Amar Prakaash Developerss Private Limited

Total plan funding, as printed

Rs.259.86 Crores (Resolution Plan value as seen from Form-H, p.63); payment table total printed as 25986.25 lakhs

Payout horizon as printed

Secured/unsecured financial creditors and homebuyers: "Within 10 Quarter's from the start Date"; operational creditors and other creditors: "Within 2 Quarter's from the start date". Note to the table: "As per the Resolution Plan, the START DATE shall mean 45 business days from the day Adjudicating Authority approves the Resolution Plan." Bench direction: entire Resolution Plan amount to be paid "Within 10 Quarters (900 days)".

Plan term as printed

Within 10 Quarters (900 days) from the start date

CIRP cost, as printed

At Actuals as approved by CoC

Cirp cost treatment

"In priority" per Clause 5.2/5.3. Written Undertaking on CIRP Costs dated 27.05.2026 (Sr. No. 2601 dated 17.06.2026): the SRA "has unconditionally and irrevocably undertaken to pay the full CIRP Costs and fee which shall be paid in priority including any amounts that may subsequently be determined and crystallised as payable, such as the fees and expenses of the erstwhile Interim Resolution Professional, in accordance with Section 30(2)(a) of the Code read with Regulation 34B". He also undertook to pay the RP's performance linked incentive at 1% of the difference between the resolution plan value and the liquidation value. The undertaking "is accepted and shall form an integral part of this Order" and the Form-H qualification under s.30(2)(a) "stands duly addressed".

Performance security

Rs.7.0 Crores (Rs. 5.0 Crore furnished on 25.09.2025 and Rs.2.0 Crores on 03.10.2025), as per RFRP; the RFRP clause was amended by the CoC in the 28th meeting (17.05.2025) to reduce Performance Security from 10% of the Resolution Plan Value to Rs.7.0 Crores (a PRA had sought Rs.5.0 Crores), refundable to the SRA within 30 days upon full implementation of the Plan

Performance security instrument

BG

Units note

Clause 5.2 payment table is printed in lakhs ("AMOUNT IN LAKHS", "Total in Lakhs 25986.25"), with some cells expressed in crores within the narrative; the CoC composition / admitted claim table is printed in rupees.

Clause 5.2 payment table is printed in lakhs ("AMOUNT IN LAKHS", "Total in Lakhs 25986.25"), with some cells expressed in crores within the narrative; the CoC composition / admitted claim table is printed in rupees.

Body of order · 11 rows

1. Seq

   1

   Beneficiary

   CIRP Costs

   Amount as printed

   At Actuals as approved by CoC

   Timing as printed

   In priority

2. Seq

   2

   Beneficiary

   Secured financial creditors (other than financial creditors belonging to any class of creditors)

   Amount as printed

   25000 (lakhs)

   Timing as printed

   Within 10 Quarter's from the start Date

3. Seq

   3

   Beneficiary

   Unsecured financial creditors (other than financial creditors belonging to any class of creditors)

   Amount as printed

   1.00 (lakhs)

   Timing as printed

   Within 10 Quarter's from the start Date

4. Seq

   4

   Beneficiary

   Homebuyers (Seeking Deliveries) / Unsecured financial creditors belonging to any class of creditors / Other creditors (Homebuyers)

   Amount as printed

   900 Lakhs Towards the reimbursements and cost to complete the infrastructure Etc., and corpus fund to Respective Project RWA's of homebuyers of The Royal Castle (2.5 Crs), Venezian Palm Rivera (3.25 Crs) and Temple Waves (3.25 Crs).

   Timing as printed

   Within 10 Quarter's from the start date and necessary statutory approvals obtained, delivery of apartments with swap options for early delivery (for undelivered Homebuyers) if mutually agreeable by the Homebuyers with remittance of the balance payments as per stage and Agreement and also completion of Amenities and Facilities as per the Agreements of the CD to the delivered and undelivered Homebuyers.

5. Seq

   5

   Beneficiary

   Homebuyers (Cancellation Refund, Homebuyers with Disputes and any decree holders, Seeking fresh cancellation and Refunds after Adjudicating Authority Approval)

   Amount as printed

   10% of the actual amount received by the CD from Homebuyer/Lender of the Homebuyer and duly claim filed by the Homebuyer/Lender of the homebuyer and the same is admitted by the RP as a creditor (in case any home loan taken then NOC has to be obtained by the homebuyer from the lender to avail the refund for the same).

   Timing as printed

   Within 10 Quarter's from the start date

6. Seq

   6

   Beneficiary

   Operational creditors (Workmen)

   Amount as printed

   NIL

   Timing as printed

   NIL

7. Seq

   7

   Beneficiary

   Operational creditors (Employees)

   Amount as printed

   0.22 (lakhs)

   Timing as printed

   Within 2 Quarter's from the start date

8. Seq

   8

   Beneficiary

   Operational creditors (Government Dues)

   Amount as printed

   84.98 (lakhs)

   Timing as printed

   Within 2 Quarter's from the start date

9. Seq

   9

   Beneficiary

   Operational creditors (other than Workmen and Employees and Government Dues)

   Amount as printed

   0.04 (lakhs)

   Timing as printed

   Within 2 Quarter's from the start date

10. Seq

    10

    Beneficiary

    Other creditors, if any, (other than financial creditors and operational creditors)

    Amount as printed

    0.01 (lakhs)

    Timing as printed

    Within 2 Quarter's from the start date

Entity type

individual

Promoter / former management

Yes

Related party finding

"It is seen that that Resolution Applicant is the ex-promoter of the Corporate Debtor. The eligibility under section 29A was decided by this Tribunal in IA(IBC)/2152(CHE)/2024 vide its order dated 19.02.2025." (p.63). The SRA is the suspended Director of the Corporate Debtor. On the Form-H qualification that M/s. Centwin Homes Pvt. Ltd. (described as Strategic Partner) had furnished no s.29A affidavit, the Bench held: "M/s. Centwin Homes Pvt. Ltd. is merely a financial investor in the Resolution Plan and is not a Resolution Applicant... The mere provision of finance by an investor, without any element of control over the affairs of the Corporate Debtor or over the conduct of the resolution process, does not render such investor a person 'acting jointly or in concert' with the resolution applicant within the meaning of Section 29A" (p.25), relying on ArcelorMittal India and Hari Babu Thota. Earlier, in the 20th CoC meeting (14.10.2024) the CoC had determined the suspended director ineligible owing to NPA status on a personal loan; that decision was contested and IA 1958 of 2024 and IA 2152 of 2024 were dismissed on 19.02.2025 holding him eligible.

MSME Section 240A route

Yes

Sources of funds

Clauses 5.10 and 5.11 of the Plan and addendum: (i) liquid funds already available, (ii) proceeds from sale of unsold inventory of the Corporate Debtor, (iii) financial support from SBI Ventures Limited by raising first charge on assets of the Corporate Debtor, (iv) a comfort letter from Centiwin Housing Private Limited confirming financial support. Funding is structured two-tier: primary source M/s Centwin Housing Private Limited, with an "open-ended and uncapped commitment to infuse funds by way of Optionally Convertible Debentures (OCDs) until the Resolution Plan is fully implemented", evidenced by Comfort Letter dated 07.05.2025, Board Resolution dated 22.08.2025 and further Board Resolution dated 18.03.2026, supported by audited balance sheets for FY 2022-23 to FY 2024-25 "reflecting total assets of approximately Rs. 250 crore as on 31.03.2025"; secondary source the SWAMIH Fund (operated by SBI Ventures Ltd.) under Clause 5.10 for project completion financing. SWAMIH Fund 1 eligibility for Palm Riviera, The Royal Castle and Temple Waves was confirmed by SBI Ventures Ltd. vide communication dated 21.08.2025 subject to availability; SWAMIH Fund 1 has since been exhausted and SWAMIH Fund 2 can be processed only after NCLT approval, requiring a minimum of six months. The SRA will invest upto Rs. 200.0 Crores as working capital and may raise loan/financing from SBI Ventures Ltd (formerly SBICAP Ventures Ltd) on first charge basis on the assets of the Corporate Debtor.

