INTERLOCUTORY APPLICATION NO. 4170 OF 2023

AND

INTERLOCUTORY APPLICATION NO. 4057 OF 2023

CP(IB) NO. 1765/MB/2018

Application u/s 60(5) of the Insolvency and

Bankruptcy Code, 2016.

In the matter of I.A. No. 4170 of 2023:

HREL REAL ESTATE LIMITED

…Applicant

v/s.

Mr. Shailesh Verma, Resolution Professional of

Lavasa Corporation Ltd.

…. Respondent

In the matter of I.A. No. 4057 of 2023

Hindustan Construction Company Limited

…Applicant

v/s.

Mr. Shailesh Verma, Resolution Professional of

Lavasa Corporation Ltd.

In the matter between:

Raj Infrastructure Development (India) Pvt Ltd.,

…Financial Creditor

v/s.

Lavasa Corporation Ltd. …Corporate Debtor

CP(IB) NO. 1765(MB)/2018 Order pronounced on 25.04.2024.

Coram:

Shri. Kuldip Kumar Kareer : Member Judicial.

Shri. Anil Raj Chellan : Member Technical.

Appearances (in physical mode)

For the Applicant: P. Lalit Munshi a/w Fatima Fernandes.

For the Respondent: Kriti Kalyani.

ORDER Per: Coram

1. I.A. No. 4170 of 2023 and I.A. No. 4057 of 2023 are the applications under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”) filed by the Applicants praying for following directions to the Registry of this Tribunal:

a. To provide to the Applicant a certified copy of the approved resolution plan, forming part of Interlocutory Application No. 1007 of 2023, approved by this Tribunal vide Order dated 21^st July, 2023;

b. In the alternative to prayer clause (a) referred to above, to provide a copy of the Interlocutory Application No. 1007 of 2023, along with all its annexures, which has been allowed and disposed of vide this Tribunal’s Order dated 21^st July, 2023;

c. Such other and further reliefs as the nature and circumstances of this case may require.

CP(IB) NO. 1765(MB)/2018 Since the facts in both the above-captioned matters are identical, the issues involved are similar and reliefs sought are one and the same, both the matters have been heard together by consent of the parties and have been reserved for orders on the same day. Thus, both the I.A.s referred-to-above are being disposed of by this common order.

Facts of the Case (in brief):

2. Corporate Insolvency Resolution Process (‘CIRP’) of the Corporate Debtor commenced vide Order dated 30.08.2018 passed u/s 9 of the Code in Company Petition No. 1765/MB/2018. This Tribunal had consolidated the CIRP of the Corporate Debtor with the CIRP of its four subsidiaries i.e. Warasgaon Assets Maintenance Limited, Dasve Convention Centre Limited, Dasve Retail Ltd and Warasgaon Power Supply Limited, vide Order dated 13.05.2021.

3. Darwin Platform Infrastructure Limited emerged to be the Successful Resolution Applicant (‘SRA’) whose resolution plan came to be approved by the Committee of Creditors (‘CoC’) by 96.41% majority. Accordingly, I.A. No. 52/2022 was filed by the Resolution Professional (‘RP’) u/s 30(6) of the Code praying for approval of the resolution plan by the Adjudicating Authority. This Tribunal vide Order dated 09.02.2023 passed an order in the above-referred I.A., directing certain modifications to be considered and carried out in the resolution plan by the CoC.

4. Thereafter, the SRA placed an addendum dated 20^th February, 2023 inter-alia making certain modifications to the resolution plan, which was approved by the CoC with majority voting of 84.05%. Accordingly, the Resolution Professional filed the I.A. No. 1007 of 2023 seeking approval of the resolution plan along CP(IB) NO. 1765(MB)/2018 with the addendum. This Tribunal vide Order dated 21^st July, 2023 approved the resolution plan of SRA.

5. The Applicant is the guarantor in respect of the debt undertaken by its step-

down subsidiary i.e. the Corporate Debtor. The Applicant is unaware of the mechanism that is set out in the approved resolution plan vis-à-vis the guarantees that have been provided on behalf of the Corporate Debtor and its subsidiaries. The resolution plan may have provided for a reduction in the amount payable to the creditors, which again would vitally impact the ri