Regency Ispat Private Limited vs Vijay Citispace Private Limited

I.A No. 2145/2023:

a)

The Resolution Plan along with the Addendum dated April 18, 2023 and clarification Email dated April 28, 2023 submitted by Shree Krishna Structure Private Limited and JP Infra Realty Private Limited be approved;

b)

Pass such other and further order as this Tribunal may deem fit in the facts and circumstances of this case.

Commencement of CIRP:

Public Announcement:

CoC Meetings

First CoC Meeting dated 18.08.2021:

Appointment of Registered Valuers:

Invitation of Expression of Interest

Fifth CoC Meeting dated 28.12.2021

Sixth CoC Meeting dated 16.05.2021

Seventh CoC Meeting dated 08.06.2022

Issuance of Provisional List, RFRP and Evaluation Matrix

Ninth CoC Meeting dated 12.10.2022

Tenth CoC Meeting dated 12.12.2022

Eleventh CoC Meeting dated 30.12.2022

Twelfth CoC Meeting

Receipt of new claim

Fourteenth CoC Meeting held on 30.03.2023

Seventeenth CoC Meeting

Approval of the Resolution Plan

Letter of Intent

Extension of CIRP Period

I.A.2145 of 2023

34.

In light of the above submissions, we find there is no cogent or credible evidence to establish the disqualification of the Appellant under Section 29A of the Code. Furthermore, the Ld. Adjudicating Authority has failed to consider the Resolution Plan was duly approved by the CoC with 100% voting share. Therefore, we allow the present Appeal as we find the objections raised by Respondent No. 1 are devoid of merit. The impugned order is thus set aside and hence the Ld. NCLT may now proceed to hear CA No.2145/2023, qua approval of plan on merit.

29. Salient features of the Resolution Plan submitted by SRA

29.1 Brief background of the Successful Resolution Applicant

29.2 Performance Guarantee

“As per letter of Intent, we are required to furnish a proposal Performance Guarantee (PPG)/ Bank deposits of Rs. 4,72,40,000 for an initial period of 6 months that would be extendable until the successful implementation of the Resolution Plan.

29.3 Definitions

i) Effective Date

ii) Transfer Date

29.4 Treatment of Stakeholders as per Resolution Plan submitted by SRA

i. OPTION 1:

ii. OPTION 2

iii. OPTION 3

Additional Affidavit dated 20.06.2023

...

8.

...

a. the Resolution Professional has not received any claim from the government department in respect of Gratuity or provident fund dues, accordingly, there is no admitted claim from any government authorities in respect of these dues.

b. 5 employees have claimed Gratuity in their claim form, the details of the same are hereunder.

Sl. No	Name of Employee	Amount Claimed	Amount Admitted
1.	Mr. Sajeev Menon	Gratuity as per Act.	1,90,385
2.	Mr. Swapnil Rana	66,000	25,962
3.	Mr. Kiran Patil	Gratuity as per applicable norms	1,47,134
4.	Mr. Santosh Trilotkar	7,67,510	3,25,385
5.	Mr. Gokul Yeole	10,81,230	4,29,923
	Total	19,14,740	11,18,788

c. only one employee, who had claimed Provident fund, the detail which is as under:

Sl. No	Name of Employee	Amount Claimed	Amount Admitted
1.	Mr. Swapnil Rana	46,800	46,800
	Total	46,800	46,800

d. As stated by the Resolution Professional, there are 36 employees who have submitted their claims in FORM D, the details of which are mentioned in the E-mail dated 19.06.2023 which is annexed hereto and marked as Annexure I. In the said Form D, the employees have not claimed any gratuity or Provident Fund.

9.

As per e-mail dated 19.06.2023 received by us from the Resolution Professional, whereby the Resolution Professional has stated that a total sum of Rs. 11.82 Lakhs is payable towards the gratuity and Provident Fund to employees of the Corporate Debtor.

10.

In view of the foregoing and in compliance of the latest Judgement of Jet Airways by the Hon'ble NCLAT, to avoid any further and future litigation to this effect, we hereby agree to pay the said sum of Rs. 11.82 lakhs in addition to the amount mentioned in the Resolution plan.

Additional Affidavit dated 28.10.2025

4.

Under the Resolution Plan, the SRA has given up its right on certain assets of the Corporate Debtor which are secured in favour of Asset Care & Reconstruction Enterprise Limited (ACRE). Thus, ACRE would be entitled to enforce the security interest in respect of the said assets. The assets secured in favour of ACRE are all situated in the Project named “Vijay Galaxy” and the details thereof are set forth below.

(i)

Shop no.1 (1309 sq. ft carpet area) and

(ii)

Shop no.9 (318 sq. ft carpet area) on ground floor

(iii)

Office no.1(2727 sq. ft carpet area) and

(iv)

Office no 2 (1748 sq. ft carpet area) on first floor

5.

This Tribunal had enquired about the valuation of the aforesaid properties secured in favour of ACRE. As per the valuation reports obtained by me, the valuation of the said properties is approx. Rs. 8,16,00,000 (Rupees Eight Crores and Sixteen Lakhs only). However, the properties have been sold to certain purchasers without the consent of ACRE (and the predecessor in title of ACRE) Prior to the CIRP. Thus, Interlocutory Application No. 1152 of 2023 has been filed to seek handover of the said properties to the Resolution Professional. The said Interlocutory Application is currently pending hearing and disposal before this Hon’ble Tribunal. Since the said properties were sold prior to the CIRP of the Corporate Debtor, the value of the said properties is considered as NIL whilst computing the liquidation value of the Corporate Debtor.

6.

