IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH COURT III I.A. 2145 of 2023 IN C.P.(IB)/3352 (MB)/C-III/2019 Under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

In the matter of: Mr. Ashish Vyas, Resolution Professional of Vijay Citispace Private Limited.

B-1A, Viceroy Court CHS, Thakur Village, Kandivali (East), Mumbai – 400101.

… Applicant/ Resolution Professional In the matter of Under Section 9 of the Insolvency and Bankruptcy Code, 2016.

Regency Ispat Private Limited.

Office at 112, 1^st Floor, Anil Complex, New Link Road, Ulhasnagar, Thane- 421003.

… Operational Creditor Vs Vijay Citispace Private Limited.

Office at 205, Marine Chambers, 43, New Marine Lines, Mumbai- 400020.

[CIN: U45202MH2009PTC196272]

… Corporate Debtor Order pronounced on: 05.05.2026 Coram:

Ms. Lakshmi Gurung, Hon’ble Member (Judicial)

Shri Hariharan Neelakanta Iyer, Hon’ble Member (Technical)

Appearances:

For the Applicant Sr. Counsel Mr. Gaurav Joshi, Adv. Shyam Kapadia, Adv. Manashi Agarwal, Adv. Salomi Kalwade i/b Menaki Chambers. Mr. Ashish Vyas (RP in person).

For SRA S r. Counsel Mr. Vikram Nankani, Adv. Nausher Kohli, Adv. Jash Shah, Adv. Prateek Kumar i/b DSK Legal.

For Erstwhile Adv. Pulkit Sharma, Adv. Ankit Pitti, Adv. Chinamay Promoter Bhojane.

For Homebuyers Adv. Rohan Agarwal, Adv. Darshit Dave.

PER: SHRI. HARIHARAN NEELAKANTA IYER, MEMBER (TECHNICAL)

I.A No. 2145/2023:

1. This I.A. is filed by the Resolution Professional (‘the Applicant’) of Vijay Citispace Private Limited (‘the Corporate Debtor’) under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (‘CIRP Regulations’)

seeking the following reliefs:

a) The Resolution Plan along with the Addendum dated April 18, 2023 and clarification Email dated April 28, 2023 submitted by Shree Krishna Structure Private Limited and JP Infra Realty Private Limited be approved;

b) Pass such other and further order as this Tribunal may deem fit in the facts and circumstances of this case.

Commencement of CIRP:

2. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (‘CIRP’) vide order dated 20.07.2021 and the Applicant was appointed as the Interim Resolution Professional (‘IRP’)

Public Announcement:

3. The IRP made a public announcement under Regulation 6 of the IBBI (CIRP) Regulations, 2016 on 27.07.2021 to invite claims from the creditors of the Corporate Debtor in two newspapers namely, Financial Express and Navasakti. After receiving claims, the IRP prepared a list of Creditors, and constituted the Committee of Creditors (‘CoC’) on 12.08.2021 which consisted of JM Financial Credit Solutions Limited and Axis Bank Limited. Later, claims were received from other creditors and the CoC was reconstituted on 20.10.2023. The list of reconstituted CoC members are as follows:

CoC Meetings

4. The Applicant submits that a total of 29 Meetings of the CoC were held which are as follows:

Sr. Coc Meetings Date of CoC Meetings No.

1. First Coc Meeting 18.08.2021 First CoC Meeting dated 18.08.2021:

5. The First CoC meeting was held on 18.08.2021 wherein it was resolved to appoint the Applicant as the Resolution Professional (‘RP’)

Appointment of Registered Valuers:

6. In the Second CoC meeting held on 28.09.2021, the Applicant appointed two registered valuers for each category of assets to determine the Fair Value and Liquidation Value of the assets of the Corporate Debtor in accordance with Regulation 35 of the CIRP Regulations. The average Fair value of the assets of the Corporate Debtor is Rs. 71,05,14,200/- and the Average Liquidation value of the assets of the Corporate Debtor is Rs.48,21,32,700/-. The valuation reports have been annexed as Annexure B to the Additional Affidavit dated 28.10.2025. The summary of valu