Post plan management

"On the NCLT Approval Date, the Board of Directors of Corporate Debtor shall be deemed to have been reconstituted wherein the existing directors (including independent directors) shall be deemed to have resigned and new directors shall be deemed to have been appointed... as required by Resolution applicant." Control and management of the CD is taken over by the RA pursuant to the approved plan until the full amount to the CoC is settled, while implementation is carried out by the Implementation and Monitoring Committee. The Resolution Applicant/Board shall appoint statutory Auditor/Internal auditor subject to applicable laws. No individual names stated.

Statutory dues

Operational creditors (Government Dues): Rs. 84.98 lakhs, payable "Within 2 Quarter's from the start date".

Operational creditors

Operational creditors (other than Workmen, Employees and Government Dues): Rs. 0.04 lakhs; all OC categories payable within 2 quarters from the start date. Clause 5.18: "payments to all the operational creditors including workers and other operational liabilities shall be paid in priority over financial creditors" in terms of s.30(2)(b) r/w Regulation 38(1)(b).

Workmen employees

Operational creditors (Workmen): NIL (timeline NIL). Operational creditors (Employees): Rs. 0.22 lakhs within 2 quarters from the start date.

Homebuyers & allottees

Rs. 9.0 Crores towards settlement of claims of Unsecured Financial Creditors (Homebuyers) whose units remain undelivered, "over and above the amounts earmarked for Secured Financial Creditors, Operational Creditors, and other stakeholders", including corpus fund to the respective project RWAs - The Royal Castle (2.5 Crs), Venezian Palm Rivera (3.25 Crs) and Temple Waves (3.25 Crs). Swap Mechanism: (i) allotment of alternate units of equivalent value in Royal Castle, Temple Waves or Palm Riviera subject to availability, or (ii) monetary compensation from the Rs.9.0 Cr pool and project receivables, whereupon all claims stand fully and finally settled and extinguished; distribution from the pool linked to receivables and unsold inventory sales, prioritised per s.30(2) and Regulation 38. Swap options lapse if not availed within the first 180 days from receipt of the requisite statutory approval. Cancellation/refund seekers and decree holders: 10% of the actual amount received by the CD from the homebuyer/lender, where duly claimed and admitted. Delivery timelines from receipt of RERA and other approvals: Royal Castle tower K.J.M.N in 8 quarters; Temple Waves Towers A and B in 10 quarters and Tower H in 12 quarters; Venezian Palm Rivera towers C, D, G, J, K in 10 quarters. Common amenities (clubhouse, gym, swimming pool, landscaped park, party hall etc.) to be completed within 4-6 quarters of requisite approvals per Clause 6.11; APPAC agreements to have overriding effect with balance stage payments and no additional charges. Grievance redressal: the RA to be available every fortnight on a weekend, or twice a month, to meet homebuyers without appointment for the first year of implementation. The Plan "is intended for the benefit of approximately 3,000 homebuyers and other stakeholders".

Litigation carveout

Relief 6 granted "only in respect of dues of CD". Reliefs 30, 31 and 35: Section 32A protection held not to apply because the Resolution Applicant is the suspended Director of the Corporate Debtor; relief 30 granted only to the extent of past dues prior to the CIRP. Relief 36 held infructuous as the s.43/45/66 applications had already been decided. Relief 21 (waiver by homebuyers' home-loan lenders) not granted.

Group entities

EAP Infrastructure Pvt. Ltd. (EAPIPL), in liquidation, claimed that 1.67 acres in Pazhanthandalam Village transferred to the Corporate Debtor by GPA dated 15.03.2021 remained its asset; EAPIPL had offered the land as security under a Loan Agreement dated 29.10.2018 with Kriticons Ltd., and a s.9 proceeding was initiated against it on 08.08.2019. Its intervention was rejected after IA(IBC)/855(CHE)/2022 and IA(IBC)/1646(CHE)/2024 were dismissed on 30.06.2026.

Assets description

Project Palm Riviera (2/3/4 BHK apartments) - project loan of Rs.230.0 Crores from LIC Housing Finance Limited with 746 apartments mortgaged. Project Royal Castle (1/2/3 BHK apartments, duplexes, penthouses) - project loan of Rs. 99.50 crores from ACRE with 97 apartments mortgaged and Rs. 110.0 Crores from LIC Housing Finance Ltd. with 432 apartments mortgaged. Project Temple Waves - project loan of Rs. 90.0 crores from ACRE with 400 apartments mortgaged. Project Sun City - outstanding balance of Rs. 71,68,124/- for allotted apartments, no dues outstanding for delivered and permanently sold apartments. Pungathur Land - 5.15 acres at Village Pungathur, book value Rs. 709.78 lakhs, mortgaged to Classic FM Developers and KV Finance and Investments; the RA would require Rs. 5.0 Crores for approvals, development and plotting; per Doc. No. 6318 of 2017 SRO Thiruvallurvar, total extent 4 acre 60.77 cents with net saleable area of 1,24,278 sq.ft., approval still pending before DTCP and Thiruvalluvar Municipality. Clubs/commercial: Palm Rivera Club (I & II) built-up area 34902 square feet; Royal Castle Club Aurum "Happiness Tower" first and second floor wing including registered office, 19601 square feet, treated as commercial space not club space; Temple Waves Club (I & II) 57757 square feet.

Going concern status

"It is seen that plan meets the requirement of being viable and feasible for the revival of the Corporate Debtor."

Interim resolution professional

Mr. Vishwanathan Gopalan (printed elsewhere in the order as Viswanathan Rajagopal / Mr. Viswanathan Rajagopalan, erstwhile Interim Resolution Professional)

RP replaced the IRP

Yes

Rp replacement date

2023-06-17

Invitations for expressions of interest

1. Round no

   1

   Form g date

   2023-12-20

   Eoi last date

   2023-01-19

   Expressions of interest received

   4

   Plans received

   0

   Outcome

   no plans - "no resolution plan was received from any PRA till the last date for submission, i.e., 19.03.2024"; Provisional List circulated 29.01.2024, Final List of PRAs issued 13.02.2024, Data Room / IM / RFRP / Bid Evaluation Matrix opened 18.02.2024; in the 8th CoC meeting on 27.03.2024 the CoC with 63.6% voting share in favour [out of 77.5% vote share who voted] resolved to re-publish Form-G