Further, as per the Resolution Plan, the homebuyers are given 3 options under the Resolution Plan. Under the 1% option, the SRA would complete the project and deliver the flats to the respective homebuyers as per the records under RERA. The SRA would deliver the flats at the rate of Rs. 13,365 per sq. ft. and any differential amount payable by the homebuyers will be payable within 30 days of demand for instalment. Notably, this Hon'ble Tribunal had enquired about the difference in the rate per square feet originally agreed by the homebuyers and the rate per square feet being charged by the SRA for the flats. In this regard, I could verify the rate per square foot agreed by the homebuyers in respect of 58 homebuyers from their respective agreements / Index II executed with the Corporate Debtor. Thus, the per square feet rate varies from Rs. 11,227 per square foot to Rs. 15,724 per square foot with average rate of Rs.13,515 per square foot. As against the said average amount, the SRA has proposed to deliver flats at the rate of Rs. 13, 365 per sq. ft.

7.

Further, under the 2nd Option for homebuyers, the Resolution Plan proposes that if any of the homebuyers want to cancel their allotment then the amount (only to the extent admitted by the RP) shall be repaid to such homebuyers either on resale of the said allotted property or at the end of three years whichever is earlier. Notably, the net present value of the amount payable to the homebuyer under the 2nd Option is Rs. 15,33,13,325 (Rupees Fifteen Crores Thirty-Three Lakhs Thirteen Lakhs Three Hundred and Twenty-Five only).

8.

The Resolution Plan also provides the homebuyer with the 3rd Option, whereunder the Resolution Plan proposes that if any of the erstwhile homebuyers want to cancel their allotment and wish to receive upfront payment, such homebuyers ought to intimate the same within a period of 15 days from the order of this Hon'ble Tribunal approving the Resolution Plan. Upon such intimation, such homebuyers will be repaid only 70% of their admitted amount in the 4 tranches as follows — (i) 40% amount upfront; (ii) 30% at the end of 12 months; (iii) 15% at the end of 24 months; and (iv) 15% at the end of 36 months from the date of first payment. Notably, the NPV of the amounts payable to homebuyers as per the 3rd Option is Rs. 12,27,71,937 (Rupees Twelve Crores Twenty-Seven Lakhs Seventy-One Thousand Nine Hundred and Thirty-Seven only).

9.

The Resolution Plan proposed to pay 100% of the CIRP Cost in priority over other payments. I say that the Addendum to the Resolution Plan dated April 18, 2023 (forming part of the Resolution Plan) categorically provides for payment of the CIRP cost in actuals, even when the same exceeds the estimated CIRP cost mentioned in the Resolution Plan.

3.

I say that the total admitted claim of ACRE in the CIRP of the Corporate Debtor is Rs. 10,11,79,500 (Rupees Ten Crores, Eleven Lacs, Seventy-Nine Thousand and Five Hundred only). Under the Resolution Plan, the Successful Resolution Applicant (SRA) has agreed to forego the rights and claims on the securities created in favour of ACRE in respect of the debt owed by the Corporate Debtor to ACRE. Thus, ACRE is entitled to recover its debt from such secured assets. Notably, the said secured assets had been sold by the Corporate Debtor prior to commencement of the CIRP without the consent of ACRE. The assets secured in favour of ACRE are all situated in the Project named “Vijay Galaxy” and the details thereof are set forth below.

1.

Shop no.1(1309 sq. ft carpet area)

2.

Shop no.9 (318 sq. ft carpet area) on ground floor

3.

Office no.1 (2727 sq. ft carpet area)

4.

Office no 2 (1748 sq. ft carpet area) on first floor

4.

Further, as per the valuation report obtained by the RP, the fair market value of the aforesaid secured assets of ACRE is Rs. 16,33,00,000 (Rupees Sixteen Crores and thirty-three Lakhs only) and the liquidation value of the said assets is approx. Rs. 8,16,00,000 (Rupees Eight Crores and Sixteen Lakhs only).

5.

In view of the above, the fair market value of the secured assets is higher than the admitted claim of ACRE...

6.

... I say that in case ACRE recovers amounts in excess of its admitted claim from the secured assets, ACRE is ready and willing to pay such excess amount to the Corporate Debtor after satisfaction of the entire debt of ACRE owed by the Corporate Debtor. Thus, ACRE would not be appropriating amounts in excess of its admitted claim against the Corporate Debtor.

Additional Affidavit dated 28.03.2026

Clarification 1: To place on record all the minutes of the meetings of the Committee of Creditors.

4.

During the course of the corporate insolvency resolution process (CIRP) of the Corporate Debtor, 18 meetings of the Committee of Creditors (CoC) were held upto the stage of approval of the resolution plan.

5.

Thereafter, the suspended promoter of the Corporate Debtor filed Interlocutory Application No. 2593 of 2023 (Objection IA) raising several objections to the resolution plan submitted by the SRA. By an Order dated December 1, 2023, this Tribunal allowed the Objection IA and rejected the Plan Application on the ground that the SRA was not eligible under Section 29A of the Insolvency and Bankruptcy Code, 2016 to submit a resolution plan. In these circumstances the SRA filed Company Appeal (AT) (Ins) No. 35 of 2024 (Appeal) before the Hon'ble National Company Law Appellate Tribunal, New Delhi (NCLAT) challenging the order dated December 1, 2023. By an Order dated August 1, 2026, the Hon'ble NCLAT allowed the appeal and directed this Hon'ble Tribunal to hear the Plan Application on merits.

6.

During the pendency of the Appeal and till date, additional 10 meetings of the CoC were held. The following meetings of the CoC were held from May 19, 2023 (date of e-filing of the Plan Application) till date;

Sr. No	Particulars	Date of CoC Meeting
1.	Nineteenth CoC Meeting	Called off
2.	Twenty CoC Meeting	07.05.2024
3.	Twenty First CoC Meeting	07.06.2024
4.	Twenty Second CoC Meeting	05.09.2024
5.	Twenty Third CoC Meeting	07.01.2025
6.	Twenty Fourth CoC Meeting	18.03.2025
7.	Twenty Fifth CoC Meeting	06.06.2025
8.	Twenty Sixth CoC Meeting	06.08.2025

9.	Twenty Seventh CoC Meeting	15.12.2025
10.	Twenty Eighth CoC Meeting	18.03.2026

7.

