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MINUTES OF THE SEVENTH MEETING OF THE COMMITTEE OF CREDITORS (COC) OF M/S THREE C
PROJECTS PRIVATE LIMITED (CORPORATE DEBTOR) HELD ON THURSDAY , THE 13TH, JULY 2020
AT 5:30 PM AT 404, LAXMI DEEP BUILDING, NEAR V3S MALL, LAXMI NAGAR, VIKAS MARG,
NEW DELHI - 110092
Presents in the Meeting
S. No. Name of the person present Organization
1 Mr. Manish Kumar Gupta Chairman / Resolution Professional
2 Mr. Durga Das Agrawal Authorised Representative (AR) of Allottee
under real estate projects (100%)
Apart from RP and AR, 2 members of RP team were also present in the meeting. Meeting was
started at 5:28 PM due to continuation of meetings of AR and RP with allottees and residents of
Lotus zing project where Resolution Applicant was invited to give the presentation on the
proposed Resolution Plan which was sent to you along with Agenda of the meeting.
POST NOTICE EVENTS
1. Notice and agenda of the 7th meeting of CoC was sent by electronic means to AR at his
e-mail addresses available with us as per records and as per revised CoC constitution
dated 7th July, 2020.
2. In turn, AR has sent agenda of the meeting to all creditors in class i.e. allottees under
lotus zing project on 8th July 2020 and to some allottees on 9th July, 2020. As per
provisions of Insolvency & Bankruptcy Code, 2016 and regulations made thereunder,
only AR is entitled to attend the meeting.
3. Notice and agenda of meeting were also sent to suspended directors of Corporate
Debtor as per MCA records but no one attended the meeting.
CONDUCT OF THE MEETING
1. The attendance of the participants was marked on an attendance sheet with name of
participants along with their contact details and signatures.
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2. Mr. Manish Kumar Gupta, Resolution Professional (RP), in the matter of Three C Projects
Private Limited (Corporate Debtor) took the chair and the meeting was called to order.
3. The Chairman took the roll call and a confirmation was taken from participant present in
the meeting.
4. The Chairman checked and announced that, no other person is present in the meeting
who is not representing any other member of CoC and also announced that, his team
members are also present in the meeting.
5. The Chairman informed the participants that the required quorum is complete, and
meeting can be proceeded with and informed the participants that the meeting must
have the presence of quorum throughout the meeting.
AGENDA ITEM NO. 1
THE RESOLUTION PROFESSIONAL TO TAKE THE CHAIR
Mr. Manish Kumar Gupta having registration number IBBI / IPA-001 / IP-P00225 / 2017-18 /
10424 had been appointed as the Interim Resolution Professional by the Hon’ble NCLT,
Principal Bench, New Delhi, vide its order dated 28.08.2019. As per the Regulation 24(1) of the
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate
Persons) Regulations, 2016 (Regulations). His appointment as Resolution Professional has been
ratified in the first meeting of CoC held on 16.10.2019 and the same has been taken on records
by Hon’ble NCLT vide its order dated 21.11.2019. Resolution Professional shall act as the
chairperson of the meeting of the COC.
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AGENDA ITEM NO. 2
TO ASCERTAIN THE QUORUM OF THE MEETING
As per Regulation 22(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution
Process for Corporate Persons) Regulations, 2016, the quorum for the meeting of members of
the committee shall be at least 33% of the voting rights present either in person or by video
conferencing or other audio-visual means.
Chairman informed since AR is present and representing 100% of voting share of members of
CoC, hence, quorum is complete and meeting can be proceeded with.
AGENDA ITEM NO. 3
TO CONFIRM THE MINUTES OF LAST MEETING AND TO TAKE THE SAME ON RECORD
Minutes of last meeting of CoC held on 12th March, 2020 was duly circulated to all participants
after the meeting. RP has not received any communication regarding modification in the
minutes from Authorised Representative (AR). Authorised Representative also confirmed in the
meeting that all the matters discussed in the 6th Meeting of CoC have been duly recorded in
minutes.
