AVANI PROJECTS AND INFRASTRUCTURE LIMITED

Total plan funding, as printed

Rs. 330.71 Crores

Upfront amount, as printed

Nil - 'Notwithstanding anything contained elsewhere in this Resolution Plan, no consideration is contemplated to be remitted to the Financial Creditors on the Transfer Date.' (p.63)

Deferred amount, as printed

All creditor payments are deferred to the Surplus determined within one (1) year from the Project Completion Date; Form-H payment schedule column reads 'From the Surplus Amount after Completion of the Project' for Secured FCs, other Unsecured FCs and Other Operational Creditors (pp.28-30)

Payout horizon as printed

CIRP Cost 'within 90 (ninety) days from the NCLT Approval Date'; Surplus determination 'Within one (1) year from the Project Completion Date'; implementation schedule shows 'Month 63 - Final Distribution - Distribute payments to Creditors per priority' (pp.54, 63, 71, 48)

Plan term as printed

Implementation schedule Days 1-30 (Initial Setup), Days 31-90 (Pre-Transfer Activities), Day 91 (Transfer Phase), Day 91-Month 9 (Assessment & Planning), Months 9-11 (Project Execution Setup), Months 12-40 (Foundation of Construction & Development), Months 41-54 (Project Delivery), Month 55-56 (Audit Initiation), Months 57-62 (Financial Closure), Month 63 (Final Distribution) (pp.45-48)

Cirp cost treatment

'The CIRP Cost shall be paid within 90 (ninety) days from the NCLT Approval Date, from the funds collected for the Project.' The Resolution Applicant 'shall be liable to pay only the PAP of the CIRP Cost' (Project Allocable Percentage = 48%), payable solely from funds collected for the Project, with no personal liability to fund CIRP Cost from other sources; only CIRP Cost incurred up to the Transfer Date counts towards the PAP share; any portion not discharged continues to subsist against the Corporate Debtor (pp.54-55, 49). The RP is to certify the final assessment of the CIRP Cost allocable to the Project after the NCLT Approval Date and prior to the Transfer Date (p.54). The Bench REFUSED the Plan's provision that any shortfall in Oversight Committee costs between the NCLT Approval Date and the Transfer Date be treated as CIRP Cost (pp.44-45, 116).

Performance security

Nil. Form-H: 'Since the resolution plan is filed by a homebuyer pursuant to the order of the Hon'ble Adjudicating Authority, no performance guarantee is required to be furnished by the SRA.' (p.34); Reg. 39(4) entry: 'Hence, there is no requirement of performance security.' (p.27). Requirement relaxed by the CoC at the 28th CoC meeting held on 20 March 2026 under the proviso to Regulation 36B(4A); 'The said resolution has been voted in favour by 73.09% of the voting share of the financial creditors.' (p.111)

Earnest money deposit

No figure printed. Bench records that 'the amounts deposited by the Resolution Applicant are liable to forfeiture in the nature of EMD in the event of non-implementation of the Plan' (p.112)

Units note

Two money tables in different units. The Collation of Claims table (pp.7-10, as on 19.01.2026, Version 11 of the IBBI website list) is printed in absolute Rupees. The Form-H stakeholder financial-proposal table (pp.28-31) is printed 'Amount(s) (In Crore.)'. Project economics (development cost 237.92, collections 330.71, surplus 92.79) are in crores. Regulatory fee base 1,73,45,13,086/- is in absolute Rupees.

Two money tables in different units. The Collation of Claims table (pp.7-10, as on 19.01.2026, Version 11 of the IBBI website list) is printed in absolute Rupees. The Form-H stakeholder financial-proposal table (pp.28-31) is printed 'Amount(s) (In Crore.)'. Project economics (development cost 237.92, collections 330.71, surplus 92.79) are in crores. Regulatory fee base 1,73,45,13,086/- is in absolute Rupees.

Body of order · 10 rows

Form H · 14 rows

1. Seq

   1

   Beneficiary

   CIRP Cost (Project Allocable Percentage share only, as finally certified by the Resolution Professional)

   Amount as printed

   the PAP of the CIRP Cost (PAP = 48%)

   Timing as printed

   within 90 (ninety) days from the NCLT Approval Date, from the funds collected for the Project

2. Seq

   2

   Beneficiary

   Dissenting Financial Creditors (assumed nil)

   Amount as printed

   an amount equal to the liquidation value attributable to the claim under section 53(1), limited to the Project Allocable Percentage of the total liquidation value

   Timing as printed

   exclusively from the Surplus generated from the Project, prior to any recovery by any Assenting Financial Creditors

3. Seq

   3

   Beneficiary

   Operational Creditors (excluding Related Parties) - 'OC Payment'

   Amount as printed

   1% percent (one per cent) of such Surplus remaining after payment of the allocable CIRP Cost and payments to dissenting financial creditors

   Timing as printed

   Within one (1) year from the Project Completion Date; disbursed in priority to any payments to Financial Creditors

4. Seq

   4

   Beneficiary

   Other Creditors (excluding Related Parties) - 'Other Creditor Payment'

   Amount as printed

   a pari passu share alongside the Operational Creditors out of the Surplus

   Timing as printed

   Within one (1) year from the Project Completion Date

5. Seq

   5

   Beneficiary

   Assenting Secured Financial Creditors (other than Related Party Financial Creditors) - 'FC Payment'

   Amount as printed

   60% (sixty per cent) of such Surplus

   Timing as printed

   Within one (1) year from the Project Completion Date, upon determination of the Surplus allocable from the Project

6. Seq

   6

   Beneficiary

   Assenting Unsecured Financial Creditors (other than Related Party Financial Creditors) - 'FC Payment'

   Amount as printed

   39% (Thirty Nine per cent) of such Surplus

   Timing as printed

   Within one (1) year from the Project Completion Date, upon determination of the Surplus allocable from the Project

7. Seq

   7

   Beneficiary

   Homebuyers of the Project 'Avani Grand' (Class of Creditors)

   Amount as printed

   delivery of units / service apartments as per their respective entitlement; 194.54 Crore, being 100% of the Principal amount of claims

   Timing as printed

   Units/Apartments will be allotted upon completion of the Project (Project Delivery Months 41-54)

8. Seq

   8

   Beneficiary

   Inflow payable BY Homebuyers to the Resolution Applicant - Homebuyers Units Balance Consideration, tranche (A)

   Amount as printed

   15% (fifteen per cent)

   Timing as printed

   within 60 days from the NCLT Approval Date

9. Seq

   9

   Beneficiary

   Inflow payable BY Homebuyers - tranche (B)

   Amount as printed

   35% (Thirty five per cent)

   Timing as printed

   within one year from the NCLT Approval Date; within 30 (thirty) days of issuance of demand letters

10. Seq

    10

    Beneficiary

    Inflow payable BY Homebuyers - tranche (C)

    Amount as printed

    20% (twenty per cent)

    Timing as printed

    in the second year; within 30 (thirty) days of issuance of demand letters

11. Seq

    11

    Beneficiary

    Inflow payable BY Homebuyers - tranche (D)

    Amount as printed

    20% (twenty per cent)

    Timing as printed

    in the third year; within 30 (thirty) days of issuance of demand letters

12. Seq

    12

    Beneficiary

    Inflow payable BY Homebuyers - tranche (E)

    Amount as printed

    10% (ten per cent)

    Timing as printed

    in the fourth year, or upon the date of handover of the service apartments, whichever is earlier; within 30 (thirty) days of issuance of demand letters

13. Seq

    13

    Beneficiary

    Adone Hotels and Hospitality Limited (profit share under the JDA)

    Amount as printed

    40% (forty per cent) of the anticipated surplus of 92.79 crores (approximately 37.12 crores)

    Timing as printed

    distributed as per the Joint Development Agreement on completion of the Project

14. Seq

    14

    Beneficiary

    Corporate Debtor (profit share under the JDA)

    Amount as printed

    60% (sixty per cent) of the anticipated surplus (approximately 55.67 crores)

    Timing as printed

    distributed as per the Joint Development Agreement on completion of the Project

15. Seq

    15

    Beneficiary

    Insolvency and Bankruptcy Board of India - regulatory fee under Regulation 31A(1)

    Amount as printed

    0.25% of the realisable value of Rs. 330.71 Crores (as directed by the Bench, p.115); the 28th CoC meeting had recorded the figure as 'Rs. 43,36,283/- (0.25% of 1,73,45,13,086/- i.e., the total principal amount admitted in respect of the Avani Grand project)' (p.113)

    Timing as printed

    to be paid in accordance with Regulation 31A(1)

Entity type

company

Related party finding

No related-party finding recorded against the SRA. The SRA is a homebuyer in the project 'Avani Grand'. RP confirmed all requirements under s.29A met; affidavit of eligibility filed by Ankit Kumar Joshi pursuant to board authorisation; the s.29A report by Supriyo Gole is at pages 264-284 of the interlocutory application (pp.21, 103). The plan's own distribution clauses repeatedly exclude 'Related Party Financial Creditors' from the Assenting/Dissenting FC payment pools (pp.63-67).

Sources of funds

Form-H, 'Source of funds (in brief)': 'Collection from Existing and New Homebuyers and interim Loan.' (p.34). Plan Cl. 6.3: total collection of 330.71 Crores 'will be realized through fulfilment of existing agreements with homebuyers and sale of remaining inventory at current market rates. Additional revenue streams include charges for additional area allocations and parking space.' (p.57). Interim additional funds may be raised as construction loan/financing from a 'New Lender', with liberty to the Corporate Debtor to create a first ranking charge (p.69).

