resolution plan,

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namely, if the plan is in contravention of the provisions of any law for the time being in force; or there has been material irregularity in exercise of the powers by the resolution professional during the corporate insolvency resolution period; or the debts owed to the operational creditors have not been provided for; or the insolvency resolution process costs have not been provided for repayment in priority; or the resolution plan does not comply with any other criteria specified by the Board

77.6.1. The assessment about maximisation of the value of assets, in the scheme of the Code, would always be subjective in nature and the question, as to whether a particular resolution plan and its propositions are leading to maximisation of value of assets or not, would be the matter of enquiry and assessment of the Committee of Creditors alone. When the Committee of Creditors takes the decision in its commercial wisdom and by the requisite majority; and there is no valid reason in law to question the decision so taken by the Committee of Creditors, the adjudicatory process, whether by the Adjudicating Authority or the Appellate Authority, cannot enter into any quantitative analysis to adjudge as to whether the prescription of the resolution plan results in maximisation of the value of assets or not. The generalised submissions and objections made in relation to this aspect of value maximisation do not, by themselves, make out a case of interference in the decision taken by the Committee of Creditors in its commercial wisdom

78. To put in a nutshell, the Adjudicating Authority has limited jurisdiction in the matter of approval of a resolution plan, which is well defined and circumscribed by Sections 30(2) and 31 of the Code read with the parameters delineated by this Court in the decisions above referred. The jurisdiction of the Appellate Authority is also circumscribed by the limited grounds of appeal provided in Section 61 of the Code. In the adjudicatory process concerning a resolution plan under IBC, there is no scope for interference with the commercial aspects of the decision of the CoC; and there is no scope for substituting any commercial term of the resolution plan approved by the CoC. Within its limited jurisdiction, if the Adjudicating Authority or the Appellate Authority, as the case may be, would find any shortcoming in the resolution plan vis-à-vis the specified parameters, it would only send the resolution plan back to the Committee of Creditors, for re-submission after satisfying the parameters delineated by Code and exposited by this Court.” 12.8 Thus, from the catena of judgments rendered by the Hon’ble Supreme Court on the scope of approval of the Resolution Plan, it is amply

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clear that only limited judicial review is available for the Adjudicating Authority under Section 30(2) and Section 31 of IBC, 2016 and this Adjudicating Authority cannot venture into the commercial aspects of the decisions taken by the Committee of Creditors.
12.9 In the instant case, the Resolution Plan has been approved with 87.79 voting share. As per the CoC, the plan meets the requirement of being viable and feasible for the revival of the Corporate Debtor. All the compliances have been done by the RP and the Resolution Applicant, for making the plan effective after approval by this Bench.
12.10 On perusal of the documents on record, we are also satisfied that the Resolution Plan is in accordance with sections 30 and 31 of the IBC and also complies with regulations 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 12.11 In the light of what has been stated above, the Resolution Plan is Approved by this Adjudicating Authority, subject to the observations made in this order. The Resolution Plan shall form part of this Order. The Resolution Plan will be binding on the Corporate Debtor and other stakeholders. 12.12 The Resolution Applicant has sought for specific reliefs and other concessions under the Resolution Plan and the same are dealt with hereunder. Specific Relief sought 1.
The Corporate Debtor has created an encumbrances / interest on the units/UDS under M One Project by the Corporate Debtor, across 85 Agreements of Sale /Construction Agreements, as detailed in Specific Relief - Annexure 1, out of which 66 Agreements for Sale ("AFS") has been registered in favour of different parties by paying a sum of Rs. 1 lakh to Rs. 10 Lakh.
Also 19 Construction Agreement has been registered. The total consideration