It is pertinent to note that the 19^th meeting of the CoC was initially scheduled on January 8, 2024; however, the same was postponed twice. The second postponement was due to non-availability of quorum. Thus, the Resolution Professional decided to call off the 19^th meeting and convene the 20^th meeting of the CoC on May 7, 2024.

Clarification 2: whether the 100% of the CIRP costs would be paid by the SRA

8.

With regards to the CIRP Costs, I say that the Resolution Plan proposed to pay 100% of the CIRP Cost in priority over other payments. I say that the Addendum to the Resolution Plan dated April 18, 2023 (forming part of the Resolution Plan) categorically provides for payment of the CIRP cost in actuals, even when the same exceeds the estimated CIRP cost mentioned in the Resolution Plan [See Addendum for the Resolution Plan dated April 18, 2023 at Pg. 133 (relevant Pg. 135) of the Plan. Application. Pertinently, the total estimated CIRP costs as on March 19, 2026 is Rs. 3,08,46,753 (Rupees Three Crores Eight Lakhs Forty-Six Thousand Seven Hundred and Fifty-Three only.

9.

Further, the SRA vide an email dated March 26, 2026 has undertaken that the SRA would pay the entire outstanding CIRP costs over and above the other amounts payable under the Resolution Plan.

Clarification 3: To clarify whether any of the Government dues are payable in priority as per the Judgement in Rainbow Papers.

10.

This Hon’ble Tribunal at the hearing held on February 23, 2026 had noted that though the Resolution Plan provided that the government dues payable in view of the judgement of the Hon’ble Supreme Court in State Tax Officer (1) v Rainbow Papers Limited [2022 SCC Online SC 1162] (Rainbow Papers) would be paid in priority, the Resolution Plan does not quantify such government dues. Thus, the Resolution Professional was directed to clarify whether any government dues were pending, which would be accorded priority as per the judgement of Rainbow Papers. I say that no government dues, which are verified and admitted by me, are required to be paid in priority as per the Rainbow Papers.

Clarification 4: Whether the Resolution Plan is unconditional and the Resolution Plan shall be binding on the SRA as per the judgement of the Hon'ble Supreme Court in the case of Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited and Anr. in Civil Appeal No. 3224 of 2020

11.

I say that the Resolution Plan would be governed by the judgement of the Hon'ble Supreme Court in Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited and Anr. in Civil Appeal No. 3224 of 2020. Notably, the SRA has also confirmed by the email dated March 26, 2026 that the Resolution Plan is unconditional and binding upon them.

Clarification 5: To place on record all (4 in number) Form G published during the CIRP of the Corporate Debtor.

12.

During the pendency of the CIRP of the Corporate Debtor, the Resolution Professional had issued four Form G- Invitation for Expression of Interest (Form G - EoI). I say that the 1^st Form G - EoI was issued on October 20, 2021 and was published in two local newspapers i.e. Financial Express (English) and Navshakti (Marathi) on October 20, 2021. The 2^nd Form G - EoI was issued on November 24, 2021 and was published in two local newspapers i.e. The Free Press Journal (English) and Navshakti (Marathi) on November 24, 2021. The 3^rd Form G - EoI was issued on May 21, 2022 and was published in two local newspapers i.e. The Free Press Journal (English) and Navshakti (Marathi) on May 21, 2022. The 4^th Form G - EoI was issued on July 22, 2022 and was published in two local newspapers i.e. The Free Press Journal (English) and Navshakti (Marathi) on July 22, 2022.

Clarification 6: Whether the performance security furnished by the SRA has been renewed from time to time

13.

I say that the SRA had furnished a Fixed Deposit Receipt as a performance security under the resolution plan. I say that a copy of the said Fixed Deposit Receipt bearing account no. 7505728456 has been produced at Annexure EE to the Plan Application (see page no. 320 of the Plan Application). I say that the said Fixed Deposit has been renewed from time to time and is duly maintained by the SRA. I say that the latest renewal of the said Fixed Deposit is dated November 16, 2025 for a period of 6 months. It is pertinent to note that the said Fixed Deposit is on an auto renewal basis. I say that a copy of the renewal advice issued by the concerned bank in respect of the said fixed deposit is hereto annexed as Annexure F

14.

Further, by the email dated March 26, 2026, the SRA has confirmed that the said fixed deposit receipt will continue to be held until implementation of the Resolution Plan.

Clarification 7: Clarifications regarding the liability of the members of the SRA under the Resolution Plan

15.

I say that the Request for Resolution Plan dated August 23, 2022 (RFRP) issued during the CIRP of the Corporate Debtor provides that in case of the resolution applicant is a consortium – “(v) All the members of the consortium shall be jointly and severally liable in respect of obligations under the Process Document, the Resolution Plan and for the implementation of the Approved Resolution Plan.”

16.

In view of the foregoing, by an email dated March 26, 2026, the SRA has confirmed that both the members of the SRA i.e. Shree Krishna Structure Private Limited and J P Infra Realty Private Limited shall be jointly and severally liable in respect of the Resolution Plan. The SRA has further stated that Shree Krishna Structures Private Limited has undertaken to bear the primary responsibility and liability with respect to the implementation and making the required payments under the Resolution Plan as well as the other compliances under law.

5.

