ORDER

Per: Anuradha Sanjay Bhatia, Member (Technical)

1. This is an application, being IA No. 1609/MB-V/2021, filed by G. S. Constructions through its proprietor Mr. Sushil Uttarwar, the Applicant, under Section 60 (5) of IBC, 2016 (hereinafter “the Code”) r/w Rule 11 of NCLT, 2016, seeking following reliefs:

a) To quash and set aside the existing Committee of Creditors (hereinafter referred to as “CoC”) of the Corporate Debtor and declare all the acts and decisions taken by existing CoC as void and non-est;

b) In the alternative to prayer clause (a), declare and order all acts and votes cast by the Fraudulent Home Buyers i.e. (i) Bela Gujarati; (ii) Pallavi Girish Malani; (iii) Govind Malani; (iv) Madan Vallabhdas Devi; (v) Mina Gopal Gokhale; (vi) Gaurav Anil Mahajan; and (vii) Gokulsing Morkar, as void and non-est;

c) To direct the Respondent No. 1 to reconstitute the CoC in accordance with the provisions of the Code and call for fresh votes on each Resolution Plan i.e. the Applicant’s Resolution Plan, Asha Sanap’s Resolution Plan and Archana Sanap’s Resolution Plan;

d) Direct the Respondent No. 1 to conduct a through investigation and present a report to this Tribunal on the purported transaction entered into by the Fraudulent Home Buyers i.e. (i) Bela Gujarati; (ii) Pallavi Girish Malani; (iii) Govind Malani; (iv) Madan Vallabhdas Devi; (v) Mina Gopal Gokhale; (vi) Gaurav Anil Mahajan; and (vii) Gokulsing Morkar;

e) Recall the order dated August 18, 2020 passed by this Tribunal appointing Respondent No. 2 as the Authorised Representative of the Home Buyers of the Corporate Debtor on the ground that the same is vitiated by fraud perpetrated by the Fraudulent Home Buyers;

f) That all acts of the Respondent No. 2 pursuant to the directions of the Fraudulent Home Buyers be declared as non-est and void, including the votes cast at the 8^th CoC meeting held on April 20, 2021;

g) In the alternative to prayer clause (d), Respondent No. 2 be ordered and directed to call for a meeting of the Home Buyers of the Corporate Debtor (not including the Fraudulent Home Buyers) for the purpose of determining the true and correct votes in favour of each Resolution Plan i.e. the Applicant’s Resolution Plan, Asha Sanap’s Reslution Plan and Archana Sanap’s Resolution Plan; and h) That Asha Sanap’s Resolution Plan be rejected inter alia as the same has not been validly approved by the CoC and is also in contravention to the provisions of the Code; BRIEF HISTORY OF THE CASE:

2. The brief history of the case is as under:

2.1 The M/s. G. S. Constro & Infra Pvt. Ltd. & Ors are the investors and shareholders of M/s. E & G Global Estates Limited, the Corporate Debtor, having approximately 48% of the shareholding of the Company. The Corporate Debtor was in need of funds to complete the construction of the Resort Project and therefore M/s. G. S. Constro & Infra Pvt. Ltd. & Ors have infused funds into the Company, on the undertaking that 100% shares would be transferred to them. Accordingly, an MoU dated 10.12.2018 was entered into between the parties, whereby M/s. G. S. Constro & Infra Pvt. Ltd. & Ors paid Rs.75 lakh to SIDBI, towards the part payment of the loan amount, thereby saving the Company from becoming an NPA.

2.2 M/s. G. S. Constro & Infra Pvt. Ltd. & Ors vacated the post of ‘Additional Directors’ since an AGM was never conducted for including them as a Director, but the RoC portal was not updated, and they continued to remain as Additional Directors.

2.3 Thereafter, the Financial Creditor, SIDBI, had filed a Company Petition No. 2995 of 2019 under Section 7 of the Code, against the Corporate Debtor. In Part-IV of Form 1, under the head “Particulars of Financial Debt” the total amount claimed to be in default is Rs.3,85,15,033/-.

2.4 The Bench-V, Mumbai, after hearing the Company Petition No. 2995 of 2019, reserved for orders on 05.09.2019. Thereafter, Intervener Application, being MA No. 3182 of 2019, was filed on 19.09.2019 in the Company Petition No. 2995