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amount mentioned against these agreements also do not represent the market/transaction value of the units/UDS. No claims have been submitted/ admitted as home buyers against these encumbrances/interests created as of date with reference to the units/UDS. However, these encumbrances created by registering the sale agreement/Construction agreement consumed the availability of UDS which otherwise had to be transferred in favour of the genuine home buyer. Unless these agreements were cancelled, the genuine home buyers who are still unregistered cannot get their UDS registered and thus cannot have effective title documents. Therefore, Resolution Applicant seeks specific relief for cancellation of such transfers, encumbrances, or interests created with malicious intentions. Upon the cancellation of the aforementioned documents more specifically mentioned in Specific Relief - Annexure 1, the title to such apartments and the UDS shall continue to legally vest in the M One Project of the Corporate Debtor, free from any liability or obligation to the Resolution Applicant, in order to convey the title deed documents in favour of the genuine home buyers. Relief Granted 1  The claims in respect of these 66 Agreements of Sale and 19 Construction Agreements having not been filed with the Resolution Professional stands extinguished in terms of the clean slate doctrine.  In relation to the cancellation of documents as sought for, according to the Resolution professional orders cancelling 40 agreements entered with M/s Reliable Properties, M/s REAVA and M/s Sri Ramachandar has been granted by this Bench vide Orders dated 29- 04-2025 in IA(IBC)/613(CHE)/2025.
Relief sought 2.
13 Units as per the Specific Relief Annexure 2, which were allotted to genuine home buyers and the sale proceeds also been collected. However, these flats were allotted in the name of Suspended Directors Mrs. Kalpana Sharma and Mr. Santhosh Sharma to raise fund from LIC Housing Finance Limited for the benefit of the Suspended Directors who had diverted such

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loan proceeds from the Corporate Debtor. Accordingly, the encumbrances / interests were created on the Flats under M One Project in favour of the Suspended Directors cum Promotors, totalling to 5,124.55 Sq Ft of UDS and the corresponding construction agreements as delineated in the 13 sale deeds, 13 construction deeds & 12 Deposit of Title Deeds as detailed in the Specific Relief Annexure 2, the Resolution Applicant seeks for cancellation of such documents/encumbrances / interests and upon cancellation of the encumbrance affecting the Undivided Share ("UDS") of 5,124.55 Sq Ft, the title to such UDS shall remain legally vested in the M One Project of the Corporate Debtor, free from any liability or obligation to the Resolution Applicant, in order to convey the title deed in favour of the genuine buyers. Relief granted 2.  The claims in respect of these 13 apartments having not been filed by the Suspended Directors with the Resolution Professional, stands extinguished in terms of the clean slate doctrine.the security or charge of LIC Housing Finance Ltd any over the apartments shall stand extinguished/released. Relief sought 3. 2 units (Unit No 1505 and Unit No. 1205) as per the Specific Relief Annexure 3, which were allotted to genuine home buyers and the sale proceeds also been collected. However, these flats were allotted in the name of Suspended Directors Mrs. Kalpana Sharma and Mr. Santhosh Sharma in order to raise fund from LIC Housing Finance Limited for the benefit of the Suspended Directors who had diverted such loan proceeds from the Corporate Debtor. Accordingly, the encumbrances / interests were created on the Flats under M One Project in Favor of the Suspended Directors cum Promotors in CERSAI records. as delineated in the 2 sale deeds, 2 construction deeds reflecting in the search Report of CERSAI as detailed in the Specific Relief Annexure 3, the Resolution Applicant seeks for cancellation of such documents/encumbrances / interests and upon cancellation of the encumbrances in CERSAI Records, the title to such units shall remain legally

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vested in the M One Project of the Corporate Debtor, free from any liability or obligation to the Resolution Applicant, in order to convey the title deed in favour of the genuine buyers. Relief granted 3.  The claims in respect of these 2 apartments having not been filed by the Suspended Directors with the Resolution Professional, stands extinguished in terms of the clean slate doctrine. Charge if any of LIC Housing Finance Ltd over the apartments shall stand extinguished/released. Relief sought 4. Landowner and Developer (CD) agreed to enter into a Joint Development Agreement build and promote Project Mone. In terms of the said Agreement, the landowners were entitled to 29603.92 sq ft of UDS and 129450 Sq.ft. (i.e., 116450 Sq.ft. of normal FSI and 13000 Sq.ft. of Premium FSI) or thereabouts of super built up area, from the development of the project.

In furtherance to the JDA, a general power of attorney was entered, between the Corporate Debtor and the Landowners, which came to be registered vide Doc No. 7360/2014, at the office of the Sub-Registrar, Madhavaram, in Book 1. By virtue of the General Power of Attorney, the Landowners had authorized the Corporate Debtor to do all the acts, deeds and things pertaining to the Property on behalf of the Landowners.

Thereafter, supplementary agreements were entered to identify the apartments that are entitled to be the share of Landowner and the Developer. Further, Mou also entered between the Landowner and developer giving away the right to the Developer to market the share of flats belonging to the Landowner.