Hence, the same were taken as confirmed and taken on record without any modification.
AGENDA ITEM NO. 4
TO TAKE NOTE OF ACTIONS TAKEN BY RESOLUTION PROFESSIONAL TILL DATE (FROM DATE OF LAST MEETING OF COC UNDER CIRP AND TO UPDATE THE CURRENT STATUS OF CORPORATE INSOLVENCY RESOLUTIUON PROCESS (CIRP) AND CORPORATE DEBTOR:
Resolution Professional updated about the progress during the period of in Corporate
Insolvency Resolution Process (CIRP) and steps taken by RP and Current Status of Corporate
Debtor. Resolution Professional apprised:-
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1. That, Some members of CoC are again following up with RP for
valuation report of the Corporate Debtor. He further apprised that
Valuation report from both valuers have been received by RP but as
per Regulation 35(2) of INSOLVENCY AND BANKRUPTCY BOARD OF
INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE
PERSONS) REGULATIONS, 2016 which provides that. ‘After the receipt
of resolution plans in accordance with the Code and these
regulations, the resolution professional shall provide the fair value
and the liquidation value to every member of the committee in
electronic form, on receiving an undertaking from the member to the
effect that such member shall maintain confidentiality of the fair
value and the liquidation value and shall not use such values to cause
an undue gain or undue loss to itself or any other person and comply
with the requirements under sub-section (2) of section 29’. In view of
said regulation valuation shall be disclosed only after receipt of final
resolution plans after incorporating suggestions of allottees/home
buyers/ residents in Resolution Plan by Resolution Applicant and
confidentiality undertaking from members. Confidential undertaking
form shall be available at www.lotuszing.in .
2. That, RP has received report of transaction Audit and same is
being reviewed by RP and legal counsel and shall be circulated
soon. Forensic Audit report shall be shared immediately upon
receipt of final report from EY which is being regularly pursued to
expedite submission of their report. Further due to pendency of
some information report of forensic audit is still pending with
Auditors and RP is making best efforts to extract and provide
maximum information to Auditors as requested by them.
3. That, RP has verified and admitted claims received till 30th June,
2020. Revised list of CoC constitution has been circulated to all
Financial Creditors and same is available at www.lotuzing.in also.
Persons holding possession of the flats have not been treated as
financial creditors and are not included in CoC constitution.
4. As a temporary relief on experimental basis to the residents after
the completion of lockdown period, it was decided to give the
20% discount in the Common Area Maintenance (CAM) for
residents only for the month of July, 2020 for those cases where
there is no default. This relief is extended further only for the
month of August, 2020 as well.
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5. RP apprised that and clarified that, this time minutes may be
circulated beyond the defined period as core members of team of
RP are in isolation due to current situation.
6. Status of Project:
a. Tower 1,2,3,4, 15 and 16 have ready 906 flats and 834 flats are delivered to home buyers.
b. Phase 1 awarded contract : After un-lockdown -1, in June 2020 construction work restarted with little slow speed. Now Three hundred labours approximately are working at site. Contractor has completed approximately 60 flats in tower 5 and 6 and delivery of such flats will be started at early date. Few flats are delivered actually Further, it is expected 60 more flats will be ready. Lift installation work also started and in next 15/30 days, the two lifts in each tower will be operational.
c. The pending lift of tower 3 installation work is also in process. Due to shortage of labour and pandemic it is delayed, the company is promising to deliver the same by the end of July, 2020
d. Permanent Electricity Connection: permanent electricity connections approved. Laying of cable from electricity sub station to Lotus Zing is done and is at consideration for cable laying whether undergroud or over the head. The installation work of vacuum circuit breaker (VCB) will be delivered and installed in July, 2020. We are also in process to get the approval from PVVNL (Lucknow) for internal approval for transformers and capacities etc. The laying of internal cable also in progress and likely to be completed by end of July, 2020. It is estimated that it will reduce the electricity expenditure upto 20-25% on electricity expenses on consumption and will benefit all residents.
