Professional Documents
Culture Documents
8th Coc
8th Coc
ATTENDANCE SHEET
B. AUTHORIZED REPRESENTATIVE
D. SPECIAL INVITEE
• The Chairman apprised the members of the Committee of Creditors of the previous
orders of the Hon’ble NCLT dated 17-05-23 appointing the new Resolution
Professional Pankaj Narang (Registration no. IBBI/IPA-001/IP-P01006/2017-
2018/11657) and that the previous Resolution Professional has handed over most
of the documents to the new Resolution Professional and it was apprised by the AR
of financial creditors in class, to note that AR was also changed by that order. The
Chairman took note of the same.
• The RP has visited the project site on several occasions since appointment and has
discussed the matter with various stakeholders. The RP has visited Banks on several
occasions to take hold of the account of the Corporate Debtor. The RP has taken
quotations from various agencies for resumption of construction activities starting
from conducting a Non Destructive Testing and appointment of architects. The RP
has also discussed the Application under Section 31 to file the Resolution Plan
before the Hon’ble Adjudicating Authority. The RP has prepared charts of pending
IAs in the Company Petition as directed by the Hon’ble Adjudicating Authority.
• The Authorized Representative pointed out that he has also taken over charge as the
New Authorized Representative pursuant to order of the Hon’ble Tribunal.
• The following is the list of hearings in the NCLT since the last CoC Meeting:
Sr. No. Date of Order Particulars of the Order
1. 17.05.2023 Erstwhile RP Mr. Vineet Aggarwal was replaced by Mr
Pankaj Narang as the new RP and new Authorized
Representative was also appointed
2. 15.06.2023 IA bearing No. 3279/2023 was filed by the new RP
under Section 19(2) of the IBC for noncooperation of the
erstwhile RP in handing over the documents
3. 20.07.2023 The present RP was directed to file an FIR in the relevant
Police Station so as to enable the Police to trace his
whereabouts and also to produce him before this
Adjudicating Authority. However, the erstwhile RP
showed up at the last minute and sought extension of
time.
4. 31.07.2023 Matter didn’t reach due to paucity of time.
5. 25.08.2023 Court made the orders of 20.07.23 effective due to
nonappearance of the erstwhile RP, thereby the RP HAS
filed the FIR against the erstwhile RP.
6. 18.09.2023 Matter was not taken up due to paucity of time,
However, the Counsel for the erstwhile RP mentioned
the matter before the rising of the Bench to seek listing
of IA for recall of the order dated 25.08.2023, the
Hon’ble Bench didn’t entertain the mentioning and only
mentioned that the conduct of the erstwhile RP is a
matter of concern.
• The chairman apprised the CoC of the (FIR) Complaint filed against the Erstwhile
Resolution Professional and the Appeal filed in the NCLAT bearing No. 1229 of
2023 challenging the order of the Hon’ble NCLT issuing directions for filing FIR
against the erstwhile RP for his acts of omission and commission.
• The chairman apprised the members of the Committee of Creditors that the tenure
of Mr FAREED who was appointed by the Erstwhle RP Mr Vineet Aggarwal, was
extended for one month (until 25.08.2023) for convenience and for ease of transfer
from the previous Resolution Professional to the newly appointed Resolution
Professional. The payment of remuneration for the month of July and August, has
already been done by the newly appointed RP out of his own pocket. Now Mr
Gulshan Karla has been Appointed on Monthly Salary of Rs60,000/- Plus
Conveyance for accounts and legal compliances. All Payments are made by RP,
Pankaj Narang , out of his own Pocket.
• The chairman apprised the members of the Committee of Creditors that the
housekeeping staff appointed by the erstwhile Resolution Professional shall
continue as per the pre-decided shift and remuneration and the payment of the same
for the months of July and August has already been made by the RP from his own
pocket. The Monthly Payment is Rs 10,000/-.
PART 2: MATTERS TO BE VOTED UPON
AGENDA 7: AGENDA 7:
To discuss the budget for the next one year and approve raising of interim
finance of Rs 1.75 Crores from Rearco Private Limited and/ or any other
party nominated by Rearco Private Limited at simple interest of 18% per
annum
• The AR raised concern regarding the interim budget for construction since they have
received emails from Vasudeva Talari and Manish Gupta who have cited order of
the Hon’ble NCLT dated 05.05.2021 whereby the Hon’ble NCLT directed that the
outcome of the Resolution plan shall be subject to the outcome of the IAs filed by
the Homebuyers. The RP replied that they have taken legal opinion on the same
from Adv Rakesh Bajaj and he has advised that the outcome of the plan is subject
to claim admission and it has nothing to do with any other activity including the
construction at the project site.
