Analjit Singh

Analjit Singh www.infralive.com 31 Infra LIVE May 15, 2022 against NCLT's order admitting the claim. The matter is yet to be decided. The Arbitral Tribunal has pronounced the final award whereby the group is entitled to receive damages amounting to Rs 4,790 million (US$ 65,568,295 as at December 31, 2020) along with costs of Rs 70 million (US$ 958,201 as at December 31, 2020). The Fund has filed section 9 application in Delhi High Court for execution of the arbitration award. The proceedings are underway in the High Court. The chances of any recovery are remote as none of the 3C entities seem to have any unencumbered assets left with them. remote as none of the 3C entities seem to have any unencumbered assets left with them. Extract of Annual Report Jan-Dec 2020 The Group has filed its claim (before NCLT) for payment of Rs 250 million (US$ 3,422,145 as at December 31, 2020) against its investment in Fully and Compul- sorily Convertible Debentures ('FCCD') and Rs 160 million (US$ 2,190,173 as at December 31, 2020) against interest payable on FCCD. The claim was rejected by IRP, the Group filed appeal in NCLT which has directed the IRP to settle the claim. The IRP has filed an appeal in the NCLAT on the resolution process. The group has filed its claim for payment of Rs 25 cr against FCCD and Rs 16 cr against interest payable on FCCD. The claim was rejected by IRP, the Fund filed appea l i n NCLT wh i ch has directed the IRP to settle the claim. The Arbitral Tribunal has pronounced the final award whereby the group is entitled to receive damages amounting to Rs 479 cr along with costs of Rs 7 cr. The group has filed section 9 application in Delhi High Court for execution of the arbitration award. The proceedings are underway in the High Court. The chances of any recovery are conditions that the original Relevant Members including the Lead Member (on the date of submission of the tender), shall continue to hold at least 51 pc of the shareholding of the "Lead Member" shall remain at least 26 pc till temporary occupancy / completion certificate of at least one phase of the project is obtained fromthe Lessor. (Regarding payment of total Rs 527 crore, 10 pc was already paid. Balance was to be paid as follows in half yearly instal- ments: H1 to H4 = Moratorium; H5 to H20. Last instalment was to be paid on 16.06.2020). The l e s s ee sha l l have t o construct the buildings and obtain the completion certificate in maximum five phases within five years from the date of execu- tion of the lease deed. The lessee shall be required to complete the construction of minimum 15 pc of the total F.A.R. of the allotted plot as per approved layout and get temporary occupancy/ comple- tion certificate of the first phase accordingly issued from the building cell of the Lessor within a period of three years fromthe date of execution of lease deed. However, extension in excep- tional circumstances can be status of Boulevard Projects Pvt Ltd, as Special Purpose Company, on the request of consortium members (as mentioned above), in accordance with the Clause7 (e) of the brochure of the scheme to develop andmarketing the project on demarcated plot no. C-001/A Sector-16B NOIDA admeasuring 40,056.72 Sqm. vide letter no. NOIDA/ Commercial/ 2010/ 710 dated June 29, 2010. AND WHEREAS the lessee is a Sp e c i a l Pu r po s e Comp a n y comprising of Vistar Construc- tions Pvt Ltd - 37.50 pc, shares, Three C Universal Developers Pvt Ltd – 25 pc shares, Advance eGraphics CompLogic Solutions Pvt Ltd - 12.5 pc shares and Jaksons Ltd–25 pc shares. And it has been represented to the lessor that the SPC members have agreed amongst themselves that Vistar Constructions Pvt Ltd shall remain always be the Lead Member of the SPC and whose shareholding in the SPC shall r ema i n unchanged t i l l t he temporary occupancy /comple- tion certificate of at least one phase of the project is obtained from the Lessor (Authority). However, the SPC will be allowed to Transfer / Sell up to 49 pc of its shareholding, subject to the Extract of terms & conditions of allotment Noida Authority (Lessor) has through a sealed two bid tender System awarded to Vistar Con- structions Pvt Ltd (Lead Mem- ber), Three G Universal Develop- ers Pvt Ltd (Member), Advance eGraphics CompLogic Solutions Pvt Ltd (Member), Jaksons Ltd (Member ) , Mr Shashi Kant Chaurasia (Member), Mr Navneet Chaurasia (Member), Mr Arpit Chaurasia (Member), Mr Rajiv Kumar Chaurasia (Member), Mr Mayank Chaurasia (Member), and Mr Vijay Anand Chaurasia (Member) the Plot No. C001 Sector-16B, Noida after fulfilling the terms and conditions pre- scribed in the brochure of Com- mercial Builder Plot Scheme No. 2010-11 (Commercial Builder Plot-l) and allotment letter No. Noida/ Commercial/ 2010/ 670 dated June 16, 2010 for develop- ment of commercial complex. AND WHEREAS the lessor approved the sub division of Commercial Plot No. C-001 Sector-16B NOIDA as Plot No. C- 001/A Sector-16B admeasuring 40,056.72 Sqm. and Plot No. C- 001/B Sector-168 admeasuring 10,000 Sqm and the name and Box-B: Boulevard Projects Pvt Ltd