Post plan management

Form-H: 'No capital restructuring or change in management of the CD is proposed under the Resolution Plan. The Resolution Plan is for the resolution of one specific real estate Project of the CD i.e. "AVANI GRAND" and provides for development, management for completion of the Project.' (p.35). Plan Cl. v(a): 'The Corporate Debtor shall continue as a separate legal entity, and the Resolution Applicant shall have no involvement in the management, employment decisions, or termination of employees of the Corporate Debtor.' (p.132). Development to be carried out by the SRA under an irrevocable Development Power of Attorney issued by the Corporate Debtor (pp.39, 132).

Statutory dues

Operational creditors (Government Dues): 0 claims, Rs 0 received and Rs 0 admitted (p.9). Conclusion IV: 'The approval of the Resolution Plan shall not be construed as waiver of any statutory obligations/ liabilities of the Corporate Debtor and shall be dealt with by the appropriate Authorities in accordance with law. Any waiver sought in the Resolution Plan, shall be subject to approval by the Authorities concerned' (p.184). Para 120(f) bars any authority from passing orders levying tax or demanding interest, fine or penalty for the period up to approval (p.181).

Operational creditors

Other Operational Creditors: claimed 11.47 Crore, admitted 11.47 Crore, realisable amount under the plan 0.56 Crore, being 4.86% of the amount claimed, payable 'From the Surplus Amount after Completion of the Project' (p.30). Plan Cl. 3.2.3: 1% percent (one per cent) of the Surplus remaining after payment of the allocable CIRP Cost and payments to dissenting financial creditors, disbursed in priority to any payments to Financial Creditors; Other Creditors receive a pari passu share (pp.71-72). Bench observation at para 36: 'the class of Other Operational Creditors, having aggregate admitted claims of approximately Rs 11.47 Crores, is proposed to receive an amount of only Rs 0.56 Crores under the Resolution Plan. The said payment is not proposed to be made upfront but is dependent upon the generation of surplus after completion of the Project.' (p.75), upheld on the authority of Balaji Minerals v. Essar Power M. P. Ltd.

Workmen employees

Operational creditors (Workmen) and Operational creditors (Employees): 0 claims, Rs 0 received and Rs 0 admitted (p.9); the Form-H stakeholder table shows no figures against Government, Workmen (PF dues / Other dues) or Employees (PF dues / Other dues) (p.30). Plan provides that employees of the Corporate Debtor shall not automatically be engaged for the Project and that separate commercial arrangements shall be executed with the RP if their services are required (p.132). The Plan sought quashing of all labour-department litigations for reinstatement and of pending gratuity claims relating to the Project (pp.149, 167); no employee count is printed.

Guarantors

Form-H: 'NA (no corporate guarantee given by the CD).' (p.34). On personal guarantees the Bench held, relying on Lalit Kumar Jain v. Union of India and Roshan Lal Mittal v. Rishabh Jain, that 'the sanction of a resolution plan and finality imparted to it by Section 31 does not per se operate as a discharge of the guarantor's liability' and concluded: 'if there are any personal guarantors of the corporate debtor, the personal guarantees shall be invoked and an appropriate action against them, in accordance with law, be taken.' (pp.176-177).

Homebuyers & allottees

Unsecured Financial Creditors (Class of Creditors for the Project 'Avani Grand'): claimed 194.61 Crore, admitted 194.54 Crore, realisable amount under the plan 194.54 Crore, 100%, with the note '#- As the homebuyers would be getting units/ apartments as per their respective entitlement in the Project "Avani Grand".' (pp.29-31). Form-H records '100% of the Principal amount of claims of homebuyers of the Project "Avani Grand", who are a Class of Creditors, are settled by providing units/ apartments in the Project under the Resolution Plan.' (p.33). Homebuyers whose claims have been admitted must pay the Homebuyers Units Balance Consideration in five tranches (15% within 60 days of the NCLT Approval Date; 35% within one year; 20% in the second year; 20% in the third year; 10% in the fourth year or on handover, whichever is earlier), with 'no escalation, price increase, additional charges, or any other enhancement of the original consideration' and amounts remaining fixed as per the original allotment letter/agreement (pp.69-70). Class of Creditors of other projects: claimed 80.10 Crore, admitted 79.82 Crore, nothing provided - 'Class of Creditors of other Projects are not considered' (p.30). Homebuyers hold 68.65% of the CoC voting share and voted in favour; the Project Allocable Percentage of 48% is derived from the Project homebuyers' proportionate voting share within the total CoC (pp.19, 49).

Litigation carveout

Para 40: 'Ordinarily, upon approval of a resolution plan, all cases pending in relation thereto are adjudicated, except PUFE applications, which may continue independently. However, in the present case, since the matter has been divided into three parts - two project-wise resolution plans and liquidation in respect of the remaining assets - only those IAs having a bearing on the present resolution plan shall be dealt with herein.' (p.81). Para 42: certain other pending IAs not reflected in Form H and having a bearing on the Resolution Plan have been considered separately, with orders pronounced separately on the same day (p.83). Para 122 restricts all effects to the 'Avani Grand' project (p.186).

Group entities

Para 120(k): reliefs, concessions or waivers 'shall be available to the Corporate Debtor only and such relief, concession or waiver shall not extend to its subsidiaries, joint-ventures or associates/affiliates, who have not been subjected to resolution in the present CIRP process of Corporate Debtor. However, it is clarified that no claim or action shall lie against this project in relation to any financial or any kind of obligation of subsidiaries, joint-ventures or associates/affiliates, whether past or arising in future.' (p.182). The PUFE application names Mega Mall Management Pvt. Ltd and Aster Buildtech Pvt. Ltd alongside the Directors of the Corporate Debtor (p.77).

Assets description

Project 'Avani Grand' - 'the project for construction of apartment blocks by the name Avani Grand situated at Premises no. 8, JBS Halden Avenue, Kolkata -700046 along with car parking and an access to the common road' (p.49). The land admeasures 5.59 acres, owned by the Kolkata Municipal Corporation and leased to DLF Hilton Hotels Limited (now Adone Hotels and Hospitality Limited) on August 10, 2007 for 99 years with an option of renewal for another 99 years. Under KMC Letter No. 86/1/PPP/10-11 dated 29.05.2010, 51% of the land is for the hotel project and 49% for apartment development, so approximately 2.74 acres stand earmarked for the apartment/service apartment component and approximately 2.85 acres for the hotel component (pp.50, 58-59, 117). The Project involves development of approximately 4 lakhs square feet of super built-up area with associated parking, against an earlier proposal to develop 8 lakhs sq. ft. (p.119). Site inspection recorded in the Plan: 'there is currently no visible construction on the land, not even perimeter demarcation.' (p.136). The Corporate Debtor and Adone jointly entered into agreements to sub-lease the service apartments and collected about Rs. 200 (Two Hundred) Crores (p.52).

Going concern status

Real estate developer (incorporated 11.04.2005, registered with the RoC Kolkata). The Plan is a project-wise resolution of a single project. 'in terms of Regulation 35A read with Regulation 39(2) of the CIRP Regulation, the Resolution Plan does not provide for liquidation or a complete resolution of the Corporate Debtor' (p.15); the CIRP of the remaining assets continues, with liquidation in respect of the remaining assets forming the third part of the divided process (p.81). The Corporate Debtor continues as a separate legal entity; the moratorium under s.14 ceases 'as regards Avani Grand project from this date' (p.184). The draft Information Memorandum 'could not be finalized due to non-availability of necessary information' (p.15).

Interim resolution professional

Ajay Kumar Agarwal

RP replaced the IRP

No

Invitations for expressions of interest

1. Round no

   1

   Form g date

   2020-02-24

   Eoi last date

   2021-08-27

   Expressions of interest received

   0

   Plans received

   0

   Outcome

   no plans - 'However, till the last date of the submission of EOI, i.e., 27.08.2021, no EOI were received by the Applicant.' (p.16). The resolution plan subsequently came from a homebuyer of the project pursuant to the Adjudicating Authority's Daily Order dated 09.12.2024 in I.A.(I.B.C)/1327(KB)2024, and not through a Form G round; the Bench records at p.109 that 'there was no RFRP approved earlier'.

   Eois received note

   no EOI were received

Applicants considered

1. Name

   Prominent Suppliers Private Limited (U51909WB2009PTC136788)

   Stage reached

   approved

   Plan value as printed

   Rs. 330.71 Crores (as approved at p.183); stated at p.28 as 'Total Resolution Plan Amount to the tune of Rs. 203.61 crores/-'

   Vote pct

   71.94%

   Outcome note

   A homebuyer in the project 'Avani Grand'; permitted to submit a Resolution Plan by Daily Order dated 09.12.2024 in I.A.(I.B.C)/1327(KB)2024. Plan dated 18.04.2025, submitted 18 April 2025, opened in the 19th CoC meeting on 19 May 2025, compliance certificate dated 23 June 2025, approved by the CoC at the 21st meeting convened 26.06.2025 with voting held 04.07.2025; LoI dated 07.07.2025 unconditionally accepted.