I say that Clause 1.10.1 of the Request for Resolution Plan dated August 23, 2022 (RFRP) provides that upon approval of the Resolution Plan by the Committee of Creditors, the SRA shall provide an unconditional and irrevocable Performance bank Guarantee in favour of lead lender. The relevant clause of RFRP is set as follows:

“1.10.1

On the approval of Resolution Plan by COC, LOI will be issued by the Resolution Professional on behalf of COC to the Successful Resolution Applicant. Within 3 working days of issuance of LOI, the Successful Resolution Applicant shall, provide an unconditional and irrevocable performance bank guarantee / Bank deposit of amount equivalent to 10% of Resolution Plan Value PBG in the form of a bank guarantee/demand draft/fixed deposit in favour of “Lead Lender” (Details of Lead Lender Bank name, account no., IFSC Code, will be sent in due course), at time of submission of Performance Bank Guarantee. The Performance Guarantee should be payable at Mumbai and should be executed from Scheduled Bank located in India, other than Cooperative banks. The form of the Performance Guarantee shall be in the form provided in Format VIII. The PPG has to be strictly issued in the format attached and no request for change in the format of PPG will be entertained by the RP/CoC. The PBG shall be valid for an initial period of 6 (six) months from the date of approval of Resolution Plan by COC and shall be extended/renewed by the Successful Resolution Applicant for such period until the successful implementation of the Resolution Plan i.e. until all dues payable by the Successful Resolution Applicant in relation to the Resolution Plan have been fully paid and its claim satisfied or discharged for the satisfaction of CoC. In case of bank deposit, the amount so deposited shall be lien marked until the successful implementation of the Resolution Plan.”

6.

Accordingly, the Resolution Professional obtained the requisite bank account details from the lead lender i.e. JMFARC (trustee of Victory Real Estate 2021 Trust) and provided the same to the SRA under the Letter of Intent dated May 13, 2023. A copy of the Letter of Intent dated May 13, 2023 issued in favour of the SRA is annexed to the above Application as Annexure DD.

7.

In view of the above, the SRA had furnished a Fixed Deposit Receipt of Rs. 2,72,40,000 (Rupees Two Crores Seventy-Two Lakhs and Forty Thousand only) as a performance security under the resolution plan which is pledged in favour of Victory Real Estate 2021 Trust. I say that a copy of the said Fixed Deposit Receipt bearing account no. 7505728456 has been produced at Annexure EE to the Plan Application. I say that the said Fixed Deposit has been renewed from time to time and is duly maintained by the SRA. I say that the latest renewal of the said Fixed Deposit is dated November 16, 2025 for a period of 6 months (see page no. 104 of the Additional Affidavit dated March 28, 2026). In addition to the said amount of Rs. 2,72,40,000 (Rupees Two Crores Seventy-Two Lakhs and Forty Thousand only), the SRA had also deposited an amount of Rs. 2,00,00,000 (Rupees Two Crores only) towards earnest money deposit as a pre-condition for participating as a prospective resolution applicant in the CIRP of the Corporate Debtor. The said amount also remains deposited towards the performance guarantee as has been confirmed by the lead lender by an email dated April 6, 2025, a copy of which is hereto annexed as Annexure B. Additionally, the SRA had also addressed letter dated May 16, 2023 providing the details of the performance guarantee for implementation of the Resolution Plan, which is annexed to the above Application as Annexure EE (see page no. 321 of the application).

Additional Affidavit dated 28.04.2026

QUERY 1 —Upfront payment stipulated under the Resolution Plan ought to be made prior to or simultaneously with the handover of control and management of the Corporate Debtor to the SRA.

11.

In view of the above clarification sought by this Hon'ble Tribunal, the SRA has clarified that the upfront payment under the Resolution Plan including the CIRP costs shall be paid within E+45 days i.e. within 45 days from the approval of the Resolution Plan by this Hon'ble Tribunal and the control and management of the Corporate Debtor shall also be handed over to the SRA within E+45 days simultaneously with payment of the upfront amounts. This clarification by the SRA is recorded in the email dated April 24, 2026 addressed by the SRA. The relevant extract of the said email is set out below (see pg. 78 of the present Affidavit)- (Annexure D)

“SRA Response: We clarify as follows:

1.

We shall pay the entire resolution plan amount within E + 45 as provided in Exhibit 3.8 of the Resolution plan.

2.

Simultaneously with payment of the plan amounts within the aforesaid timeline of E+45, the board shall be reconstituted and we shall take over the company.

As has already been stated in Clause 3.8.1 of the resolution plan, the provisions relating to home buyers shall continue as per the terms of the resolution plan and addendums and the aforesaid payment of amounts to all the creditors within E+45 days does not include any provisions related to home buyers.”

12.

The aforesaid clarification from the SRA was duly recorded in the minutes of the 29th meeting of the CoC (see pg. 15 of the present Affidavit). Moreover, the CoC has also approved the SRA’s commitment to pay the CIRP costs within E+45 days and simultaneously, reconstitution of the Board of Directors of the Corporate Debtor with 99.96% of the total voting share of the CoC (see pg. 51 of the present Affidavit).

13.

In addition to the aforesaid, it must be noted that the Resolution Plan provides that from the date of the approval of the Resolution Plan until the Transfer Date (the date of upfront payment to the creditors, except homebuyers, is completed), the affairs of the Corporate Debtor are to be managed by the Implementation and Monitoring Committee (See Cl. 3.8.2 at Pg. 96 of the Plan Application).

QUERY 2 —Clarifications regarding the definition of “Effective date”

14.

This Hon’ble Tribunal sought a clarification on the definition of Effective Date under the Resolution Plan. In this regard, the SRA provided the following clarification, which is duly recorded in the email dated April 24, 2026. The relevant extract of the said email is set out below (see pg. 78 of the present Affidavit)-

“SRA Response: As already stated previously, the Resolution Applicants reiterate and affirm that the Resolution Plan is unconditional and binding on them. We reiterate once again that effective date shall be the date of approval of the resolution plan by NCLT”.

15.

The aforesaid clarification from the SRA was duly recorded in the minutes of the 29^th meeting of the CoC (see pgs. 15-16 of the present Affidavit) and approved by the CoC with 99.96% of the total voting share of the CoC (see pg. 52 of the present Affidavit).

QUERY 3 —Clarifications regarding the definition of “Transfer date”

16.

