IN THE NATIONAL COMPANY LAW TRIBUNAL

NEW DELHI BENCH (COURT– II)

Item No. 319

IB-667(ND)2019

New IA-3265/2024

IN THE MATTER OF:

M/s. Renu Proptech Pvt. Ltd. … Applicant/Petitioner

Versus

M/s. Red Topaz Real Estate Pvt. Ltd. … Respondent

Under Section: 7 of IBC, 2016 Order delivered on 08.07.2024

CORAM:

SH. ASHOK KUMAR BHARDWAJ SH. SUBRATA KUMAR DASH

HON’BLE MEMBER (J) HON’BLE MEMBER (T)

PRESENT:

For the Respondent : Adv. Manish Paliwal for R-1 & 2, Adv. Ashish

Aggarwal for R-3

For the RP : Sr. Counsel Arvind Nayar, Adv. Rakesh Kumar,

Adv. Preeti Kashyap, Adv. Ankit Sharma, Adv. Varun Pandit, Adv. Rishabh Arora, Adv. Yash

Dhawan in IA-3265/2024

For the Authorized : Adv. Sumit Sinha

Representative

Hearing Through: VC and Physical (Hybrid) Mode

ORDER

IA-3265/2024, IB-667(ND)2019: Mr. Arvind Nayar, Ld. Sr. Counsel appearing for the Applicant i.e. CS Vekas Kumar Garg Resolution Professional could draw our attention to the minutes of 21st meeting of CoC held on 27.05.2024 and submitted that since the CoC has passed a resolution that CP- (IB)-667/ND/2019 may be withdrawal, the present application has been

preferred. The relevant excerpt of the minutes of the meeting reads thus:-

“RESOLUTION 1: APPROVAL OF THE WITHDRAWL PROPOSAL AS RECEIED FROM EX. MANAGEMENT MR. SANDEEP GARG U/S 12A OF INSOLVENCY & BANKRUPTCY

CODE, 2016 AND OTHER CONNECTED MATIER(S)

The Text of the Resolution(s) proposed for E-Voting by the Resolution Professional is as under:

APPROVAL TO THE WITHDRAWL PROPOSAL U/S 12A AS PRESENTED BY THE PROPOSER MR. SANDEEP GARG "RESOLVED THAT the approval of the committee of creditors be and is hereby accorded to With-Drawl Proposal as placed by the Ex. Management I Director of the Corporate Debtor i.e. Redtopaz Real Estate Private Ltd. from CIR Proceedings in accordance with the provisions of Section 12A of Insolvency & Bankruptcy Code, 2016"

"RESOLVED THAT the approval of the committee of creditors be and is hereby granted to the modified withdrawal plan dated 20.05.2024 received under section 12A application as filed by Mr. Sandeep Garg being the Ex- management of the corporate debtor (hereinafter to be referred as the "Proposer’’) specially subject to the following terms and conditions as expressly stated herein :

1. The Proposer to contribute an amount of Rs. 2 Cr. within 60 days of the approval by CoC to the withdrawl proposal/ plan as submitted by the Proposer.

2. The Proposer to contribute an amount of Rs. 1 Cr. within 90 days of approval by COC to the withdrawl proposal/plan as submitted by the Proposer.

3. The Proposer to contribute an amount of Rs. 22 Cr. in monthly installment of Rs. 1 Cr. each commencing after 30 days of the approval by NCLT to the with-drawl proposal I plan as submitted by the Proposer.

4. The amount of contribution by the Proposer above shall be treated as interim finance in case the approval of the adjudicating authority to the with-drawl proposal as presented by the Proposer is not received.

7. In case of any delay 1 default on the part of the Proposer to pay the above amount whether whole or in part on or before the aforesaid dates, such actions shall be termed as event of default on the part of the Proposer with regard to the mandatory compliance of the with-drawl plan and with-drawl plan. In such event, the monitoring committee shall assess the default by the Proposer and may take an appropriate action for resumption I fresh initiation of CIR Process before the Adjudicating Authority. Further, in such case of default by the Proposer, the upfront amount of Rs. 2 Cr. as contributed by the Proposer shall stand forfeited by the company.

"RESOLVED FURTHER THAT approval of the committee of creditors be and is hereby accorded to the resolution professional to submit the proposal as approved herein to the Hon’ble Adjudicating Authority for approval in terms of Section 12A of Insolvency & Bankruptcy Code, 2016 read with Regulation 30A(S) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and other applicabl