e. Facility of badminton court, Gym, Children play area, table tennis are being developed for residents. The dedicated area for playing table tennis, library etc. are in progress and soon it will be handed over.
f. Further, RP apprised that 2 years back, two vendors had given the scaffolding material on rent to M/s Three C
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Projects Private Limited through their contractor. Similarly, one vendor has given 3 generators to the company through the contractor on Lotus Zing site. The name of such companies are as under:
g. a) Manee Steels Works Pvt Limited &
h. b) Classic Scaffoldings Private Limited and
i. c) Appolo Generators.
j. These parties/suupliers are demanding their material back since long. They have also shared the NOC from the contractor through which they had given their material. It is decided that such material will be returned to such vendors after 10 days from the date of delivery of minutes of meeting. If any person has any objection in this relation then he can see the relevant NOC and documents of such parties on the website www.lotuszing.com. In case we will get the objection from any one, we will proceed accordingly or in case of no objection, we will release after expiry of 15 days.
AGENDA ITEM NO. 5
DISCUSSION ON OUCOME OF ISSUANCE OF RFRP AND EXTENSION OF TIME FOR SUBMISSION OF RESOILUTION PLAN
RP apprised that, as CoC Members are aware that RFRP were issued to all Resolution Applicants
as per Final List of Resolution Applicants available at website www.lotuszing.in (published on
20th January, 2020).
RP has apprised about the status of each Resolution Applicant in the seventh meeting of CoC as
below;
S. No.
Name of the Prospective Resolution Applicant (PRA)
Status as on 7th July, 2020
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1. Mr. Ajay Yadav , Ms. Lata Yadav and Mr. Rajesh Goel (Joint –
Applicants)
PRA had informed RP
though phone that ,he
will not submit
Resolution Plan.
2. Mr Rajat Agarwal and Mr. Sunil Kumar Agarwal ((Joint –
Applicants)
Party had visited the
site also. Now RP has
received email from
PRA to inability to
submit Resolution
Plan.
3. One City Infrastructure Private Limited Collected some more
information about
Company but no
resolution plan
submitted till now. No
response despite
follow up.
4. Mr. Sandeep Kohli, Mr. Shashank Mohan Jain, Mr.
Gagandeep Singh and Mr. Himanshu Juneja (Joint –
Applicants)
No revert after
circulation of
Information
Memorandum. No
response despite
follow up.
5. SMV Agencies Private Limited Visited site twice for
physical verification
but not submitted
Resolution Plan till
date. Party had
collected many
information from the
office and had many
meetings with RP for
due diligence. No
response despite
follow up.
6. Ajay Singhal , Sanjiv Kumar Jain & Sanjay Mittal (Joint Submitted draft and
unsigned Resolution
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Applicants) Plan on 13th February,
2020 but no EMD
given and resolution
plan was also not as
per provisions of IBC.
Now due to Covid19
situation, RA has
denied to submit
further revised
Resolution Plan. RA
had visited site and
corporate office many
times to do due
diligence. No
response despite
follow up.
*7. Harsha Vardhan Reddy Submitted draft
Resolution Plan on
13th February, 2020
also given Cheque of
Rs.1 Crore. RP has
sent his observation
twice to the RA but no
revised Plan received
till date.
*8. Svarrnim Infrastructure Private Limited Visited site many
times for physical
verification but not
submitted Resolution
Plan till date. Party
had collected many
information from the
office and had many
meetings with RP for
due diligence.
*9. Lakshmi Trading Company Submitted Resolution
Plan with Cheque of
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Rs. 1 crore as EMD
and same is being
circulated for
consideration of CoC
members.