This Hon’ble Tribunal sought a clarification on the definition of Transfer Date and its relevance under the Resolution Plan. In this regard, the SRA provided the following clarification, which is duly recorded in the email dated April 24, 2026. The relevant extract of the said email is set out below (see pg. 78 of the present Affidavit)-

“SRA Response: We undertake that we shall pay the entire resolution plan amounts payable to all creditors (except homebuyers) within 45 days of the NCLT Approval Date. Currently, the plan contemplates that Transfer Date shall mean the date on which proposed transactions are completed in accordance with the terms of the RFRP and the Definitive Agreements and this Resolution Plan in accordance with the Applicable Laws. As there are no definitive agreements contemplated by the RA at this stage, accordingly, Transfer Date shall mean the date on which the entire resolution plan amounts are paid to the all creditors (other than homebuyers). On and from the Transfer Date, as per Clause 3.8.2 of the Resolution Plan, the Resolution Applicants shall reconstitute the board of the Corporate Debtor.

As has already been stated in Clause 3.8.1 of the resolution plan, it is clarified that the provisions relating to home buyers shall continue as per the terms of the resolution plan and addendums and the aforesaid payment of amounts to the creditors within E+45 days does not include any provisions related to home buyers.”

17.

The aforesaid clarification from the SRA was duly recorded in the minutes of the 29th meeting of the CoC (see pg. 16 of the present Affidavit) and approved by the CoC with 99.96% of the total voting share of the CoC (see pg. 53 of the present Affidavit).

18.

In addition to the aforesaid clarification provided by the SRA, I say that as per the Resolution Plan, the Transfer Date is the date on which the Upfront Cash is paid by the SRA to the creditors as stipulated under the Resolution Plan. I say that the Resolution Plan contemplates a phased transition of control and management of the Corporate Debtor to the SRA. I say that from the date of approval of the Resolution Plan by this Hon'ble Tribunal (i.e. Effective Date) till the occurrence of the Transfer Date, the Corporate Debtor shall be managed by the Implementation and Monitoring Committee, as specifically provided in the Resolution Plan (see Exhibit 3.8.2 @ Pg. 96 of the Plan Application). I say that upon the occurrence of the Transfer Date (i.e. the date of upfront payments to the creditors of the Corporate Debtor), the control and management of the Corporate Debtor shall stand transferred to the SRA.

Query 4- Clarification regarding the interest of homebuyers being represented in the Monitoring Committee.

20.

In view of the concerns raised by this Hon'ble Tribunal, it has been agreed between the CoC as well as the SRA that a representative of the homebuyers shall be a part of the MC as an observer. It is further agreed that such representative of the homebuyers shall not have any voting rights in the MC. This arrangement shall ensure that homebuyers have access to all information pertaining to the implementation of the Resolution Plan and at the same time this change in the MC shall not affect the voting share of the parties in the MC as stipulated under the Resolution Plan.

21.

The aforesaid requirement of inducting a representative of the homebuyer in the MC in observational capacity has been duly agreed by the SRA in its email dated April 24, 2026 (see pg. 78 of this Affidavit). Further, the CoC has approved the aforesaid requirement of inducting a representative of the homebuyer in the MC in observational capacity with 90.26% of the total voting share of the CoC (see pg. 55 of the present Affidavit). It must be noted that the homebuyers have also accepted this proposal and voted in favour of the same in the 29th meeting of the CoC. Notably, one Mr. Vinayak Harnekar has been appointed as the representative of the homebuyers, who would attend the MC on behalf of the homebuyers.

QUERY 5 — Clarifications regarding the treatment of excess amounts, if any, recovered by Asset Care & Reconstruction Enterprise Limited from the secured assets.

23.

In view of the clarifications sought by this Hon'ble Tribunal, the issue regarding refund of excess amounts, if any, recovered by ACRE to the Corporate Debtor was discussed and voted upon in the CoC. Accordingly, the CoC has agreed that any excess amounts, if any, recovered by ACRE shall be refunded to the Corporate Debtor (see pg. 56 of the present Affidavit).

24.

In addition to the above, the SRA has also clarified that the refund of excess monies to the Corporate Debtor is in consonance with clause 4.1.33 of the Resolution Plan which provides as under —

“If any person, who is, being paid monies under the Resolution Plan, recovers any additional amount, other than what has been stipulated to them under this Resolution Plan, through/by the Corporate Debtor, then such person shall pay the additional amounts so recovered, to the Corporate Debtor with respect of the claims which stand extinguished in the Resolution Plan.

25.

In view of the above, I say that the refund of excess amounts, if any, recovered by ACRE from sale of its secured assets to the Corporate Debtor is not only in consonance with the provisions of the Resolution Plan, but also duly approved by the CoC.

Compliance Certificate in Form – H

1. The details of CIRP are as under:

Sr.	Particulars	Description
1.	Name of the CD	Vijay Citispace Private Limited
2.	Date of Initiation of CIRP	20th July 2021 (Intimated to IRP on July 23, 2021)
3.	Date of Appointment of IRP	20th July, 2021
4.	Date of Publication of Public Announcement	27th July 2021
5.	Date of Constitution of CoC	12th August, 2021
6.	Date of First Meeting of CoC	18th August 2021
7.	Date of Appointment of RP	21st August 2021
8.	Date of Appointment of Registered Valuers	17th September, 2021
9.	Date of Issue of Invitation for EoI (In case of multiple issuance of EoI, please specify all such dates)	20th October, 2021 24th November, 2021 21st May, 2022 22nd July, 2022
10.	Date of Final List of Eligible Prospective Resolution Applicants	29th August, 2022
11.	Date of Invitation of Resolution Plan	23rd August, 2022
12.	Last Date of Submission of Resolution Plan	8th October, 2022
13.	Date of submission of Resolution Plan to the RP	8th October, 2022
14.	Date of placing the Resolution Plan before the CoC	12th October, 2022 (Revised Resolution plan put for e-voting at 17th CoC Meeting held on 28.04.2023)
15.	Date of Approval of Resolution Plan by CoC	11th May, 2023
16.	Date of Filing of Resolution Plan with Adjudicating Authority	19th May, 2023
17.	Date of Expiry of 180 days of CIRP	16th January, 2022
18.	Date of each order extending the period of CIRP on request filed by RP	Order Date	Extension/Exclusion	Period
		07.01.2022	Extension (90 days)	16-01-2022 to 16-04-2022

