NATIONAL COMPANY LAW TRIBUNAL

COURT NO. 1

ITEM No.1

IA/112(MP)2024

in

(MP) IA 136 of 2020

in

TP 171 of 2019 [CP(IB) 218 of 2018]

Proceedings under Section Sec. 31(2) r.w. 30(2) & 60(5) a.w. Rule 11

IN THE MATTER OF:

Bhagwan Singh & Ors ........Applicants

V/s

Jagdish Kumar Parulkar, RP of

M/s Rai Homes Universal Pvt Ltd & Ors ........Respondents

Order delivered on 29/01/2025

Coram:

Chitra Ram Hankare, Hon’ble Member(J)

Kaushalendra Kumar Singh, Hon’ble Member(T)

PRESENT:

For the Applicants : For the Respondents :

ORDER

The case is fixed for pronouncement of the order.

The order is pronounced in open Court vide separate sheet. Sd/- Sd/-

KAUSHALENDRA KUMAR SINGH CHITRA RAM HANKARE

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Neeraj

THE ADJUDICATING AUTHORITY NATIONAL COMPANY LAW TRIBUNAL In TP/171/MP/2019 [CP(IB)/218/2018]

In the matter of: IA/112/MP/2024 in IA/136/MP/2020 (Application under section 31(2) r.w. section 30(2)(e) r.w. section 60(5) of the Insolvency and Bankruptcy Code, 2016 r.w. Rule 11 of NCLT Rules, 2016)

1. Mr. Bhagwan Singh Address: Imaliya Jargan, Kolhar Marg, Narayanpura, Amrawad Kalan, Bhopal, Madhya Pradesh- 462042

2. Mrs. Sushila Bai Address: 7, Bhadbhada Road, Barkhedi Kalan, Barkheda Nathu, Suraj Nagar, Bhopal, Madhya Pradesh- 462044

3. Mr. Parvat Singh Address: 10-K, Imaliya Jargan, Kolhar Marg, Narayanpura, Amrawad Kalan, Bhopal, Madhya Pradesh- 462042

4. Mr. Radheshyam Address: 10, Imaliya Jargan, Kolhar Marg, Narayanpura, Amrawad Kalan, Bhopal, Madhya Pradesh- 462042

5. Mrs. Meena Address: 7, Near Navodaya School. Ratibad, Bhopal, Madhya Pradesh- 462044 ……Applicants Versus

1. Mr. Jagdish Kumar Parulkar Resolution Professional of M/s Rai Homes Universal Pvt Ltd Address: GS-2, CSIDC, Commercial Complex, Mahadev Ghat Road, Raipur Chowk, Raipur, Chhattisgarh- 492001 ……Respondent No. 1

2. Mr. Hans Raj Mutreja Interim Resolution Professional of M/s Rai Homes Universal Pvt Ltd Address: 146/8, Premium Center, Zone-I, M.P. Nagar, Bhopal, Madhya Pradesh- 462011 ……Respondent No. 2

3. Bank of India Member of Coc Address: Bhopal Zonal Office, Bank of India Bhawan, Arera Hills, Jail Road, Bhopal, Madhya Pradesh- 462011 ……Respondent No. 3

4. M/s Arya Infra Solutions Proprietor Mr. Aditya Deshpandey Address: 84, Ganesh Nagar, Nagpur, Maharashtra- 440009 ……Respondent No. 4 In the main matter of: TP/171/MP/2019, CP(IB)/218/2018 (Application under section 7 of the Insolvency & Bankruptcy Code, 2016)

Bank of India ……Financial Creditor Versus Rai Homes Universal Pvt Ltd ……Corporate Debtor Order pronounced on: 29.01.2025 Coram: Chitra Ram Hankare, Member (J) Kaushalendra Kumar Singh, Member (T)

Appearance:

For the Applicants : Ld. Adv. Ms. Soumya Dharwa For the RP : Ld. Adv. Mr. Aditya J. Pandya a.w.

Mr. Jagdish Kumar Parulkar (RP-in-person)

JUDGMENT

1. This application has been filed on 06.03.2024 by Mr. Bhagwan Singh and others (Applicants) under section 31(2) r.w. section 30(2)(e) r.w. section 60(5) of the Insolvency and Bankruptcy Code, 2016 (the Code) r.w. Rule 11 of NCLT Rules, 2016 against the resolution professional of the corporate debtor i.e. M/s Rai Homes Universal Private Limited and others, seeking following reliefs: -

(i) That, the Hon’ble Adjudicating Authority may be pleased to allow the present application and reject the Resolution Plan dated 01.09.2020 being contravening law for the time being in force by the respondent Nos. 1 & 2 as defined under Section 30 (2) (e) of the IBC.

(ii) That, the Hon’ble Adjudicating Authority may be pleased to hold that the Joint Venture Agreement entered between the applicants and the corporate debtor was only a development agreement and there was no transfer of said land in the name of the corporate debtor.

(iii) That, the Hon’ble Adjudicating Authority may be pleased to direct the respondent No.4 to make provisions for transferring 31% of the sale proceeds received from the sale of the constructed land on the said project of the corporate debtor in favour of the applicants.

(iv) That, the Hon’ble Adjudicating Authority may