On request of Svarnim Infrastructure Private Limited, date of submission of Resolution Plan was
extended till 4th April, 2020. During this period One City Infrastructure Private Limited, Svarnim
Infrastructure Private Limited and Ajay Singhal has collected lot of information from the
Corporate Debtor through RP.
RP was in process of continuous follow up with all Resolution Applicant for submission of
Resolution plan during lockdown period. Till date of this agenda, only two applicants have
submitted their Resolution Plan with Cheque of EMD amount of Rs. 1 Crore;
1. Lakshmi Trading Company; Resolution Applicant has submitted this plan with RP with Cheque of Rs. 1 Crore as EMD. RP has verified this plan in terms of provisions of Insolvency and Bankruptcy Code, 2016. Resolution Plan is being circulated with the agenda of the meeting.
2. Harsha Vardhan Reddy ; Resolution applicant had submitted his Resolution Plan, after analysis of Resolution Plan, RP had sent his observation to the applicant for modification of plan as to ensure that Resolution Plan is IBC Compliant. But Resolution applicant did not respond despite follow up. Resolution plan with preliminary observation of Resolution Professional is being circulated with agenda of the meeting for information and consideration/directions of CoC.
We have one final and IBC Compliant Resolution Plan for consideration of CoC and approval
through voting by CoC. As per section 30 of Insolvency and Bankruptcy Code, 2016.
“(1) A resolution applicant may submit a resolution plan to [along with an affidavit stating that
he is eligible under section 29A] to the resolution professional prepared on the basis of the
information memorandum.
(2) The resolution professional shall examine each resolution plan received by him to confirm
that each resolution plan –
(a) provides for the payment of insolvency resolution process costs in a manner specified by
the Board in priority to the 3 [payment] of other debts of the corporate debtor;
[(b) provides for the payment of debts of operational creditors in such manner as may be
specified by the Board which shall not be less than-
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(i) the amount to be paid to such creditors in the event of a liquidation of the corporate debtor
under section 53; or
(ii) the amount that would have been paid to such creditors, if the amount to be distributed
under the resolution plan had been distributed in accordance with the order of priority in sub-
section (1) of section 53, whichever is higher, and provides for the payment of debts of financial
creditors, who do not vote in favour of the resolution plan, in such manner as may be specified
by the Board, which shall not be less than the amount to be paid to such creditors in
accordance with sub-section (1) of section 53 in the event of a liquidation of the corporate
debtor.
Explanation 1. — For removal of doubts, it is hereby clarified that a distribution in accordance
with the provisions of this clause shall be fair and equitable to such creditors.
Explanation 2. — For the purpose of this clause, it is hereby declared that on and from the date
of commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019, the
provisions of this clause shall also apply to the corporate insolvency resolution process of a
corporate debtor-
(i) where a resolution plan has not been approved or rejected by the Adjudicating Authority;
(ii) where an appeal has been preferred under section 61 or section 62 or such an appeal is not time barred under any provision of law for the time being in force; or
(iii) where a legal proceeding has been initiated in any court against the decision of the Adjudicating Authority in respect of a resolution plan;]
(c) provides for the management of the affairs of the Corporate debtor after approval of
the resolution plan;
(d) The implementation and supervision of the resolution plan;
(e) does not contravene any of the provisions of the law for the time being in force
(f) confirms to such other requirements as may be specified by the Board. 1 [Explanation.
— For the purposes of clause (e), if any approval of shareholders is required under the
Companies Act, 2013(18 of 2013) or any other law for the time being in force for the
implementation of actions under the resolution plan, such approval shall be deemed to
have been given and it shall not be a contravention of that Act or law.]
