Six years of IBC - impact on Real Estate sector

Six years of IBC 2016 www.infralive.com 29 InfraLIVE January 15, 2023 Name of Real Estate Developers No. of Projects Date of start of CIRP Status of Resolution Plan (R.Pl). Remarks Amrapali Silicon City Pvt Ltd (Amrapali Group) 43 04.09.2017 SC is monitoring the case (WP-Civil 940/2017). Unitech Ltd 91 SC is monitoring the case (WP-Civil 10658/2016).* Jaypee Infratech Ltd 27 09.08.2017 No R.Pl. as yet Claims of Rs 23,083 cr admitted Kindle Developer Pvt Ltd One 09.03.2018 No R.Pl. as yet Claims of Rs 208 cr admitted Earth Iconic Infrastructure Pt Ld one 20.04.2018 Liquidation order given by NCLT on 10.01.2020. Saha Infratech Pvt Ltd one 09.07.2018 No R.Pl. as yet Claims of Rs 428 cr admitted Maple Realcon Pvt Ltd one 18.07.2018 R.Pl. approved on 20.02.2020 by NCLT. Subhakamna Buildtech Pvt Ltd 2 26.11.2018 R.Pl. approved on 22.09.2022; Claims of Rs 708 cr admitted Primrose Infratech Pvt Ltd one 21.12.2018 No R.Pl. as yet Claims of Rs 149 cr admitted Granite Gate Properties Pvt Ltd one 10.01.2019 No R.Pl. as yet N.A. Brys International Pvt Ltd one 31.01.2019 No R.Pl. as yet Claims of Rs 208 cr admitted Neo Infrastructures Pvt Ltd one 01.02.2019 No R.Pl. as yet Claims of Rs 166 cr admitted Boulevard Projects Pvt Ltd one 08.02.2019 No R.Pl. as yet Claims of Rs 2,239 cr admitted Ratandeep Infrastructures Pvt Ltd one 16.04.2019 Liquidation order issued on 31.01.2022 by NCLT. Intellicity Business Park Ltd 4 27.05.2019 No R.Pl. as yet Claims of Rs 389 cr admitted Today Homes Noida Pvt Ltd one 20.08.2019 No R.Pl. as yet Claims of Rs 498 cr admitted Three C Projects Pvt Ltd one 28.08.2019 No R.Pl. as yet Claims of Rs 747 cr admitted Manju J Homes India Pvt Ltd one 02.09.2019 No R.Pl. as yet Claims of Rs 140 cr admitted two large real estate developers - Amrapali and Unitech groups, which has resulted in partial relief to hundreds of homebuyers/ fixed deposit (FD) holders, senior citizens etc. The CIRP status of major real estate companies withmultiple real estate projects is given in the following paras. Amrapali Group Amrapali group of companies promoted by Anil Kumar Sharma is a major real estate developer of Delhi NCR, particularly in Noida- Greater Noida region. There are about 40 companies under the Amrapali group. Major construction companies under Amrapali group include Amrapali Centurian Park Pvt Ltd, Amrapali Dream Valley Pvt Ltd, Amrapali Leisure Valley Develop- ers Pvt Ltd, Amrapali Silicon City Pv t Ltd , Amrapa l i Sapph i re Developers Pvt Ltd, Amrapali Smart City Developers Pvt Ltd, Amrapali Home Projects Pvt Ltd and Amrapali Princely Estate Pvt Ltd. The group had launched more than 50 residential and commercial real estate projects during 2006- 2014 mostly in the Noida and Greater Noida. In various projects, the Amrapali Group of companies proposed to construct approxi- mately 42,000 flats with the assurance of the delivery of possession of flats in 36 months these real estate companies are shown in the table at pg 29-30. It would be evident from the aforesaid table that the CIRP in most of the real estate companies has been taking inordinately long period as compared to the strict timeline prescribed under the IBC code. Only in five cases, the CIRP has been completed, out of which in three cases, the corporate debtors (CDs)/ real estate companies have gone in for liquidation. In the remaining cases, the CIRP is ongoing for the period ranging up to 63 months as against the timelines of 180/270/330 days prescribed in the IBC law. The only positive point has been the close monitoring by Supreme Court in