Bidding mechanism

single plan - no RFRP and no evaluation matrix; sole plan received from a homebuyer pursuant to the Adjudicating Authority's order dated 09.12.2024 (pp.23, 109)

Evaluation matrix present

No

Advisors

1. Role

   Registered Valuer Entity (Land and Building, Plant and Machinery, and Security or Financial Assets)

   Name

   Adroit Appraisers and Research Private Limited (RVE)

   Note

   Reg. No. IBBI/RV-E/01/20 20/121; fees 1,80,000/- (Rupees One Lakh Eighty Thousand only), excluding applicable taxes; Date of Appointment 10th May, 2025. Subsequently expressed unwillingness to continue; replaced (pp.11, 12)

2. Role

   Registered Valuer (Land and Building)

   Name

   Ms. Aparna Das

   Note

   Reg. No. IEBI/RV/02/2020/12928 (also printed as IBBI/RV/02/2020/12928 at p.13); fees Rs.75,000/- excluding applicable taxes and Conveyance Rs 3000/-; Date of Appointment 12th May, 2025. Submitted valuation report for 'Avani Grand' dated 21st June 2025 recording that fair market value or liquidation value 'cannot be determined accurately as on date of valuation' (pp.11, 13)

3. Role

   Registered Valuer (Plant and Machinery)

   Name

   Mr. Asim Maity

   Note

   Reg. No. IBBI/RV/04/2019/10999; fees Rs.50,000/- excluding applicable taxes and OPE; Date of Appointment 13th May, 2025 (p.11)

4. Role

   Registered Valuer (Financial and Security Assets)

   Name

   Mr. Pranab Kumar Chakrabarty

   Note

   Reg. No. IBBIRV-05/2019/10780; fees Rs.75,000/- including out of pocket expenses but excluding applicable taxes; Date of Appointment 14th May, 2025 (p.12)

5. Role

   Registered Valuer Entity (appointed in place of Adroit Appraisers and Research Private Limited)

   Name

   M/s. Valsight Advisors Private Limited

   Note

   RVE Reg No. IBBI/RV-E/01/2024/216; consolidated fees of Rs. 3,00,000/- including site visits and out-of-pocket expenses exclusive of applicable taxes, approved and ratified by the CoC at the 20th CoC meeting (Item No. A6). Submitted valuation report for 'Avani Grand' dated 21st June 2025 recording that Fair Value and Liquidation Value 'cannot be definitively determined as of the insolvency commencement date' (pp.12-15)

6. Role

   Legal / section 29A due diligence report

   Name

   Supriyo Gole

   Note

   Report on Section 29A attached at pages 264-284 of the interlocutory application (p.103); also appeared as Advocate for the RP (p.2)

7. Role

   Counsel for the Resolution Professional

   Name

   Mr. Rishav Banerjee, Adv.; Mr. Supriyo Gole, Adv.

   Note

   Appearances, p.2

8. Role

   Counsel for the SRA

   Name

   Mr. Joy Saha, Sr. Adv.; Mr. Ritoban Sarkar, Adv.; Mr. Ankur Singhi, Adv.; Ms. Riti Basu, Adv.; Ms. Piyali Pan, Adv.; Mr. Ayant Shaw, Adv

   Note

   Appearances, p.2

1. Creditor

   State Bank of India

   Creditor class

   financial_creditor

   Voting pct

   17.58%

   Vote

   abstained

2. Creditor

   Arumati Consultancy & Services Pvt. Ltd. (listed as 'Anumati Consultancy & Services Private Limited' in the CoC constitution table at p.6)

   Creditor class

   financial_creditor

   Voting pct

   2.62%

   Vote

   for

3. Creditor

   Home Buyer's (Class of Creditors)

   Creditor class

   financial_creditor - class of creditors (home buyers)

   Voting pct

   68.65%

   Vote

   for

4. Creditor

   Gopalika Savings & Investment Pvt. Ltd.

   Creditor class

   financial_creditor

   Voting pct

   3.10%

   Vote

   abstained

5. Creditor

   Target Mercantiles LLP

   Creditor class

   financial_creditor

   Voting pct

   3.07%

   Vote

   abstained

6. Creditor

   Divya Electronics Pvt. Ltd.

   Creditor class

   financial_creditor

   Voting pct

   0.23%

   Vote

   abstained

7. Creditor

   Rakesh Flour Mills Pvt. Ltd.

   Creditor class

   financial_creditor

   Voting pct

   0.60%

   Vote

   abstained

8. Creditor

   Devi Trading and Holding Pvt. Ltd.

   Creditor class

   financial_creditor

   Voting pct

   0.22%

   Vote

   abstained

9. Creditor

   Bhagwan Finance Corporation Pvt.Ltd.

   Creditor class

   financial_creditor

   Voting pct

   0.13%

   Vote

   abstained

10. Creditor

    Moonlight Tradelinks Pvt. Ltd.

    Creditor class

    financial_creditor

    Voting pct

    0.21%

    Vote

    for

11. Creditor

    Extreme Supplier Pvt. Ltd.

    Creditor class

    financial_creditor

    Voting pct

    0.25%

    Vote

    for

12. Creditor

    Kothari Development Services Pvt. Ltd.

    Creditor class

    financial_creditor

    Voting pct

    0.35%

    Vote

    abstained

13. Creditor

    Kanodia Vyapas Company Pvt. Ltd. (listed as 'Kanodia Vyapar Company Private Limited' at p.7)

    Creditor class

    financial_creditor

    Voting pct

    0.21%

    Vote

    for

14. Creditor

    Liberson Sales agency Ltd

    Creditor class

    financial_creditor

    Voting pct

    0.20%

    Vote

    abstained

15. Creditor

    Priya Vyapar Pvt. Ltd.

    Creditor class

    financial_creditor

    Voting pct

    0.46%

    Vote

    abstained

16. Creditor

    IrtoSoft Global Pvt. Ltd. (listed as 'InfoSoft Global Private Limited.' at p.7)

    Creditor class

    financial_creditor

    Voting pct

    1.69%

    Vote

    abstained

17. Creditor

    Lansdown Properties Limited

    Creditor class

    financial_creditor

    Voting pct

    0.43%

    Vote

    abstained

18. Creditor

    Total (printed row, p.19)

    Voting pct

    100.00%

    Vote

    for 71.94%; against nil; abstained 28.06%

Dissenting fc treatment

Plan Cl. 3.2.2(ii): 'It is assumed that there shall be no Dissenting Financial Creditors. In the event that there are any Dissenting Financial Creditors, each such Dissenting Financial Creditor shall, in accordance with Regulation 38(1) of the CIRP Regulations, be paid in cash an amount equal to the liquidation value attributable to such Dissenting Financial Creditor's claim as determined in accordance with section 53(1) of the Code, provided that such liquidation value shall be limited to the Project Allocable Percentage of the total liquidation value that would be payable to such Dissenting Financial Creditor in the event of a liquidation of the Corporate Debtor, as certified by the Resolution Professional.' Payment to be made exclusively from the Surplus generated from the Project, prior to any recovery by Assenting Financial Creditors; if the Surplus is insufficient the Resolution Applicant has 'no personal liability whatsoever to infuse additional funds'; any unpaid portion of the liquidation value continues to subsist as a liability of the Corporate Debtor (pp.65-66). No liquidation value was in fact determined by the registered valuers (pp.32-33, 105-108). On the voting table no creditor dissented; 28.06% abstained (p.19).

Section 30(2)(b) minimum stated

Yes

Business & treatment of stakeholders

No capital restructuring and no change in management of the Corporate Debtor is proposed. The Plan resolves a single real estate project; the Corporate Debtor continues as a separate legal entity and no shareholding is transferred to the SRA. Development rights are exercised by the SRA under an irrevocable Development Power of Attorney to be issued by the Corporate Debtor within Days 31-90, with existing powers of attorney revoked (pp.35, 39, 132).

Capital reduction

No

Effective date definition

Form-H, 'Effective date of resolution plan implementation': 'Within 30 (thirty) days of the NCLT Approval Date, the Oversight Committee will be constituted. Thereafter, the project implementation will start in terms of Cl. 4 (@pg. 50-58) of the Resolution Plan.' (p.45). The Transfer Date is to be determined and notified within Days 31-90 and is '90 days from NCLT Approval Date' (pp.39, 46); handover occurs on Day 91.

Monitoring committee

'Oversight Committee' - to be constituted within 30 (thirty) days of the NCLT Approval Date, comprising (a) Resolution Applicant; (b) 1 (one) representative from Homebuyers; (c) 1 (one) representative from the CoC; and (d) Resolution Professional. If the RP does not wish to serve or becomes ineligible, the Resolution Applicant may appoint any person qualified to be an interim resolution professional / qualified chartered accountant in his place; if no CoC representative is nominated the vacancy need not be filled. Apart from the RP or his substitute, no member is entitled to fees or reimbursement. Once constituted, the CoC and the RP cease to have oversight over the Project, and the Committee's authority is limited exclusively to matters concerning the Project. The Committee continues to exist until the distribution of Surplus to the creditors. Its costs are met solely from the Project's internal cash flows (pp.40-45).

Monitoring committee members

1. Name

   Prominent Suppliers Private Limited

   Role

   Resolution Applicant

2. Name

   not named in the order

   Role

   1 (one) representative from Homebuyers

3. Name

   not named in the order

   Role

   1 (one) representative from the CoC

4. Name

   Ajay Kumar Agarwal (Resolution Professional), or a substitute qualified to be an interim resolution professional / qualified chartered accountant appointed by the Resolution Applicant

   Role

   Resolution Professional

1. Seq

   1

   Relief

   Waiver and Discharge of Pre-Transfer Date Liabilities - all Liabilities, obligations, claims, demands, penalties and actions, whether present or future, contingent or crystallized, known or unknown, disclosed or undisclosed, arising prior to the Transfer Date and relating to the Project, to stand permanently waived, extinguished and written off in full

   Category

   other

   Disposition

   granted

   Reason

   Conclusion II: 'All crystallized liabilities and unclaimed liabilities of the Corporate Debtor relating to this project as on the date of this order shall stand extinguished on the approval of this Resolution Plan.' (p.183-184), granted in terms of Ghanashyam Mishra (p.172)

2. Seq

   2

   Relief

   Claims Not Filed or Accepted - any claim relating to the Project not filed with the Resolution Professional, or filed but not accepted, to stand permanently extinguished and unenforceable against the Resolution Applicant or the Project

   Category

   other

   Disposition

   granted

   Reason

   'Concerning the waivers with regard to the extinguishment of claims which arose prior to the initiation of the CIR Process and which have not been claimed are granted in terms of the law laid down by the Hon'ble Apex Court in Ghanashyam Mishra' (p.172); para 114 (p.175)