2. Round no

   2

   Form g date

   2024-04-24

   Eoi last date

   2024-05-15

   Expressions of interest received

   12

   Plans received

   3

   Outcome

   plan approved - Provisional List circulated 20.05.2024, Final List issued 28.05.2024, Data Room / IM / RFRP / BEM opened 28.05.2024; plan submission date 27.06.2024 extended by 15 days to 25.07.2024 and further to 14.08.2024; three Resolution Plans placed before the 14th CoC on 19.08.2024, one PRA failed to pay the EMD rendering its plan non-compliant, leaving two compliant plans; after the RFRP addendum on Performance Security the Final List PRAs were re-invited with last date 05.07.2025 and two Resolution Plans were received; the plan of Mr. Aadarsh Surana was approved

Applicants considered

1. Name

   Mr. Aadarsh Surana / Mr. Aadarsh Kumar Surana (Ex Director / suspended Director of the Corporate Debtor)

   Stage reached

   approved

   Plan value as printed

   Rs.259.86 Crores (Resolution Plan value per Form-H); Plan dated 22.08.2025 with addendum

   Vote pct

   85.21% (e-voting pursuant to the 33rd CoC meeting held 28.08.2025, concluded 17.09.2025); 96.71% (re-vote in the 39th CoC meeting held 10.06.2026, e-voting 12.06.2026 to 15.06.2026, after the Tribunal's limited remands)

   Outcome note

   Held ineligible by the CoC in the 20th meeting (14.10.2024) on account of NPA status on a personal loan; that determination was contested and this Tribunal by order dated 19.02.2025 dismissed IA 1958 of 2024 and IA 2152 of 2024, observing that the suspended director is eligible to participate. Plan approved by the Tribunal on 30.06.2026.

2. Name

   Ayra Consortium - The Consortium of M/s Ayra Infra Solutions Private Limited, M/s Additya Infrastructures, Mr. Gopal Sharma and Mr. Sandip Agarwal (through Authorized Representative Mr. Rohi R Kathal)

   Stage reached

   rejected_by_coc

   Outcome note

   Submitted a Resolution Plan by 05.07.2025; not approved by the CoC. Filed IA(IBC)/1985(CHE)/2025 alleging its own plan was s.30(2) compliant while the SRA's was not and alleging collusion between the RP, CoC and suspended management; the application was dismissed on 30.06.2026.

3. Name

   M/s. Centwin Homes Pvt. Ltd. / M/s Centwin Housing Private Limited (described in Form-H as "the Strategic Partner of Mr. Aadarsh Surana")

   Outcome note

   Not a Resolution Applicant. Held by the Bench to be "merely a financial investor", not a person acting jointly or in concert under s.29A, and therefore not required to furnish a separate s.29A affidavit.

Bidding mechanism

swiss challenge - deliberated in the 16th CoC (28.08.2024), modified per CoC directions in the 17th CoC (02.09.2024), adopted in the 19th CoC (04.10.2024) with each plan modifiable only once, then cancelled in the 20th CoC (14.10.2024) because only one PRA remained after the suspended director's ineligibility; revived in the 32nd CoC (19-20.08.2025) but "done away with" after Mr. Aadarsh Surana intimated that he would not participate, the CoC instead deciding "that both the PRAs will be given final opportunity to give their Best Resolution Plans" by 22.08.2025 upto 5:00 PM

Evaluation matrix present

Yes

Clock events

1. Kind

   extension

   Days

   30

   Granted date

   2024-10-04

   Reason

   CoC approved a 30-day extension of the CIRP period in the 19th CoC meeting, "shifting its completion to 15.11.2024"

2. Kind

   exclusion

   Granted date

   2024-11-11

   Reason

   In the 21st CoC meeting the CoC approved exclusion of the CIRP period "from 17.10.2024 until the disposal of IA 1958/2024, 2152/2024, and 2054/2024", the Tribunal having by order dated 17.10.2024 directed the RP not to conduct CoC meetings or discuss resolution plans until their disposal; the stay was vacated by order dated 07.11.2025 (as printed)

Advisors

1. Role

   Registered Valuer

   Name

   M/s. Pensar Valuation Private Limited

   Note

   Appointed by the erstwhile IRP; appointment reconfirmed by the RP after confirming from the CoC, engagement letter dated 14.12.2023; asset classes land and building, plant and machinery, securities and financial assets

2. Role

   Registered Valuer (second valuer)

   Name

   M/s. G Tech

   Note

   Appointed by the RP, engagement letter dated 14.12.2023

3. Role

   Registered Valuer (third valuer, land and building)

   Name

   M/s Mavent Advisors Private Limited

   Note

   Appointed on 05.09.2024 under Regulation 35 of the CIRP Regulations because the two valuers' land and building valuations "showed a significant variance, exceeding the permissible difference of 25%"; average fair value assessed at Rs. 261,61,23,233/- and liquidation value at Rs. 164,66,18,347/-

4. Role

   Transaction Auditor

   Name

   M/s Rajvanshi & Associates

   Note

   Engagement letter dated 23.01.2024; Transaction Audit Report received 17.08.2024

5. Role

   Independent Expert / Consultant ("Project Oversight Consultant")

   Name

   Shri. A. Bhaskar, Retired AE, CPWD (ab.cpwd@gmail.com, Mob. No. 7358442610)

   Note

   Appointed by the Tribunal in this order to monitor implementation, commencing from the date CMDA approval is obtained; quarterly status reports to the Tribunal with copy to the IMC; fee Rs.1,00,000/- per month borne by the Resolution Applicant as part of implementation costs; functions independently of the RA and the IMC

6. Role

   Due diligence professional on resolution plans

   Note

   The CoC in its 14th meeting (19.08.2024) "deliberated and approved the engagement of a professional to conduct due diligence on the resolution plans"; no name printed

1. Creditor

   LIC Housing Finance Limited

   Creditor class

   financial_creditor

   Voting pct

   58.68%

   Vote

   for

   Claim admitted as printed

   679,28,51,677 (admitted as on 06.05.2022) / 679,28,51,677 (admitted as on 15.08.2025)

2. Creditor

   Asset Care and Reconstructions Enterprise Limited (ACRE)

   Creditor class

   financial_creditor

   Voting pct

   15.33%

   Vote

   for

   Claim admitted as printed

   177,47,41,974 (admitted as on 06.05.2022) / 177,47,41,974 (admitted as on 15.08.2025)

3. Creditor

   JM Financial Asset Reconstruction Company

   Creditor class

   financial_creditor

   Voting pct

   11.50%

   Vote

   for

   Claim admitted as printed

   133,07,79,404 (admitted as on 06.05.2022) / 133,07,79,404 (admitted as on 15.08.2025)

4. Creditor

   KV Capital

   Creditor class

   financial_creditor

   Voting pct

   0.82%

   Vote

   against

   Claim admitted as printed

   9,52,21,737 (admitted as on 06.05.2022) / 9,52,21,737 (admitted as on 15.08.2025)

5. Creditor

   KV Finance & Investments

   Creditor class

   financial_creditor

   Voting pct

   0.75%

   Vote

   against

   Claim admitted as printed

   8,69,10,169 (admitted as on 06.05.2022) / 8,69,10,169 (admitted as on 15.08.2025)

6. Creditor

   Classic FM Developers

   Creditor class

   financial_creditor

   Voting pct

   0.78%

   Vote

   against

   Claim admitted as printed

   9,08,53,535 (admitted as on 06.05.2022) / 9,08,53,535 (admitted as on 15.08.2025)

7. Creditor

   United FM Developers

   Creditor class

   financial_creditor

   Voting pct

   0.80%

   Vote

   against

   Claim admitted as printed

   9,28,24,655 (admitted as on 06.05.2022) / 9,28,24,655 (admitted as on 15.08.2025)

