Six years of IBC - impact on Real Estate sector

Six years of IBC 2016 www.infralive.com 42 InfraLIVE January 15, 2023 its employees and workmen. The IRP was permitted to proceed with the resolution, prepare Informa- tion Memorandum, issue Form-G, invite Resolution Plan. However, no Resolution Plan will be put for voting without the leave of the court. The IRP was directed to keep all receivables with regard to the Eco Village II Project in the separate earmarked account and detail accounts of inflow and outflow shall bemaintained by the him. NCLAT directed that all other projects of the CD apart from Eco Village II Project shall be kept as ongoing projects. The construction of all other projects was allowed to continue under overall supervision of the IRP with the assistance of the ex-management and its employees and workmen. Further, no account of CD would be operated without the counter signature of the IRP. All expenses and payments in different projects, shall be made only with the approval of the IRP. All receiv- ables in different projects shall be deposited in the account as per RERA guidelines and 70 per cent of the amount shall be utilized for the construction purpose only. With regard to the disbursement of rest of the 30 per cent, appropriate direction shall be issued subse- quently after receiving the status report and after hearing all con- cerned. As per the data uploaded by RP, 3,423 creditors of the CD have lodged the claims of Rs 2,489 crore as of December 15, 2022, out of which the claims of 3,389 creditors for Rs 1,696 crores have been admitted till date. Further claims are still under verification. The resolution plan for the CD is still under examination of RP Hitesh Goel. Ansal Properties & Infrastruc- tureLtd In November 2022, NCLT New Delhi has admitted the CIRP against Ansal Properties & Infra- structure Ltd (APIL), on a petition filed by 126 homebuyers, for default/ inordinate delay in completion of their project Fernhill at Sector- 91, Manesar, Gurgaon. NCLT has appointed IRP and issued moratorium orders under section 14 of the IBC 2016. CIRP would affect more than 100 RERA registered residential/ commercial projects of Ansal group located across the state of UP, as is evident has expressed requirement of third party to estimate the balance cost to complete each project. In its judgement, NCLAT noted that the UBI has stated in its application that it had given finance for Eco Village II Project only. In annexure C of the status report of the IRP, UBI has shown to have given finance for EcoVillage II Project, Eco Village III Project, Eco Village IV and One Romano Project. With regard to the Eco Village II Project, there is another financial creditor ie IDBI Bank, who has also filed Intervention Application (IA). Large number of homebuyers who have filed IAs have prayed that CIRP be confined to Eco Village II only. With regard to the other projects, the construc- tion may be allowed to be com- pleted so that home buyers may get their flats. ReverseCIRP In June 2022 NCLAT ordered that IRP may constitute the CoC with regard to the Project Eco Village II only. After constitution of CoC of Eco Village II Project, the IRP shall proceed to complete the construction of the project with the assistance of the ex-management,