3. Seq

   3

   Relief

   Exemption from Project Related Prior Liabilities - no liability for fines, penalties, interest or other amounts arising from non-compliance, breaches or defaults committed by the Corporate Debtor prior to the Transfer Date, including past dues or demands by Kolkata Municipal Corporation or any other authority arising from the lease for the land of the Project

   Category

   statutory_dues

   Disposition

   conditional

   Reason

   Para 120(f): 'No orders levying any tax, demand of interest/fine or penalty from the Corporate Applicant in relation to period up to approval of the Resolution Plan shall be passed by any authority and such demand, if created, shall not be enforceable as having extinguished in terms of approved Resolution Plan.' (p.181); subject to Conclusion IV - approval is not a waiver of statutory obligations/liabilities, and any waiver sought is subject to approval by the Authorities concerned (p.184)

4. Seq

   4

   Relief

   Non-Payability of Interest and Penal Charges for any period prior to the Transfer Date to any party including Financial Creditors, Homebuyers, Operational Creditors, Other Creditors, vendors, service providers or government authorities

   Category

   other

   Disposition

   granted

   Reason

   Para 120(f) (p.181); Plan Cl. 3.2.2(i)(c) records that no interest, default interest or penal charges accrue between the NCLT Approval Date and the actual payment date (p.64-65)

5. Seq

   5

   Relief

   Continuation of Other Liabilities Against the Corporate Debtor - liabilities not extinguished continue to exist and remain enforceable against the Corporate Debtor but shall not impact the Project or be enforceable against the Resolution Applicant

   Category

   other

   Disposition

   granted

   Reason

   Consistent with para 122 restricting all effects to the 'Avani Grand' project (p.186) and the Form-H note '##- Any portion of the Admitted Liabilities not discharged under this Resolution Plan shall continue to subsist and remain payable in accordance with applicable law.' (p.32)

6. Seq

   6

   Relief

   Abatement of Project-Affecting Proceedings - any litigation, arbitration, regulatory action or legal proceeding, pending or threatened, that adversely affects the Project to be deemed withdrawn, dismissed or abated with effect from the Transfer Date

   Category

   litigation_immunity

   Disposition

   32A_only

   Reason

   Para 118: 'For the reliefs and waivers sought for all inquiries, litigations, investigations, and proceedings shall be granted strictly as per section 32A of the IBC, 2016 and the provisions of the law as may be applicable.' (p.177)

7. Seq

   7

   Relief

   Financial Immunity - Resolution Applicant not required to make any payments in respect of existing litigations or proceedings related to the Project for any period prior to the Transfer Date

   Category

   litigation_immunity

   Disposition

   32A_only

   Reason

   Para 118 (p.177); para 120(j) - immunity, privileges and protection as available in the form and manner stated in Section 32A (p.182)

8. Seq

   8

   Relief

   Prevention of Future Claims - no new legal proceedings, claims, demands or regulatory actions to be initiated against the Project or the Resolution Applicant in relation to any period prior to the Transfer Date

   Category

   litigation_immunity

   Disposition

   granted

   Reason

   Para 114: 'all such claims, that are not a part of the resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan' (p.175); Conclusion VI (p.185)

9. Seq

   9

   Relief

   Continuation of Non-Project-Affecting Proceedings against the Corporate Debtor, with no claims, penalties or liabilities from such proceedings enforceable against the Resolution Applicant or the Project

   Category

   litigation_immunity

   Disposition

   granted

   Reason

   Paras 40-42: only IAs having a bearing on the present resolution plan are dealt with; the remainder may continue (pp.81-83)

10. Seq

    10

    Relief

    Exclusive Control and Possession - exclusive possession, control and unfettered rights over all Project related Assets, including land, buildings (completed or under construction), building materials, infrastructure, approvals, registrations, licenses and all other movable and immovable assets

    Category

    other

    Disposition

    granted

    Reason

    Conclusion X: the RP is directed to hand over all records, premises/factories/documents to the Resolution Applicant with regard to Avani Grand (p.185)

11. Seq

    11

    Relief

    Protection from Encumbrances and Unauthorized Claims - all existing encumbrances, liens, security interests, mortgages or third-party claims affecting Project related Assets, to the extent they relate to extinguished pre-Transfer Date Liabilities, to stand permanently released and discharged from the Transfer Date; unauthorised encroachment or occupation deemed illegal and subject to immediate removal

    Category

    other

    Disposition

    conditional

    Reason

    Para 120(e): 'The Financial Creditors shall release all the charges on all assets of the Corporate Debtor assigned to this project (wherever registered) after the receipt of entire resolution amount.' (p.181)

12. Seq

    12

    Relief

    Creation of New Security Interests for Project Completion - full authority to create fresh security interests, mortgages or charges over Project related Assets to raise funds for completion, without approval or consent of existing creditors, with existing charges subordinated

    Category

    other

    Disposition

    declined

    Reason

    Not specifically dealt with in paras 120(a)-(l); deemed denied or rejected under para 120(l) (p.182-183). The Plan itself contemplates liberty to create a first ranking charge in favour of a New Lender (p.69)

13. Seq

    13

    Relief

    Non-Extension of Existing Security Interests - existing security interests over the Corporate Debtor not to extend to fresh assets, funds or improvements made after the Transfer Date, nor restrict development, construction, marketing, sale or transfer of units

    Category

    other

    Disposition

    declined

    Reason

    Not specifically dealt with in paras 120(a)-(l); deemed denied or rejected under para 120(l) (p.182-183)

14. Seq

    14

    Relief

    Governmental Charges and Registration Costs - Resolution Applicant not liable for any registration charges, stamp duties, penalties or other levies applicable to the transfer of the Assets of the Project, such costs to be borne solely by the relevant authorities or stakeholders

    Category

    stamp_duty

    Disposition

    deferred_to_authority

    Reason

    Para 120(c): 'The SRA may approach prescribed authorities for waiver/reduction in fees, charges, stamp duty, and registration fees, if any arising from actions contemplated under the Resolution Plan and such request shall be subject to the relevant law/statute and adherence to the procedure prescribed thereunder.' (p.179)

15. Seq

    15

    Relief

    Exclusive Authority Over Project Execution - Corporate Debtor to issue an irrevocable Power of Attorney in favour of the Resolution Applicant granting full authority to execute all transactions related to the Project, including construction, sale, leasing and allocation of units

    Category

    other

    Disposition

    granted

    Reason

    Forms part of the implementation schedule approved by the Bench (pp.39, 45-46); para 106(iv) records that no separate Power of Attorney from Adone is required and such powers are deemed conferred by virtue of the approval order (p.168)

16. Seq

    16

    Relief

    Collection and Utilization of Funds - sole right to collect and utilize balance consideration from existing Homebuyers, consideration from sale of unsold units, proceeds from parking spaces and miscellaneous receipts related to the Project

    Category

    other

    Disposition

    granted

    Reason

    Integral to the approved financial plan and implementation schedule (pp.57, 132); dedicated Project bank account to be opened in Days 31-90 (p.46)

17. Seq

    17

    Relief

    Corporate Debtor to Continue as an Independent Entity - Resolution Applicant to have no involvement in the management, employment decisions or termination of employees of the Corporate Debtor; employees not automatically engaged for the Project

    Category

    other

    Disposition

    granted

    Reason

    Consistent with para 122 restricting the plan's effect to the 'Avani Grand' project (p.186) and Form-H 'No capital restructuring or change in management of the CD is proposed' (p.35)

18. Seq

    18

    Relief

    Limited Continuity of Contracts - unless a contract exclusively pertains to the Project, the Resolution Applicant assumes no obligation for its continuity; contracts unrelated to the Project continue with the Corporate Debtor

    Category

    contracts

    Disposition

    conditional

    Reason

    Para 111: 'The reliefs sought for subsisting contracts/agreements can be granted, and no blanket orders can be granted in the absence of the parties to the contracts and agreements.' (p.172)

19. Seq

    19

    Relief

    Development rights under the JDA to be declared valid and to continue in favour of the Corporate Debtor or its successor entity, without affecting the obligation to share 40% of the profit with Adone; no further effect to be given to the notice dated August 7, 2018 purporting to terminate the JDA

    Category

    contracts

    Disposition

    conditional

    Reason

    Para 81: 'The issues raised in the said I.A., particularly with regard to the subsistence of the lease, the rights flowing from the Joint Development Agreement and the inclusion of the subject land within the ambit of the CIRP, have already been dealt with in detail by this Bench in the separate order and therefore do not require further reiteration herein.' (p.119) - dealt with in the separate order in I.A.(IBC) No. 203/KB/2025 pronounced the same day

20. Seq

    20

    Relief

    Resolution Applicant to be entitled, by virtue of the Development PoA and the Plan, to exercise all rights, powers and authorities previously vested in the Corporate Debtor under the JDA for developing and constructing the Project

    Category

    contracts

    Disposition

    granted

    Reason

    Para 106(iv) (p.168); implementation schedule at pp.39, 46 approved

21. Seq

    21

    Relief

    Original lease of the Project land to continue to remain valid and binding with the Corporate Debtor continuing to enjoy all rights as lessee; the notice dated October 10, 2015 issued by the Kolkata Municipal Corporation purporting to terminate the lease to have no effect upon approval of the Plan

    Category

    contracts

    Disposition

    conditional

    Reason

    Para 79: the KMC permission vide Letter No. 86/1/PPP/10-11 dated 29.05.2010 'clearly demonstrates that the competent municipal authority had approved a mixed-use development' and the Plan 'cannot be said to be inconsistent with the permissions governing the leased premises' (p.117-118); subsistence of the lease dealt with in the separate order in I.A.(IBC) No. 203/KB/2025 (p.119)

22. Seq

    22

    Relief

    Severability - liberty to the Oversight Committee to apply to the Adjudicating Authority for modification of any provision found unenforceable or invalid, without rendering the whole Plan ineffective