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In furtherance to all the above agreements, a Business Agreement was executed between the Landowners and the Land Developer on 14.12.2020. As per the terms of the Business Agreement, the Land Developer (Corporate Debtor) had agreed to purchase the flats having a saleable area of an extent of 1,25,410 square feet along with the corresponding UDS at an all-inclusive price of Rs. 4,200/- per square feet. Out of the said collections, it was agreed in the agreement that 60% of the collections will be apportioned to the Land Developer and 40% will be apportioned to the Landowners. The MOU entered earlier stands terminated on entering into this business agreement. The Developer had been assigned with the right to market & sell the flats along with the corresponding undivided share of land at their convenience and the Landowner agreed not to intervene in any manner either directly or indirectly. Based on the right conferred on the Developer in such Business Agreement, the Developer (CD) has marketed and sold the units falling under the share of Landowner. Thus, the home buyers who have been allotted the flats belonging to the landowner's share have complete right to get their units registered and both Developer and Landowner are bound to convey the title deed in favor of the genuine homer buyers. However, due to payment disputes between the Landowners and the Developer, the Landowner abruptly executed the settlement deed in the favor of their daughters to the extent of Undivided Shares ("UDS") of 9304.53 Sq. Ft. as per list enclosed Specific Relief Annexure 4, by blocking further registration in favor of the genuine home buyers. Therefore, Resolution Applicant seeks cancellation of the said document and release of the UDS admeasuring 9304.53 sq.ft and such UDS will vest in the M One Project of the Corporate Debtor without any liability/obligation to the Resolution Applicant to be able to convey the title documents in favour of genuine homer buyers. Relief granted 4. The relief is granted in terms of the arrangement entered into by the Successful Resolution Applicants with the Land Owners and as agreed by them in full, the same being captured under Clause 23.2.1 of the Amended

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Plan dated 23-May-2025 and this Tribunal directs the Land Owners to execute the deeds cancellation as undertaken by them in pursuance thereof so as to vest the UDS of 9304.53 Sq Ft land with the M One Project of the Corporate Debtor." Relief sought 5. Section 30(2)(b)(ii) of the IBC stipulates that a dissenting financial creditor should not receive an amount lower than the liquidation value. The Resolution Applicant that the liquidation value to be received by the Secured Creditor is NIL in case the corporate debtor was to be liquidated. LIC Housing Finance Ltd claims that they have charge on 14 units as detailed in Specific Relief Annexure 5. However, such claim is incorrect as 7 of such units have already been registered in the name of the genuine buyers after received No Lien letter from LIC Housing Finance Ltd., and 6 of such units have already been allotted to Genuine buyers. Therefore, LIC Housing Finance Limited do does not have any effective charge on the units/UDS coupled with the fact that the liquidation value to be received by the Secured Creditor is estimated at NIL Value. Therefore, Resolution Applicant seeks for release of title deed deposited with LIC Housing Finance and discharge of all such interest created in the land share (UDS) and the units of M One Project and necessary satisfaction of charge to be filed with Registrar of Companies/SRO. Relief granted 5.  The relief of release of the registered security interest over these 14 apartments is granted in terms of the approved Plan and is binding all creditors. It is also clarified that LIC Housing Finance Ltd being a dissenting financial creditor the due payable to them shall be paid by the Resolution Applicant in accordance with Section 53(1) of the Code read with Regulation 38(1)(b) of the IBBI CIRP Regulations 2016 as provided in Clause 18.6 of the Resolution Plan.

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Relief sought 6. In the Information Memorandum, Resolution Professional has informed that as per the books of accounts available up to the Financial Year 2022, there are double bookings/triple bookings for many of the flats. The status of such bookings is not known since the books of accounts are not updated by the Corporate Debtor after 31.03.2022. However, only 4 claims have been received under the double-booking category till 30th September 2024. On enquiry, it appears that Promoters had involved his related entities/third parties/ employees to raise money for their benefits involving Financial Institutions also. While the status of such bookings appears to be bogus, the Resolution Applicant seeks relief to cancel all such bookings without any liabilities/obligations on the Corporate Debtor and the Resolution Applicant and acknowledge the list of homebuyers provided by the CD to the NCLT as the final list of buyers. This list of such double/triple bookings are appended as Specific Relief Annexure 6. Relief granted 6.
 The claims in respect of all these transactions involving unregistered documents, that have not been filed with the Resolution Professional, stands extinguished in terms of the clean slate doctrine.
 In relation to the relief sought for cancellation of the documents pertaining to 15 apartments (Serial No 15,21 to 34, it is observed that the same is covered under the Special Relief Nos 2 & 3 hereinabove.

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S.NO RELIEF AND/OR CONCESSIONS AND APPROVAL SOUGHT BY RESOLUTION APPLICANT
ORDERS THEREON 1 All the existing legal proceeding relating to Income Tax, GST, ESI, PF or any other statutory liabilities, if any, shall stand irrevocably and unconditionally abated, settled and all liability/ obligations of the Corporate Debtor vis a vis the Income Tax / Goods & Service Tax authority in relation to such matters shall stand extinguished in perpetuity.

GRANTED UNTIL THE EFFECTIVE DATE ON THE CLEAN SLATE BASIS
2 All Government Authorities (including the Income Tax authority, ESI, PF, etc) to waive the non- compliances of the Corporate Debtor or further claims of the Government Authorities on the Corporate Debtor arising out of or in relation to the past claims or non-compliances on the Corporate Debtor including on M One Project, prior to the Approval Date.

GRANTED UNTIL THE EFFECTIVE DATE ON THE CLEAN SLATE BASIS 3 All Government Authorities (including the Income Tax Authority, TN Vat, C Vat, Service Tax, Goods & Service Tax authority, ESI, PF, etc) to provide relief to the Corporate Debtor from all past litigation, if any, pending at different levels and provide wavier from tax dues, including interest and penalty, liabilities, if any, on such litigation on the Corporate Debtor including Mone Project as on the Approval Date.

GRANTED UNTIL THE EFFECTIVE DATE ON THE CLEAN SLATE BASIS 4 The approval of this Plan by the Adjudicating Authority shall be deemed to have waived all the procedural requirements in terms of Section 66, 42 and 62 of the Companies Act, 2013 and relevant rules made thereunder, in relation to reduction of Share Capital of the Corporate Debtor, issuance to shares by Corporate Debtor on preferential basis as per Resolution Plan. GRANTED, AS PER THE PROVISIONS OF COMPANIES ACT, 2013 READ WITH THE PROVISIONS OF IBC, 2016

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5 All relevant Government Authorities to grant relief/wavier from payment of stamp duty to the extent of permissible under the Applicable Law, for the successful implementation of the Plan inter alia issuance of shares. THIS IS FOR THE APPROPRIATE AUTHORITIES TO CONSIDER KEEPING IN VIEW THE PROVISIONS OF IBC, 2016

6 All creditors (including the Institutional Financial Creditor, Home Buyers, Refund Seekers, if any, Landowners, and Operational Creditors) of the Corporate Debtor to withdraw all legal proceedings commenced against the Corporate Debtor in relation to Claims including proceeding under various Laws and seek quashing of proceedings within a period of 90 days of the Approval Date.

THIS IS FOR THE APPROPRIATE AUTHORITIES TO CONSIDER KEEPING IN VIEW THE PROVISIONS OF IBC, 2016

7 Except those Agreement of Sale / Sale Deed / Construction Agreement / letter of allotments, where these said documents had been executed between the Corporate Debtor and the third parties classified under Home buyers Category, in relation to the sale deed / agreement of sale / construction agreement / letter of allotments on the Flats situated in M One Project of the Corporate Debtor, the Resolution Applicant reserves the right to terminate / cancel the same and as per Resolution Plan without any further liabilities on the Corporate Debtor or on the Resolution Applicant, pursuant to such termination / cancellation, such flat and rights attached thereto shall be fully vested with the Resolution Applicant from the Approval Date.