(3) The resolution professional shall present to the committee of creditors for its approval
such resolution plans which confirm the conditions referred to in sub-section (2). 1 [(4) The
committee of creditors may approve a resolution plan by a vote of not less than 2 [sixty-six]
per cent. of voting share of the financial creditors, after considering its feasibility and
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viability, 3 [the manner of distribution proposed, which may take into account the order of
priority amongst creditors as laid down in sub-section (1) of section 53, including the
priority and value of the security interest of a secured creditor] and such other
requirements as may be specified by the Board:”
It is necessary to mention that Resolution Professional has to ensure that whether
Resolution Plan is in Compliance with provisions of Insolvency and Bankruptcy Code, 2016
and commercial viability and feasibility to be judge by CoC Members.
In order to ensure above and providing sufficient time and opportunity to CoC members
to do analysis of Resolution Plan as proposed in agenda two zoom meeting were
scheduled between Resolution Applicant (Lakshmi Trading Company) and allottees were
scheduled at 11:00 AM and 2:00 PM . The capacity of each meeting was 1000 peoples.
Links of zoom meetings were sent to each member of CoC, allottees on registered email
and also on various social media groups of buyers/allottees and CoC members to attend
the virtual interactive presentation meeting on proposed RA plan with RA representatives
and seek clarifications, give their suggestions etc. First meeting was joined by around 172
allottees/home buyers and second meeting was joined by around 80 peoples. Both zoom
meeting were fully interactive. In the both meetings, RA has explained entire resolution
plan with members then members raised their queries and suggestion during meeting. RP
and AR have received some suggestion through emails also and same are being forwarded
to Resolution Applicants. The RA representative confirmed in the meeting that he has
recorded all the queries/ inputs / suggestions. Further RP confirmed that in case anyone
want to give some suggestion/ demand/ input before the RA then he can share the same
over email to RP and in turn who will forward such mails to RA. Further homebuyers can
also send their mail to RA directly.
Few major points of discussion and suggestions are listed below and includes;
(i) If the construction starts, Will the RA provide all the desired supports so that
home buyers should get disbursal of their loan from their Banks?
(ii) On Page 65 Para 8.12.3 it is mentioned in your plan that any charges levied/
demanded by any civic bodies for electricity or water connections would be
borne by the homebuyers/allottees on actual basis. Here Association demands in
this case can we get tentative amount for Water and Electricity charges to get an
estimate?
(iii) Plan for Registration/Conveyance deed of Towers completed?
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(iv) What is the position of Tower-11 in the resolution plan? By what time T-11 is
proposed to be completed and handed over to the allottees?
(v) My question from RP that have we verified the cost of construction from any 3rd
party? If yes, please share and compare with RA proposal. RP replied that as per
law RP has to ensure whether plan is IBC Compliant or not, feasibility and
viability of the plan to be access by CoC members before approval.
(vi) Plan for occupational Certificate?
(vii) Discussions on settlement of land dispute involving land of Tower no.7 &8?
(viii) To maintain the balance of interest between all CoC members, the construction
of the towers should follow the sequence of their launch and Tower No. 7 and 8
were the first launched. Therefore, construction of Tower 7&8 should start
immediately after the passing of the Resolution Plan. The Plan should be
amended to reflect the same. After settlement, how will you ensure that maps
are revised and approved by authority or court?
(ix) Additional burden of dues of Noida Authority, In para 6.4 it is mentioned that
dues of the Noida Authority have been considered to be NIL. In para 8 it is
mentioned that in the total outlay of INR 148.41 Crore, the Lease Rent of land for
a period of 3 years has been considered, which has been shown as 5 crores in
para 8.3. Further in para 8.1 the amount of claim of Noida Authority has been
shown to be Rs. 3,28,57,83,606. In para 8.15, it is further mentioned that dues of
the Noida Authority have been considered to be NIL and no sum other than
specified in the plan is being provided for.
In view of the above, please clarify:
(a) How does the Plan take care of the entire liability towards the NOIDA
Authority, as the Plan completely lacks clarity on settlement of Noida Authority
dues/liability?
(b) We also want to understand the rationale behind creating provision for only
3 years of Lease Rent when provision for entire Lease Rent should be made?
