ORDER

1. The present Application is filed by the Applicant, namely, Yester Investment Private Limited, under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“Code”) read with rule 11 of the National Company Law Tribunal Rules, 2016 (“NCLT Rules”) objecting to the Resolution Plan submitted by M/s Kabra Estate and Investment Consultants (“Successful Resolution Applicant”) which has been approved by the Committee of Creditors of the Corporate Debtor.

FACTS OF THE CASE

2. The Corporate Debtor is a company involved in the business of real estate business and is actively developing two projects upon a contiguous piece of land located at CTS No. 430/C, LBS Road, Opposite Eshwar Nagar, Bhandup (West), Mumbai400078. The two (2) real estate projects undertaken by the Corporate Debtor are Samriddhi Garden (Phase 1) (hereinafter referred to as “Project-1”) and Oakwood Plaza (Phase 2) (hereinafter referred to as “Project-2”).

3. In the year 2015, the Applicant advanced a total sum of Rs. 7,50,00,000/- (Rupees Seven Crores Fifty Lakhs only) to the Corporate Debtor as interest bearing loan. The Applicant advanced an interest-bearing loan of Rs. 2,50,00,000/- (Rupees Two Crore Fifty Lakhs only) vide cheque dated 13/07/2015 against security of Flat No. 103 and 104 in D-Wing of Project- 1 as well as against post-dated cheque bearing no. 300173 for an amount of Rs. 2.50 crores. The Applicant further advanced an interest-bearing loan of Rs. 5,00,00,000/- (Rupees Five Crores only) vide cheque dated 25/07/2015 against security of Flat No. 201, 202, 203 and 204 in D-Wing of Project-1 as well as against post-dated cheque bearing no. 300176 for an amount of Rs. 5.00 crores.

4. The Corporate Debtor vide its letter dated 10/07/2015 and 24/07/2015 acknowledged receipt of Rs. 2.50 crores and Rs. 5.00 crores respectively and committed to repay the total sum of Rs. 7.50 crores on or before 30.09.2017 along with interest due thereon as applicable. Two irrevocable power of attorneys dated 10/07/2015 and 24/07 /2015 were executed in favor of the Applicant authorizing the Applicant to register the agreements for sale of the said flats.

5. The six flats in D wing of Project-1 D-103, D-104, D-201, D-203 and D-204 which were offered as security and for which duly stamped agreements of sale were entered into and registered subsequently are hereinafter collectively referred to as the “said flats”.

6. Somewhere in the year 2017, the Corporate Debtor raised funds through Respondent No. 3, namely LIC Housing Finance Limited (hereinafter referred to as “LICHFL”). A Loan Facility Agreement dated 15/09/2017 was executed between the Corporate Debtor, Navketan Premises Private Limited (Co- Borrower), LICHFL (Lender) and Unit Trust of India Investment Advisory Service Ltd. (as Security Trustee).

7. The Applicant submits that the Corporate Debtor could not repay the loan of Rs 7.50 crores along with interest due thereon. Accordingly, in the year 2018, as agreed vide letter dated 10/07/2015 and 24/07/2015 between the Corporate Debtor and the Applicant, agreements for sale of the said flats were duly executed and registered between the Corporate Debtor and the Applicant vide six (06) agreements for sale dated 09/08/2018. Vide its letter dated 31-3- 2018 in the account of each of the said flats, the Corporate Debtor adjusted Rs five lacs from the interest due on the loans towards the sale consideration. It is pertinent to note that income tax as due was deducted from the interest credited to the Applicant from time to time as required.

8. This Tribunal vide order dated 11.08.2020 initiated the CIRP against the Corporate Debtor and admitted the present Company Petition No. 3169 of 2019, and appointed Mr. Nechal Pathan as the Interim Resolution Professional (“IRP”) to carry out the CIRP of the Corporate Debtor.

9. Pursuant to the Public Announcement made on 16/08/2020, by the erstwhile IRP of the Corporate Debtor, the Applicant filed its claims amounting to 7,90,80,000/- in Form