    Category

    other

    Disposition

    granted

    Reason

    Conclusion VIII: 'Liberty is hereby granted for moving any application, if required, in connection with the successful implementation of this Resolution Plan.' (p.185)

23. Seq

    23

    Relief

    Variation to the Resolution Plan - liberty to the Resolution Applicant to modify, alter, amend or change the Plan for effective implementation, and to move the Adjudicating Authority for variations removing difficulties without any further decision or vote of the CoC

    Category

    other

    Disposition

    declined

    Reason

    Para 89: 'the terms of an approved Resolution Plan cannot be unilaterally modified, varied, or altered subsequently except in accordance with law and in exceptional circumstances recognized by judicial precedents' (p.124); not specifically dealt with in paras 120(a)-(l) and therefore deemed denied under para 120(l) (p.182-183)

24. Seq

    24

    Relief

    Limitation of Liability - Resolution Applicant not required to bear any Liability other than those agreed to be paid under the Plan, whether owed to any Government Authority, local authority, Tax authority, statutory authority or third party, and whether crystallised or uncrystallised

    Category

    statutory_dues

    Disposition

    conditional

    Reason

    Para 120(f) grants immunity from tax, interest, fine or penalty for the period up to approval (p.181); Conclusion IV holds that approval 'shall not be construed as waiver of any statutory obligations/ liabilities of the Corporate Debtor and shall be dealt with by the appropriate Authorities in accordance with law' (p.184)

25. Seq

    25

    Relief

    Adverse Actions - permanent restraint and prohibition from the NCLT Approval Date on all Adverse Actions that affect, impede or interfere with the Project, hinder implementation, prejudice the Resolution Applicant's rights, or encumber the assets, approvals, permits or entitlements necessary for completion; insolvency or liquidation proceedings against the Corporate Debtor may proceed independently only to the extent they do not affect the Project

    Category

    litigation_immunity

    Disposition

    conditional

    Reason

    Para 122: all reliefs, concessions, exemptions, approvals, waivers, assets, records, documents, rights and entitlements 'shall be restricted exclusively to the Avani Grand project and shall operate only in respect thereof' (p.186); litigation reliefs granted strictly as per s.32A (p.177)

26. Seq

    26

    Relief

    Handover of Assets (para 92, items i-x) - release and extinguishment of all Encumbrances over Project-related assets, property and bank accounts on the NCLT Approval Date; delivery of possession by any Person including a Creditor or Government Authority; lifting of all attachments and execution processes; vesting of all rights in land and flats without approval, consent or transfer fees; immediate vacation of unauthorised possession/encroachments; transfer of Intangible Assets and a royalty-free licence for third-party Intellectual Property; liberty to seek directions against promoters, erstwhile employees, directors and the provisional official liquidator; automatic extinguishment of orders relating to the Project for the pre-CIRP period; availability of unclaimed, unadmitted, cancelled and unsold flats; and cancellation of third-party title claims at NIL consideration

    Category

    other

    Disposition

    conditional

    Reason

    Granted only to the extent covered by paras 120(e) (release of charges after receipt of the entire resolution amount) and Conclusion X (handover of records, premises/factories/documents) (pp.181, 185); anything not specifically dealt with in paras 120(a)-(l) is deemed denied under para 120(l) (p.182-183)

27. Seq

    27

    Relief

    Development of the Project (para 93, items i-v) - all applications for permissions, conversions, regularizations or transfer under land laws to be decided in favour of and regularized for the benefit of the Resolution Applicant by the competent authorities including Kolkata Municipal Corporation, without imposition of fees, charges, fines and penalties; permission to modify the existing master plan and building/layout plans; continued availability of business permits; no liability for the defect liability period or for past acts of the Corporate Debtor; waiver of pre-Transfer Date defaults under the JDA

    Category

    licences_approvals

    Disposition

    deferred_to_authority

    Reason

    Para 108: reliefs 'that pertain to other governmental authorities/departments may be dealt with by the respective competent authorities/forums/offices, Government or Semi-Government of the State or Central Government' (p.169); para 120(d) permits the SRA to file appropriate applications for renewal of Business Permits, clarifying that 'continuance of approvals shall not be refused on account of extinguishment of any dues under Code' (p.180)

28. Seq

    28

    Relief

    Homebuyers (para 94) - no claim by homebuyers or the society or its members against the Resolution Applicant for refund, interest, damages or otherwise; deemed approval of the homebuyers on the NCLT Approval Date for revision of the construction timeline, renewal and transfer of consents, survival of agreements, approvals from Governmental Authorities including WBRERA, and non-liability for compensation, claim, penalty or interest for past delay or deviation in specification

    Category

    other

    Disposition

    conditional

    Reason

    The homebuyers of the Project voted in favour with 68.65% of the voting share and are to receive units/apartments as 100% of the principal amount of their claims (pp.19, 33); anything not specifically dealt with in paras 120(a)-(l) is deemed denied under para 120(l) (p.182-183)

29. Seq

    29

    Relief

    Release of Security Deposit provided by the Corporate Debtor (para 95) - approval to be treated as a specific order for waiver/release of security deposits provided by the Corporate Debtor in relation to the Project to government authorities, corporates, private persons and government departments (Income Tax, Customs, Excise, Service Tax, Pollution Board, etc.)

    Category

    statutory_dues

    Disposition

    deferred_to_authority

    Reason

    Para 108 - reliefs pertaining to other governmental authorities/departments to be dealt with by the respective competent authorities (p.169); Conclusion IV (p.184)

30. Seq

    30

    Relief

    Effect on past liabilities (para 96, items i-vii) - full waiver of contingent and unconfirmed dues with indemnity against past litigations; quashing on the Transfer Date of all labour-department litigations/proceedings by employees/workmen for reinstatement or otherwise; no liability for untraceable records; immunity from proceedings, show cause notices and attachments for acts of the erstwhile management; permanent extinguishment of claims of other unpaid creditors, shareholders and stakeholders at NIL Liquidation Value; continuation of the Corporate Debtor's own claims against third parties with proceeds accruing to the Resolution Applicant; and directions for early disposal of litigations filed by the Corporate Debtor or the Resolution Applicant

    Category

    litigation_immunity

    Disposition

    32A_only

    Reason

    Para 118 - reliefs for all inquiries, litigations, investigations and proceedings granted strictly as per s.32A (p.177); para 119 - past liabilities including criminal liability stand effaced while 'the old management shall be liable to face all the offences committed prior to the commencement of the CIR Process' (p.177)

31. Seq

    31

    Relief

    Consents and Approval (para 97, items i-v) - continuation of all consents, licences, approvals, clearances, rights, entitlements, benefits and privileges; one year from the NCLT Approval Date to comply with statutory obligations for lapsed or expired approvals without adverse implications; approval of the Plan not to be a ground for termination; all Government Authorities to allow at least one year after the Transfer Date, not to initiate investigations for non-compliance, to co-operate at no additional cost, to permit continued development pending permits, and to levy no charges, penalty or interest; adjustment of sanction fees already paid; and consents/NOCs/sanctions for construction to be provided within three months from application

    Category

    licences_approvals

    Disposition

    conditional

    Reason

    Para 88: 'the Resolution Applicant is directed to do so within one year from the date of this order, as prescribed under section 31(4) of the I&B Code' (p.123); para 120(d) - the SRA may file appropriate applications for renewal, 'No action shall lie against the Corporate Applicant for any non-compliances arising prior to the date of approval of Resolution Plan, however, such non-compliances shall be cured, if necessitated to keep the approval in force' (p.180); para 109 requires necessary applications with filing fees to the concerned authorities (p.170)

32. Seq

    32

    Relief

    Contracts and Agreements (para 98, items i-vi) - all contracts, agreements, purchase orders, work orders and arrangements relating to the Project to continue notwithstanding lapse, non-compliance, breach or expiry; counterparties directed to waive all objections/liabilities arising from the initiation of CIRP and not to exercise termination rights; no termination payments or liquidated damages on termination by the Resolution Applicant; waiver of restrictions, prohibitions, consent or intimation requirements; and approval to be deemed a direction to statutory/governmental/regulatory authorities to grant approvals expeditiously

    Category

    contracts

    Disposition

    conditional

    Reason

    Para 111: 'The reliefs sought for subsisting contracts/agreements can be granted, and no blanket orders can be granted in the absence of the parties to the contracts and agreements.' (p.172); para 120(d) - 'The contract with third parties shall be subject to consent of such parties.' (p.180)

33. Seq

    33

    Relief

    Related Parties (para 99, items i-iii) - deemed termination and extinguishment on the Transfer Date of all employment or consultancy contracts and benefits extended to the Promoters and Related Parties; continuation at the Resolution Applicant's discretion of Related Party service contracts for at least one year from the Transfer Date without termination payments; and immediate vacation, release and transfer on an as-is-where-is basis of Project assets in the possession of the Promoters, Related Parties or any other Person

    Category

    other

    Disposition

    declined

    Reason

    Not specifically dealt with in paras 120(a)-(l); deemed denied or rejected under para 120(l) (p.182-183). Para 120(k) confines any relief, concession or waiver to the Corporate Debtor alone and expressly excludes its subsidiaries, joint-ventures and associates/affiliates (p.182)

34. Seq

    34

    Relief

    Utilities (para 100) - continuation of all electricity, water and other utilities in relation to the existing units, reconnection without any reconnection charge or fresh security deposit, and new connections to be made available by the construction authorities irrespective of past defaults or non-compliances

    Category

    licences_approvals

    Disposition

    deferred_to_authority

    Reason

    Para 108 - reliefs pertaining to other governmental authorities/departments may be dealt with by the respective competent authorities (p.169)