(c) If in future any liability arises, in respect of the Lease Rent or interest thereon
or any other dues of builder, who will bear it?
(x) Revised Builder Buyer Agreement to be signed again?
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(xi) Any Resolution Plan should be presented before COC and passed only after the
settlement is completed with the land-owners of the unacquired portion of land
(2397 SQM) at GH-01/A, Sector-168, Noida. This helps the resolution plan to be
more credible as construction of the towers can take place without any fear of
failure of a land deal?
(xii) After the settlement with the land-owners of the un-acquired portion of GH-
01/A, Sector-168, Noida, matter should be pursued with the Noida authority to
ensure that their records are updated and maps are revised, so that there are no
objections/hindrances in respect of future permissions, clearances and/or
registrations?
(xiii) Any resolution plan should be made after considering the Forensic Audit Report.
This will help the Resolution Plan to be more inclusive and thus being based on
facts brought out in the Audit Report, it will be more credible and would take
care of contingencies, receivables and liabilities that must be accounted for in
the Resolution Plan?
(xiv) Efforts should be made to invite more plans from resolution applicants. After the
land resolution and Forensic Audit Report, another effort should be made for
more choice of resolution applicants to the home buyers?
(xv) The amount of settlement with the land-owners of the un-acquired portion of
land ( 2397 sqm) at GH-01/A, Sector-168, Noida should be informed whether
settlement is either less than or equal to Rs 6 crores or more, as this has already
been informed to the home buyers. that the settlement is at final stages and the
amount is already settled with the famers?
(xvi) In para 4.5.1, it is mentioned that the receivables from each tower is based on
BBA and 8% increment. We seek a clarification that the amount due shown as
“RECEIVABLE” from each home buyer shall be ONLY limited to the amount due
or unpaid under the BBA and corresponding 8% variation (maximum extent of
increment) permitted in super area under the BBA and no other amount is being
charged under this head. Please justify the 8% increment being charged to the
home buyers even before the delivery of possession ?.
(xvii) In para 6.4, it is mentioned that dues of the Noida Authority have been
considered to be NIL. In para 8 it is mentioned that in the total outlay of INR
148.41 Crore, the Lease Rent of land for a period of 3 years has been considered,
which has been shown as 5 crores in para 8.3. Further in para 8.1 the amount of
claim of Noida Authority has been shown to be Rs. 3,28,57,83,606. In para 8.15 it
is further mentioned that dues of the Noida Authority been considered to be NIL
and no sum other than specified in the plan is being provided for?
(xviii) In view of the above, please clarify:
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(a) How does the Plan take care of the entire liability towards the NOIDA
Authority, as the Plan completely lacks clarity on settlement of Noida Authority
dues/liability?
(b) We also want to understand the rationale behind creating provision for only
3 years of Lease Rent when provision for entire Lease Rent should be made?
(c) If in future any liability arises, in respect of the Lease Rent or interest thereon
or any other dues of Noida Authority, the same should not be transferred to any
home buyer
(xix) In the concluding para 14: Summary of the Resolution Plan, it is mentioned at
point 7 that registry of the flat shall be done after obtaining an order from the
relevant authority by the RA. This lacks clarity and more information is needed in
this regard. Moreover, there should be timelines in this regard and the home
buyers should not be made to wait endlessly for the registry of their flats and
thus the last installment of payments to the RA should be linked with Noida
Authority permitting flat owners to register their flats.
(xx) The club membership cost of INR 65 per sq. ft is already included in the cost of
the flat as per the BBA and hence, any charge in that respect is illegal and not
binding on the home buyer. Hence the cost for the club membership should be
deleted from the Plan.
(xxi) In para 8.8, it is mentioned that the liquidation cost of the Corporate Debtor has
not been provided by the RP and therefore, it is being taken as NIL. However, if
in future this is disputed, and any future liabilities arise due to this, it must be
clarified that the liabilities shall not be transferred to the home buyer.