8. Creditor

   Hemant Kumar Shah

   Creditor class

   financial_creditor

   Voting pct

   0.13%

   Vote

   for

   Claim admitted as printed

   1,49,00,709 (admitted as on 06.05.2022) / 1,49,00,709 (admitted as on 15.08.2025)

9. Creditor

   Creditors in a class - Unsecured Financial Debt (Home Buyers of Temple Waves, Suncity and Home Buyers whose units remain undelivered) represented by AR Mr. R Sankaran

   Creditor class

   financial_creditor in a class - unsecured financial debt (homebuyers)

   Voting pct

   9.61%

   Vote

   for

   Claim admitted as printed

   106,88,00,721 (admitted as on 06.05.2022) / 111,27,03,590 (admitted as on 15.08.2025)

10. Creditor

    Creditors in a class - Unsecured Financial Debt (Home Buyers of Royal Castle) represented by AR Mr. Asir Rajaselvan

    Creditor class

    financial_creditor in a class - unsecured financial debt (homebuyers)

    Voting pct

    0.79%

    Vote

    for

    Claim admitted as printed

    2,90,00,298 (admitted as on 06.05.2022) / 9,17,88,754 (admitted as on 15.08.2025)

11. Creditor

    Creditors in a class - Unsecured Financial Debt (Home Buyers of Palm Riviera) represented by AR Mr. Asir Rajaselvan

    Creditor class

    financial_creditor in a class - unsecured financial debt (homebuyers)

    Voting pct

    0.80%

    Vote

    for

    Claim admitted as printed

    4,49,62,123 (admitted as on 06.05.2022) / 9,24,50,329 (admitted as on 15.08.2025)

Dissenting fcs

1. KV Capital
2. KV Finance & Investments
3. Classic FM Developers
4. United FM Developers

Dissenting fc treatment

"As per Clause 5.14, the Dissenting Financial Creditors shall be paid the Mandatory Dissenting Financial Creditor Payments on or before the proposed proportionate settlement end date, in priority and in accordance with Sections 30(2), 53 of the Code and Regulation 38 of the CIRP Regulations." Para 9.6: "The Plan provides that dissenting FCs and unsecured homebuyers shall receive settlement in priority, consistent with liquidation value entitlement under Section 53." Combined dissenting voting share 3.15% (0.82% + 0.75% + 0.78% + 0.80%).

Section 30(2)(b) minimum stated

Yes

Business & treatment of stakeholders

No express extinguishment/reduction clause is reproduced. Relief 10 (granted) proceeds on the Resolution Applicant acquiring 100% shareholding of the Corporate Debtor: "the Approval date shall be treated as the first day of the quarter immediately succeeding the quarter in which the Resolution Applicants acquire 100% shareholding of the Corporate Debtor". Reliefs 2 and 19 (both referred to the appropriate authorities) seek stamp duty/registration waivers for increase in authorised share capital, issuance/transfer of shares or debentures (optionally convertible debentures / non-convertible debentures) and reduction of share capital of the Corporate Debtor.

Effective date definition

"As per the Resolution Plan, the START DATE shall mean 45 business days from the day Adjudicating Authority approves the Resolution Plan." The Plan separately uses "NCLT Approval Date" for board reconstitution, asset-classification regularisation and the extinguishment reliefs.

Monitoring committee

Implementation and Monitoring Committee (IMC), constituted till the resolution plan is fully implemented, "comprising of the Resolution Professional / Process Advisor ("Monitoring Professional"), 3 (three) nominees of the Resolution Applicant and 3 (three nominees) of the secured Assenting Financial Creditors and (iv) representatives of homebuyers, with at least one representative from each major project or cluster of projects." All decisions by majority of members present and voting; no financial liability on the Assenting Financial Creditors for their nominees; Interim Management Costs from the NCLT Approval Date till the Proposed Settlement is fully settled to be paid by the Resolution Applicant. Chairman - Monitoring Committee fee Rs. 2,00,000/- per month for the initial period of 12 months and thereafter Rs. 1,00,000/- per month, borne by the Resolution Applicant as part of implementation costs. No individual names stated.

1. Seq

   1

   Relief

   All the existing legal proceedings relating to Income Tax shall stand irrevocably and unconditionally settled and all liability/obligations of the Corporate Debtor vis a vis the Income Tax authority in relation to such matters shall stand extinguished in perpetuity.

   Category

   tax

   Disposition

   deferred_to_authority

   Reason

   "This is for the appropriate authorities to consider in view of the clean slate principles enshrined under IBC, 2016"

2. Seq

   2

   Relief

   All relevant Governmental Authorities to grant relief/waiver from payment of stamp duty, to the extent permissible under applicable Law, for successful implementation of the Plan including for increase in authorized share capital, issuance/transfer of shares or debentures (OCDs/NCDs), transfer of any assets and land bank assets (including lease hold rights, underlying land, MOU Lands) pursuant to business transfer.

   Category

   stamp_duty

   Disposition

   deferred_to_authority

   Reason

   "This is for the appropriate authorities to consider"

3. Seq

   3

   Relief

   All Governmental Authorities (including the Income Tax authority) to waive the non-compliances of the Corporate Debtor or further claims arising out of or in relation to past claims or non-compliances prior to the Approval Date.

   Category

   statutory_dues

   Disposition

   deferred_to_authority

   Reason

   "This is for the appropriate authorities to consider in view of the clean slate principles enshrined under IBC, 2016."

4. Seq

   4

   Relief

   All Governmental Authorities (including the Income Tax Authority, Service Tax department and VAT department) to provide relief from all past litigations pending at different levels and waiver from tax dues including interest and penalty on such litigations as on the Approval Date.

   Category

   tax

   Disposition

   deferred_to_authority

   Reason

   "This is for the appropriate authorities to consider in view of the clean slate principles enshrined under IBC, 2016."

5. Seq

   5

   Relief

   The lenders (including Institutional Financial Creditors) of the Corporate Debtor shall regularize all the loan accounts of the Corporate Debtor and shall ensure that the asset classification of such loan accounts is "standard" in their books with effect from the NCLT Approval Date.

   Category

   other

   Disposition

   granted

   Reason

   "Granted"

6. Seq

   6

   Relief

   All creditors (including Institutional Financial Creditors, Home Buyers, Refund Seekers and Operational Creditors) to withdraw all legal proceedings commenced against the Corporate Debtor in relation to Claims, including proceedings under SARFAESI Act, 2002 and RDB Act, 1993, and quashing of criminal proceedings under Section 138 of the Negotiable Instruments Act, 1881, within 90 days of the Approval Date.

   Category

   litigation_immunity

   Disposition

   conditional

   Reason

   "Granted only in respect of dues of CD."

7. Seq

   7

   Relief

   Right to terminate/cancel agreements/letters of allotment (other than those where sale deeds have been executed) entered into between the Corporate Debtor and third parties relating to transfer of property over land or building at the Corporate Debtor's Projects, with concurrence of such third parties and refund of the actual amount paid without interest, whereupon such land/building vests fully in the Corporate Debtor.

   Category

   contracts

   Disposition

   conditional

   Reason

   "Granted, with prior notice and reasonable opportunity to be afforded to the third parties"

8. Seq

   8

   Relief

   In relation to any alleged transfer of economic or other beneficial interest by the Corporate Debtor pertaining to land/building for real estate development where title and ownership still lies with the Corporate Debtor, the Resolution Applicant may proceed in accordance with Applicable Law including to terminate/cancel such arrangement without any liability.