		12.05.2023	Exclusion (223 Days)	16-04-2022 to 25- 11-2022
		12.05.2023	Extension (227 Days)	25-11-2022 to 10- 07-2023
19.	Date of Expiry of Extended Period of CIRP	10th July,2023
20.	Fair Value	71,05,14,200
21.	Liquidation Value	48,21,32,700
22.	Number of Meetings of CoC held	29

1B i) Whether Application for approval of Resolution Plan filed within 180 days of CIRP initiation: No.

(ii)

Number of days beyond 180 days taken for filing application for resolution plan: 487 days.

(iii)

Reasons for delay: Multiple issuances of Form-G and deliberation on the Resolution Plan by Committee of Creditors for value maximisation of the CD.

2.

I hereby certify that-

(i)

the said Resolution Plan complies with all the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC / Code), the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) and does not contravene any of the provisions of the law for the time being in force.

(ii)

the Resolution Applicant M/s. Shree Krishna Structures Private Limited and J.P. Infra Reality Private Limited has submitted an affidavit pursuant to Section 30(1) of the Code confirming its eligibility under Section 29A of the Code to submit resolution plan. The contents of the said affidavit are in order.

(iii)

the said Resolution Plan has been approved by the CoC in accordance with the provisions of the Code and the CIRP Regulations made thereunder. The Resolution Plan has been approved by 100% of voting share of financial creditors after considering its feasibility and viability and other requirements specified by the CIRP Regulations.

(iv)

I sought vote of members of the CoC by Electronic Voting System which was kept open for at least 24 hours as per regulation 26.

3.

The details and documents related to the successful resolution applicant are as under:

Sr.	Particulars	Description
1.	Name of Successful Resolution Applicant (SRA)	M/s. Shree Krishna Structures Private Limited and J. P. Infra Reality Private Limited.
2.	Nature of Business of SRA	M/s. Shree Krishna Structures Private Limited is involved in Real Estate activities with own or leased properties. M/s J.P. Infra Reality Private Limited is involved in Real Estate activities focusing majorly on residential and affordable housing.
3.	Relationship status of SRA with CD, if any	No relation between SRA with CD
4.	Whether SRA is eligible to submit plan under 240 A of IBC in case of MSME CD	Not Applicable
5.	Due Diligence Certificate of the RP u/s 29 A of IBC for the SRA	Annexure-1

4.

The details of CIRP, and resolution plan are as under:

Sl	Particulars	Description
1.	Whether Corporate Debtor is an MSME, if so, Date of obtaining MSME registration (pls attach copy of registration certificate)	No MSME Certificate was provided to the Resolution Professional.
2.	Business of the CD	CD is engaged mainly in the business of Builders and Real Estate Developers.
3.	Total admitted claims	Sl	Description	Principal	Interest and penalty	Total
		1.	Corporate Guarantee claims	0	0	0
		2.	Other than Corporate Guarantee claims	241,19,95,178	35,73,20,952	276,93,16,130
4.	Resolution Plan Value (including	Resolution Plan Value is Rs. 327,99,57,570/-

insolvency resolution process cost, infusion of funds, etc.) (In the case of real estate CDs, provide the monetary value of flats etc. given to allottees)	This includes, additional CIRP Cost of Rs.1,42,44,245 upto 06.08.2025 over the cost proposed in addendum to resolution plan (actual CIRP cost is payable as per clause 60 as amended by addendum dated 22-12-22 of resolution plan) and Monetary Value of flats given to Allottees Rs. 15,33,13,325 calculated by deriving net present value of the amount offered in Resolution Plan under Option 2 to Allottees. Further it includes SRA's proposal towards Construction Cost for Rs. 222 Crores over a period of time for completion of construction, Rs.42 Crores for various approvals and Rs.3.60 crores for other contingencies. Thus, the amount payable to creditors and CIRP cost is Rs.60,39,57,570 as detailed in table of point 7A below. Total Plan Value is derived as follows:
	Particulars	Amount (Rs.)
	Amount offered in Resolution plan to stakeholders and CIRP Cost.	43,64,00,000
	CIRP cost upto 06-08-2025 over Rs. 89 Lacs as proposed in addendum to original resolution plan - actual CIRP cost is payable as per clause 60 as amended by addendum dated 22-12-22 of resolution plan.	1,42,44,245
	Discounted cash flow value to homebuyers under option2 of plan (discounted @7% p.a.) - 100% of admitted claim after 3 years.	15,33,13,325
	SRA's proposal towards Construction Cost of Rs. 222 Crores, Approvals of Rs. 42 Crores and contingencies of Rs. 3.60 crores and approvals.	267,60,00,000
	Total	327,99,57,570

		Additionally, a regulatory fee @0.25% of the realisable amount to creditors plus applicable GST will be paid to IBBI on approval of plan under section 31 of IBC.
5.	Voting percentage (%) of CoC in favour of Resolution Plan.	100%

5.