Furthermore, if in the forensic audit report there are any recoverable and the
liquidation value is positive, then the home-buyers as recognized members of
CoC and secured creditors, have the first right on the recoverable.
(xxii) The Plan mentions in para 8.12.5 that RA would create a trust to be managed by
association of home buyers. However, till date there is no registered association
of all home buyers and therefore, the clause should clarify that only a duly
elected and registered association should manage the trust.
(xxiii) As per para 8.12.4, under the head Recoveries by Resolution Applicant it is
mentioned that a sum of 10% would be distributed from the recoveries made.
However, in the absence of a Forensic Audit Report, it will be difficult to make an
assessment of the future recoveries that may be made and therefore, home
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buyers, at the present stage would reserve their right to comment upon the
same.
(xxiv) If demand is raised by the RA but the bank does not release the amount for any
home buyer who may have taken home loan from the bank, then in such
circumstances, RA shall not charge penalty but would rather help the home
buyer by writing to the bank that the Project has restarted and highlighting its
bright prospects.
(xxv) In para 8.10, it is specified that the homes shall be delivered as originally
promised by the Corporate Debtor. Kindly also mention that therein that as
“originally promised by the Corporate Debtor in the BBA”. This ensures that the
specifications of standards as described in the BBA shall be adhered to, while
delivering the flats.
(xxvi) According to the Plan the BBA should also stand amended to exclude any force
majeure clause, as the Project "Lotus Zing" is already delayed by more than 7 to
8 years. The Plan must explicitly stop the RA from suspension of their obligations
due to any act of God and natural calamities including a pandemic/epidemic as
timely delivery of flats is the essence of the Plan and the timelines should be
adhered to.
(xxvii) The Plan must specify a defect liability period of minimum 2 years from the date
of offer of possession. This is based on RERA guidelines and the RA must rectify
any structural defects or any other defects in workmanship, quality or provision
of services or any other obligations as per BBA through the agreed minimum
liability period.
(xxviii) The Plan is dated 20thFebruary, 2020 and has a validity of 6 months. In para 6.1 it
is mentioned that CIRP cost is till 13th February is paid and there is no
outstanding. Kindly have the same updated till the date when it is presented for
voting.
(xxix) Without a forensic audit report, the Plan doesn’t mention the rights over unsold
inventory from the project. The home-buyers as recognized members of CoC
have the first right over this unsold inventory of flats.
(xxx) Dissenting FCs and FCs who do not pay the revised instalments, will only get 30%
of the principle amount and allotment will be cancelled. This will be paid after 24
months of cancellation. FCs are only home buyers, thus they are being deprived
of their life savings. (6.3, pg. 28, 62)
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(xxxi) No basis of cost of construction of Rs. 148 crores.(Pg 32), it is to be provided by
RA.
(xxxii) Even at this stage Flat Wise status including Flat Wise Cost is not available. (xxxiii) Dues of NOIDA Authority has been taken as Nil. No basis for the same. (Pg. 28).
Pg. 35 records that it has filed claim of Rs. 328 crores, but not admitted. Authority has filed application in NCLT. (Please update status of the same).
(xxxiv) Does not deal with loss suffered due to delay in construction for the Home Buyers. At Pg. 61 clearly states that claim of home buyers to be satisfied only on receiving the possession of flats, for which huge additional amount is being claimed from the homebuyers who have already paid more 90% of the value.
(xxxv) At pg. 63, it is mentioned that the dispute with farmers, which is pertaining to Tower 7 and 8 will be settled at Rs. 6 crores. How is this figure coming? This shows that some understanding has been arrived at with the said farmers without informing the COC members. Further if this figure increases then it will be recovered from the allottees, how?
(xxxvi) At pg. 63, it is provided that if cost of Phase I increases, then the same shall be recoverable from all allottees, why?