   Category

   contracts

   Disposition

   conditional

   Reason

   "Granted, subject to the provisions of IBC, 2016 and other applicable laws"

9. Seq

   9

   Relief

   With respect to any alleged transfer of land/building by the Corporate Debtor to third parties without proper agreement/lease deeds and where consideration has not been paid, right to cancel such instruments/agreements/term sheets, title continuing to vest in the Corporate Debtor without liability to the counter-party.

   Category

   contracts

   Disposition

   conditional

   Reason

   "Granted, with prior notice and reasonable opportunity to be afforded to the third parties"

10. Seq

    10

    Relief

    For consolidation of the books of the Corporate Debtor with the Resolution Applicant, the Approval date shall be treated as the first day of the quarter immediately succeeding the quarter in which the Resolution Applicants acquire 100% shareholding of the Corporate Debtor.

    Category

    other

    Disposition

    granted

    Reason

    "Granted"

11. Seq

    11

    Relief

    The claims of all Home Buyers (including claims filed before NCDRC, SCDRC, TNRERA), Financial Creditors, Operational Creditors and Land owners (farmers) against the Corporate Debtor at all courts/platforms including judicial, quasi-judicial and regulatory shall stand withdrawn on the Approval Date.

    Category

    litigation_immunity

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider, keeping in view of the clean slate principles enshrined under IBC, 2016"

12. Seq

    12

    Relief

    The various deposits under protest made with various authorities shall be unconditionally made available as assets of the Corporate Debtor immediately upon approval of the Resolution Plan, as the underlying claims are being settled in terms of the Plan.

    Category

    statutory_dues

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider. keeping in view of the clean slate principles enshrined under IBC, 2016"

13. Seq

    13

    Relief

    Permission to claim set-off of the entire Minimum Alternate Tax (MAT) credit available to the Corporate Debtor against normal income-tax payable post the Approval Date, i.e. no normal taxation until the MAT credit is adjusted/utilized in full.

    Category

    tax

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider. keeping in view of the clean slate principles enshrined under IBC, 2016"

14. Seq

    14

    Relief

    Permission to claim set-off in future of the entire input tax credit (ITC) available to the Corporate Debtor, preparation of accounts without past litigations pending at different levels and waiver from tax dues including interest and penalty against normal GST payable post the Approval Date.

    Category

    tax

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider, keeping in view of the clean slate principles enshrined under IBC, 2016"

15. Seq

    15

    Relief

    All the losses already lapsed/not lapsed as on the Approval Date should be allowed to be carried forward for a period till the same are utilized/set-off fully by the Corporate Debtor.

    Category

    tax

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider."

16. Seq

    16

    Relief

    The transfer of lands/buildings to lenders as part of the resolution plan may involve capital gains/business income to the Corporate Debtor; such gain or income shall be treated as capital reserve for the purposes of the Corporate Debtor.

    Category

    tax

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider."

17. Seq

    17

    Relief

    All Governmental Authorities including the Income Tax authority, Service Tax department, VAT department and Labour cess department to provide relief from all past litigations pending at different levels and waiver from tax/cess dues including interest and penalty on such litigations on the Approval Date.

    Category

    tax

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider, keeping in view of the clean slate principles enshrined under IBC, 2016"

18. Seq

    18

    Relief

    All software/licenses including ERP and Hardware belonging to the Corporate Debtor or any other party which was being used by the Corporate Debtor shall stand transferred to the Corporate Debtor.

    Category

    licences_approvals

    Disposition

    granted

    Reason

    "Granted"

19. Seq

    19

    Relief

    All concerned government authorities to grant relief/waiver of stamp duty, registration charges, filing fees and other moneys payable to the government in relation to the Resolution Plan and its implementation, including reduction of share capital of the Corporate Debtor and issuance of Equity Shares.

    Category

    stamp_duty

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider"

20. Seq

    20

    Relief

    TNRERA Authority(ies) to expeditiously make the appropriate changes in its records qua Projects, in accordance with the Resolution Plan.

    Category

    licences_approvals

    Disposition

    conditional

    Reason

    "Granted, however the SRA shall approach the concerned authority"

21. Seq

    21

    Relief

    The lenders of the Home buyers that have granted home loan facility to the Home buyers to waive the past defaults of the homebuyers/Corporate Debtor in relation to Projects and disburse outstanding sanctioned facility as per project completion milestones immediately upon approval of the Resolution Plan.

    Category

    other

    Disposition

    declined

    Reason

    "Not Granted"

22. Seq

    22

    Relief

    The local administration where the assets of the Corporate Debtor are situated to give assistance to the Resolution Applicant(s) for implementation of the Resolution Plan with necessary approvals and waivers and for completing the construction of Projects for Home Buyers.

    Category

    licences_approvals

    Disposition

    granted

    Reason

    "Granted"

23. Seq

    23

    Relief

    The concerned Registrar of Companies to expeditiously approve as per Applicable Laws the Directors Identification Numbers (DIN) of the Directors who would be taking charge collectively as Board of Directors of the Corporate Debtor pursuant to the approval of the Resolution Plan.

    Category

    licences_approvals

    Disposition

    granted

    Reason

    "Granted"

24. Seq

    24

    Relief

    The Central Board of Direct Taxes for exemption/grant of relief to the Corporate Debtor from the provisions of Sections 41(1), 45, 72(3), 43-B, 50B, 50D, 50CA, 56, 79, 80 read with 139, 115JB and 269-SS, 269-T and 281 and provisions of Chapter XVII of the Income Tax Act effective from the date of approval of the Resolution Plan.

    Category

    tax

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider"

25. Seq

    25

    Relief

    The Central Board of Indirect Taxes and Customs to waive any requirement of approval for transfer of assets or business undertaking in terms of the Resolution Plan.

    Category

    tax

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider"

26. Seq

    26

    Relief

    The Ministry of Corporate Affairs to waive the requirements under Section 140 of the Companies Act, 2013 in respect of removal of the existing auditors of the Corporate Debtor and to issue directions; facilitation during the Transition Period regarding maintenance and handing over of assets.

    Category

    licences_approvals

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider."

27. Seq

    27

    Relief

    The debts of the Corporate Debtor and amounts due to it in respect of Home buyers, including outstanding construction advance, outstanding maintenance dues and interest dues to the Corporate Debtor, to be made available immediately upon completion of reconciliation of accounts, to be utilized for completion of construction of the projects for Home Buyers.

    Category

    other

    Disposition

    conditional

    Reason

    "Granted, with prior notice and reasonable opportunity to be afforded to the other parties"

28. Seq

    28

    Relief

    The infrastructure of the Corporate Debtor which is common between RWA/Home Buyers and the Corporate Debtor and which is under the control and management of RWA/Home buyers shall be made available to the Corporate Debtor always, without any further payments or hindrances.

    Category

    other

    Disposition

    conditional

    Reason

    "This has to be dealt with in accordance with the terms set out in the Resolution Plan"

29. Seq

    29

    Relief

    By virtue of the order approving the Resolution Plan and since the Resolution Applicant will acquire the company on a going concern basis, all consents, licenses, approvals, rights, entitlements, benefits and privileges whether under law, contract, lease or licenses granted in favour of the Corporate Debtor shall be deemed to continue without disruption.