• The following is the expected budget for the next one year, and the approval of the
same is necessary for resumption of construction at the Project site.
* An Additional Expense of Rs. 2,00,000/- (Rupees Two Lakhs were added pursuant to
the request of the Authorized Representative for provision of his fee for 10 COC
meetings) and accordingly, the Proposed Resolution stands modified from Rs.
2,04,64,700/- to Rs. 2,06,64,700/-
Proposed Resolution:
“RESOLVE FURTHER THAT, the Interim finance and all expenses incurred for raising
interim finance including interest be and is hereby approved as part of CIRP Cost as
definedunder section 5(13) of IBC, 2016 and would have priority of payment as
prescribed under section 30(2)(a) of IBC, 2016”
“Further Resolved that the Proposed Expense of Rs 2,06,64,700/-(Rupees Two Crore Six
Lac Sixty four thousand Seven Hundred only) be and are hereby Approved and be and is
hereby approved as part of CIRP Cost. As defined under IBC, 2016.
• The Chairman apprised the CoC Members that due to the delay in commencement
of the CIRP, the NDT Tests of the Properties of the Corporate Debtors are outdated
and therefore, it is necessary to appoint REARCO to assess the present condition of
the existing building located at “Green Avenue” at Plot No HRA 10, Surajpur, Site
C, Greater Noida, UP, conduct structural stability tests and prepare Bill of Quantities
for the balance work to be carried out in the project.
• M/s REARCO may be appointed for carrying out the above mentioned pre-
construction activities at a cost of RS 1,10,20,700/- plus GST. The completion of
preconstruction activities is necessary for initiation of construction at the project
site.
Proposed Resolution:
“RESOLVED THAT the appointment of M/s REARCO for conducting the preconstruction
activities including structural stability tests and preparation of BOQ for the existing
buildings located at “Green Avenue” at Plot No HRA 10, Surajpur, Site C, Greater Noida,
UP for remuneration of Rs.1,10,20,700/- - plus applicable taxes on actual basis is hereby
approved”
RESOLVED FURTHER THAT Resolution Professional be and is hereby authorized to
do all such acts, deeds and things as may be required or considered necessary or
incidental thereto.”
The Chairman apprised the Members of the CoC that the Resolution Professional is to be
represented by a Counsel before the Courts and Tribunals, and the RP has appointed
Advocate Harish Taneja for the same on the following remuneration from his appointment:
Proposed Resolution:
“RESOLVED THAT pursuant to the provisions of section 25(2)(d) of the IBC, 2016 read
with Regulation 27(2) of the IBBI (CIRP) Regulations, 2016, the appointment of Mr.
Harish Taneja, Advocate be and is hereby ratified at a professional fee as per the attached
schedule, to provide legal services and represent the Corporate Debtor before the Hon’ble
Tribunals/ Courts/ Hon’ble NCLAT and other judicial/quasi-judicial forum”
Proposed Resolution:
“RESOLVED FURTHER THAT RP be and is hereby authorized to do all such acts, deeds
and things as may be required or considered necessary or incidental thereto.”
The Chairman apprised the CoC members that in pursuance to the provisions of Section
25(2)(d) of the IBC, 2016 read with Regulation 27(2) of the IBBI (CIRP) Regulations,
2016, The RP has appointed Mr Dharmendra Kumar Bhasin as consultant for the
Resolution Process due to the immense complexity of the matter.
Proposed Resolution:
“RESOLVED THAT pursuant to the provisions of section 25(2)(d) of the IBC, 2016 read
with Regulation 27(2) of the IBBI (CIRP) Regulations, 2016, the appointment of Mr.
Dharmendra Kumar Bhasin, Practicing Company Secretary and Insolvency Professional
as Process Advisor/Consultant at monthly fee of Rs. 30,000/- plus taxes & out of pocket
expense be and is hereby ratified, to assist the RP in the CIRP of the Corporate Debtor.”
“RESOLVED FURTHER THAT RP be and is hereby authorized to do all such acts, deeds
and things as may be required or considered necessary or incidental thereto.”