(xxxvii) At Pg. 64, RA is entitled to construct new Tower 12 and appropriate the proceeds also. But this is not being proposed to be used for completing the project.
(xxxviii) Whatever recovery will be made by the RA, only 10% will be shared with the home buyers, remaining will be appropriated by the RA (pg. 65,66).
(xxxix) Proper Constitution of Monitoring Committee and representation of CoC. RP again clarified that, Representative of Resolution Applicant was present in the meeting of allottees and home buyer and he has noted down all queries/suggestion, further queries/suggestions received from allottees on email shall be communicated to Resolution Applicant. Now, it is up to Resolution applicant to what extent he shall be able to address and incorporate all suggestion in his revised resolution plan. Once the revised resolution plan is received from Resolution Applicant, same shall be sent back to all the homebuyers/ residents for review and if required one more virtual meeting may be called for further review. Thereafter on getting the final resolution plan, it will be proposed for voting and if it get passed with majority then same shall be placed before Hon’ble NCLT for approval and if same do not get passed with votes of majority in favour then RP shall file necessary application with Hon’ble NCLT for further directions in the matter. AR has advised that all the insolvency proceedings should be completed within the timelines as per IBC 2016 only.
AGENDA ITEM NO. 6
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DISCUSSION ON MATTER RELEATED TO LAND OF TOWER NO. 7 & 8
RP apprised that the issue relating to land dispute of Tower 7&8 was discussed and deliberated
in various weekly meetings with home buyers/allottees and WhatsApp groups of buyers. With
a view to explore possibilities of amicable resolution of dispute with land owners of unacquired
land, RP had around 12 face to face meeting and 2 virtual meetings during CIRP period. Now,
Land owners are ready to resolve the dispute by selling/ transferring their ownership right in
their land to Corporate Debtor (CD) but they are not willing to give their formal proposal for
settlement in writing for consideration/ approval of CoC due their own apprehensions. Now,
considering the early and smooth resolution of dispute by acquiring the land i.e. 1199 X 2 from
respective land owners families , it is proposed to constitute a committee of buyers/ CoC
members led by AR and RP as convenor to obtain a formal or informal proposal from land
owners to sell their land to CD and submit it to RP for onward consideration/ approval by CoC.
Further in case, such committee does not get the formal proposal then such committee may
make a report of meeting duly signed and will submit to the RP. Committee may submit the
report, formal or informal proposal to RP within 10 days of its constitution. Their report,
proposal will be placed before the CoC in ensuing CoC meeting for consideration. RP will
further proceed as per the decision of CoC. The detailed procedure shall be discussed in the
meeting after having inputs from allottees and same shall be mentioned in the minutes of the
meeting.
The committee may comprise seven or more members who willingly self-nominate themselves
as member to RP by email till the circulation of minutes of meeting. Matter was also discussed
in the meeting of allottees and home buyers held on 13th July, 2020 and RP again advised that
the persons those want to be part of committee for resolution of dispute may send their
consent through email to RP as his email id.
RP further apprised in the meeting that, Any CoC member who is willing to be part of
committee may send his consent to Resolution Professional through email. RP and AR shall
form part of the Committee. The list of such member who has given their consent shall be
available at www.lotuszing.com.
Further, decision of Committee for settlement of dispute shall be placed before CoC for
approval.
18
AGENDA ITEM NO. 7
ANY OTHER MATTER
No other matter was discussed in the meeting and meeting was concluded with a vote of thanks by RP.
E-voting:-
No matter is being placed for e-voting, so no link shall be circulated for voting.
(Manish Kumar Gupta) Interim Resolution Professional In the Matter of M/s Three C Projects Private Limited Regn. No. lBBl / IPA-001 / IP-P00225/2017-2018/10424 Email: For Correspondence – [email protected] Email: Regd. With IBBI – [email protected] Date: 21st July, 2020 Place: New Delhi