35. Seq

    35

    Relief

    Inquiries and Investigations (para 101, items i-ii) - all inquiries, investigations and proceedings, whether civil or criminal, including by the Central Bureau of Investigation, the Enforcement Directorate, the Serious Fraud Investigation Office, Consumer Forum or any other regulatory or enforcement agency, for any period prior to the Transfer Date to stand unequivocally abated, withdrawn or dismissed in perpetuity, and all new proceedings relating to the pre-acquisition period to be barred

    Category

    32A

    Disposition

    32A_only

    Reason

    Para 118: 'shall be granted strictly as per section 32A of the IBC, 2016 and the provisions of the law as may be applicable' (p.177). Para 119 records, relying on Ajay Kumar Radheyshyam Goenka, that 'such inquiries, investigations and proceedings shall survive against the past promoters or key managerial personnel of the Corporate Debtor' and that 'the old management shall be liable to face all the offences committed prior to the commencement of the CIR Process' (pp.160, 177-179)

36. Seq

    36

    Relief

    Prior non-compliances, breaches and defaults (para 102) - all non-compliances, breaches and defaults of the Corporate Debtor relating to the Project prior to the Transfer Date, including non-obtaining of registration of the Project under RERA, to be deemed waived by the concerned Governmental Authority, with deemed immunity from proceedings and penalties under all Applicable Laws and no interest or penal implications

    Category

    statutory_dues

    Disposition

    conditional

    Reason

    Para 120(h): 'An application for compounding/condoning shall be filed in accordance with the procedure specified in respective law or concerned authority, however, no fine or penalty shall be imposed for non-compliances till the date of approval of this Plan or such further period as is permitted in terms of this Order.' (p.181); Conclusion IV (p.184)

37. Seq

    37

    Relief

    Taxation (para 103, items i-ix) - non-applicability of the section 281 Income Tax Act NOC requirement; deemed waivers under section 16 of the GST Act, 2017 and Rule 37 of the CGST Rules, 2017; waiver or reduction to 0.001% of TDS on transfer of immovable property; exemption from all taxes, levies, duties, stamp duties, fees, transfer charges, transfer premiums and surcharges arising from implementation; directions to CBDT, Customs, VAT, CST, GST and entry tax authorities to exempt income/gain/profits and waive tax liabilities up to the NCLT Approval Date; future tax benefits, deductions and exemptions; availment of unused input credit or refund with one year to complete pending procedures; continuation of all tax benefits, incentives, rebates, tax holidays and concessions; and a bar on any tax authority initiating or continuing proceedings

    Category

    tax

    Disposition

    deferred_to_authority

    Reason

    Para 120(b): 'The Income Tax Department shall be at liberty to examine the tax implications arising from the proposals contained in the plan, in terms of Section 2(24), Section 28 and Section 56 of the Income Tax Act, 1961 read with GAAR provisions thereunder.' (p.179); para 120(g): 'The carry forward of losses and unabsorbed depreciation shall be available in accordance with the provisions of Income Tax Act, and the Income Tax Department shall be at liberty to examine the same.' (p.181); para 108 (p.169). Para 120(f) protects against orders levying tax, interest, fine or penalty for the period up to approval (p.181)

38. Seq

    38

    Relief

    Waiver of Transaction Fees and Stamp Duty (para 104, items i-iv) - exemption by the Collector of Stamps, the Revenue Department of the concerned State Government and the Ministry of Corporate Affairs from stamp duty and fees applicable to the Plan and to the transfer of development rights; waiver by state revenue/stamp authorities of penalties for non-registration and inadequate or absent stamping of documents executed by the Corporate Debtor before the NCLT Approval Date; and directions to all relevant Governmental Authorities to grant relief from fees, charges, transfer charges, duty, assignment charges, stamp duty and registration fees, including for the creation of a special purpose vehicle under Section 4.5 of the Plan

    Category

    stamp_duty

    Disposition

    deferred_to_authority

    Reason

    Para 120(c): 'The SRA may approach prescribed authorities for waiver/reduction in fees, charges, stamp duty, and registration fees, if any arising from actions contemplated under the Resolution Plan and such request shall be subject to the relevant law/statute and adherence to the procedure prescribed thereunder.' (p.179)

39. Seq

    39

    Relief

    Treatment of Workmen/Employee Dues (para 105) - all pending claims for gratuity pending before the authority in relation to the Project to stand quashed

    Category

    statutory_dues

    Disposition

    declined

    Reason

    Not specifically dealt with in paras 120(a)-(l); deemed denied or rejected under para 120(l) (p.182-183). Conclusion IV: approval 'shall not be construed as waiver of any statutory obligations/ liabilities of the Corporate Debtor' (p.184). Form-H records nil claims received and admitted from Operational creditors (Workmen) and (Employees) (p.9)

40. Seq

    40

    Relief

    Miscellaneous (para 106, items i-iv) - assets/properties recorded in the books for which title deeds or documents are untraceable to be deemed Assets of the Resolution Applicant with certified copies or photocopies treated as valid originals; right to recover all actionable claims including loans and advances whether provided, not provided or written off; deemed declaration of a restraint on and prohibition of all Adverse Actions until full implementation; and no separate Power of Attorney required from Adone concerning the rights of the lessee or the registration of any sub-lease, such powers being deemed conferred by the approval order

    Category

    other

    Disposition

    conditional

    Reason

    The sub-lease/PoA item flows from the Bench's holding on the validity of the lease and the JDA, dealt with in the separate order in I.A.(IBC) No. 203/KB/2025 (p.119); the remaining items are not specifically dealt with in paras 120(a)-(l) and are deemed denied under para 120(l) (p.182-183)

41. Seq

    41

    Relief

    Right to recover any amount from the existing debtors of the Corporate Debtor (para 107) - all rights to recover from the debtors of the Corporate Debtor any amount due in the books of account in relation to the Project as on the CIRP Commencement Date, including from Related Parties, with no set-off

    Category

    other

    Disposition

    declined

    Reason

    Not specifically dealt with in paras 120(a)-(l); deemed denied or rejected under para 120(l) (p.182-183)

42. Seq

    42

    Relief

    Blanket prayer that all reliefs, waivers and concessions sought be deemed granted unless expressly refused or specifically denied by the Adjudicating Authority

    Category

    other

    Disposition

    declined

    Reason

    'However, such a blanket prayer cannot be acceded to. Reliefs, waivers, and concessions cannot be granted in a deemed or omnibus manner and must be considered and granted, if at all, only upon specific examination and in accordance with law.' (p.124)

43. Seq

    43

    Relief

    Treatment of Oversight Committee costs incurred from the NCLT Approval Date till the Transfer Date as CIRP Costs in case of shortfall

    Category

    other

    Disposition

    declined

    Reason

    'This Adjudicating Authority is unable to accept such an approach. The expression "CIRP Costs" is specifically defined under Section 5(13) of the Insolvency and Bankruptcy Code, 2016 and further elaborated under the CIRP Regulations. The statutory definition is exhaustive and cannot be enlarged by the Resolution Plan to include expenses that do not otherwise fall within the ambit of CIRP Costs as recognized under the Code and the Regulations.' (p.116)

44. Seq

    44

    Relief

    Exemption from the regulatory fee under Regulation 31A(1) of the CIRP Regulations, relying on the Explanation to Regulation 31A

    Category

    statutory_dues

    Disposition

    declined

    Reason

    'In the present case the Resolution Plan has not been submitted by an association or group of allottees of the project. Consequently, the benefit of the exemption contemplated under the Explanation to Regulation 31A is unavailable. This Adjudicating Authority is therefore of the considered view that the regulatory fee payable under Regulation 31A cannot be waived and is required to be paid in accordance with law.' The SRA is directed to pay the fee computed at 0.25% of the realisable value of Rs. 330.71 Crores (pp.114-115)

45. Seq

    45

    Relief

    Relaxation of the requirement to furnish Performance Security under Regulation 36B(4A)

    Category

    other

    Disposition

    granted

    Reason

    'We further note that the Resolution Applicant in the present case is itself a homebuyer of the project and has already invested substantial amounts in the project... In such circumstances, we are of the considered opinion that relaxation of the said condition is justified and valid, particularly when the objective of the Resolution Plan is completion of the project and protection of the interests of similarly situated homebuyers.' (pp.111-112). Relaxed by the CoC at the 28th CoC meeting on 20 March 2026 with 73.09% of the voting share in favour (p.111)

46. Seq

    46

    Relief

    Waivers in relation to guarantors of the Corporate Debtor

    Category

    guarantees

    Disposition

    declined

    Reason

    Relying on Lalit Kumar Jain v. Union of India and Roshan Lal Mittal v. Rishabh Jain: 'Hence, we would infer that if there are any personal guarantors of the corporate debtor, the personal guarantees shall be invoked and an appropriate action against them, in accordance with law, be taken.' (pp.176-177). Form-H records 'NA (no corporate guarantee given by the CD).' (p.34)

47. Seq

    47

    Relief

    Immunity, privileges and protection under Section 32A of the Insolvency and Bankruptcy Code, 2016 for the Resolution Applicant, the Corporate Debtor and the assets forming part of the Resolution Plan

    Category

    32A

    Disposition

    granted

    Reason

    Para 120(j): 'The Resolution Applicant, the Corporate Debtor and the assets of the Corporate Debtor forming part of Resolution plan shall have immunity, privileges and protection as is available in the form and manner stated in Section 32A of the Insolvency and Bankruptcy Code, 2016.' (p.182)

48. Seq

    48

    Relief

    Increase in authorized capital

    Category

    other

    Disposition

    conditional

    Reason

    Para 120(a): 'Any increase in the authorized capital shall be subject to payment of prescribed fee, if any applicable, and filing of prescribed forms with the Registrar of Companies.' (p.179)

49. Seq

    49

    Relief

    Upgradation of the Corporate Debtor's account with Banks/Financial Institutions under the CIBIL Mechanism and release of charges

