NATIONAL COMPANY LAW TRIBUNAL

INDORE BENCH

COURT NO. 1

ITEM Nos.1 & 2

Item No.1 – IA/254(MP)2023 in C.P.(IB)/56(MP)2021

Item No.2 – IA/298(MP)2023 in (MP) CP(IB) 16 of 2020

Proceedings under Section 30(6) r.w. Section 31 IBC, 2016

IN THE MATTER OF:

[IA/254(MP)2023 in C.P.(IB)/56(MP)2021]

Chaya Gupta, RP of JSM Devcons Pvt Ltd ........Applicant

&

[IA/298(MP)2023 in (MP) CP(IB) 16 of 2020]

Gajesh Labhchand Jain, RP of Ashoka Hi-Tech Builders Pvt

Ltd ………Applicant

Order delivered on 05/04/2024

Coram:

P. Mohan Raj, Hon’ble Member(J)

Kaushalendra Kumar Singh, Hon’ble Member(T)

PRESENT:

For the Applicant : For the Respondent :

ORDER

IA/254(MP)2023 & IA/298(MP)2023

Both cases are fixed for pronouncement of the order.

The common order is pronounced in open Court vide separate sheet.

Sd/- Sd/-

KAUSHALENDRA KUMAR SINGH P. MOHAN RAJ

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Narendra S. Tomar/Stenographer

ADJUDICATING AUTHORITY NATIONAL COMPANY LAW TRIBUNAL BENCH AT INDORE (i) IA/254(MP)2023 [An application filed under Section 30(6) r.w. Section 31 of the IBC, 2016]

Chaya Gupta Resolution Professional of JSM Devcons Private Limited

911, Apollo Premier, Near Vijay Nagar Square, Indore, Madhya Pradesh-452010 Email-cirp.jsm@gmail.com Resolution Professional/Applicant In the main matter of: C.P.(IB)/56(MP)2021 [An application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016]

Motel Rahans Private Limited Chatak Arch, F-1, 1^st Floor, 7 MG Road, Indore, Madhya Pradesh-452001 ……Financial Creditor Versus JSM Devcons Private Limited 306, Orbit Mall, Scheme No. 54, A.B. Road, Indore-Madhya Pradesh-452001 ……..Corporate Debtor (ii) IA/298(MP)2023 [An application filed under Section 30(6) r.w. Section 31 of the IBC, 2016]

Mr. Gajesh Labchand Jain Resolution Professional of Ashoka Hi-Tech Builders Private Limited (IBBI/IPA-001/IP-P-01697/2019-2020/12588)

C-602, Remi Biz Court, Off Veera Desai Road, Azad Nagar, Andheri West, Mumbai-400053 Resolution Professional/Applicant In the main matter of: (MP) CP(IB) 16 of 2020 [An application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016]

Edelweiss Asset Reconstruction Company Ltd (assignee of L&T Housing Finance Ltd)

Brindavan, Plot No. 177, CST Road, Kalina, Santacruz East Mumbai-400098 ……Financial Creditor Versus Ashoka Hi-Tech Builders Private Limited

302-A City Plaza, 564, M.G. Road, Indore-Madhya Pradesh-452003 ……..Corporate Debtor Coram: P. Mohan Raj, Hon’ble Member (J)

Kaushalendra Kumar Singh, Hon’ble Member (T)

Appearance:

For Applicant/RP : Ld. Adv. Mr. Sumesh Dhawan a.w.

Ld. Adv. Mr. Abhishek Naik &

Ms. Chaya Gupta (in person) (IA 254 of 2023)

: Ld. PCA Mr. Ayush J. Rajani a.w.

Ld. Adv. Ms. Khushboo Shah Rajani (IA 298 of 2023)

For the SRA : Ld. Sr. Adv. Mr. Vikram Nankani a.w.

Ld. Adv. Mr. Kunal Kanungo For the Secured Financial Creditor : Ld. Adv. Mr. Nipun Singhvi Order Pronounced on: 05.04.2024

O R D E R

1. The Interlocutory Applications IA/254(MP)2023 & IA/298(MP)2023 have been filed under Section 30(6) r.w. Section 31 of IBC, 2016 for approval of the Resolution Plan in the matter of JSM Devcons Private Limited and Ashoka Hi-Tech Builders Private Limited respectively, by their respective Resolution Professionals, namely, Ms. Chaya Gupta and Mr. Gajesh Labchand Jain.

2. Admittedly, the facts of the case are that JSM Devcons Private Limited had entered into a joint venture with Ashoka Hi-Tech Builders Private Limited on 17.04.2009 for development and construction of housing project namely ‘Pinnacle D Dream in Indore. The land [4.610 Hectares i.e. 11.40 Acres] belongs to Ashoka Hi-Tech Builders Private Limited. As per their joint development agreement, the cost of construction of housing project was to be borne by JSM Devcons Pvt Ltd and the joint venture partner namely Ashoka Hi-Tech Builders Pvt Ltd was to get 32% of the constructed flats. As per the plan, the eleven towers were to be built upon that land/plots, however only six towers namely PT-1, PT-2, PT-7, PT-8 and SPT-3 are built (PT stands for Premium Tower