Indian Bank vs M/s Ansal Properties And Infrastructure Ltd.

IA-/50/ND/2024:

(a)

The claims of Secured Financial Creditors ("SFC") will be deemed to be settled in full by way of payment of Rs. 102 Crores against admitted claim of Rs. 2,91,71,53,130 being 34.96% of admitted claim. Out of this amount an amount of Rs 25.5 Crores would be paid Upfront and balance without interest will be paid in six equal quarterly instalments beginning expiry of six months from the Handover Date. On payment of the agreed amount of Rs 102 Crores, the said SFC shall release all title and security documents into the custody of the RA and issue appropriate letter/document to the RA that may be required to register satisfaction of charge with ROC/MCA, CERSAI etc.

(b)

To ensure the continuous and assured payment to Secured Financial Creditor the Resolution Applicant proposes to open an escrow account to receive the sale proceeds of the units from existing as well as future Allottees. Secured Financial Creditor will have escrow right up to 10% of sale proceeds received, the shortfall, if any, from the quarterly amount payable shall be paid by the Resolution Applicant to the Secured Financial Creditor before end of the respective quarter. In case 10% of sale proceeds received in any quarter are more than quarterly amount payable to the Secured Financial Creditor during that quarter same will be carried forward and adjusted against the amount payable to the Secured Financial Creditor in the succeeding quarter(s).

(c)

The Secured Financial Creditor shall issue necessary NOC for registering sub-lease in favour of allottees at the time of handing over possession of completed units

A2. CLAIMS OF ALLOTTEES

(a)

Subject to clause (b) below the RA proposes to complete the construction and hand over the units within the period (calculated from the Handover Date) as specified below subject to receiving the Balance Purchase Consideration (as applicable) which shall be construction linked:

Bookings in Tower No.	Period for giving Possession
6 & 7	Within 6 months from Handover Date or 4 months from date of receipt of approvals from GNIDA, RERA as applicable, whichever is later
3, 4 & 5	12 months from Handover Date or 10 months from date of receipt of approvals from GNIDA, RERA as applicable, whichever is later

8	24 months from Handover Date or 22 months from receipt of approvals from GNIDA, RERA as applicable, whichever is later
10, 11 & 12	33 months from Handover Date or 31 months from receipt of approvals from GNIDA, RERA as applicable, whichever is later
13	Bookings shall be cancelled and alternate units offered as more particularly described in Ch III, para A.2(b)
Note: Resolution Applicant will endeavour to complete the construction of remaining towers i.e. 1,2,9,13 and 14 within 48 months from the Handover Date.

The club house, Swimming pool, Tennis court, Basketball court, skating ring, Kids Zone, gathering space etc shall be completed along with the construction of remaining towers i.e. 1,2,9,13 and 14 within 48 months from the Handover Date. However, Resolution Applicant will make sure that basic amenities are made available to allottees of first four Phases simultaneous with handing over of possession to them. Pending the construction of the club temporary facility of the pool table, table tennis, gym and play area will be made available to the residents at the project simultaneously with handover of the units. It is clarified that power back will be made available along with handover of units. It is made clear that construction of remaining towers is not part of the Resolution Plan as current CIRP is limited to four Phases of the Project and any delay in completion of remaining towers shall not be treated as violation of the Resolution Plan.

(b)

At present the building is planned with a single level basement and Resolution Applicant is of view that single level basement will not provide sufficient parking spaces. Since the per capita car ownership in the country has gone up the number of car parking planned at the project are not sufficient and thus there is need for additional parking spaces. Limited car parking space is a major cause of inconvenience in most residential housing societies that leads to chaos and conflict among residents. To overcome this problem, for present as well as future, Resolution Applicant proposes to demolish the brick-walls at ground floors in all towers except tower no. 6 & 7 (since these two towers are already handed over) and convert that area in to parking space. Resolution Applicant also proposes to build podium level parking. This will not only solve the problem of parking spaces but offer additional benefits. Parking at podium levels will offer improved security features compared to surface parking lots. This will also help create more aesthetically pleasing structures and will help alleviate traffic congestion by minimizing the need for surface parking lots, which often generate additional vehicle movements and contribute to traffic congestion, especially in densely populated areas like group housing. With podium level parking the parents can relax knowing that their children have a safe and secure environment to explore, socialize, and develop essential motor skills. Meanwhile, teenagers find a space to express themselves, whether it's perfecting tricks on their boards or simply enjoying the freedom of movement. Podium parking designs will incorporate landscaping and green spaces improving overall aesthetics of the residential complex. Overall, podium level parking will provide a range of benefits including space efficiency, enhanced security, convenience, and aesthetic appeal.

Booking of Allottees, who have booked units on the ground floor in towers 3,4,5, 8,10,11, 12 and all existing allottees in tower 13, shall be cancelled and depending upon availability equivalent units shall be allotted in the same tower or other towers on the following basis:

(i)

Resolution Applicant will compensate the affected allottees by paying 125% of PLC or Price Difference paid by the affected allottee to the Corporate Debtor in case the alternate unit offered is on a higher floor or in a non-preferential location.

(ii)

Affected allottees will be shifted to unit of same size preferably in the same tower with same facing.

(iii)

Affected allottees will be given the choice, from available unsold stock, to select the alternate unit of same saleable area. If the said allottee chooses a unit with a bigger area, then such allottee will be required to pay the price of such additional area at the then prevailing sale prices as declared by the RA. In case the RA is not in a position to offer alternate unit of the same area but offers a unit with bigger area, then, the allottee will be required to pay the price of such additional area at the original booking rate, and if the offered alternate unit is of a lower area, the RA will adjust the same at the then prevailing sale prices as declared by the RA from the amount receivable from the allottee (or refund to the allottee as the case may be).

iv) Where the RA offers an alternate unit say of size X Sq Ft which is bigger than the booked unit (say of size Y Sq Ft) but the allottee then opts for an even bigger unit (say of size Z Sq Ft), then the allottee will be required to pay differential price for X-Y Sq Ft at original booking rate, and for additional area of Z-X Sq Ft at the then prevailing sale prices as declared by the RA.

(v)

The issue of those affected allottees who have major difficulty in moving to higher floors due to physical challenges will be dealt with empathetically by the Resolution Applicant on case-to-case basis.

Subject to feasibility at the project site Resolution Applicant proposes to develop the Project as per green building standards and all the requirements of the green building standards will be satisfied.

(c)

As per the information made available by the RP there are three (3) persons whose allotments have been cancelled and their claims are admitted, and amount received from them is not yet refunded. For these three persons the RA proposes to refund the amount admitted by the Resolution Professional, in 4 equal quarterly instalments, with the first instalment to be paid on or before the expiry of 3 months from Handover Date and subsequent three instalments to be paid within a period of 12 months from Handover Date.

(d)

Any Allottee who does not wish to continue with the project can claim the refund of amount admitted by the Resolution Professional. Amount shall be refunded in four equal quarterly instalments, with the first instalment to be paid on or before the expiry of 3 months from Handover Date and subsequent three quarterly instalments to be paid within a period of 12 months from Handover Date. This refund shall be paid with interest on reducing balance at the rate prescribed by UPRERA calculated from the Handover Date.

(e)

For Allottees who have not filed claim in the CIRP, the Resolution Applicant proposes to give them opportunity to file their claims within 120 days of Handover Date. These Allottees will be intimated within 45 days of Handover Date through:

(i)

Individual emails being sent to email addresses, if any, available with the Corporate Debtor;

(ii)

Registered Post letters being sent to their addresses available with the Corporate Debtor; and

(iii)

Public notice in four/five leading newspapers having wide circulation in Delhi NCR Allottees who file claims with proof within 120 days shall be treated at par with those Allottees who have filed their claim in the CIRP depending upon which towers they have booked their unit. However, if any such Allottee fails to file their claim with proof within the said period of 120 days from the Handover Date their allotment shall be deemed to have been cancelled on Approval Date and their claim against the Project shall be deemed to be settled at NIL pursuant to approval of the Resolution Plan and Resolution Applicant shall not be liable to them in any manner whatsoever.

(f)

In every instance concerning the Allottees, the Resolution Applicant is entitled to authenticate the original records/documents to ascertain the legitimacy of the transaction and verify the identity of the actual Allottee. The Resolution Applicant, after scrutiny of the aforesaid documents, may require the allottee(s) to enter into a fresh builder buyer agreement or addendum / amendment to the existing builder buyer agreement to align the Builder Buyer Agreement with the terms stipulated under this Resolution Plan. In the event a fresh Builder Buyer Agreement is not executed then on approval of the Resolution Plan the existing Builder Buyer Agreement shall be deemed to be amended to give effect to the provisions of this Resolution Plan without any further deed or action. If on verification of original documents, it is found that any claim is fraudulent, frivolous, suspicious, or illegal, such claimant will not receive any Resolution Applicant Contribution or any treatment in the Resolution Plan, subject to directions, if any, of the Adjudicating Authority.