    Category

    other

    Disposition

    granted

    Reason

    Para 120(e): 'The secured and unsecured Financial Creditors shall upgrade the Account of the Corporate Debtor with Banks/Financial Institutions under the CIBIL Mechanism to "Standard Category" from NPA on the Completion Date, to the extent CIBIL Mechanism system allows. The Financial Creditors shall release all the charges on all assets of the Corporate Debtor assigned to this project (wherever registered) after the receipt of entire resolution amount.' (pp.180-181)

50. Seq

    50

    Relief

    Carry forward of losses and unabsorbed depreciation

    Category

    tax

    Disposition

    deferred_to_authority

    Reason

    Para 120(g): 'The carry forward of losses and unabsorbed depreciation shall be available in accordance with the provisions of Income Tax Act, and the Income Tax Department shall be at liberty to examine the same.' (p.181)

51. Seq

    51

    Relief

    Extension of reliefs, concessions or waivers to subsidiaries, joint-ventures or associates/affiliates of the Corporate Debtor

    Category

    other

    Disposition

    declined

    Reason

    Para 120(k): 'The relief, concession or waiver contemplated in the approved Resolution Plan under any of its section shall be available to the Corporate Debtor only and such relief, concession or waiver shall not extend to its subsidiaries, joint-ventures or associates/affiliates, who have not been subjected to resolution in the present CIRP process of Corporate Debtor. However, it is clarified that no claim or action shall lie against this project in relation to any financial or any kind of obligation of subsidiaries, joint-ventures or associates/affiliates, whether past or arising in future.' (p.182)

52. Seq

    52

    Relief

    Time to comply with statutory obligations or to seek approvals from authorities

    Category

    licences_approvals

    Disposition

    granted

    Reason

    Para 88: 'the Resolution Applicant is directed to do so within one year from the date of this order, as prescribed under section 31(4) of the I&B Code.' (p.123). Para 120(i): 'The Compliances under the applicable law for all the statutory appointments by the Corporate Applicant shall be completed within 12 months, where after, the necessary consequence under respective law may follow.' (pp.181-182)

53. Seq

    53

    Relief

    (all reliefs, en bloc)

    Category

    other

    Disposition

    deferred_to_authority

    Reason

    'It is evident that some of the reliefs, waivers and concessions sought by the Resolution Applicant come within the ambit of the I&B Code and the Companies Act 2013, while many others fall under the power and jurisdiction of different government authorities/departments. This Adjudicating Authority has the power to grant reliefs, waivers and concessions only concerning the reliefs, waivers and concessions that are directly with the I&B Code and the Companies Act (within the powers of the NCLT). The reliefs, waivers and concessions that pertain to other governmental authorities/departments may be dealt with by the respective competent authorities/forums/offices, Government or Semi-Government of the State or Central Government concerning the respective reliefs, waivers and concession, whenever sought for.' (p.169). Read with para 120(l): 'It is clarified that any relief, concession or waiver, not specifically dealt with in Paras (a) to (m) above, or not permissible in terms of decision in case of Ghanshyam Mishra (supra) and Abhilash Lal (Supra) or specific provisions of the Code read with the Regulations, shall be deemed to be denied or rejected.' (pp.182-183)

1. Objector

   Adone Hotels and Hospitality Limited

   Objector class

   other

   Ground

   Application under section 60(5) for recall of the order dated 9th December 2024 passed in IA(IBC) No. 1327/KB/2024; claiming the Corporate Debtor has ceased to have any right, title or interest in respect of the 3.70 Acre Land (Avani Grand Project) at 8 JBS Haldane Avenue, Kolkata from the date of termination of the JDA, i.e. August 7, 2018; seeking exclusion of the land from the CIRP, rejection of any resolution plan concerning the said land or development rights, injunctions restraining implementation, protection of its alleged ownership rights and disclosure/inspection of the Information Memorandum, CoC minutes and progress reports

   Ia number

   I.A.(IBC) No. 203/KB/2025 (Form-H filing no. 190813404582025, filed 03/02/2025; RP reply filed 26/02/2025)

   Disposition

   referred

   Effect on approval

   'The sixth case, Adone v. Ajay Kumar, I.A. (I.B.C.) No. 203/2025, has also been pronounced today by a separate order along with this plan.' (p.82). Para 81: the issues regarding subsistence of the lease, rights under the JDA and inclusion of the subject land within the CIRP 'have already been dealt with in detail by this Bench in the separate order' (p.119). Plan approved.

2. Objector

   Raj Sekhar Roy

   Objector class

   other

   Ground

   Seeking to set aside the decision of the CoC communicated on 02/07/2024 rejecting an amount of Rs 70,85,483/- as CIRP Costs; and for immediate steps for eviction of premises No. 5B and 5C at 59A Chowringhee Road, Kol-20 alleged to be illegally occupied, with rent of Rs 1,50,000/- until peaceful possession is given

   Ia number

   I.A. (I.B.C.) No. 1847/2024 (Form-H filing no. 1908134/31339/2024, filed 01/08/2024)

   Disposition

   referred

   Effect on approval

   'The ninth case, I.A. (I.B.C.) No. 1847/2024, filed by Raj Sekhar Roy against the Corporate Debtor regarding non-consideration of claim towards lease and licence fees, may continue.' (p.82). No effect on approval.

3. Objector

   Suman Sahagal (also printed 'Suman Sehgal')

   Objector class

   other

   Ground

   Recall of the Order dated 10/04/2024 passed in IA 1952/2023 and liberty to file a reply affidavit; RP reply filed on 06/12/2024

   Ia number

   I.A. (I.B.C.) No. 2114/2024 (Form-H filing no. 1908134/03971/2024, filed 30/09/2024)

   Disposition

   referred

   Effect on approval

   'The seventh case, Suman Sehgal v. Raj Sekhar Roy, I.A. (I.B.C.) No. 2114/2024, seeking recall of an earlier order, may continue post approval of the present project plan.' (p.82). No effect on approval.

4. Objector

   Authum Investments & Infrastructure Limited

   Objector class

   financial_creditor

   Ground

   Application under section 60(5) seeking condonation of delay to accept the claim of the applicant

   Ia number

   I.A. (I.B.C.) No. 510/2025 (Form-H filing no. 1908134009752025, filed 14/03/2025)

   Disposition

   infructuous

   Effect on approval

   'The fifth case, Authum Investment v. Ajay Kumar, I.A. (I.B.C.) No. 510/2025, was disposed of on 13 January 2026 and petition is dismissed as withdrawn.' (p.82). No effect on approval.

5. Objector

   Avani Aspire Home Buyers (Home Buyers of the Avani Aspire Project)

   Objector class

   homebuyer

   Ground

   Prayer for a further 4 weeks of extension of the resolution plan

   Ia number

   I.A. (I.B.C.) No. 920/2025 (Form-H filing no. 19081340202 23/05/2025 12025, filed 23/05/2025)

   Disposition

   infructuous

   Effect on approval

   'The tenth case, I.A. (I.B.C.) No. 920/2025, filed by the homebuyers of the Avani Aspire Project against Ajay Kumar, already stands disposed of by order dated 23 June 2025.' (p.83). No effect on approval.

6. Objector

   The Bench (Adjudicating Authority)

   Objector class

   bench_itself

   Ground

   Blanket prayer that all reliefs, waivers and concessions sought be deemed granted unless expressly refused - refused as impermissible: reliefs 'cannot be granted in a deemed or omnibus manner'

   Disposition

   dismissed

   Effect on approval

   Reliefs examined individually at paras 108-120; residual reliefs deemed denied under para 120(l). Plan approved 'subject to the compliance of our observations as above' (pp.124, 182-183).

7. Objector

   The Bench (Adjudicating Authority)

   Objector class

   bench_itself

   Ground

   Plan provision treating any shortfall in Oversight Committee costs between the NCLT Approval Date and the Transfer Date as CIRP Costs - the statutory definition in s.5(13) is exhaustive and cannot be enlarged by the Resolution Plan

   Disposition

   dismissed

   Effect on approval

   Plan approved subject to this observation (p.116).

8. Objector

   The Bench (Adjudicating Authority)

   Objector class

   bench_itself

   Ground

   Claim of exemption from the regulatory fee under the Explanation to Regulation 31A of the CIRP Regulations - exemption applies only where the plan is submitted by an association or group of allottees, which the SRA is not

   Disposition

   dismissed

   Effect on approval

   SRA directed to pay the regulatory fee computed at 0.25% of the realisable value of Rs. 330.71 Crores (pp.114-115). Plan approved subject to this direction.

9. Objector

   The Bench (Adjudicating Authority)

   Objector class

   bench_itself

   Ground

   Query by Daily Order dated 20th February 2026 on how, in the absence of a definitive valuation by the registered valuers, the CoC had considered maximisation of value of assets while evaluating the Resolution Plan

   Disposition

   clarification_ordered

   Effect on approval

   Addressed at the 28th CoC meeting held on 20 March 2026 (Item B); the Bench held that the inability of the valuers to arrive at a definitive valuation 'cannot be construed as a deficiency in the valuation exercise' and that Regulations 27 and 35 stood duly complied with (pp.105-108). Plan approved.

10. Objector

    The Bench (Adjudicating Authority)

    Objector class

    bench_itself

    Ground

    Clarification sought by Daily Order dated 17th March 2026 regarding the Performance Security Deposit, with a direction to the RP to convene a CoC meeting and put the relaxation of performance security to vote

    Disposition

    clarification_ordered

    Effect on approval

    Relaxation voted upon at the 28th CoC meeting on 20 March 2026 and approved by 73.09% of the voting share; the Bench held the relaxation 'justified and valid' (pp.108-112). Plan approved.