The Chairman apprised the CoC that pursuant to the order of the Hon’ble Adjudicating
Authority dated 17.05.2023 and 20.07.2023, the property of the Corporate Debtor is to be
handed over to the newly appointed Resolution Professional. Due to paucity of time and
increased concerns of security of the property, the RP needs to urgently appoint a security
agency to provide for security guards in the property.
Proposed Resolution:
“RESOLVED THAT the monthly charges of INR 1,75,000/- (Rupees One Lakh Seventy
Five Thousand Only) plus GST for deployment of security guards around the project land
s for each shift, be and is hereby approved/ratified.”
RESOLVED FURTHER THAT RP be and is hereby authorized to do all such acts, deeds
and things as may be required or considered necessary or incidental thereto.”
The Chairman apprised the CoC Members that the services of the following persons
may be required for resolving administrative issues/ liasoning with the
authorities/trouble shooting etc from time to time, as the work progresses at site.
The Persons expected to be involved are as follows:
All the above-mentioned individuals are to be hired on need basis only and shall not
be treated as employee or professional. The normal range of payment to these
individuals shall be between Rs 15,000/- and Rs 60,000/- and the maximum agreed
remuneration for the individuals shall not increase from more than Rs. 60,000/- per
month and in any given month, the total payout shall not be more than Rs
1,00,000/- to all the individuals combined.
Proposed Resolution:
“RESOLVED THAT pursuant to the provisions of section 25(2)(d) of the IBC, 2016 read
with Regulation 27(2) of the IBBI (CIRP) Regulations, 2016, the RP be and is hereby
authorized to appoint persons on need basis wherein the maximum remuneration of
each individual shall not exceed 60,000/- and the total remuneration of all individuals
shall not exceed INR 1,00,000/- , and the RP is hereby authorized to do all such acts,
deeds and things as may be required or considered necessary or incidental thereto.”
RESOLVED FURTHER THAT RP be and is hereby authorized to do all such acts, deeds
and things as may be required or considered necessary or incidental thereto.”
The Chairman apprised the CoC Members that the evoting in this CoC and all further COC
Meeting shall be done by Claims Bridge which shall be charged at Rs. 22,000/- plus GST
for every CoC Meeting where voting is required. The CoC is apprised that in order to
maintain transparency in the e-voting process and to ensure that the results of voting are
delivered on time, this is a necessary expense is to be incurred by the CoC.
Proposed Resolution:
“RESOLVED THAT pursuant to the provisions of the Insolvency and Bankruptcy Code,
2016, read with the application rules and regulations made thereunder, the consent of
members of committee of Creditors be and is hereby accorded to provide for an expense of
Rs. 22,000/- plus GST per meeting for up to 7,00 users, to be paid to the evoting platform
provider “Claims Bridge” for smooth functioning of e-voting on resolutions after each
CoC Meeting.
RESOLVED FURTHER THAT RP be and is hereby authorized to do all such acts, deeds
and things as may be required or considered necessary or incidental thereto.”
The CoC is apprised that after the appointment of the newly appointed Professionals as
discussed in this CoC meeting, all the Professionals appointed by the erstwhile Resolution
Professional, except where explicitly retained, stood released from the date of replacement
of the Resolution Professional.
Proposed Resolution:
RESOLVED FURTHER THAT RP be and is hereby authorized to do all such acts, deeds and
things as may be required or considered necessary or incidental thereto.
The floor was open for the members of the COC to raise any issue/query and Mr. Manoj
Kumar Chaudhary (Director with suspended power) representing the promoters and ex
management took the opportunity to raise objection on the expenses proposed by the
Resolution Professional by stating that matter is sub-judice in Hon’ble Supreme Court. The
Resolution Professional replied that the RP is Conducting the CIRP and discharging legal
Obligations and he as well as the COC will be bound by whatever decision is taken by the
Hon’ble Courts/Tribunal.
Pankaj Narang
Resolution Professional JBK Developers Pvt Ltd
IBBI Reg. IBBI/IPA-001/IP-P01006/2017-2018/11657
AFA: AA1/11657/02/131223/105106 |
Valid up to: 13-12-2023
Add: 304, Tower Apartment,
Swasthya Vihar New Delhi-92
Email: pankajnarangca[at]gmail[dot]com
Ph. No: +91-9990399745
PLACE: NEW DELHI
DATE: 20.09.2023