A3. ESCALATION OF CONSTRUCTION COST, BALANCE PAYMENT, GST, RERA AND LABOUR CESS

1.

Clause 3.5 of the sample builder buyer agreements shared by the Resolution Professional provides for payment of escalation of construction cost by the allottee. Due to the passage of time since the Project was launched, there has been a significant rise in the costs of material inputs (such as steel, cement, and other building materials) and services (including labour, equipment hiring costs, and fuel). Upon thorough consideration by the Resolution Applicant, it is deemed commercially unfeasible and impractical to construct and deliver the booked units at the initially agreed-upon purchase consideration, considering the escalated costs. Since it will be overly burdensome to charge complete escalated costs from the existing allottees, the Resolution Applicant proposes to recover only part of the escalated cost. The Resolution Applicant proposes to charge an amount of Rs. 250 per sq. ft. only from existing allottees of towers numbers 3, 4 and 5 and Rs. 350 per sq. ft. only from existing allottees of all other towers. Such escalation charges shall be calculated only on the saleable area as specifically mentioned in the existing Builder Buyer Agreement.

2.

Subject to the project being bankable the escalated cost and balance payment payable (other than IFMS and possession charges) shall be paid by the allottee as follows:

(i)

Different allottees have paid varying percentages of the amounts demanded before the insolvency commencement date. To ensure fairness, the Resolution Applicant shall treat all previous unpaid demands as cancelled and raise fresh demands which shall be linked to achieved stage of construction. This demand will be referred to as the "equalising demand". It is possible that in case of those who have already paid demanded amounts in full earlier, the amount payable under the "equalising demand" may be NIL.

(ii)

Equalising demand will be required to be paid within 90 days of Handover Date or 60 days of demand being raised by the Resolution Applicant, whichever is later. Any delayed payment shall be subject to payment of interest for delayed period on the defaulted amount at the rate prescribed by UPRERA.

(iii)

Other than equalising demand, other amounts demanded by the Resolution Applicant (including escalated cost) shall be linked to progress of construction and will be paid within 60 days of demand being raised. Any delayed payment shall be subject to payment of interest for delayed period on the defaulted amount at the rate prescribed by UPRERA.

3.

Corporate Debtor has raised demand on existing allottees on the area which is over and above the area as specifically mentioned in the existing Builder Buyer Agreement. It is clarified that for the purpose of booked unit area by the Allottee the Resolution Applicant will consider only that super area which is specifically mentioned in the existing Builder Buyer Agreement as executed between the existing allottees and Corporate Debtor. It is clarified that demand on this count previously raised by the CD shall be deemed to have been cancelled and fresh demand will be raised as per the Resolution Plan.

4.

GST, if any, applicable and payable on the residential units shall be paid by the respective allottee(s). It is clarified that the GST as referred to in this clause or elsewhere in the Resolution Plan shall be payable by the allottee only on the future payment being made by the allottees. It is clarified that any GST already paid by the allottees to the Corporate Debtor and not deposited by the Corporate Debtor with the GST Department shall not be again payable by the allottees.

5.

It is explicitly made clear that the amount, if any, payable under The Building and Other Constructions Workers Welfare Cess Act, 1996 shall be collected from the allottee(s) on pro rata basis net of payment made, if any, under this head by the allottee.

6.

It is explicitly made clear that Allottee(s) and Resolution Applicant both are bound by the provisions of RERA, 2016 and rules/notifications/order/circulars issued thereunder unless modified or amended or waived by virtue of this Resolution Plan.

7.

The amounts provided for the stakeholders under the Resolution Plan is as under: (Amount in Rs.)

Sl. No.	Category of Stakeholder*	Sub-Category of Stakeholder	Amount Claimed	Amount Admitted	Amount Provided under the Plan#	Amount Provided to the Amount Claimed (%)
(1)	(2)	(3)	(4)	(5)	(6)	(7)
1	Secured Financial Creditors	(a) Creditors not having a right to vote under sub-section (2) of section 21	N/A	N/A	N/A	N/A
		(b) Other than (a) above:
		(i) who did not vote in favour of the resolution Plan	N/A	N/A	N/A	N/A
		(ii) who voted in favour of the resolution plan	6,53,66,97,987	2,91,71,53,130	1,02,00,00,000 (Resolution plan Pg 9, A1(a))	15.6%
		Total[(a) + (b)]	6,53,66,97,987	2,91,71,53,130	1,02,00,00,000	15.6%
2	Unsecured Financial Creditors (to be read with note at the end of this table)	(a) Creditors not having a right to vote under sub-section (2) of section 21	N/A	N/A	N/A	N/A
		(b) Other than (a) above:	N/A	N/A	N/A

		(i) who did not vote in favour of the resolution Plan
		(ii) who voted in favour of the resolution plan	3,78,81,03,843	2,42,84,16,250	2,42,84,16,250 (The treatment of class of creditor who does not wish to continue with the project shall be as per clause (d) of Part A2 of Resolution plan approved by CoC members)	64.10%
		Total [(a) + (b)]	3,78,81,03,843	2,42,84,16,250	2,42,84,16,250	64.10%

3	Operational Creditors	(a) Related Party of Corporate Debtor
		(b) Other than (a) above: (i) GNIDA	31,70,28,904	28,47,57,203	9,95,67,055 (Resolution plan Pg 16, A4(b))	31.40%

		(ii)Government	NIL	NIL	NIL	NIL
		(iii)Workmen	NIL	NIL	NIL	NIL
		(iv)Employees	NIL	NIL	NIL	NIL
		(v) Other than workmen, employees and government dues	22,20,19,92 9	5,07,00,21 4	30,42,01 3 (Resolution plan Pg 17, A7)	1.3%
		Total[(a) + (b)]	53,90,48,83 3	33,54,57,4 16	10,26,09 ,068	19.03%
4	Other debts and dues	Other Creditors	1,67,28,734	NIL	NIL	NIL
5	Contingency fund		NIL	NIL	25,00,00 0 (Resolution plan Pg 22, A15)
Grand Total			10,88,05,79 ,397	5,68,10,26, 797	355,35,2 5,318

Note - The unsecured financial creditors consist of homebuyers and more than 50% of the homebuyers have cast their votes have voted in favour of the resolution plan. Therefore, the resolution plan has been approved by the entire class of unsecured financial creditors with a 100% voting share.

Note

(i)

The Resolution Plan provides for completion of construction of all the units that have been allotted to the homebuyers as follows.

sufficient light, pure air and water, electricity, sanitation and other civic amenities like roads etc. so as to have easy access to his daily avocation. The right to shelter, therefore, does not mean a mere right to a roof over one’s head but right to all the infrastructure necessary to enable them to live and develop as a human being. Right to shelter when used as an essential requisite to the right to live should be deemed to have been guaranteed as a fundamental right. As is enjoined in the Directive Principles, the State should be deemed to be under an obligation to secure it for its citizens, of course subject to its economic budgeting. In a democratic society as a member of the organised civic community one should have permanent shelter so as to physically, mentally and intellectually equip oneself to improve his excellence as a useful citizen as enjoined in the Fundamental Duties and to be a useful citizen and equal participant in democracy. The ultimate object of making a man equipped with a right to dignity of person and equality of status is to enable him to develop himself into a cultured being. Want of decent residence, therefore, frustrates the very object of the constitutional animation of right to equality, economic justice, fundamental right to residence, dignity of person and right to live itself.”

20.4.

Thus, it would be thoroughly erroneous to treat home-buying as a mere commercial transaction, or worse, to reduce housing to the status of speculative instruments such as stocks, debentures, futures, or options through creative contractual devices. Housing is neither a luxury nor a commodity for speculation – it is a fundamental human need. The right to secure, peaceful, and timely possession of one’s home is therefore a facet of the fundamental right to shelter enshrined under Article 21²³.

20.5.

The State carries a constitutional obligation to create and strictly enforce a framework wherein no developer is permitted to defraud or exploit homebuyers. Ensuring timely project completion must be a cornerstone of India’s urban policy. Equally, the State must proactively address the menace of a parallel cash economy and speculative practices in the real estate market, which artificially inflate housing costs and enable “trigger-happy” investors seeking easy exits to jeopardize the interests of genuine end-users.