    Category

    licences_approvals

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider"

30. Seq

    30

    Relief

    All inquiries, investigations (civil or criminal, including by the CBI, Enforcement Directorate or any other enforcement agency), notices, causes of action, suits, claims, disputes, litigation, arbitration or other judicial, regulatory or administrative proceedings against or in relation to the Corporate Debtor for any period prior to the acquisition of control, and all related liabilities, to be deemed written off in full and permanently extinguished, with all new proceedings barred.

    Category

    32A

    Disposition

    conditional

    Reason

    "Granted, only to the extent of past dues prior to CIRP of the Corporate Debtor. Since in the present case the Resolution Applicant is the suspended Director of the Corporate Debtor, the protection granted under Section 32A will not apply."

31. Seq

    31

    Relief

    In accordance with Section 32A of the Code, the liability of the Corporate Debtor for an offence committed prior to the commencement of the CIRP shall cease and neither the Corporate Debtor nor the Resolution Applicant shall be prosecuted for any such offence on and from the NCLT Approval Date; any prosecution instituted during the CIRP against the Corporate Debtor to stand discharged from the NCLT Approval Date.

    Category

    32A

    Disposition

    declined

    Reason

    "Since in the present case the Resolution Applicant is the suspended Director of the Corporate Debtor, the protection granted under Section 32A will not apply."

32. Seq

    32

    Relief

    The Corporate Debtor or the Resolution Applicant shall not at any time be held financially liable under Section 170 of the Income-tax Act 1961 in respect of any transaction carried out before the NCLT Approval Date or contemplated under the Resolution Plan.

    Category

    tax

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider, keeping in view of the clean slate principles enshrined under IBC, 2016"

33. Seq

    33

    Relief

    The Corporate Debtor to be entitled to carry forward and set off all brought forward book losses and unabsorbed depreciation as shown in the books and considered in the returns filed under the Income-tax Act; MAT credit to continue with the Corporate Debtor on a going concern basis.

    Category

    tax

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider"

34. Seq

    34

    Relief

    All actual and potential dues and liabilities under any indirect tax laws (Central Excise Act 1944, Finance Act 1994, Customs Act 1962, VAT Act 2005, CST Act 1956, CENVAT Credit Rules 2004, CGST/IGST/SGST Acts 2017, entry taxes, sales tax, deferral liabilities, duties, penalties, interest, fines, cesses, unpaid TDS/TCS, octroi, stamp duty, local body tax, municipal taxes) relating to any period prior to the NCLT Approval Date to stand extinguished and written off, with all notices, assessments and appellate proceedings terminated and withdrawn.

    Category

    tax

    Disposition

    deferred_to_authority

    Reason

    "This is for the appropriate authorities to consider, keeping in view of the clean slate principles enshrined under IBC, 2016"

35. Seq

    35

    Relief

    All inquiries, investigations, notices, causes of action, suits, claims, liabilities, demands, obligations, penalties or Proceedings against the Corporate Debtor (including any investigation by the Enforcement Directorate, CBI or SFIO), whether or not on account of acts or omissions in breach of Applicable Law (including environmental, foreign exchange, labour and employment, anti-corruption and anti-money-laundering laws) relating to any period prior to the NCLT Approval Date, to stand automatically revoked, released, cancelled, withdrawn, dismissed and deemed null and void.

    Category

    litigation_immunity

    Disposition

    declined

    Reason

    "Since in the present case the Resolution Applicant is the suspended Director of the Corporate Debtor, the protection granted under Section 32A will not apply."

36. Seq

    36

    Relief

    The past and/or existing Promoters or Promoter Group, managers, Directors, officers or persons in charge of the affairs and/or management of the Corporate Debtor (including any 'officer in default', 'principal employer' or 'occupier', other than the Resolution Professional, his representatives and team) prior to the NCLT Approval Date to stand discharged, extinguished and withdrawn, and any claims, demands, obligations or penalties arising out of proceedings under Sections 43, 45, 49, 50, 66, 68, 70, 71, 72, 73, 74 of the Code or breaches of Applicable Law prior to that date to stand cancelled, waived and discharged.

    Category

    other

    Disposition

    infructuous

    Reason

    "This relief has become infructuous since this Tribunal has already decided the Applications filed by the RP under Section 43, 45 and 66 of IBC, 2016"

37. Seq

    37

    Relief

    The corporate debtor to be permitted to start the construction with immediate effect from the date of approval of the resolution plan pending approvals.

    Category

    licences_approvals

    Disposition

    granted

    Reason

    "Granted"

1. Objector

   Chandrasekhar Sagutoor, Liquidator of EAP Infrastructure Pvt. Ltd. (EAPIPL)

   Objector class

   other

   Ground

   Sought permission to intervene and to reject the Resolution Plan: two adjoining parcels in Survey Nos. 148/3, 149/1A, 149/1B and 152/1Pt, Pazhanthandalam Village, admeasuring 1.67 acres, purchased on 27.07.2015 for Rs.4.97 Crores, were transferred to the Corporate Debtor through a General Power of Attorney dated 15.03.2021 with Rs.2.61 Crores purportedly debited on 15.12.2020 without any actual inflow of consideration; alleged a preferential transaction under Section 43 and objected on 13.10.2025 to inclusion of the land in the Resolution Plan.

   Ia number

   Inv.P(IBC)/11(CHE)/2025

   Disposition

   dismissed

   Effect on approval

   None. IA(IBC)/855(CHE)/2022 (s.43 avoidance of the same transaction) and IA(IBC)/1646(CHE)/2024 were both dismissed by this Tribunal vide orders dated 30.06.2026, so "the challenge to the transaction in question no longer survives" and "The relief sought is thus rendered untenable both on facts and in law." Application disposed of.

2. Objector

   Ayra Consortium (Prospective Resolution Applicant), through Authorized Representative Mr. Rohi R Kathal

   Objector class

   pra

   Ground

   Its own Resolution Plan was s.30(2) compliant whereas the plan of Mr. Aadarsh Surana was non-compliant with the Code and CIRP Regulations; the RP, in contravention of Section 30(3), nevertheless placed that plan before the CoC; alleged collusion and connivance between the Resolution Professional, the CoC and the Suspended Management, and material irregularities in the CoC-approved plan.

   Ia number

   IA(IBC)/1985(CHE)/2025

   Disposition

   dismissed

   Effect on approval

   None. Held an unsuccessful PRA "does not possess any vested or indefeasible right to have its Resolution Plan approved"; allegations "found to be unsubstantiated", and the non-compliances apprehended had "in the meantime, been cured".

3. Objector

   Mr. Viswanathan Rajagopalan, erstwhile Interim Resolution Professional of the Corporate Debtor

   Objector class

   rp

   Ground

   Sought leave to intervene as a necessary party and a direction to the CoC to include his Interim Resolution Professional's fees of Rs. 33,04,000/- and CIRP expenses incurred by him of Rs. 2,77,200/- as part of the CIRP costs in the Resolution Plan.

   Ia number

   Inv.P(IBC)/5(CHE)/2026

   Disposition

   infructuous

   Effect on approval

   None. The CoC had resolved that fee and expenses will be paid upto the 2nd CoC, which amount is included in the CIRP cost; "the claim of the Applicant stands subsumed within and is to be dealt with as part of the CIRP costs. So, nothing further survives for adjudication". Application disposed of.

4. Objector

   Mrs. Latha Devi Gani, homebuyer/allottee of Flat No. H-111, "Palm Riviera" project

   Objector class

   homebuyer

   Ground

   Flat No. H-111, held under registered Sale Deed dated 23.02.2015 with possession handed over on 23.06.2022 pursuant to TNRERA orders, continued to be reflected in CIRP records as in possession of the Corporate Debtor and treated as unsold inventory/an asset under the Plan; sought completion and handover of facilities and amenities per the Agreement for Project Promotion and Construction dated 30.07.2013; and sought inclusion in the Plan of compensation of Rs.11,69,520/- awarded by TNRERA in CCP No. 134/2019 dated 16.12.2019 and EP No. 4/2021 in C.No. 306/2019 dated 30.12.2021.

   Ia number

   Inv.P(IBC)/6(CHE)/2026

   Disposition

   partly_allowed

   Effect on approval

   None. Right, title and possession recognised; "The 1st Respondent / Resolution Professional is directed to reconcile." Prayer (c) rejected because the compensation "was not included in the claim submitted by her before the Resolution Professional in Form CA" and a claim never lodged "cannot be directed to be included in the Resolution Plan at this belated stage"; treatment as a homebuyer to be in accordance with the Resolution Plan. Application disposed of.

5. Objector

   TruPro Insolvency Services LLP, Resolution Professional (against the Resolution Applicant Mr. Aadarsh Surana)

   Objector class

   rp

   Ground

   Sought a direction that the RP's incentive fee, as approved/ratified by the CoC in its 4th meeting held on 05.12.2023 under Regulation 34B read with Regulation 31, is mandatorily payable by the Resolution Applicant as part of the CIRP cost, and that the plan approval application IA(IBC)(Plan)/11(CHE)/2025 be kept in abeyance until such an undertaking is furnished.

   Ia number

   IA(IBC)/1905(CHE)/2025

   Disposition

   infructuous

   Effect on approval

   None. The SRA furnished a written undertaking dated 27.05.2026 to pay the incentive fee as part of the CIRP cost, forming part of the addendum and approved by the CoC in its 39th meeting held on 10.06.2026; "the very grievance raised in this application stands redressed". Application disposed of, with the SRA held bound by the undertaking.

6. Objector

   This Tribunal (suo motu, on the Form-H qualifications and Section 30(2) non-compliances)

   Objector class

   bench_itself

   Ground

   On perusal of the plan approval application "it was found that the Resolution Plan was not compliant in terms of the provisions of IBC, 2016 read with attendant Regulations"; Form-H recorded a qualification under s.30(2)(a) on treatment of CIRP Costs and the absence of a s.29A affidavit from M/s Centwin Homes Pvt. Ltd.; and affidavits/undertakings furnished by the SRA to cure the defects did not form part of the Plan as approved by the CoC.

   Ia number

   IA(IBC)(Plan)/11(CHE)/2025

   Disposition

   clarification_ordered

   Effect on approval

   Plan twice remitted to the CoC for the limited purpose of Section 30(2) compliance (orders dated 27.02.2026 and 07.05.2026), expressly "not for a de novo reconsideration"; no modifications were carried out to the Plan; after the addendum, affidavits and re-vote the Plan was approved with 96.71% voting share and both Form-H qualifications were held to stand satisfied.

1. Date

   2026-02-27

   What

   Tribunal directed the CoC "to make discussions and deliberations on certain non compliances and revert back to this Tribunal", relying on Essar Steel and Greater Noida Industrial Development Authority v. Prabhjit Singh Soni; remand expressly "circumscribed and limited in scope, confined solely to ensuring compliance with Section 30(2)" per Ebix Singapore. The SRA was also directed to provide additional details on source of funds (furnished vide note dated 07.04.2026).

2. Date

   2026-03-23

   What

   The 35th CoC meeting convened on 09.03.2026 but LICHFL sought time; the Tribunal directed the RP to hold another CoC meeting "since the plan relates to homebuyers and process has to be expedited" and to apprise the Tribunal by memo on or before 30.03.2026.

3. Date

   2026-05-07

   What

   Tribunal noted Form-H recorded certain non-compliances with Section 30(2) and that the SRA's curing affidavits/undertakings did not form part of the CoC-approved Plan; relying on M.K. Rajagopalan and Ebix Singapore, remitted the Plan to the CoC for the limited purpose of Section 30(2) compliance, directing the SRA to submit the Plan with annexures/addendum to the RP within 5 days, the RP to convene the CoC within 5 days, the CoC to deliberate and vote within 5 days, and the RP to file a revised Form-H.

4. Date

   2026-05-26

   What

   RP placed the addendum, affidavits and minutes of the 37th CoC meeting (held 18.05.2026); noting certain minor compliances remained, the Tribunal granted the SRA a day to file the compliance affidavit and directed the RP to forthwith convene the CoC and put the Plan to vote.

5. Date

   2026-06-02

   What

   RP filed minutes of the 38th CoC meeting (held 01.06.2026) reporting the Plan compliant save for the absence of a s.29A affidavit from strategic partner M/s. Centwin Homes Pvt. Ltd.; as no voting had yet taken place, the Tribunal directed the RP to place the Plan with documents, annexures and addendum for deliberation and voting and to convene the CoC on 10.06.2026.

Applications

1. Ia number

   IA(IBC)/1646(CHE)/2024

   Sections

   Section 49 read with Section 45

   Status

   dismissed

   Proceeds treatment

   Disposed of/dismissed by this Tribunal vide order dated 30.06.2026; also relied upon by the Liquidator of EAPIPL to assert competing claims over the 1.67 acres and held not to survive.

2. Ia number

   IA(IBC)/892(CHE)/2025

   Sections

   Section 66

   Respondents

   Suspended director of Amar Prakaash Developerss Private Limited (who is also the Resolution Applicant)

   Status

   disposed of by this Tribunal vide orders dated 30.06.2026

3. Ia number

   IA(IBC)/2209(CHE)/2025 (also printed as "IA No. 2209 of 2024" at para 5.1)

   Sections

   Section 66

   Respondents

   Suspended director of Amar Prakaash Developerss Private Limited (who is also the Resolution Applicant)

   Status

   disposed of by this Tribunal vide orders dated 30.06.2026

4. Ia number

   IA(IBC)/855(CHE)/2022

   Sections

   Section 43 (preferential transaction)

   Amount as printed

   Land admeasuring 1.67 acres purchased on 27.07.2015 for a consideration of Rs.4.97 Crores; Rs.2.61 Crores purportedly debited in the books of EAPIPL on 15.12.2020

   Status

   dismissed

   Proceeds treatment

   Dismissed vide order dated 30.06.2026 upon detailed consideration of the facts, documents and applicable provisions of law.

Transaction audit findings

Transaction Auditor M/s Rajvanshi & Associates engaged vide engagement letter dated 23.01.2024; Transaction Audit Report received on 17.08.2024. After determining the Preferential, Undervalued, Fraudulent and Extortionate (PUFE) transactions, the RP filed applications under Section 66 in IA(IBC)/2209(CHE)/2025 and IA(IBC)/892(CHE)/2025 and under Section 49 r/w Section 45 in IA(IBC)/1646(CHE)/2024. The SRA, by e-mail dated 09.04.2026, referred to Clause JJ of the approved Resolution Plan and the CoC's decisions to withdraw the avoidance/PUFE applications; the RP, having no authority to withdraw them, filed IA(IBC)/700(CHE)/2026, which was disposed of as the underlying applications had been independently decided.

Conditions imposed

1. Condition

   "The Resolution Plan with addendum is hereby Approved by this Adjudicating Authority, subject to the observations made in this order."

   Addressed to

   Resolution Applicant / all stakeholders

2. Condition

   "The Resolution Applicant shall remain bound by the said undertaking and shall discharge all CIRP Costs, whether presently ascertained or subsequently crystallised, in terms thereof" (written undertaking on CIRP Costs dated 27.05.2026, accepted and forming an integral part of the Order), and shall pay the RP's incentive fee at 1% under Regulation 34B as part of the CIRP cost, in priority.

   Addressed to

   Resolution Applicant (SRA)

3. Condition

   "In case of non-compliance with this order or withdrawal of the Resolution Plan by the Successful Resolution Applicant, the Monitoring Committee shall forfeit the Performance Security furnished by the Resolution Applicant in the form of Performance Bank Guarantees."

   Addressed to

   Monitoring Committee / Resolution Applicant

4. Condition

   "The Resolution Applicant is directed to make payment of the entire Resolution Plan amount within the time period stipulated under the Resolution Plan i.e. Within 10 Quarters (900 days), failing which the entire amount paid by the Resolution Applicant (including the Performance Guarantee) as on the said date would stand automatically forfeited, without any recourse to this Tribunal."

   Addressed to

   Resolution Applicant (SRA)

5. Condition

   Appointment of Shri. A. Bhaskar, Retired AE, CPWD as Independent Expert / Consultant ("Project Oversight Consultant") to monitor implementation from the date CMDA approval is obtained; to periodically review construction status, fund utilization, compliance with plan milestones and delivery of flats, and to submit quarterly status reports to the Tribunal with a copy to the IMC; fee Rs.1,00,000/- per month borne by the Resolution Applicant as part of implementation costs; to function independently of the Resolution Applicant and the IMC.

   Addressed to

   Resolution Applicant / Project Oversight Consultant

6. Condition

   "The Resolution Applicant, the reconstituted management of the Corporate Debtor, the Implementation and Monitoring Committee (IMC), and all other stakeholders shall extend full cooperation and provide unhindered access to all relevant records, project sites, financial information, and personnel" to the Project Oversight Consultant; any non-cooperation, obstruction, delay or denial of access to be reported forthwith to the Tribunal.

   Addressed to

   Resolution Applicant, reconstituted management, IMC and all stakeholders

7. Condition

   "The 1st Respondent / Resolution Professional is directed to reconcile" the position of Flat No. H-111 held by Mrs. Latha Devi Gani under registered Sale Deed dated 23.02.2015, recognised by TNRERA orders, which continued to be shown as unsold inventory of the Corporate Debtor.

   Addressed to

   Resolution Professional

Precedents cited

1. Case

   Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta & Ors., (2020) 8 SCC 531 (also cited as Civil Appeal No. 8766-67 of 2019)

   Proposition

   Commercial wisdom of the CoC is non-justiciable; limited judicial review within the four corners of Section 30(2); a non-compliant plan may be remitted to the CoC

2. Case

   Greater Noida Industrial Development Authority vs. Prabhjit Singh Soni & Anr., Civil Appeal Nos. 7590-7591 of 2023

   Proposition

   Where a Resolution Plan does not meet statutory requirements, the Adjudicating Authority is empowered to remit the plan back to the CoC for reconsideration

3. Case

   Ebix Singapore Pvt. Ltd. v. CoC of Educomp Solutions Limited & Ors., (2022) 1 SCC 586, para 157

   Proposition

   "The Adjudicating Authority can only direct the CoC to re-consider certain elements of the Resolution Plan to ensure compliance under Section 30(2) of the IBC, before exercising its powers of approval or rejection"

4. Case

   M.K. Rajagopalan v. Dr. Periasamy Palani Gounder, (2024) 1 SCC 42

   Proposition

   Relied on to remit the Plan to the CoC where curing affidavits/undertakings did not form part of the plan as approved by the CoC

5. Case

   Hari Babu Thota, 2023 SCC OnLine SC 1642

   Proposition

   Relied on for the principle that a financial investor is not a person acting jointly or in concert under Section 29A

6. Case

   ArcelorMittal India Pvt. Ltd. v. Satish Kumar Gupta & Ors., (2019) 2 SCC 1

   Proposition

   Meaning of "acting jointly or in concert" under Section 29A; mere provision of finance without control does not attract the bar

7. Case

   Eastern Book Company v. D.B. Modak, (2008) 1 SCC 1

   Proposition

   Cited by the SRA's counsel in support of the clarification that Centwin Homes is an investor and not a strategic partner acting in concert

8. Case

   K. Sashidhar v. Indian Overseas Bank, (2019) 12 SCC 150, paras 19, 55, 58 and 62

   Proposition

   Non-recording of reasons does not vitiate the CoC's collective decision; NCLT/NCLAT have limited jurisdiction and do not act as a court of equity

9. Case

   Jaypee Kensington Boulevard Apartments Welfare Association & Ors. v. NBCC (India) Ltd. & Ors., Civil Appeal No. 3395 of 2020, dated 24.03.2021, paras 76-78

   Proposition

   No scope for interference with commercial aspects of the CoC's decision or for substituting any commercial term; shortcomings result only in remitting the plan to the CoC

Judicial observations

1. "Since in the present case the Resolution Applicant is the suspended Director of the Corporate Debtor, the protection granted under Section 32A will not apply." (p.80)
2. "The embargo contained in Table 2 is thus confined only to incentives linked to timeliness and cannot by implication be extended to incentives linked to value maximisation." (p.24)
3. "The IRP before the plan approval has never objected to the same and now has filed the application at the fag end of approval of the resolution plan." (p.36)

Directives to third parties

Lenders (including Institutional Financial Creditors) of the Corporate Debtor to regularize all loan accounts and ensure asset classification is "standard" with effect from the NCLT Approval Date (relief 5, granted). TNRERA to expeditiously make appropriate changes in its records qua the Projects, the SRA to approach the concerned authority (relief 20). The concerned Registrar of Companies to expeditiously approve the DINs of the incoming directors (relief 23, granted). Local administration where the assets are situated to assist the Resolution Applicant with necessary approvals and waivers and for completing construction for Home Buyers (relief 22, granted). Relief 21 - that homebuyers' home-loan lenders waive past defaults and disburse sanctioned facilities - was Not Granted.

1. Case number

   IA(IBC)(Plan)/11/CHE/2025

   Outcome line

   IA(IBC)(Plan)/11/CHE/2025 is allowed

2. Case number

   Inv.P(IBC)/11(CHE)/2025

   Outcome line

   disposed of

3. Case number

   Inv.P(IBC)/5(CHE)/2026

   Outcome line

   disposed of

4. Case number

   Inv. P /(IBC)/6(CHE)/2026

   Outcome line

   disposed of

5. Case number

   IA(IBC)/1905(CHE)/2025

   Outcome line

   disposed of

6. Case number

   IA(IBC)/700(CHE)/2026

   Outcome line

   disposed of

7. Case number

   IA(IBC)/1985(CHE)/2025

   Outcome line

   IA(IBC)/1985(CHE)/2025 is dismissed

Companies named in the order

1. Amar Prakaash Developerss Private Limited

Order date

2026-06-30