Nimble Credit Cooperative Society Limited vs Bulland Realtors Private Limited

I.A. No. 15/2024

“a. Pass an order approving the Resolution Plan dated 11.01.2024 along with its Addendum dated 12.02.2024 submitted by Respondent as approved by the Committee of Creditors in its 12th CoC meeting convened on 28.03.2024 and the voting concluded on 03.04.2024 with 99.02% voting in favour;

b. Declare that upon approval of the Resolution Plan by this Hon’ble Adjudicating Authority, the provisions of the Resolution Plan shall be binding on the Company, its creditors, guarantors, members, employees, Statutory Authorities and other stakeholders in accordance with Section 31 of the Code, and shall be given effect to and implemented pursuant to the order of this Hon'ble Adjudicating Authority;

c. Approve the constitution of Monitoring Committee as per Clause VIII of the approved Resolution Plan approved by the Committee of Creditors;

d. Approve and grant Reliefs and Concessions sought under Clause XV of the Resolution Plan by the Resolution Applicant;"

I.A. No. 5628/2025

“a)

Allow the present application and take on record the Addendum dated 10.11.2025 submitted by M/s Saviour Builders Private Limited (“SRA”) to the Resolution Plan dated 28.03.2024, and direct that the said Addendum shall form an integral part of the Resolution Plan approved by the Committee of Creditors (“CoC”) in its 12th meeting held on 28.03.2024 with 99.02% voting share and further approved with 80.10 % voting share in the 24th CoC meeting concluded on 15.11.2025.

b)

Allow the present application and take on record revised Form H dated 15.11.2025

c)

Pass an order under Section 31(1) of the Insolvency and Bankruptcy Code, 2016 approving the Resolution Plan dated 28.03.2024, read with the Addendum dated 10.11.2025, as approved by the CoC under Section 30(4) of the Code.

ADDENDUM TO THE MINUTES OF 12^th MEETING OF THE COMMITTEE OF CREDITORS OF BULLAND REALTORS PRIVATE LIMITED HELD ON THURSDAY, 28.03.2024 AT 06:00 P.M. AT UNIT 2514, 05^th FLOOR, TOWER-A, THE CORENTUM, A-41, SECTOR-62, NOIDA, U.P.-201301 THROUGH VIRTUAL MODE

Pursuant to Regulation 26 of IBBI (Insolvency Resolution Process for Corporate Persons), Regulations, 2016, voting for the resolutions for the meeting held on Thursday, 28.03.2024, was conducted through e-voting. Linkstar was the service provider through whose portal voting was conducted.

Result of E-voting

Approval on resolution was sought through E-Voting from all Financial Creditors.

Following Resolutions voted through E-VOTING:

RESOLUTION-1. To approve the Resolution Plan proposed by Saviour Builders Pvt. Ltd.

To consider and if found fit, to pass with or without modification the following Resolution:

“RESOLVED THAT the resolution plan submitted by Resolution Applicant being “Saviour Builders Private Limited” to the Resolution Professional is hereby approved by the Committee of Creditors.”

“FURTHER RESOLVED THAT the Resolution Professional be and is hereby authorized to act and take all such necessary actions/steps as may be required including the filing of the application before the Hon’ble Adjudicating Authority as per Section 31 read with other applicable provisions of the Code.”

The results of E-voting are as under:

Sr. No.	Name of Claimant	Total %	Approved %	Rejected %	Abstained %	Did not vote %
1)	AR of Financial Creditors in Class (Home Buyers) of Bulland Realtors Private Limited	88.76	88.76	-	-	-
2)	Nimble Credit Co-operative Society Limited	9.96	9.96	-	-	-
3)	Ranbir Singh	0.31	-	-	-	0.31
4)	Vipin Mahajan & Maninder Jit Kaur	0.01	-	-	-	0.01

5)	Salatur Rehman & Qamruz Zanam	0.08	0.08	-	-	-
6)	Vijay Lakshmi Rai	0.14	-	-	-	0.14
7)	Vijay Lakshmi Rai	0.16	-	-	-	0.16
8)	Jay MangalRam & Anita	0.07	0.07	-	-	-
9)	Raj Kishor Mishra & Divya	0.08	-	-	-	0.08
10)	Devender Singh & Nisha	0.05	-	-	-	0.05
11)	Shilpi Chatterjee & Amar Ghoshal	0.09	-	-	-	0.09
12)	Ramesh Singh	0.09	0.09	-	-	-
13)	Priyanshi Singh & Mithlesh Singh	0.06	0.06	-	-	-
14)	Himani Vashisht	0.08	-	-	-	0.08
15)	Suraj Singh Sajwan & Aruna Kandari	0.06	-	-	-	0.06
	Total	100	99.02	-	-	0.98

Based on the e-voting results above resolution is passed.

C. SUMMARY PROPOSAL OF THE RESOLUTION APPLICANT FOR TREATMENT OF ALL STAKEHOLDERS:

Particulars	Amount Admitted by the Resolution Professional (Amount in INR)	Amount Proposed (Amount in INR)	Other details
Insolvency Resolution Process Cost	1,50,00,000/-	1,50,00,000/-	Will be paid in full in priority to all other dues within 6 months from the approval of Resolution plan
Operational Creditors Other than workman Employees)	39,69,244/-	10% of Admitted amount of claim by RP	Will be paid proportionately to the amount of claim admitted in priority to the Financial Creditors within 6 months from effective date.

Government Departments (excluding GNIDA)		Provision of 10% has been kept by RA for the total admitted amount of claim by RP, if any.
Operational Creditors (Employees)	19,97,814/-	19,97,814/-	Will be paid in full within 6 months from effective date.
GNIDA		55,00,00,000/- till the effective date and RA proposes to pay interest on reducing at SBI MCLR	Settlement within 3 years from effective date
Unsecured Financial Creditors	6,79,91,877/-	80% of Principal Amount of claim by RP towards unsecured loan will be paid by RA	Will be paid within 2 years from the effective date i.e. After obtaining necessary government approvals
Dissenting Financial Creditors		Liquidation Value as per IBC	Will be paid in priority within 6 months from the effective date.
Towards Home Buyers (Class of Creditors i.e. Homebuyers)		Total Estimated Cost of Construction of all towers inclusive administrative, of marketing expenses 325,00,00,000/- (The estimated cost of construction is based on current market price and the same will tend to change based on prevailing rates in the market during the relevant period of construction)	Endeavour to complete the project and deliver the project in 2 phases maximum within 5 years in all respects from the effective date.
Infusion by RA		40,00,00,000/- (including PBG)	Within period of 12 months from the effective date,
Contingencies		25,00,00,000/-

There is dispute on the claim submitted by GRV ventures and in case it gets admitted as per the Hon'ble NCLT order in such case the RA has proposed to pay 80% of the principal amount as per the order of the Hon'ble NCLT out of the contingencies kept by RA, provided the same shall not related party and all the material facts are brought before the Hon'ble NCLT for adjudication.

In creditor details, a due of Rs. 15,85,89,459/- is payable by the Corporate Debtor to Ms Bullard Buildtech Pvt. Ltd, already for recovery of the same an application is pending before the Hon'ble Adjudicating Authority which may crystallize at any time, the RA assumes the liability which is at present contingent in nature and may crystallize upon the decision of the Hon'ble NCLT. Thus, the plan value will be deemed to increase by Rs. 15,85,89,459/-.

D. PAYMENT OF CORPORATE INSOLVENCY RESOLUTION PROCESS COST

It is submitted that in the approved Resolution Plan and amended plan dated 12.02.2024 in clause 1(a)Payment towards CIRP costs including dues of creditors during CIRP period provides "The resolution applicant understands that an estimated amount of INR 1,50,00,000/- will be due on account of the CIRP cost during CIRP Period in accordance with the provisions of the Code; resolution plan envisages paying CIRP Cost in priority to all other debts of the Corporate Debtor."

It further provides "payment of the entire CIRP Costs by the Resolution Applicant shall be paid after the approval of plan by the Hon'ble NCLT as per the schedule of Payment envisaged in this resolution plan."

It is also provided in the Plan that "Any CIRP Cost of such quantum and nature, which has been incurred regularly during the CIRP Period, shall be paid in full after the approval of the Resolution Plan by the CoC till the approval by the NCLT" and also that "In the event, if the actual Insolvency Resolution Process Cost payable by the Resolution Applicant exceeds/lower than the Estimated CIRP Costs, any difference (excess/shortfall) shall be at the Cost of the Resolution Applicant."

It is been further declared under clause XIII Sources and Application of Funds: That the "Resolution Applicant hereby proposes for upfront infusion of funds through equity/debts from the internal and external sources of fund available with the Resolution Applicant. Also, it is pertinent to mention here that the net worth of Resolution Applicant is approximately Rs. 90,00,00,000/- (Rupees Ninety Crores Only) and the Resolution Applicant don't foresee any shortage of funds to deliver this project."

Hence, the plan is in compliance of Section 30 (2) (a) of the Code.

E. PAYMENT OF THE DUE TO OPERATIONAL CREDITORS

The Resolution plan envisaged to pay the Operational Creditors in the manner as mentioned in the summary proposal of this plan or Liquidation value whichever is higher and they will be paid in priority to all other creditors. The above-mentioned dues of the operational creditors will be paid in full within 6 months from the effective date.

- payment of the dues of the operational creditors other than workmen employees and government departments The Plan provides to pay to the operational creditors an amount to the extent of 10% of the amount of claim admitted by the Applicant.

- payment of the dues of income tax department/ other government department Plan provides that since, no claim has been submitted by them as per the Information Memorandum and in view of the same they will be paid - 10% of the amount of claim admitted by the Applicant.

- Payment to Employees Plan provides for payment of 100% of the dues of employees as admitted by the Resolution Professional within 6 months from the effective date.

•

Payment towards dues of the GNIDA Plan provides that although, no claim has been submitted by the GNIDA. The Resolution Plan envisages for payment of Rs. 55,00,00,000/- to be paid in the manner proposed in this Resolution Plan within three years from the effective date.

F. PAYMENT OF LIQUIDATION VALUE OF DISSENTING FINANCIAL CREDITORS

In Clause 1 (c) of the Plan, it provides that an amount due to the Financial Creditors, who had not voted in favour of this Plan shall be paid the amount as prescribed under the Section 30(2)(b) of the IBC i.e. Liquidation Value due to them. In case, if the actual amount will be higher/lesser than the amount proposed in this plan, the same shall be adjusted towards the other financial creditors in proportionate to their admitted claims.

G. PAYMENT TOWARDS CONSTRUCTION COST OF THE PROJECT

Resolution Plan duly provides that the total estimated Cost of Construction for completion of the Project namely Calisto of the Corporate Debtor as per the independent assessment of Resolution Applicant is INR 325,00,00,000/- (Indian Rupees Three Hundred Twenty-Five Crores) inclusive of administrative, marketing expenses and the Resolution Applicant envisages to complete the project in 2 phases maximum within 5 years in all respects from the effective date.

H. PAYMENT TOWARDS CONTINGENT LIABILITIES

Resolution Applicant propose a provision of Rs. 25,00,00,000/- for any contingencies which will occur in future being it a real estate project.

I. OTHER PAYMENTS:

1. Payment towards Dues of Unsecured Financial Creditors

•

The Resolution Plan provides that the amount proposed for Unsecured Financial Creditors shall be paid after the payment towards CIRP Cost, Operational Creditors, Dissenting Financial Creditors within the period of 6 months from the effective date.

2. Payment towards dues of the Creditors in Class (i.e. Home Buyers)

a)

ALLOTTES WHOSE CLAIMS ARE ADMITTED BY RP: Resolution Plan proposes to deliver units to all identified buyers/claimants for Residential units i.e. claimants of 199 units as per the details shared by RP in the Information Memorandum.

b)

ALLOTTES WHOSE CLAIMS ARE NOT RECEIVED BY RP: The Resolution Plan provides for the same treatment to all the genuine allottees as there cannot be any distinguishment among the same class under the resolution plan. Further, since the aforesaid allottees/homebuyers did not submit their claim before Applicant, their papers/documents will be verified by the Resolution Applicant to ascertain its genuineness after approval of the resolution plan by the Hon'ble NCLT.

c)

INCREASE IN PRICE DUE TO INCREASE IN CONSTRUCTION COST: An additional amount of Rs. 700 per sq. ft. will be levied on all the allottees to whom units have been allotted in the project as per the Information Memorandum.

d)

REVISION IN BUILDING PLAN DUE TO CHANGE IN MARKET CONDITIONS: The Resolution Plan proposed to revise the building plan as per the current market demand and to use the latest techniques for the construction of the project as per the International Standards.

e)

CANCELLATION BY ALLOTTEE: The Plan provides that in case of a cancellation request by the allottee (for reasons other than clause d above) the RA will refund the principal amount to the allottee within 6 months from the effective date.

f)

ADMISSION OF PRINCIPAL AMOUNT PAID BY ALLOTTEE: The Plan provides that RA will accept the principal amount mentioned in the IM against the total cost of the apartment in the name of the allottee.

g)

NO RETURNS ON THE AMOUNT PAID BY ALLOTTEE: The plan provides that any interest/assured returns/claims of any nature would not be considered by RA. Balance payment by all unit holders would be construction linked plan.

h)

NO INTEREST ON THE OLD OUTSTANDING: RA will not charge any interest on old outstanding dues of identified Unit Holders which were earlier demanded by CD but were not paid by unit holders unless otherwise specifically mentioned in the Resolution Plan.

i)

SHIFTING OPTION TO ALLOTTEE FROM ONE SIZE TO OTHER SIZE: RA will propose option of shifting of units to unit holders from one Tower to the other Tower subject to availability of same size vacant units in order to accommodate homebuyers in those Towers which get completed earlier. The RA propose to provide the revised plan within one month of the approval of the plan by the Hon'ble NCLT.

j)

REVISED BBA TO ALLOTTEES: Fresh allotment letters will be issued by the RA on the basis of claims admitted by the RP. Revised BBA will be executed after approval of new Building plan and merger scheme.

k)

CONSTRUCTION LINKED PAYMENT PLAN: All home buyer shall be required to pay or clear their dues towards their agreement value on the basis of demand raised by the RA on the basis of actual construction of the project.

J. TERM OF THE RESOLUTION PLAN

Clause VIII of the Resolution Plan provides that payment of all dues as envisaged in the resolution plan towards Operational Creditors and Financial Creditors - will be paid within 6 months from the effective date. Project to be completed in all respects within 5 years from the effective date in two phases: 1st Phase - Within 3 years and 2nd Phase- Within 5 years.

K. IMPLEMENTATION OF THE RESOLUTION PLAN

This Plan shall be implemented by the Resolution Applicant in the manner below: Compliance of Regulation 37A resolution plan shall provide for the measures, as may be necessary, for insolvency resolution of the corporate debtor for maximization of value of its assets, including but not limited to the following: -

(a)

transfer of all or part of the assets of the corporate debtor to one or more persons; All the assets of the Corporate Debtor will stand transferred in the name of Resolution Applicant by virtue of approval of Resolution Plan and Merger Scheme by the Hon'ble NCLT.

(b)

sale of all or part of the assets whether subject to any security interest or not; The RA proposes to sell the unsold inventories/parking and all the secured creditors, if any will relinquish their security interest in favour of RA on approval of resolution plan by the Hon'ble NCLT.

(c)

restructuring of the corporate debtor, by way of merger, amalgamation and demerger. RA proposes a restructuring of CD by way of Merger.

(d)

the substantial acquisition of shares of the corporate debtor, or the merger or consolidation of the corporate debtor with one or more persons;

L. PROVISION FOR MERGER OF CORPORATE DEBTOR WITH RESOLUTION APPLICANT.

The Plan provides for the scheme of the merger and amalgamation as per the terms and conditions specified in the Annexure 2 of the Plan.

M. PROVISION FOR MANAGEMENT OF THE CORPORATE DEBTOR AFTER MERGER

Plan provides that, the Resolution Applicant shall take over and acquire the complete management control of the assets of the Merged Entity inter alia by way of the following steps:

(i)

Appointment of directors on the board of directors of the Merged Entity.

(ii)

As on the date of approval of resolution plan by AA, the auditor of the CD shall be deemed to have vacated its office.

(iii)

As on the date of approval of Merger, all powers of attorney and/ or other corporate authorizations or mandates issued by the Company to any person to enable such person to carry out various functions of the Company, to sign and execute various documents and/ or represent the Company, and to operate the bank accounts of the Company shall stand revoked with immediate effect.

(iv)

On the date of Approval of Merger, any and all documents pertaining to the business of the Company and Real Estate Project shall be handed over to the Resolution Applicant.

(v)

On and from the approval of Merger Scheme, the following provisions shall become effective (and shall be deemed to have been approved by the Company, its Creditors, guarantors, members, employees, Governmental Authority and other stakeholders, and shall not require any separate approvals from such persons).

(vi)

The Resolution Applicant shall be entitled to transfer/ assign the assets of the Company to any group company of the Resolution Applicant.

(vii)

As on date of the merger, the Merged Entity shall be fully entitled to all rights and entitlements in relation to the Real Estate Project, including all rights, licenses and permits to complete the Real Estate Project in a time bound manner.

(viii)

The change in shareholding of the Corporate Debtor pursuant to this Resolution Plan shall not lead to lapse of any brought forward losses of the Corporate Debtor and provisions of Section 79 of the Income-tax Act, 1961 are not applicable.

(ix)

The Corporate Debtor shall be entitled to carry forward and set-off all the brought forward book losses and unabsorbed depreciation as shown in the books of account and considered in the returns of income filed under the Income-tax Act, 1961.

(x)

The Resolution Applicant or the Corporate Debtor shall not be liable to pay any tax whatsoever as a result of any related party transactions entered by Corporate Debtor prior to the Effective Date under.

(xi)

All the unsecured loans given by the Corporate Debtor to any third party will continue with the Corporate Debtor and will be available for benefit of the Resolution Applicant. The Resolution Applicant, after the Effective Date, shall be entitled to recover all the amounts that are payable by the Corporate Debtor (including the unsecured loans) to any third party.

N. PROVISION FOR MONITORING COMMITTEE

Plan provides that upon approval of the Plan from this Hon'ble Tribunal, a monitoring committee will be constituted comprises of representative of the CoC, representative of the Resolution Applicant and Resolution Professional Mr. Ashish Singh as chairperson of the committee constituted for supervision and monitoring of implementation of the Resolution Plan for the term of the Resolution Plan. The monitoring committee/entity, constituted, shall have inter alia the following responsibilities:

i.

To supervise the implementation of the Resolution Plan and ensure that the Resolution Plan is implemented as approved without any deviations. ii. To ensure timely disbursement of funds to the financial and operational creditors, as per the payment terms set out above. iii. To ensure that approvals, to the extent required for implementation of the Resolution Plan, are applied for and obtained in a timely manner. iv. To bring to the notice of NCLT, any deviations/violations, of the Resolution Plan, by any person.

v.

To provide regular updates to the NCLT, as and when required.

Hence, the Resolution Plan is in compliance of Section 30(2)(d) of the IBC read with regulation 38(2)(c) of the CIRP Regulations.

O. PROVISION FOR MANAGEMENT AND CONTROL DURING THE TERM

Plan provides that after the effective date the management and the operations of the Corporate Debtor will be taken care of by the newly constituted Board of Director, comprising of Mr. Mohit Dhama, Mrs. Nirmal Gupta, Mr. Iqbal Singh Sodhi will take charge of the management of the Company.

Hence, it is submitted that Resolution Plan is duly compliant with section 30(2)(c) of the Code read with Regulation 38(2)(b) of CIRP Regulation 2016.

P. TREATMENT OF MATERIAL LITIGATIONS

Plan in Clause XIV, provides that "Resolution Applicant, without prejudice to its interest, shall have right to pursue/continue any of the matter/ case/ litigation, in the interest of the Corporate Debtor. However, in any case, if any of the matter/ case/ litigation, decided in favour of the other party, the Resolution Plan envisages for payment of NIL amount, towards any liability/claim, if arise out any such litigation. The Resolution Applicant proposes that any litigation which may start and pertains to the period prior to the NCLT Approval Date shall be subject to this Resolution Plan and any amount determined as payable by Corporate Debtor shall not be payable by Corporate Debtor, if not provided for in the Resolution Plan."

O. RESOLUTION PLAN BEING COMPLIANT WITH THE PROVISIONS OF LAW FOR THE TIME BEING IN FORCE:

Clause XX of the Resolution Plan, provides declaration "Resolution Plan is not in contravention of the provisions of any Applicable Law."

In view of the above, it is submitted that Resolution Plan duly complies with Section 30(2)(e) of the Code.

R. FEASIBILITY AND VIABILITY OF THE RESOLUTION PLAN:

The Plan was amended post discussions with COC members, in Clause XI of the same it records "The Resolution Applicant has undertaken all the required checks and measure for implementation and provided for payment to the creditors. The Resolution Plan is completely feasible and viable based on market research and study."

S. STATEMENT AS TO HOW THE RESOLUTION APPLICANT HAS DEALT WITH THE INTEREST OF ALL STAKEHOLDERS, INCLUDING FINANCIAL CREDITORS AND OPERATIONAL CREDITORS OF THE CORPORATE DEBTOR

Resolution Applicant under Clause XII of the Plan declares that "it has endeavoured to take into account all claims, including the claims of statutory authorities while proposing the present Resolution Plan and has dealt with the interests of all stakeholders, including Financial Creditors, and Operational Creditors and Other Creditors of the Corporate Debtor." Same has been provided in Para no. B of the instant Application.

T. STATEMENT ON FAILURE OF IMPLEMENTATION OF PLAN

It is submitted that Resolution Applicant under clause X of the Resolution Plan records the statement regarding the failure of implementation of Plan, which is reproduced herein below:

"The RA declares that neither the RA nor any of its related parties have failed to implement or contributed to the failure of implementation of any other resolution plan approved by the Adjudicating Authority at any time in the past."

In view of the above, the Resolution Plan is in compliance with the provisions of Regulation 38(1B) of the CIRP Regulations.

U. CAUSE OF DEFAULT

"The major causes of default are:

a. Market downfall followed by major changes in government policies and tax regime in Indian market, has strongly impacted real estate sector and taken the company to financial crisis.

b. Lack of professionalize control and management of the operations of the corporate debtor."

V. PERFORMANCE SECURITY

W. MEASURES NECESSARY FOR RESOLUTION OF THE CORPORATE DEBTOR

(a)

transfer of all or part of the assets of the corporate debtor to one or more persons; All the assets of the Corporate Debtor will stand transferred in the name of Resolution Applicant by virtue of approval of Resolution Plan and Merger Scheme by the Hon'ble NCLT.

(b)

sale of all or part of the assets whether subject to any security interest or not;

The RA proposes to sell the unsold inventories / parking and all the secured creditors, if any will relinquish their security interest in favour of RA on approval of resolution plan by the Hon'ble NCLT.

(c)

restructuring of the corporate debtor, by way of merger, amalgamation and demerger.

RA proposes restructuring of CD by way of Merger.

(d)

the substantial acquisition of shares of the corporate debtor, or the merger or consolidation of the corporate debtor with one or more persons;

X. ELIGIBILITY UNDER SECTION 29A OF THE CODE

"Resolution Applicant hereby confirms that this Resolution Plan is not in contravention of the provisions of any Applicable Law."

Z. CAPABILITY OF THE RESOLUTION APPLICANT TO IMPLEMENT THE PLAN:

The Resolution Applicant has experience of running various real estate sector projects and successfully delivered several projects. The Resolution Applicant will strategize the business of the Corporate Debtor by implementing the measure provided in this resolution plan. The OC's and CC's of the Competed Projects is attached as Annexure 3.

ZA. RELIEF AND CONCESSION SOUGHT:

ZB. TERM OF THE PLAN AND ITS IMPLEMENTATION SCHEDULE

FORMAT VI – UNDERTAKING BY RESOLUTION APPLICANT

Resolution Applicant's Undertaking

To Ashish Singh Resolution Professional Bulland Realtors Private Limited

Dear Sir,

Sub: Resolution Applicants' undertaking in relation to the Resolution Plan in response to request for Resolution Plan issued by RP dated 2nd December, 2023 ("RFRP") in the matter of Bulland Realtors Private Limited.

1.

We, Saviour Builders Private Ltd ("Resolution Applicant"), refer to the RFRP and provide our unconditional acceptance of the terms and conditions of the RFRP as amended from time to time in accordance with the procedure set out under the RFRP, including but not limited to the Disclaimer contained in the RFRP. Further and in relation to the said RFRP and the Resolution Plan Submission Process set out there under, the Resolution Applicant undertakes, agrees and acknowledges that the Resolution Applicant (collectively, the "Undertaking"):

a)

shall execute all such deeds and documents as may be required to be so executed pursuant to the completion of the Resolution Plan Submission Process;

b)

has submitted the Resolution Plan and other requisite documents strictly as per forms prescribed in the RFRP, without any deviations or conditions and without setting out any assumptions or notes qualifying the Resolution Plan;

c)

the Resolution Plan shall be valid up to the end of the period set out under clause 1.9.3 of the RFRP;

d)

the Resolution Plan has been duly signed by a director of the Resolution Applicant as a Representative;

e)

has submitted a duly executed power of attorney in original signed by a person authorised by the board of the Resolution Applicant in a duly convened board meeting;

f)

has obtained all the corporate authorizations required or expedient under Applicable Law for the submission of the Resolution Plan;

g)

shall, except as otherwise required under the RFRP, upon being notified as the Successful Resolution Applicant, pay such amounts and consideration as set out in the Resolution Plan in the manner agreed to between the Resolution Applicant and the CoC at terms mutually agreeable to CoC and the Resolution Applicant strictly in accordance with the procedure set out under the RFRP;

h)

shall, prior to the Transfer Date, execute such agreement(s) as may be required as a part of the Resolution Plan, with a technical partner, to the satisfaction of the Resolution Professional;

i)

has provided all information and data during this Resolution Plan Submission Process, in a manner that is true, correct, accurate and complete and no such information, data or statement provided by the Resolution Applicant is inaccurate or misleading in any manner;

j)

has submitted a Resolution Plan that conforms to the requirements of the RFRP as on the date of this Undertaking;

k)

the Resolution Applicant has a non-default external rating;

l)

the Parent entity, the Ultimate Parent, the Group Companies, and Affiliates are not classified as non-performing assets by the lenders to the aforementioned entities;

m)

none of the Group Companies, Affiliates, Parent Company, Ultimate Parent or any of the promoters or directors of the Group Companies, Affiliates, Parent Company or Ultimate Parent feature in the defaulters list published by the RBI and / or TransUnion CIBIL Limited (formerly Credit Information Bureau (India) Limited);

n)

there are no proceedings pending or threatened, and there has been no penalty or fine imposed, by the Securities and Exchange Board of India, against the Resolution Applicant or the promoters or the directors of the Resolution Applicant;

o)

there are no criminal proceedings pending or decreed against the Resolution Applicant or the promoters or the directors of the Resolution Applicant;

p)

there has been no action against the Resolution Applicant or promoters or directors of the Resolution Applicant by a regulatory or governmental authority;

q)

neither the Resolution Applicant nor a subsidiary, affiliate, or holding company of, or any other Person related to, the Resolution Applicant is an existing promoter or belongs to the existing promoter group; and

r)

the Resolution Applicant is in compliance with Applicable Law and provisions of Insolvency and Bankruptcy Code, 2016.

2.

We further undertake and confirm that the Financial Proposal submitted as part of the Resolution Plan is unconditional and irrevocable and acknowledge and agree that the CoC reserves the right to negotiate better terms with the Resolution Applicant and any decision taken by the CoC and / or the Resolution Professional in relation to the Resolution Plan and the Resolution Plan Submission Process shall be final and binding on the Resolution Applicant. Further, in addition to the undertakings set out under clause 1 (i) above, the Resolution Applicant confirms that all the confirmations, declarations and representations made in the Resolution Plan are valid as on the date of this Undertaking and acknowledge that Authorised Representative or the Resolution Professional (acting on the instructions of the CoC) may at their sole discretion be free to cancel our Resolution Plan and encash the Earnest Money Deposit where such confirmations, declarations and representations are found to be incorrect or misleading.

3.

Capitalised terms used herein but not defined shall have the meaning assigned to such term in the RFRP.

Thanking You SAVIOUR BUILDERS PVT LTD. Yours Sincerely, (HIMANISHI GOYAL)

To, BULLAND REALTORS PVT LTD, D-138, FLAT NO. 04, FIRST FLOOR KRISHNA PARK, KHANPUR, NEW DELHI 110080

OUR REFERENCE	:	088GT02241010001
DATE OF ISSUE	:	10-APR-2024
APPLICANT	:	SAVIOUR BUILDERS PVT LTD
GUARANTEE AMOUNT	:	INR5,00,00,000.00
AMOUNT IN WORDS	:	RUPEES FIVE CRORE ONLY
EXPIRY DATE	:	09-APR-2025
EXPIRY PLACE	:	NOIDA
CLAIM DATE	:	09-APR-2026

DEAR SIR,

PLEASE FIND ENCLOSED THE CAPTIONED GUARANTEE DULY ISSUED BY US.

THE ORIGINAL GUARANTEE ATTACHED IS TO BE RETURNED TO US ALONG WITH BENEFICIARY DISCHARGE LETTER WITHIN 15 DAYS FROM THE DATE IT CEASES TO BE IN FORCE OR AS SOON AS THE PURPOSE FOR WHICH IT HAS BEEN ISSUED IS FULFILLED ,WHICHEVER IS EARLIER.

WE CONFIRM THAT THE SIGNATORIES WHO HAVE SIGNED THE SUBJECT GUARANTEE / EXTENSION AS STATED BELOW HAVE THE REQUISITE POWERS TO SIGN ON BEHALF OF THE BANK.

1.

Mr./Ms. R. S. Thakur Designation BOY P.A NO. B13026

2.

Mr./Ms. Jain Joy. Designation TA P.A NO. B4703

FURTHER CONFIRMATION OF THIS GUARANTEE IF DESIRED ,SHOULD BE SOUGHT BY SENDING EMAIL TO [email protected]

THIS LETTER FORMS AN INTEGRAL PART OF THE GUARANTEE.

5. PAYMENT TO STAKEHOLDERS

a. Pursuant to Regulations 38(1A) of IBC, 2016, RA is making payment to all stakeholders and will deal with their interest as under.

SUMMARY PROPOSAL OF THE RESOLUTION APPLICANT FOR TREATMENT OF ALL STAKEHOLDERS

Particulars	Amount Admitted by the Resolution Professional (Amount in INR)	Amount Proposed (Amount in INR)	Other details
Insolvency Resolution Professional Cost	1,50,00,000/-	1,50,00,000/-	Will be paid in full in priority to all other dues within 6 months from the approval of Resolution plan
Operational Creditors (Other than Workmen and Employees)	39,69,244/-	10% of Admitted amount of claim by RP	Will be paid proportionately to the amount of claim admitted in priority to the payment of Financial Creditors within 6 months from effective date.

Government Departments (excluding GNIDA)		Provision of 10% has been kept by RA for the total admitted amount of claim by RP, if any.
Operational Creditors (Employees)	19,97,814/-	19,97,814/-	Will be paid in full within 6 months from effective date.
GNIDA		55,00,00,000/- till the effective date and RA proposes to pay interest on reducing at SBI MCLR	Settlement within 3 years from effective date
Unsecured Financial Creditors	6,79,91,877/-	80% of Principal Amount of claim by RP towards unsecured loan will be paid by RA	Will be paid within 2 years from the effective date i.e. After obtaining necessary government approvals
Dissenting Financial Creditors		Liquidation Value as per IBC	Will be paid in priority within 6 months from the effective date.
Towards Home Buyers (Class of Creditors i.e. Homebuyers)		Total Estimated Cost of Construction of all towers inclusive of administrative, marketing expenses 325,00,00,000/- (The estimated cost of construction is based on current market price and the same will tend to change based on prevailing rates in the market during the relevant period of construction)	Endeavour to complete the project and deliver the project in 2 phases maximum within 5 years in all respects from the effective date
Infusion by RA		40,00,00,000/- (including PBG)	Within period of 12 months from the effective date,
Contingencies		25,00,00,000/-

There is dispute on the claim submitted by GRV ventures and in case it gets admitted as per the Hon'ble NCLT order in such case the RA has proposed to pay 80% of the principal amount as per the order of the Hon'ble NCLT out of the contingencies kept by RA, provided the same shall not related party and all the material facts are brought before the Hon'ble NCLT for adjudication.

In creditor details, a due of Rs. 15,85,89,459/- is payable by the Corporate Debtor to Ms Bulland Buildtech Pvt Ltd, already for recovery of the same an application is pending before the Hon'ble Adjudicating Authority which may crystallize at any time, the RA assumes the liability which is at present contingent in nature and may crystallize upon the decision of the Hon'ble NCLT. Thus, the plan value will be deemed to increase by Rs. 15,85,89,459/-

Merger of Corporate Debtor with RA.

1. Acquisition of the control of the Company.

The Resolution Applicant shall acquire the CD by way of the following:

- (i) Merger and amalgamation of the CD with the Resolution Applicant may be allowed by the virtue of approval of resolution plan by the Hon'ble NCLT. The scheme of the merger and amalgamation is annexed herewith as Annexure .2 - (ii) Pursuant to the merger and amalgamation of the CD with the Resolution Applicant, the Merged Entity shall only issue shares to the existing shareholders or the promoters of RA, as per the terms of scheme of merger and amalgamation, and the entire equity shareholding of the Merged Entity shall be held and owned by the current shareholders of the Resolution Applicant; and - (iii) Pursuant to the merger and amalgamation, all assets and liabilities (which the Resolution Applicant has agreed to assume under this Plan) shall stand recorded in the books of the Merged Entity. - (iv) On and from the date of approval of the resolution plan by AA, and until the approval of Merger Scheme, the management and operations of the Company shall be undertaken and monitored by the Monitoring Agency. The operations of the Company shall be managed and conducted in ordinary course, and on a going concern basis, by the Monitoring Agency, which shall provide updates (in the form of information only) to the Resolution Applicant and the NCLT, from time to time. - (v) On and from the date of approval of resolution plan by AA, in accordance with Section 31 of the IBC, this Plan shall be binding on the Company, its Creditors, guarantors, members, Homebuyers, employees Governmental Authority and other stakeholders (including the Existing Promoter Group). Accordingly, the merger and amalgamation of the Company with the Resolution Applicant shall be deemed to have been approved by the Company, its Creditors, guarantors, members, employees and other stakeholders (including the Existing Promoter Group) - (vi) The Resolution Professional, the Company, its existing management, employees, shareholders and the Creditors shall be bound to do all such acts, deeds, matters and things as may be necessary, desirable or expedient in order to implement and give effect to this Plan in accordance with its terms, and to provide all necessary cooperation in this regard.

This Plan shall be implemented by the Resolution Applicant in the manner below:

Compliance of Regulation 37

A resolution plan shall provide for the measures, as may be necessary, for insolvency resolution of the corporate debtor for maximization of value of its assets, including but not limited to the following: -

(a)

transfer of all or part of the assets of the corporate debtor to one or more persons;

All the assets of the Corporate Debtor will stand transferred in the name of Resolution Applicant by virtue of approval of Resolution Plan and Merger Scheme by the Hon'ble NCLT.

(b)

sale of all or part of the assets whether subject to any security interest or not;

The RA proposes to sell the unsold inventories / parking and all the secured creditors, if any will relinquish their security interest in favour of RA on approval of resolution plan by the Hon'ble NCLT

(ba)

restructuring of the corporate debtor, by way of merger, amalgamation and demerger

RA proposes restructuring of CD by way of Merger.

(c)

the substantial acquisition of shares of the corporate debtor, or the merger or consolidation of the corporate debtor with one or more persons;

Merger of Corporate Debtor with RA.

'XIII. SOURCES AND APPLICATION OF FUNDS

Sources of Funds:

The resolution applicant understands that currently cash available with corporate debtor is not adequate to meet the requirements. The Resolution Applicant hereby proposes for upfront infusion of funds through equity/debts from the internal and external sources of fund available with the Resolution Applicant. Also, it is pertinent to mention here that the net worth of Resolution Applicant is approximately Rs. 90,00,00,000/- (Rupees Ninety Crores Only) and the Resolution Applicant don't foresee any shortage of funds to deliver this project. Further, after initial infusion of funds Resolution Applicant will be in a position to generate cashflows from unsold inventories and that will fulfil the requirement of the fund flow in the project.”

X. STATEMENT REGARDING IF THE RESOLUTION APPLICANT OR ANY OF ITS RELATED PARTIES HAS FAILED TO IMPLEMENT OR CONTRIBUTED TO THE FAILURE OF IMPLEMENTATION OF ANY OTHER RESOLUTION PLAN APPROVED BY THE ADJUDICATING AUTHORITY AT ANY TIME IN THE PAST (REGULATION 38 (1B))

The RA declares that neither the RA nor any of its related parties have failed to implement or contributed to the failure of implementation of any other resolution plan approved by the Adjudicating Authority at any time in the past.

VIII. TERM, IMPLEMENTATION SCHEDULE AND MONITORING OF THE RESOLUTION PLAN

Term of the Resolution Plan

Payment of all dues as envisaged in the resolution plan towards Operational Creditors and Financial Creditors – will be paid within 6 months from the effective date.

Project to be completed in all respects within 5 years from the effective date in two phases:

1st Phase – Within 3 years

2nd Phase- Within 5 years Implementation Schedule

	Activity	Timelines
1.	Necessary approvals from various government authorities- ROC/ GNIDA/RERA/ ETC -	T (Effective Date)
Settlement of Creditors
2.	Payment of CIRP Costs	Within 6 months from the approval of resolution plan Within 6 months from Effective date as envisaged in the resolution plan.
3.	Payment to the dissenting Financial Creditors (if any required)
4.	Payment to the Operational Creditors- Employees, Government Departments and Other Operational Creditors
5.	Payment to GNIDA as set out in plan	Within 3 years from the effective date Within 2 year from Effective date
6.	Payment to unsecured Financial Creditors

Implementation timeline for Project (Construction Plan for single tower) and simultaneously work of other towers will also take place as per the modified/revised building plan to complete the project within 5 years.

c. Management and Control during the term

After the effective date previous BOD shall be stand cancelled, and new BOD comprising of Mr. Mohit Dhama, Mrs. Nirmal Gupta, Mr. Iqbal Singh Sodhi will take charge of the management of the Company.

The Board of Directors shall be comprising as under:

1.

Mohit Dhama

2.

Iqbal Singh Sodhi

3.

Nirmal Gupta

XIX. RECOVERIES FROM RELATED PARTIES AND RECOVERY FROM AVOIDANCE TRANSACTIONS

Amounts received pursuant to exercise of powers and obligations by the Resolution Professional under Sections 43 to 51 and Section 66 of the IBC shall be vested with the Resolution Applicant subject to any orders passed by the NCLT.

XX. DECLARATION TO THE EFFECT THAT THE PLAN IS NOT IN CONTRAVENTION OF PROVISIONS OF THE APPLICABLE LAW

The Resolution Applicant hereby confirms that this Resolution Plan is not in contravention of the provisions of any Applicable Law. In the event any terms mentioned under the present plan is repugnant to any of the provisions of the any special law for the time being in force, the Resolution plan shall be deemed to have been submitted subject to the acceptance of such terms only unless varied or modified by the RA. Also, neither the RA nor any of its related parties have failed to implement or contributed to the failure of implementation of any other resolution plan approved by the Adjudicating Authority at any time in the past.

OTHER CONFIRMATION

As evidenced by the information provided above and other provisions of this Plan and the supporting documents provided by the Resolution Applicant, the Resolution Applicant hereby confirms that:

- the Plan addresses the cause of default by the Corporate Debtor; - the Plan is feasible and viable; - the Plan has provisions for its effective implementation; - the Plan has provisions for approvals required and timeline for the same; - the Resolution Applicant has the capability to implement the Plan; and - the Plan does not contravene any provisions of law.

Once approved by the Adjudicating Authority will be binding on all the stakeholders including creditors, debtors, shareholders, statutory authorities, GNIDA/RERA or any other authority as the case may be.

The Resolution Applicant undertakes to comply with the requirements of Regulation 34 B read with clause 3 and 4 of Schedule II of IBBI Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

Monitoring

The resolution plan shall be approved by the Committee of Creditors and post receipt of the approval of the CoC, the Resolution Plan will have to be filed with the Adjudicating Authority for its approval and upon approval of plan by Adjudicating Authority, the following actions to be taken:

a. Constitution of Committee for monitoring and supervision of the CoC

This is envisaged in the Resolution Plan to constitute a monitoring committee comprises of representative of the CoC, representative of the Resolution Applicant and Resolution Professional Mr. Ashish Singh as chairperson of the committee constituted for supervision and monitoring of implementation of the Resolution Plan for the term of the Resolution Plan. The monitoring committee/entity, constituted, shall have inter alia the following responsibilities:

i.

To supervise the implementation of the Resolution Plan and ensure that the Resolution Plan is implemented as approved without any deviations. ii. To ensure timely disbursement of funds to the financial and operational creditors, as per the payment terms set out above. iii. To ensure that approvals, to the extent required for implementation of the Resolution Plan, are applied for and obtained in a timely manner. iv. To bring to the notice of NCLT, any deviations/violations, of the Resolution Plan, by any person.

v.

To provide regular updates to the NCLT, as and when required

XV. RELIEFS SOUGHT/OTHER TERMS

1.

Any and all liabilities, apart from specifically proposed under this plan, shall stand permanently extinguished and annulled.

2.

Any and all financial liabilities/ claims:

(i)

arising out of the legal proceedings initiated before any forum by or on behalf of the Creditors, to enforce any rights or claims against the Company or enforce or invoke any security interest over the assets of the Company (or any guarantees/ undertaking/ surety by the Company);

(ii)

on account of any violation or breach of any agreement of the Company, prior to the NCLT Approval Date;

(iii)

on account of all the outstanding negotiable instruments issued by the Company (including demand promissory notes, post-dated cheques and letters of credit, etc.);

(iv)

on account of any corporate guarantees (whether contingent or crystallized), indemnities and all other forms of credit support provided by the Company prior to the NCLT approval Date; SAVIOUR BUILDER'S PVT LTD.

(v)

on account of any form of security provided by any person (including the Existing Promoter Group) for and on behalf of, and/or in order to secure any obligations of the Company (whether by way of hypothecation, pledge, mortgage, guarantee or otherwise);

(vi)

arising out of termination of all agreements executed with any person/ entity or any and all Persons associated with the Existing Promoter Group in any manner whatsoever or relatives of the Existing Promoter Group who are employees of the Company or holds any managerial/ supervisory/ any other position in the Company by the Monitoring Agency; and

(vii)

on account of delay in delivery of the possession to the customers/ Homebuyers/ Collaborators within the dates mentioned in the UP RERA application and allotment letters, shall stand extinguished and annulled.

3.

The CBDT shall exempt income / gain / profits, if any, arising as a result of giving effect to this Plan from being subjected to tax under the provisions of the Income-tax Act, 1961.

4.

All contractual arrangements of the Corporate Debtor shall continue to be applicable, for the benefit of the Corporate Debtor, unless otherwise provided in this Plan.

5.

All government schemes, subsidies, benefits, polices as applicable to the Corporate Debtor shall continue to be applicable to the Corporate Debtor, unless otherwise provided in this Plan.

6.

As the RA was not provided entire information sought while preparing the Resolution Plan in relation to the Government Approvals required for undertaking the business of the CD, it is probable that some of such Government Approvals may have lapsed, expired, suspended, cancelled, revoked or terminated or the CD has certain non-Compliances in relation thereto. Accordingly, all Governmental Authorities to provide at least 6 months after the Effective Date in order for the RA to assess the status of these Government Approvals and to ensure that the RA is compliant with them without initiating any investigations, actions or proceedings in relation to such non-Compliances.

7.

All MAT credit of the Company will continue with the Company (on a going concern basis) and will be available for the benefit of the Resolution Applicant.

8.

The Corporate Debtor or the Resolution Applicant shall not, at any point of time, be held financially liable under provisions in relation to the liability of the Corporate Debtor as per provisions of Section 170 of the Income-tax Act, 1961 in respect of any transactions carried out before the Effective Date or contemplated under this Resolution Plan or an account of any action taken pursuant to this Resolution Plan including acquisition of control by the Resolution Applicant over the Corporate Debtor pursuant to this Resolution Plan.

9.

The Resolution Applicant, or the Corporate Debtor shall not be liable to pay any Taxes (direct or indirect) whatsoever arising (directly or indirectly on such entity) as a result of the actions taken by the Corporate Debtor prior to the Effective Date. It may also be clarified that any Tax Liabilities pertaining to any period or action prior to the Effective Date, whether assessed or unassessed, by the relevant Tax Authorities shall be deemed to have been extinguished and written-off on the NCLT approval Date.

10.

All financial liabilities (including any contingent liabilities) relating to any investigations, inquiries, show-cause notices, causes of action, suits, claims, disputes, litigations, arbitrations or other judicial or regulatory or administrative proceedings shall be deemed to be extinguished or written-off.

11.

The change in shareholding of the Corporate Debtor pursuant to this Resolution Plan shall not lead to lapse of any brought forward losses of the Corporate Debtor and provisions of Section 79 of the Income-tax Act, 1961 are not applicable.

12.

The Corporate Debtor shall be entitled to carry forward and set-off all the brought forward book losses and unabsorbed depreciation as shown in the books of account and considered in the returns of income filed under the Income-tax Act, 1961.

13.

The Resolution Applicant or the Corporate Debtor shall not be liable to pay any tax whatsoever as a result of any related party transactions entered by Corporate Debtor prior to the NCLT Approval Date under.

14.

The CBDT/CBEC to provide relief to the CD from all direct Tax/indirect litigations pending at different levels and provide waiver from all Tax dues including interest and penalty on such litigations.

15.

All the unsecured loans given by the Corporate Debtor to any third party will continue with the Corporate Debtor and will be available for benefit of the Resolution Applicant. The Resolution Applicant, after NCLT approval Date, shall be entitled to recover all the amounts that are payable by the Corporate Debtor (including the unsecured loans) to any third party.

16.

The Reserve Bank of India to confirm that, on and from the Plan approval Date, all accounts of the CD shall stand regularised and their asset classification shall be "standard" for the purposes of all Applicable Laws.

17.

All Governmental Authorities to grant any relief, concession or dispensation as may be required for implementation of the transactions contemplated under the Resolution Plan in accordance with its terms and conditions.

18.

The relevant government authorities shall not initiate any investigation, actions or proceedings against the RA, or the new management (upon acquisition of CD) including the board of directors in relation to any non-compliance with applicable laws by the CD pertaining to any period up to approval date.

19.

All Governmental Authorities to waive the Non-Compliances of the CD prior to the Plan Effective Date, including but not limited to Companies Act 2013, the Industrial Disputes Act, 1947, and the relevant shops and establishment acts and rules, circulars and regulations of each of the above legislations.

20.

The Reserve Bank of India to confirm that, on and from the Plan Approval Date, all accounts of the CD shall stand regularised and their asset classification shall be "standard" for the purposes of all Applicable Laws.

21.

All Governmental Authorities to grant any relief, concession or dispensation as may be required for implementation of the transactions contemplated under the Resolution Plan in accordance with its terms and conditions.

22.

The relevant government authorities shall not initiate any investigation, actions or proceedings against the RA, or the new management (upon acquisition of CD) including the board of directors in relation to any non-compliance with applicable laws by the CD pertaining to any period up to approval date.

“(i)

The order of respondent no.1, dated 18.11.2024, dismissing the revision of the petitioner, without considering the effect of the Government Order dated 21.12.2023, is set aside.

(ii)

The amount of 25% as agreed between the parties under the agreement dated 10.07.2025, and deposited before this Court is directed to be released in favour of respondent no.2, on an appropriate application being made before the Registrar General of this Court.

(iii)

The remaining amount under the agreement dated 10.07.2025 shall be paid by the respondent no.4 to the respondent no.2, within one year as provided under the Government Order dated 21.12.2023, in two six monthly installments.

(iv)

Respondent no.2 shall proceed to restore the lease deed, in favour of petitioner company, in accordance with clause 17 of the Government Order dated 21.12.2023.

(v)

The deposit made by respondent no.4, to pay out the dues of respondent no.2, would not create any indefeasible right in his favour or for the approval of the resolution plan submitted by him, which is subject matter to be considered in accordance with law by the Adjudicating Authority under the relevant provisions of IBC.

(vi)

Any observation by this Court shall not be considered as an opinion on the merits of insolvency resolution process under the provisions of IBC.”

Addendum to Resolution Plan Submitted by Saviour Builders Private Limited dated 12.02.2024 in the matter of Bulland Realtors Private Limited

10-11-2025

To, Mr Ashish Singh Resolution Professional Bulland Realtors Private Limited

Background:

1.

The Project Land allotted to the Corporate Debtor, Bulland Realtors Private Limited by GNIDA under a tripartite sub-lease deed dated 01 July 2014 was cancelled by GNIDA on 31 January 2023, prior to commencement of CIRP of the Corporate Debtor.

2.

The RP of the Corporate Debtor filed a revision application on 11 October 2023 under Section 41(3) of the U.P. Urban Planning and Development Act, 1973 read with Section 12 of the U.P. Industrial Area Development Act, 1976, challenging the cancellation order.

3.

In the meantime, the CoC in its 12th meeting held on 28 March 2024, approved the Resolution Plan of Saviour Builders Private Limited (SRA) with 99.02 % voting share. An application for approval (IA No. 15/2024) was filed by RP under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) for approval of SRA's Resolution Plan, which is pending before the National Company Law Tribunal, New Delhi Bench II under Section 31 of

4.

The revision application filed by RP was dismissed by the Principal Secretary, Government of U.P., vide order dated 18 November 2024. Aggrieved by the cancellation and dismissal of the revision application, the RP filed Writ-C No. 166 of 2025 before the Hon'ble High Court of Allahabad. By order dated 28 May 2025, the Allahabad High Court directed:

- Constitution of a committee under the CEO of GNIDA. The committee to hear all parties and try to resolve the matter amicably. The CEO to submit a report by 15.07.2025 and maintain status quo till then.

5.

Pursuant thereto a Committee was constituted by GNIDA. Meetings of Committee were held on 02 July, 05 July, and 10 July 2025 GNIDA which were attended by RP, SRA and Authorised Representative of Homebuyers. The Committee resolved that the stalled housing project "Callisto" shall be revived under the Government Order dated 21 December 2023, issued pursuant to the Amitabh Kant Committee Report on Legacy Stalled Real Estate Projects.

6.

An understanding was reached before the GNIDA constituted Committee which agreed the total outstanding dues payable by the Corporate Debtor as ₹ 80,01,72,612 (as on 31 July 2025). The payment structure approved by the Committee is:

25% (20,00,43,153) to be deposited within 30 days; and The remaining amount under the agreement dated 10.07.2025 shall be paid by the SRA to GNIDA, within one year as provided under the Government Order dated 21.12.2023, in two six monthly instalments.

It is expressly recorded that the above computation of dues and payment structure has been mutually agreed upon among:

The RP of Bulland Realtors Private Limited; The SRA i.e., Saviour Builders Pvt. Ltd.; GNIDA; and The Authorised Representative of the Homebuyers/Allottees of the Corporate Debtor.

7.

GNIDA filed this understanding by way of report dated 10 July 2025 before the Hon'ble High Court.

8.

In the 22nd Meeting of the CoC held on 24 July 2025, the RP apprised the members of CoC of the above developments and understanding reached by the RP, SRA, GNIDA, and AR of the Homebuyers. The CoC noted that GNIDA, in its report dated 10 July 2025, has revised its demand to ₹80,01,72,612 (as of 31 July 2025) in accordance with the Government Order dated 21 December 2023 based on the Amitabh Kant Committee Report which will create an additional liability of Rs. 25 Crores on SRA from the amount proposed in Resolution Plan approved by CoC. The AR of the Homebuyers informed the CoC that homebuyers had agreed, in principle, to contribute a part of dues payable to GNIDA, subject to CoC approval, to facilitate restoration of the project land.

9.

After deliberation, the CoC unanimously approved the following resolution through e-voting:

"RESOLVED THAT, in light of the revised demand raised by the Greater Noida Industrial Development Authority (GNIDA) as per its report dated 10.07.2025, and the proceedings in Writ Petition No. WRIT-C-166 of 2025 pending before the Hon'ble High Court of Allahabad, wherein an enhanced payment obligation of ₹80,01,72,612/- (Calculated by GNIDA up to 31-07-2025) computed in terms of the Amitabh Kant Committee Report and the provisions of the Legacy Stalled Real Estate Projects Policy issued vide Government Order dated 21.12.2023, has been indicated against the amount of ₹55 crores provided under the CoC-approved Resolution Plan, the Committee of Creditors (CoC) hereby acknowledges the consent of the homebuyers/allottees of the Corporate Debtor, to contribute an additional amount of ₹380 per sq. ft based on the super built-up area of their respective units, in order to contribute exclusively towards the payment of GNIDA dues as per their report dated 10.07.2025, for restoration of the project land which shall be over and above of what has been provided in the resolution plan.

RESOLVED FURTHER THAT, the Committee of Creditors be and is hereby further approves that the Successful Resolution Applicant (SRA) shall be authorized to demand said additional amount of Rs. 380/- per sq. ft. only after approval of resolution plan and that SRA shall contribute the balance remaining payment towards the enhanced GNIDA dues, after adjusting the total contributions received from homebuyers, as outlined in the GNIDA report dated 10.07.2025, and any further amounts that may be raised by GNIDA, for the purpose of restoration of the project land."

10.

Based on the above, the SRA deposited a sum of Rs.20,00,43,153/- on 6 September 2035. This was recorded by the Hon'ble Allahabad High Court in its order dated 30 October 2025.

11.

The Hon'ble High Court, vide its final order dated 30 October 2025, disposed of the writ petition with the following directions:

Thus, taking into consideration the agreement entered between the Resolution Professional, the resolution applicant and the Greater Noida Industrial Development Authority, in presence of representative of the homebuyers, on 10.07.2025, the Writ petition is, accordingly, disposed of in the following terms as per order dated 30.10.2025:-

(i)

The order of Principal Secretary, dated 18.11.2024, dismissing the revision of the petitioner, without considering the effect of the Government Order dated 21.12.2023, is set aside.

(ii)

The amount of (25%) as agreed between the parties under the agreement dated 10.07.2025, and deposited before this Court is directed to be released in favour of GNIDA, on an appropriate application being made before the Registrar General of this Court.

(iii)

The remaining amount under the agreement dated 10.07.2025 shall be paid by the SRA to GNIDA, within one year as provided under the Government Order dated 21.12.2023, in two six monthly instalments.

(iv)

GNIDA shall proceed to restore the lease deed, in favour of petitioner company, in accordance with clause 17 of the Government Order dated 21.12.2023.

(v)

The deposit made by SRA, to pay out the dues of GNIDA, would not create any indefeasible right in his favour or for the approval of the resolution plan submitted by him, which is subject matter to be considered in accordance with law by the Adjudicating Authority under the relevant provisions of IBC.

(vi)

Any observation by this Court shall not be considered as an opinion on the merits of insolvency resolution process under the provisions of IBC.

12.

In view of the above developments, it is proposed to pay the dues of the GNIDA in the following manner:

1. Total Liability:

A sum of ₹80,01,72,612 (Rupees Eighty Crores One Lakh Seventy-Two Thousand Six Hundred and Twelve only) shall be paid to GNIDA in accordance with the order dated 30 October 2025 passed by the Hon'ble Allahabad High Court, in full and final settlement of their dues towards Corporate Debtor. The SRA shall pay the said amount in substitution of sum of ₹55,00,00,000 (Rupees Fifty-Five Crores only) proposed under the Resolution Plan approved by CoC. The sum of ₹80,01,72,612 shall be paid to GNIDA in the following manner:

(i)

An amount equivalent to 25% (Rs.20,00,43,153/-) has already been deposited by the SRA, Saviour Builders Pvt. Ltd. before the Registrar General, Allahabad High Court. This amount shall be released to GNIDA, on an appropriate application made in terms of its order dated 30.10.2025.

(ii)

The balance amount of Rs. 60,01,29,459/- shall be paid to GNIDA within one (1) year, in two (2) equal six-monthly instalments, strictly in accordance with the provisions of the Government Order dated 21 December 2023 and the Agreement dated 10 July 2025 executed among the Resolution Professional, GNIDA, the SRA, and AR, representatives of the homebuyers. Out of the balance amount of Rs. 60,01,29,459/-, the homebuyers/allottees of the Corporate Debtor shall contribute a sum of Rs. 10,04,68,200/- by making payment of an additional amount of ₹380 (Rupees Three Hundred Eighty only) per square foot, over and above the amount of Rs. 700 per square feet agreed to be contributed in the approved Resolution Plan, calculated on the super built-up area of their respective units, as agreed and recorded in 22nd CoC Meeting held on 24 July 2024. Such contribution by home buyers totalling Rs. 10,04,68,200/- shall be collected upfront from homebuyers by the SRA, subject to obtaining all requisite approvals, compliances, and procedural confirmations from the concerned authorities. The amount so collected shall be exclusively earmarked for, and utilized towards, the settlement of the outstanding dues of the GNIDA. The balance amount shall be paid by SRA.

x x x

7A. Realisable amount:

Sl. No.	Particulars	Description
1.	Total Realisable amount under the plan (In case of real estate CDs, provide the monetary value of flats etc. given to allottees)	Rs. 487,59,30,081.4
2.	Fair Value	Rs. 119.79 Crores
3.	Liquidation Value	Rs. 95.99 Crores
4.	Percentage (%) of realisable amount to Fair Value	407.04%
5.	Percentage (%) of realisable amount to Liquidation Value	507.96%
6.	Percentage (%) of realisable amount to Principal amount (As per at the time of filing of CoC approved addendum dated 10.11.2025 to the resolution plan dated 12.02.2024.	866.98%
7.	Percentage (%) of realisable amount to Total admitted claims	798.54%
8.	Percentage (%) of realisable amount to Other than admitted Corporate Guarantee claims	NA

7B. Details of Realisable amount:

(Amount In Rupees)

Stakeholder Type	Amount(s)				Payment schedule
	Amount Claimed	Amount Admitted	Realisable amount under the plan	Amount realizable in plan to amount claimed (%)
Secured Financial Creditors - Creditors not having a right to vote under sub-section (2) of section 21 - Dissenting - Assenting	Nil	Nil	Nil	Nil	Nil

Unsecured Financial Creditors -Creditors not having a right to vote under sub-section (2) of section 21 - Dissenting	16,49,12,443.00*	16,59,42,906.00		-	Will be paid in priority within 6 months from the effective date.
- Assenting	6,09,24,666.00	6,10,85,682.00	-	80% of the Principal amount to Unsecured FC	-For Unsecured FC: Within 1 Year from Effective Date
1. Unsecure FC	59,24,21,541.02	60,69,71,435.53		-	-For Home Buyers: Endeavour to complete the project and deliver the project in 2 phases maximum within 5 Year in all respect from the effective date.
2. Unsecured FC (Homebuyers)
Operational Creditors
(i) Government
Greater Noida Industrial Development Authority (GNIDA)	Nil	Nil	80,01,72,612.00	This is as per Government Order dated 21.12.2023 issued on the basis of the Amitabh Kant Committee Report concerning Legacy Stalled Real Estate Projects, as approved by the Council of Ministers, Government of Uttar Pradesh	This is as per order dated 30-01-2025 of Allahabad High Court. Payment will be made within one year as provided under the Government Order dated 21.12.2023, in two six monthly instalments.
(ii) Workmen - PF dues - Other dues	Nil	Nil	Nil	Nil	Nil
(iii) Employees - PF dues - Other dues	NA 19,97,814.00	NA 19,97,814.00	NA 19,97,814.00	NA 100%	Within 6 Month from the Effective Date
(iv) Other Operational creditors
1. Ekanta Green Bricks	9,27,826	9,27,826	92,782.60	10%	Within 6 Month from the Effective Date
2. Ekanta Green Bricks	11,61,087	11,61,087	1,16,108.70	10%
3. JDS Concrete	17,60,331	17,60,331	1,76,033.10	10%
4. Sharma Filling Station	1,20,000	1,20,000	12,000	10%
Total	39,69,244.00	39,69,244.00	3,96,924.40

Other Debts and Dues
M/s GRV Ventures Private Limited	16,30,00,000	Nil	13,04,00,000	80%	Hon'ble NCLT, through its order dated 13.12.2024, noted from the additional affidavit (17.08.2024) and the settlement agreement (10.08.2024) that the SRA, M/s Saviour Settlement Builders Pvt. Ltd., agreed to settle the claim of M/s GRV Ventures Pvt. Ltd. for Rs.13,04,00,000, being 80% of the principal claim of Rs.16,30,00,000, which shall be paid from the 270th day and within the 360th days from the date of approval of the resolution plan.
Shareholders	Nil	Nil	Nil	Nil	Nil

*List of unsecured financial creditors who have abstained/dissented in the voting of the resolution plan as ANNEXURE B

** List of unsecured financial creditors who have voted in favour of the resolution plan as ANNEXURE C

(ii)

the resolution plan does not contravene any of the provisions of the law for the time being in force.

(iii)

that the contents of this certificate are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom.

“153.

Regulation 38(3) mandates that a Resolution Plan be feasible, viable and implementable with specific timelines. A Resolution Plan whose implementation can be withdrawn at the behest of the successful Resolution Applicant, is inherently unviable, since open-ended clauses on modifications/withdrawal would mean that the Plan could fail at an undefined stage, be uncertain, including after approval by the Adjudicating Authority. It is inconsistent to postulate, on the one hand, that no withdrawal or modification is permitted after the approval by the Adjudicating Authority under Section 31, irrespective of the terms of the Resolution Plan; and on the other hand, to argue that the terms of the Resolution Plan relating to withdrawal or modification must be respected, in spite of the CoC’s approval, but prior to the approval by the Adjudicating Authority. The former position follows from the intent, object and purpose of the IBC and from Section 31, and the latter is disavowed by the IBC’s structure and objective. The IBC does not envisage a dichotomy in the binding character of the Resolution Plan in relation to a Resolution Applicant between the stage of approval by the CoC and the approval of the Adjudicating Authority. The binding nature of a Resolution Plan on a Resolution Applicant, who is the proponent of the Plan which has been accepted by the CoC cannot remain indeterminate at the discretion of the Resolution Applicant. The negotiations between the Resolution Applicant and the CoC are brought to an end after the CoC’s approval. The only conditionality that remains is the approval of the Adjudicating Authority, which has a limited jurisdiction to confirm or deny the legal validity of the Resolution Plan in terms of Section 30 (2) of the IBC. If the requirements of Section 30(2) are satisfied, the Adjudicating Authority shall confirm the Plan approved by the CoC under Section 31(1) of the IBC.”

“12.

Having concluded that neither of the issues raised by the appellants establishes any modification of the Resolution Plan or any material irregularity in the conduct of the RP, the challenge stands stripped of its factual foundation. What remains is, in substance, a challenge to the commercial decision taken by the CoC. The IBC leaves no scope for judicial intervention even here.

12.1

It has been the consistent view of this Court that the commercial wisdom of the CoC cannot be interfered with by the NCLT, the NCLAT or this Court as was held in K. Sashidhar vs. Indian Overseas Bank, [(2019) ibclaw.in 08 SC] : (2019) 12 SCC 150 as under:

“55.