Details of implementation of the Resolution Plan:

Sl. No	Particulars	Description
1.	Amount of Performance Guarantee furnished by SRA (in Rs.) and its validity	4,72,40,000/-
2.	Sources of Funds (in brief)	The sources of funds mix of SRA's promoter contribution in equity and Debt and sales collections.
3.	Capital restructuring and management of the Corporate Debtor post approval of resolution plan (in brief including shareholding proposed to be transferred in favour of SRA	a) The existing paid-up share capital shall stand fully written down (“Capital Reduction”). b) The Resolution Applicant shall infuse Rs. 2.50 Crores through issue of equity shares by Corporate Debtor. The Resolution Applicant shall reserve the right to recast/revalue the Balance Sheet post-acquisition. (As per Exhibit 3.7 of the Resolution Plan).
4.	Term and implementation of the Plan (in brief)	On and from the date of approval of the Resolution Plan by the Adjudicating Authority, and till the occurrence of the Transfer Date, the Corporate Debtor shall be managed by the Implementation and Monitoring Committee.
5.	Details of monitoring committee (in brief)	Monitoring Committee (the MC) shall comprise the following: i. One representative of Resolution Applicant ii. One representative of Lenders iii. Resolution Professional iv. One representative of Homebuyers, only in observer capacity, without any voting.

		Note: For the purpose of representation of Homebuyer in the MC, kindly refer to minutes of 29% CoC meeting held on 23-04-2026 and email dated 24-04-2026 rom SRA.
6.	Effective date of resolution plan implementation	The date of approval of Resolution Plan by Adjudicating Authority.

6.

The list of financial creditors of the CD being members of the CoC and distribution of voting share among them is as under:

Sl. No	Name of Creditor	Voting Share (%)	Voting for Resolution Plan (Voted for / Dissented / Abstained)
1.	JM Financial Asset Reconstruction Company Limited	57.38%	Voted for
2.	Asset Care & Reconstruction Enterprise Limited	9.91%	Voted for
3.	82 Home Buyers	18.39%	Voted for
4.	Axis Bank Limited	4.57%	Voted for
5.	Pray Projects Private Limited	7.69%	Voted for
6.	S.N. Damani Holdings Private	2.03%	Voted for
7.	Mr. Sanjay Ranade 0.03%	0.03%	Abstain from voting by not voting.

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.60,39,57,570/- This includes additional CIRP Cost of Rs. 1,42,44,245 upto 06.08.2025, over the cost proposed in addendum to resolution plan (actual CIRP cost is payable as per clause 60 as amended by addendum dated 22.12.22 of the resolution plan) and Monetary Value of flats given to Allottees Rs. 15,33,13,325 calculated by deriving present value of amount offered in Resolution Plan under Option 2 to Allottees. Total Plan Value is derived as follows:
		Amount offered Resolution plan to creditors 43,64,00,000
		CIRP cost over Rs. 89 Lacs as proposed in addendum to original resolution plan - actual CIRP cost is payable 1,42,44,245

		as per clause 60 as amended by addendum dated 22.12.2022 of resolution plan
		Discounted cash flow value to home buyers under option 2 (discounted | @7% p.a.) - 100% of admitted claim after 3 years	15,33,13,325
		Total	Rs.60,39,57,570
		Further SRA proposed to provide towards Construction Cost for Rs. 222 Crores over a period of time for completion of construction, Rs. 42 Crores for various approvals and Rs.3.60 crores for other contingencies. Additionally, a regulatory fee @ 0.25% of the realisable amount to creditors plus applicable GST will be paid to IBBI on approval of plan under section 31 of IBC.
2.	Fair Value	71,05,14,200 Note: Shop no. 1 & 9 and Office No. 1 & 2 in a completed project of CD, were transferred to a 3rd party prior to commencement of CIRP, an IA has been filed by resolution profession to reclaim possession. As per valuation report the Fair Value of assets is Rs.16.33 crore, however valuer noted that CD does not have ownership of these assets hence Fair value and liquidation value of this assets is assigned as NIL.
3.	Liquidation Value	48,21,32,700 Note: Shop no.1 & 9 and Office No. 1 & 2 in a completed project of CD, were transferred to a 3rd party prior to commencement of CIRP, an IA has been filed by resolution profession to reclaim possession. As per valuation report the Liquidation Value of assets is Rs. 8.16 crore, however valuer noted that CD does not have ownership of these assets hence Fair value and liquidation value of this asset is assigned as NIL.
4.	Percentage (%) of realisable amount to Fair Value	85.00%
5.	Percentage (%) of realisable	125.27%

	amount to Liquidation Value
6.	Percentage (%) of realisable amount to Principal amount	25.04% to All Creditors
7.	Percentage (%) of realisable amount to Total admitted claims	21.81% to admitted claim of All Creditors.
8.	Percentage (%) of realisable amount to Other than admitted Corporate Guarantee claims	21.81% to admitted claim of All Creditors.

7B. Details of Realizable amount

(Amount in Rupees)

Category and Sub- category of stakeholder	Amount Claimed	Amount Admitted	Amount under the Plan #	% of Amount Provide d to the Amount claime d	Payment Schedule
1. Secured Financial Creditors
Assenting	74,45,15,380	68,71,02,458	35,00,00,000 Note: The 35 Crores Resolution Applicant proposed in addendum to Resolution plan to forgo the rights and	47.01%	Upfront Rs. 35 Crores

			claims on the Securities offered to financial creditor - ACRE against their admitted claim of Rs. 10.12 Crores. The assets were transferred to a 3rd party prior to commencement of CIRP, an IA has been filed by resolution profession to reclaim possession, as per valuation report the Fair Value of assets is Rs.16.33 crore, however valuer noted that CD does not have ownership of these assets hence Fair value and liquidation value of this asset is assigned as NIL.
2. Unsecured Financial Creditors
Assenting	49,31,08,486 (Including Homebuyer's claim of Rs.30.15 Crore)	33,56,82,865 (Including Homebuyers admitted claim of Rs.18.95 Crore)	21,33,13,325 (Including value of home buyer's entitlement derived by discounting the cash flow value to homebuyers under option 2 (discounted @7%	43.26%	To other than home buyers: Payable in E + 45 Days Homebuyers have been given 3 options i.e. deliver of flat, and 2

			p.a.) 100% of admitted claim after 3 years. Rs.15,33,13,324 and to other unsecured creditors rs.6 crores		payment options. Note: Kindly refer to the minutes of 29th CoC meeting held on 23-04-2026 and email dated 24-04-2026 from SRA
Operational Creditors
(i)Government	4,67,43,587	4,67,43,587	5,00,000	1.07%	Upfront
(iii) Employees	3,34,72,383	2,33,31,776	200,000	0.60%	Upfront
(iv) Other Operational Creditors	23,43,14,991	9,84,72,460	10,00,000	0.43%	Upfront
Other debts and dues	2,86,76,45,774	1,57,79,82,984	1,58,00,000	0.55%	Upfront
Total	441,98,00,601	276,93,16,130	58,08,13,325