GRANTED, AS PER THE PROVISIONS OF COMPANIES ACT, 2013 READ WITH THE PROVISIONS OF IBC, 2016

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8 The relevant Government Authority shall not initiate any investigations, actions or proceedings against the Corporate Debtor or the Resolution Applicant or the new management (upon acquisition of the Corporate Debtor) including the Board of Directors, in relation to any non-compliance with Applicable Laws by the Corporate Debtor pertaining to any period up to Approval Date GRANTED ON CLEAN SLATE BASIS IN TERMS OF THE JUDGMENT OF THE HON'BLE SUPREME COURT IN GHANASHYAM MISHRA AND SONS V. EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED.2021 SCC ONLINE SC 313 9 Neither shall the Resolution Applicant nor the Corporate Debtor nor their respective Directors and officers to be appointed after the Approval Date be liable for any violations, liabilities, penalties or fines with respect to or pursuant to the Corporate Debtor not having in place the requisite licenses and approvals required to undertake its business as per Applicable Laws and the Resolution Applicant seeks a time period of 12 months from the Approval Date, to ensure renewal of such consents / licenses and approvals, if any to be obtained. Licenses and approvals held by the Corporate Debtor which expired prior to the Approval Date, or which will expire within a period of 6 months thereafter shall be renewed / extended by the relevant Government Authorities. Resolution Applicant seeks a time of 30 months from the Approval Date, to ensure compliances apart from the approvals. GRANTED UNTIL THE EFFECTIVE DATE ON THE CLEAN SLATE BASIS
SUBSEQUENT TO EFFECTIVE DATE APPROPRIATE AUTHORITIES TO CONSIDER KEEPING IN VIEW THE PROVISIONS OF IBC, 2016

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10 The Resolution Applicant assume that, in compliance of his duties under Regulation 35A of the CIRP Regulations, the Resolution Professional had determined whether the Corporate Debtor has been subject to any transaction covered under Sections 43, 45, 50 or 66 of the Code or not and applied to Adjudicating Authority for seeking appropriate relief. Accordingly, the Resolution Applicant reserve their right to institute any investigation pertaining to any transaction(s) carried out by the ex- management of the Corporate Debtor or to file appropriate applications before the court/tribunal of competent jurisdiction, the Resolution Applicant and its officers, shall never be liable / responsible for any such transactions carried out by the ex- management of the Corporate Debtor.

GRANTED UNTIL THE EFFECTIVE DATE ON THE CLEAN SLATE BASIS

11 The Institutional Financial Creditors i.e. LIC Housing Finance Limited will be settle of their dues as per the Resolution Plan and it shall issue No Due certificate within 7 days from the Approval Date, in favor of the Corporate Debtor for enable the Resolution Applicant to release / satisfy the Charge from the Registrar of Companies or Ministry of Corporate Affairs, release of mortgage of title deed registered with sub-registrar office and handing over/returning of all the original deed/documents including as mentioned in Memorandum of Deposit of Title Dees.

GRANTED AS DISCUSSED IN THE APPROVED RESOLUTION PLAN READ WITH ADDENDUM

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12 Upon the Approval from the Adjudicating Authority, the Charge created by Indian Overseas Bank for the loan lent to Lokaa Housing Private Limited on the Asset of the Corporate Debtor towards the corporate guarantee given by mortgaging the flat owned by the Corporate Debtor at Thiruvanmiyur, Chennai, shall be released / satisfy immediately without any liability or obligation on the Corporate Debtor or the Resolution Applicant, from the Approval Date, under the records of Registrar of Companies or Ministry of Corporate Affairs, as there is no direct liability in the books of the Corporate Debtor.

GRANTED ON THE CLEAN SLATE BASIS TO THE EXTENT OF CORPORATE DEBTOR

13 As the Loan from Sundaram Home Finance Limited has already been closed by the CD prior to the CIRP process and the No Due Certificate is yet to be received. Subsequent to the approval from the Adjudicating Authority, the charge created by Sundaram Home Finance Limited on the Corporate Debtor shall be closed and satisfied as of the Approval Date under the records of Registrar of Companies or Ministry of Corporate Affairs.

GRANTED ON THE CLEAN SLATE BASIS

14 Upon the approval from the Adjudicating Authority, the charges, if any, created on the assets of the Corporate Debtor or obligations under the corporate guarantee or any other obligations shall be closed and satisfied as of the Approval Date under the records of Registrar of Companies or Ministry of Corporate Affairs. GRANTED ON THE CLEAN SLATE BASIS TO THE EXTENT OF CORPORATE DEBTOR UNTIL EFFECTIVE DATE

15 The Claims of Financial Creditors, Operation Creditors and Landowners against the Corporate Debtor at all platforms including judicial, quasi- judicial and regulatory shall stand withdrawn on the Approval Date.

GRANTED ON THE CLEAN SLATE BASIS UNTIL EFFECTIVE DATE

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16 The various deposits with various authorities shall be unconditionally made available as assets of the Corporate Debtor with the Resolution Applicant immediately upon approval of this Resolution Plan as the underlying claims are being settled in terms of the Resolution Plan. THIS IS FOR THE APPROPRIATE AUTHORITIES TO CONSIDER KEEPING IN VIEW THE PROVISIONS OF IBC, 2016

17 All Government Authorities to provide relief to the Corporate Debtor and its Resolution Applicant from all past litigation pending at different levels and provide waiver from tax & cess dues, if any, including interest and penalty on such litigations as on the Insolvency Commencement Date.

GRANTED TO THE EXTENT OF CORPORATE DEBTOR UNTIL EFFECTIVE DATE
18 Issuance of necessary directions to TN RERA Authority, CMDA or any other regulatory authority including on condonation of delay, if any, in respect of renewal of any license or approvals from relevant authority, in relation to M One Project to expeditiously make the appropriate changes in its record qua project, in accordance with the Resolution Plan. THIS IS FOR THE APPROPRIATE AUTHORITIES TO CONSIDER KEEPING IN VIEW THE PROVISIONS OF IBC, 2016

19 Issuance of necessary directions to the lender of the Homebuyers that have granted the home loan facility to Homebuyers, waive the past defaults of the Homebuyers / Corporate Debtor in relation to Project, disburse the outstanding sanctioned facility as per the project completion milestones in line with the terms of sanction, immediately upon approval of the Resolution Plan by the Adjudicating Authority, as it is critical for the construction / completion of the project.

GRANTED, AS PER THE PROVISIONS OF IBC, 2016 20 The Hon'ble Adjudicating Authority be pleased to issue necessary directions to the local district administration where the assets of the Corporate Debtor are situated to give assistance to the Resolution Applicant GRANTED, AS PER THE PROVISIONS OF IBC, 2016

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21 For the implementation of the Resolution Plan, as and when required by the Resolution Applicant and for completing the Construction of the project for the Homebuyers GRANTED, AS PER THE PROVISIONS OF IBC, 2016 22 The Hon'ble Adjudicating Authority shall authorize the Resolution Professional to the Corporate Debtor to execute all the necessary documents for clearing the encumbrance / transfer including the pending registration by way of executing the Sale Deed / Construction Agreement or new registration of the said documents and authorized to sign the said documents / agreements by Resolution Professional to the Corporate Debtor.

GRANTED, AS PER THE PROVISIONS OF IBC, 2016 23 The Resolution Applicant shall be able to start construction and able to complete as per Resolution Plan and no party including Landowners shall not create any issue or initiate any action, which create hurdle to execute the Resolution Plan. GRANTED, AS PER THE PROVISIONS OF IBC, 2016

• Effective date: Date of approval of Resolution Plan

In case of non-compliance with this order or withdrawal of the Resolution Plan by the Successful Resolution Applicant, the Monitoring Committee shall forfeit the Performance Security furnished by the Resolution Applicant in the form of Performance Bank Guarantees. 14. Certified copy of this Order be issued on demand to the concerned parties, upon due compliance. 15.
Liberty is hereby granted for moving any Application if required in connection with the implementation of this Resolution Plan. 16.
A copy of this Order is to be submitted to the concerned Office of the Registrar of Companies.

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The Monitoring Committee shall submit quarterly reports regarding the status of implementation of Resolution Plan to this Tribunal in terms of Regulation 38(4)(c) of the CIRP Regulations, 2016.
18.
The SRA is directed to pay the fees for the Resolution Professional along with incidental expenses of the Monitoring Committee.
19. This Adjudicating Authority condone the delay of 14 days of filing the present application in view of the facts and circumstances of this application.
20.
Accordingly, IA(IBC)(PLAN)/11/CHE/2024 stands disposed of. 21.
The Registry is directed to send e-mail copies of the order forthwith to all the parties and their Learned Counsel for information and for taking necessary steps 22. Files be consigned to the record. On

-SD-

-SD- RAVICHANDRAN RAMASAMY

JYOTI KUMAR TRIPATHI MEMBER (TECHNICAL)

       MEMBER (JUDICIAL) 

Rannika/LRA