Whereas, the discretion of the adjudicating authority (NCLT) is circumscribed by Section 31 limited to scrutiny of the resolution plan “as approved” by the requisite percent of voting share of financial creditors. Even in that enquiry, the grounds on which the adjudicating authority can reject the resolution plan is in reference to matters specified in Section 30(2), when the resolution plan does not conform to the stated requirements. Reverting to Section 30(2), the enquiry to be done is in respect of whether the resolution plan provides : (i) the payment of insolvency resolution process costs in a specified manner in priority to the repayment of other debts of the corporate debtor, (ii) the repayment of the debts of operational creditors in prescribed manner, (iii) the management of the affairs of the corporate debtor, (iv) the implementation and supervision of the resolution plan, (v) does not contravene any of the provisions of the law for the time being in force, (vi) conforms to such other requirements as may be specified by the Board. The Board referred to is established under Section 188 of the I&B Code. The powers and functions of the Board have been delineated in Section 196 of the I&B Code. None of the specified functions of the Board, directly or indirectly, pertain to regulating the manner in which the financial creditors ought to or ought not to exercise their commercial wisdom during the voting on the resolution plan under Section 30(4) of the I&B Code. The subjective satisfaction of the financial creditors at the time of voting is bound to be a mixed baggage of variety of factors. To wit, the feasibility and viability of the proposed resolution plan and including their perceptions about the general capability of the resolution Applicant to translate the projected plan into a reality. The resolution Applicant may have given projections backed by normative data but still in the opinion of the dissenting financial creditors, it would not be free from being speculative. These aspects are completely within the domain of the financial creditors who are called upon to vote on the resolution plan under Section 30(4) of the I&B Code. xxx 58. Indubitably, the inquiry in such an appeal would be limited to the power exercisable by the resolution professional under Section 30(2) of the I&B Code or, at best, by the adjudicating authority (NCLT) under Section 31(2) read with Section 31(1) of the I&B Code. No other inquiry would be permissible. Further, the jurisdiction bestowed upon the appellate authority (NCLAT) is also expressly circumscribed. It can examine the challenge only in relation to the grounds specified in Section 61(3) of the I&B Code, which is limited to matters “other than” enquiry into the autonomy or commercial wisdom of the dissenting financial creditors. Thus, the prescribed authorities (NCLT/NCLAT) have been endowed with limited jurisdiction as specified in the I&B Code and not to act as a court of equity or exercise plenary powers.”

12.2

Similarly, in Kalyani Transco, decided on 26.09.2025, a three-Judge Bench of this Court held as follows:

“179.

It can thus be seen that this Court has held that the legislature purposefully did not include a means to challenge the commercial wisdom exercised by the CoC. This makes a challenge to the same non – justiciable. It has been further held that a challenge cannot be raised against the decision making of the CoC unless and until the grounds for challenge as given in the Code are satisfied. Any interference in the paramount objective of the CoC of exercising its commercial wisdom would amount to the Court rewriting the law and going against the very objectives of the IBC. 180. We are therefore of the opinion that in the present matter as well, the CoC exercised its commercial wisdom while approving the Resolution Plan whereby the Appellant – Jaldhi was classified as a contingent creditor and such a decision is deemed to be non – justiciable by this Court in view of K. Sashidhar (supra) which has been subsequently followed in a catena of judgments. The NCLT, and the NCLAT have also approved the Resolution Plan, and in light of the settled principle of law, we find no question of law being raised by the Appellant – Jaldhi and therefore, the appeal filed by it is liable to be dismissed.”

12.3

We note the observations in Essar Steel India Limited, clarifying that once the NCLT is satisfied that the CoC has applied its mind to the statutory requirements spelt out in sub-section (2) of Section 30 it must necessarily pass the resolution plan, as under:

“73.

...Thus, while the Adjudicating Authority cannot interfere on merits with the commercial decision taken by the Committee of Creditors, the limited judicial review available is to see that the Committee of Creditors has taken into account the fact that the corporate debtor needs to keep going as a going concern during the insolvency resolution process; that it needs to maximise the value of its assets; and that the interests of all stakeholders including operational creditors has been taken care of. If the Adjudicating Authority finds, on a given set of facts, that the aforesaid parameters have not been kept in view, it may send a resolution plan back to the Committee of Creditors to re-submit such plan after satisfying the aforesaid parameters. The reasons given by the Committee of Creditors while approving a resolution plan may thus be looked at by the Adjudicating Authority only from this point of view, and once it is satisfied that the Committee of Creditors has paid attention to these key features, it must then pass the resolution plan, other things being equal.”

12.4

We also note the observations in Pratap Technocrats Private Ltd. vs. Monitoring Committee of Reliance Infratel Limited, [(2021) ibclaw.in 148 SC] : (2021) 10 SCC 623 wherein this Court categorically held as follows:

“29.

The jurisdiction which has been conferred upon the adjudicating authority in regard to the approval of a resolution plan is statutorily structured by sub-section (1) of Section 31. The jurisdiction is limited to determining whether the requirements which are specified in sub-section (2) of Section 30 have been fulfilled. This is a jurisdiction which is statutorily-defined, recognised and conferred, and hence cannot be equated with a jurisdiction in equity, that operates independently of the provisions of the statute. The adjudicating authority as a body owing its existence to the statute, must abide by the nature and extent of its jurisdiction as defined in the statute itself.

44.

...the jurisdiction of the adjudicating authority and the appellate authority cannot extend into entering upon merits of a business decision made by a requisite majority of the CoC in its commercial wisdom. Nor is there a residual equity based jurisdiction in the adjudicating authority or the appellate authority to interfere in this decision, so long as it is otherwise in conformity with the provisions of IBC and the Regulations under the enactment.”

12.5

The issue is no longer res integra, the law having been settled that the commercial wisdom of the CoC enjoys primacy and cannot be supplanted by judicial review. Neither the NCLT, nor the NCLAT nor even this Court is empowered to substitute its assessment in place of the commercial decision arrived at by a requisite majority of the CoC.

13.

The appeals before us typify the growing strategic use of the judicial system by unsuccessful resolution Applicants, who seek to reopen almost every commercial decision under the guise of procedural impropriety. This converts the corporate resolution process into a protracted adversarial contest and erodes the value of the Corporate Debtor. Such an approach incentivises delay, rent-seeking, and strategic obstruction and is fundamentally inconsistent with the economic logic and statutory design of the IBC.

“14.

Moratorium.—(1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely: -...

(d)

the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor.

Explanation.- For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a licence, permit, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period;”

'87. The residuary jurisdiction of the NCLT under Section 60(5)(c) of the IBC provides it a wide discretion to adjudicate questions of law or fact arising from or in relation to the insolvency resolution proceedings. If the jurisdiction of the NCLT were to be confined to actions prohibited by Section 14 of the IBC, there would have been no requirement for the legislature to enact Section 60(5)(c) of the IBC. Section 60(5)(c) would be rendered otiose if Section 14 is held to be the exhaustive of the grounds of judicial intervention contemplated under the IBC in matters of preserving the value of the corporate debtor and its status as a 'going concern. We hasten to add that our finding on the validity of the exercise of residuary power by the NCLT is premised on the facts of this case. We are not laying down a general principle on the contours of the exercise of residuary power by the NCLT. However, it is pertinent to mention that the NCLT cannot exercise its jurisdiction over matters dehors the insolvency proceedings since such matters would fall outside the realm of IBC."

IA-5984/2024:

“i.

Reject the Resolution Plan put up for its approval in I.A. No. 15/2024 qua Plot No.GH/02B-1, Sector 10, Greater Noida, U.P; and ii. Direct the Respondents for exclusion of Plot No.GH/02B-1, Sector 10, Greater Noida, U.P. from the alleged Resolution Plan in view of the cancelation order dated 31.01.2023 issued by the Applicant Authority; iii. Quash and set aside all actions/decisions taken by the IRP/RP/COC/SRA against the property bearing Plot No.GH/02B1, Sector 10, Greater Noida, U.P. area 19000.00/-Sqa. Meter in view of the cancelation order dated 31.01.2023 passed by the Applicant-Authority; iv. Direct the IBBI to examine the work and conduct of Respondent-Resolution Professional and take such action as it may deem fit and proper.”

IA-3610/2024:

“a. Allow the present Application; and

b. Set aside the resolution passed by the Committee of Creditors of the Corporate Debtor at the 11th CoC meeting, whereby the Resolution Plan of the Applicant was rejected on the basis that the plan was conditional and hence non-compliant.

c. Declare the constitution of the CoC as invalid since it does not include GRV and GNIDA, who are amongst the largest creditors of the Corporate Debtor having rights in CoC;

d. Direct the Resolution Profession to re-constitute the Committee of Creditors to include GNIDA and GRV as the key members; and

e. Grant interim stay on the approval of Resolution Plan by this Hon'ble Tribunal till the disposal of this application."

> “14. Before parting, we wish to add a few words of caution. The IBC represents a conscious legislative choice to privilege speed, certainty, and creditor-driven decision-making over exhaustive judicial scrutiny. Experience shows that unsuccessful bidders will always try to spin commercial decisions of the CoC as procedurally faulty in order to secure a second shot through litigation by filing applications or making representations. However, courts need to remain vigilant against any temptation to expand the scope of review beyond the narrow boundaries prescribed by the IBC.”

IA-1143/2024:

a. “Allow the present application and set aside the opinion formed by the Respondent vide email dated 13.12.2023.

b. Direct the Respondent to admit the claim filed by the Applicant in the proper category of Financial Debt and include the Applicant as part of CoC.

c. or alternatively, direct the Resolution Professional to take into consideration the claim of the applicant submitted in Form CA dated 24.08.2023 on merits.”