9. Steps to be taken by the concerned parties post approval of resolution plan by AA

Sr. No	Activity	Timeline
PHASE I – APPROVAL PROCESS OF THE PROPOSED PLAN
1.	Presentation of Proposed Plan to the CoC	X
2.	Approval of Proposed Plan by CoC	X + 7
3.	Application to NCLT	X + 15
4.	Approval by NCLT ('NCLT Approval Date' or 'Effective Date')	E

5.	Notice on the Company's Website	E + 14
6.	Intimation to the Stock Exchanges, CoC, IBBI, SEBI, RBI, Tax authorities and various other statutory authorities (as applicable)
7.	Intimation to all Creditors, existing shareholders and other stakeholders of the Company.
PHASE II- SETTLEMENT OF CREDITORS
8.	Payment of CIRP Costs as approved by CoC	E + 45 days
9.	Payment to Operational Creditors	E + 45 days
10.	Payment to Financial Creditors	E + 45 days* (Expect Homebuyers, who have been given 3 options as mentioned in Exhibit 3.4 clause (c) of Resolution Plan, read along-with addendum to Resolution Plan).
PHASE III- IMPLEMENTATION OF PROPOSED PLAN
11.	Change in Memorandum and Articles of Association and other documentation as required under the proposed plan.	E+45 Days
12	Management of Company
	Constitution of new Board	E+45 Days*
	Appointment of key managerial personnel; and	E+45 Days*
	Resolution Applicant shall appoint statutory auditors of their choice, subject to applicable regulations	E+45 Days

*Note: Kindly refer to the minutes of 29th CoC meeting held on 23-04-2026 and email dated 24-04-2026 from SRA.

11.

Amount of Regulatory fee payable (0.25%) to the Board under Regulation 31 A-: Rs.17,13,399/- (including 18% GST). SRA has confirmed actual CIRP cost shall be payable as per clause 60 as amended by addendum dated 22-12-2022 of the Resolution Plan, further, as per regulation 31(ba) of CIRP regulations, the CIRP cost includes regulatory fees payable to the Board under Regulation 31A

12.

Status of Preferential, Undervalued, Fraudulent and Extortionate transactions and how these are dealt in the resolution plan, if any:

Sl. No	Type of transaction	Amount	Date of filing with Adjudicating Authority	Date of order of the Adjudicating Authority	How it is dealt in resolution plan
1.	Preferential transactions u/s. 43	19,35,00,000	02.02.2023	-	Refer note below
2.	Fraudulent transactions u/s. 66	9,41,06,718	02.02.2023	-	Refer note below
	Total	28,76,06,718

Note: As per Resolution Plan (page 11), any receivables which accrues to the CD from any third party, as well as any receivables which may accrue to the CD as a result of any proceedings under IBC (including but limited to proceedings where any transaction is avoided/set aside by the Adjudicating Authority in terms of Section 43,45,47,49,50 or 66 of the IBC) shall before the benefit of the approving Financial Creditors and shall be a pass-through to the Financial Creditors net of expenses, if any

13.

If resolution Plan submitted by suspended directors/ promoters of CD, Any PUFE applications against the suspended directors are pending, if so the details of the same- Not Applicable.

14.

Details of other IAs pending against the Corporate Debtor:

Filing No	Date of Application	Applicants name	Respondents name	Amount Involved, if any	Issue Involved (in brief)
IA. 2145/2023	19.05.2023	Ashish Vyas	NA	NA	Approval of Resolution Plan
IA. 1152/2023	23.03.2022	Ashish Vyas	1. Rajan Kumar Chhibber. 2. Payal Mahendra Parekh 3. Ateev Vrajlal Gala	-	Handover of four mortgaged properties in possession of R1 and R2
I.A. 1395 of 2023	02.02.2023	Ashish Vyas	1. Vijaygroup Realty LLP. 2. Shivkrupa Constructions and Developers Pvt Limited. 3. Ateev Vrajlal Gala.	28,76,06,718	CD being hit by PUFE transaction u/s. 43 r/w Section 66 of IBC, 2016.

I.A. 2310 of 2022

20.08.2022

Ashish Vyas

Ateev Gala

-

Non-Compliance of direction of Adjudicating Authority

16.

Whether the Resolution Plan is subject to any contingency/ condition -No.

17.

The Resolution Plan has been filed 667 days after the commencement of CIRP (in terms of Section 12 of the Code).

Declarations with respect to compliances of provisions under Code and Regulations

(i)

I Ashish Vyas hereby certify that-

(i)

the said Resolution Plan complies with all the provisions of the Insolvency and Bankruptcy Code 2016 (Code), the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) including the provisions and Regulations as per the table below:

CIRP Cost

Eligibility under Section 29A of the Code

34.

In light of the above submissions, we find there is no cogent or credible evidence to establish the disqualification of the Appellant under Section 29A of the Code. Furthermore, the Ld. Adjudicating Authority has failed to consider the Resolution Plan was duly approved by the CoC with 100% voting share. Therefore, we allow the present Appeal as we find the objections raised by Respondent No. 1 are devoid of merit. The impugned order is thus set aside and hence the Ld. NCLT may now proceed to hear CA No.2145/2023, qua approval of plan on merit.

Monitoring Committee

New Board of Directors

Management and Control of the Corporate Debtor

52. Reliefs and Concessions: