C.P. No.481 of 2021 In the matter of an Application under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016.

Mr Arpan Maheshkumar Shah, (Resolution professional Anuradha Real Estate Developers Private Limited) …Applicant/Resolution Professional In the matter of Deepak Cheeda & Ors … Financial Creditor V/s.

Anuradha Real Estate Developers Private Limited ... Corporate Debtor Order Dated :02.09.2024 Coram:

Hon’ble Ms. Reeta Kohli Member (Judicial)

Hon’ble Ms. Madhu Sinha Member (Technical)

Appearance:

For the Applicant/RP: Adv. Rohit Gupta (PH)

C.P. No.481 of 2021

ORDER

Per: Madhu Sinha, Member(Technical)

The above captioned Application was filed under Section 30(6) and Section 31, of the Insolvency and Bankruptcy Code, 2016 (hereinafter

1.

referred to as the “Code”) by the Resolution Professional (hereinafter referred as the “Applicant”), seeking approval of the Resolution Plan, submitted by the Resolution Applicant – Zaveri and Company Private Limited, which was approved by 100% voting shares of the members of the Committee of Creditors (hereinafter referred to as ‘COC’).

The facts leading to the Application areas under:

a) On 04.03.2021, one of the home buyers, Mr. Deepak

2.

Cheeda, filed a Company Petition (IB) No. 481 of 2022 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code"). The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by an order dated 11.08.2021, and Mr Arpan Maheshkumar Shah was appointed as the Interim Resolution Professional and later confirmed as Resolution Professional by the COC in its 1st meeting held on 25.10.2021. A public announcement as per Section 15 of the Code, inviting claims from the creditors of the Corporate Debtor.

b) The Applicant published a Public Announcement in Form A in accordance with Section 15 of the Code read with Regulation 6 of the CIRP Regulations, on 28.08.2021, inviting submission of proof of claims from the creditors of the Corporate Debtor, on or before

27.09.2021.

C.P. No.481 of 2021 c) The claims received and accepted by the Interim Resolution Professional are as under:

The Resolution Professional accordingly appointed TWO (2) Registered Valuers and these Registered Valuers submitted their reports. The

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Liquidation and fair value is stated as under in corers for conducting valuation across different asset to determine its fair value and liquidation value, as required under Regulation 27 of the IBBI (IRP for Corporate Persons) Regulations, 2016.

6. The Applicant submits that for inviting Expression of Interest (“EOI”

from Prospective Resolution Applicants as per section 25(2)(h) of the Code, Form G was published on 01.01.2022. The last date for submission of Expression of Interest (EOI) from Prospective Resolution Applicants was 16.01.2022.

7. In the interregnum, One Piramal Capital Housing Finance Ltd.

(hereinafter referred to as “PCHFL”) previously known as Dewan Housing Finance Cooperation Limited had filed an application bearing No. IA/182 C.P. No.481 of 2021 of 2022 before this Hon’ble Tribunal seeking directions of this Hon’ble Tribunal directing the Applicant to admit the claim filed as a financial creditor and reconstitute the COC of the Corporate Debtor by them as a member. The said application was rejected by this Hon’ble Tribunal vide order dated 21/04/2022. Thereafter the said PCHFL herein filed an appeal against the said order dated 21/04/2022 of this Hon’ble Tribunal before the Hon’ble National Company Law Appellate Tribunal (hereinafter referred to as ‘NCLAT”) being Company Appeal AT INS 580 of 2022. It is submitted that the Resolution Plan was under consideration during the pendency of the said Appeal before the NCLAT. The NCLAT vide order dated 02/06/2022 directed that the Applicant shall not file the plan before the Adjudicating Authority without the leave of the NCLAT. The Hon’ble NCLAT was pleased to pass an order dated 19/09/2022 inter alia directing the Applicant-RP to a