This application was filed by Ms. Aarathi Sivadas and nine others, as homebuyers, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Mr. Prasanna Kumar Rath (Resolution Professional) and two others. The applicants sought a declaration that the constitution of the Committee of Creditors (CoC) of the Corporate Debtor (Value Designbuild Private Limited) was illegal and in violation of the Code. They also sought to set aside decisions of the CoC, reject the claim of Respondent No. 2, remove 'cancelled allottees' from the CoC, and replace the Resolution Professional. The CIRP was initiated by India Resurgence ARC Pvt. Ltd. under Section 7 of the Code, and Mr. Prasanna Kumar Rath was appointed as the IRP and later confirmed as the RP. The homebuyers had
…The Corporate Debtor (Value Designbuild Private Limited) failed to deliver apartments to homebuyers by the agreed date of December 2015. CIRP was initiated by India Resurgence ARC Pvt. Ltd. based on a loan default. The Resolution Professional (RP) constituted a Committee of Creditors (CoC) that included India Resurgence ARC, HDFC, and homebuyers. The CoC was later reconstituted to include landowners and homebuyers whose bookings were cancelled. The RP admitted belated claims without seeking condonation from the Tribunal. The RP created a new class of Financial Creditors called 'Allottees-Cancelled'. Landowners were initially included in the CoC but later removed due to objections from homebuyers. The RP shared resolution plans with landowners despite objections from
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Adjudicating Authority admitted CP (IB)…
This application was filed by Ms. Aarathi Sivadas and nine others, as homebuyers, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Mr. Prasanna Kumar Rath (Resolution Professional) and two others. The applicants sought a declaration that the constitution of the Committee of Creditors (CoC) of the Corporate Debtor (Value Designbuild Private Limited) was illegal and in violation of the Code. They also sought to set aside decisions of the CoC, reject the claim of Respondent No. 2, remove 'cancelled allottees' from the CoC, and replace the Resolution Professional. The CIRP was initiated by India Resurgence ARC Pvt. Ltd. under Section 7 of the Code, and Mr. Prasanna Kumar Rath was appointed as the IRP and later confirmed as the RP. The homebuyers had
…The Corporate Debtor (Value Designbuild Private Limited) failed to deliver apartments to homebuyers by the agreed date of December 2015. CIRP was initiated by India Resurgence ARC Pvt. Ltd. based on a loan default. The Resolution Professional (RP) constituted a Committee of Creditors (CoC) that included India Resurgence ARC, HDFC, and homebuyers. The CoC was later reconstituted to include landowners and homebuyers whose bookings were cancelled. The RP admitted belated claims without seeking condonation from the Tribunal. The RP created a new class of Financial Creditors called 'Allottees-Cancelled'. Landowners were initially included in the CoC but later removed due to objections from homebuyers. The RP shared resolution plans with landowners despite objections from
…Applicants and other homebuyers entered into…
Adjudicating Authority admitted CP (IB)…