1. Date

   2026-02-20

   What

   Daily Order: the Bench raised a specific query upon the Resolution Professional to explain how, in the absence of a definitive valuation by the registered valuers, the Committee of Creditors had considered the aspect of maximization of value of assets while evaluating the Resolution Plan (pp.105-106)

2. Date

   2026-02-23

   What

   Supplementary affidavit affirmed and e-filed by the Resolution Professional, comprising the details of the RP's compliance report, the last updated list of creditors, the updated Form-H and the reason why the performance guarantee was not called for from the Successful Resolution Applicant; also placing on record the Compliance Certificate given to the CoC (pp.21, 104, 108-109)

3. Date

   2026-03-02

   What

   27th CoC meeting, Item No. A6 - discussion on the Performance Guarantee for Resolution Plans; the Bench records at p.110 that 'in 27th CoC meeting no voting has been done on the aforesaid discussion' (pp.109-110)

4. Date

   2026-03-17

   What

   Daily Order: the Bench directed the RP to invite a CoC meeting and to put the relaxation of performance security to voting, and recorded that a supplementary affidavit clarifying payment of the regulatory fee would be filed (pp.108-109, 112)

5. Date

   2026-03-19

   What

   Affidavit provided by the SRA, placed before the 28th CoC meeting along with the meeting minutes and voting results (p.106)

6. Date

   2026-03-20

   What

   28th CoC meeting held as per the Bench's directions: Item No. A5 - relaxation of Performance Security for the Avani Grand plan, voted in favour by 73.09% of the voting share; Item B - maximisation of the value of the assets in the absence of valuation by the registered valuers, CoC of the opinion that the plan is feasible and viable; Item No. A6 - regulatory fee of Rs. 43,36,283/- (0.25% of 1,73,45,13,086/-) to be paid by the SRA (pp.106, 110-113)

7. Date

   2026-03-27

   What

   Affidavit of the Applicant recording that the SRA was given an opportunity to place an affidavit before the CoC through the RP addressing that the plan is unconditional and that the SRA is willing to comply with the provisions of payment of the regulatory fee; the SRA affirming 'the resolution plan is an unconditional plan' and that it 'will implement the resolution plan irrespective of the fact that the reliefs and concessions are granted by the Hon'ble Adjudicating Authority or not' (pp.113, 123)

Applications

1. Ia number

   IA(IBC)/591(KB)/2025 (Form-H filing no. 1908134/01191/2025, filed 29/03/2025)

   Sections

   Stated at p.48 as 'under Section 43, 45, 50 and 66 of the I&B Code'; the Form-H pending-applications table at p.77 states 'PUFE Application Sections 45, 49 and 66 of the Insolvency and Bankruptcy Code, 2016'

   Respondents

   Anirudh Daga, Director of M/S Avani Projects & Infrastructure Ltd; against Directors of CD, Mega Mall Management Pvt. Ltd and Aster Buildtech Pvt. Ltd

   Amount as printed

   Rs.119.36 Crore

   Status

   pending

   Proceeds treatment

   'As the Plan is for resolution of a specific project only by facilitating the completion of that Project, this Resolution Plan does not provide for the complete resolution of the Corporate Debtor as a whole and hence, does not deal with the specific aspects of resolving the Corporate Debtor. Hence, the resolution plan does not provide any treatment for transactions under Sections 43, 45, 49, 50, 66, 68, 70, 71, 72, 73, 74 of the Code.' (p.48; also p.15). Para 41: 'The second case, I.A. (I.B.C.) No. 591/2025, is a PUFE application and may continue independently.' (p.81)

Conditions imposed

1. Condition

   Payment of the regulatory fee prescribed under Regulation 31A(1) of the CIRP Regulations, computed at the rate of 0.25% of the realisable value of Rs. 330.71 Crores (p.115)

   Addressed to

   Successful Resolution Applicant

2. Condition

   Costs incurred by the Oversight Committee post approval of the Resolution Plan cannot automatically be characterized as CIRP Costs merely by virtue of a provision contained in the Plan (p.116)

   Addressed to

   Resolution Applicant / Oversight Committee

3. Condition

   Statutory obligations and approvals from authorities to be complied with / sought within one year from the date of this order, as prescribed under section 31(4) of the I&B Code (p.123)

   Addressed to

   Resolution Applicant

4. Condition

   Any increase in the authorized capital shall be subject to payment of prescribed fee, if any applicable, and filing of prescribed forms with the Registrar of Companies (p.179)

   Addressed to

   Successful Resolution Applicant

5. Condition

   Compliances under the applicable law for all statutory appointments shall be completed within 12 months, where after the necessary consequence under respective law may follow (pp.181-182)

   Addressed to

   Corporate Applicant / Successful Resolution Applicant

6. Condition

   An application for compounding/condoning shall be filed in accordance with the procedure specified in the respective law or concerned authority (p.181)

   Addressed to

   Successful Resolution Applicant

7. Condition

   The Memorandum of Association and Articles of Association to the extent of this project shall be amended and filed with the Registrar of Companies, West Bengal, Kolkata for information and record with regard to Avani Grand; all necessary approvals to be obtained within such period as may be prescribed (p.184)

   Addressed to

   Resolution Applicant

8. Condition

   The Resolution Professional shall submit the records collected during the commencement of the proceedings to the Insolvency & Bankruptcy Board of India and also return them to the Resolution Applicant or New Promoters (p.185)

   Addressed to

   Resolution Professional

9. Condition

   The Resolution Professional shall hand over all records, premises/factories/documents relating to Avani Grand to the Resolution Applicant, who shall have access to all such records through the Resolution Professional (p.185)

   Addressed to

   Resolution Professional

10. Condition

    A copy of the Order to be submitted to the Registrar of Companies to whom the company is registered (p.185)

    Addressed to

    Resolution Professional

11. Condition

    All reliefs, concessions, exemptions, approvals, waivers, assets, records, documents, rights and entitlements envisaged in the Plan shall be restricted exclusively to the 'Avani Grand' project and shall operate only in respect thereof (p.186)

    Addressed to

    all stakeholders

12. Condition

    Approval is expressly made 'subject to the compliance of our observations as above' (p.183) and 'subject to our observations as below' (p.76)

    Addressed to

    Successful Resolution Applicant / Resolution Professional

Approval conditional on external order

No

External order ref

I.A.(IBC) No. 203/KB/2025 (Adone Hotels and Hospitality Limited v. Ajay Kumar Agarwal) - seeking exclusion of 3.70 acres at 08, JBS Haldane Avenue from the CIRP and recall of the order dated 09.12.2024; 'pronounced today by a separate order along with this plan' (p.82). Para 81 records that the subsistence of the lease, the rights flowing from the JDA and the inclusion of the subject land within the CIRP 'have already been dealt with in detail by this Bench in the separate order' (p.119). Para 42 records that other pending IAs having a bearing on the Plan are being pronounced separately the same day (p.83).

Appellate history

No NCLAT or Supreme Court history of this case is recorded. A winding-up petition CP 1 of 2016 is pending before the Hon'ble High Court at Calcutta, with an admission of winding up order dated December 12, 2017 (p.52). In AJAY KUMAR AGARWAL, acting as the Interim Resolution Professional v. The Official Liquidator, High Court, Calcutta, CA 92 of 2019, judgment dated 12/12/2019, the High Court held it possessed jurisdiction to hear the winding-up petition but that it 'should not be proceeded with till NCLT comes to the conclusion as to whether the resolution plan in respect of the said company is either approved or rejected' (pp.121-122). An application seeking initiation of the liquidation process was filed on 25.09.2020 and subsequently withdrawn on 09.12.2024 (p.5).

Precedents cited

1. Case

   Parameswaran Nair, Resolution Professional, Samson and Sons Builders and Developers Private Limited, IA (IBC) (Plan) 04/KOB/2024 in CP (IBC) No. 05/KOB/2021 (NCLT Kochi Bench)

   Proposition

   A project-wise plan may be approved even where full liquidation value is not provided to dissenting financial creditors; 'this plan is the only feasible and viable solution to the resolution of the project otherwise the end of this will be liquidation, which will hinder high detriment to the homebuyer class' (pp.73-74, 96-97)

2. Case

   Flat Buyers Association Winter Hills - 77, Gurgaon v. Umang Realtech Pvt. Ltd. through IRP & Ors., Company Appeal (AT) (Insolvency) No. 926 of 2019 (NCLAT)

   Proposition

   CIRP against a real estate company is limited to a project as per the approved plan by the Competent Authority and not other projects; a secured creditor cannot be provided the flat/apartment by preference over the allottees (pp.83-86)

3. Case

   Asset Reconstruction Company (India) Ltd. v. M/S Dagcon (India) Pvt. Ltd. & Anr., (2020) ibclaw.in 125 SC

   Proposition

   Appeal against Umang Realtech dismissed on 11.08.2020 with 'no ground to interfere with the impugned orders'; the order attained finality (p.86)

4. Case

   Bikram Chatterjee and Ors. v. UOI & Ors. (Supreme Court)

   Proposition

   A corporate debtor cannot be pushed into liquidation without transferring assets to homebuyers (pp.74, 97)

5. Case

   Balaji Minerals and Ors. v. Essar Power M. P. Ltd. and Ors., (2024) ibclaw.in 284 NCLAT

   Proposition

   The commercial wisdom of the CoC is unjusticiable; where the liquidation value of operational creditors is NIL, a plan providing nil or minimal amounts is not in violation of Section 30(2)(b) (pp.75-76)

6. Case

   SCSL Buildwell Pvt. Ltd. v. M/s Pal Infrastructure & Developers Pvt. Ltd., IA No. 130/2024 in CP (IB) No. 755/PB/2018

   Proposition

   Segregation of one real estate project from the rest of the projects of the corporate debtor for a separate resolution process is permissible (pp.86-90)

7. Case

   Indiabulls Asset Reconstruction Company Limited v. Ram Kishore Arora and Ors., AIR 2023 SC 2273

   Proposition

   The Supreme Court authenticated the concept of 'Project-wise Resolution Plan'; if CIRP is initiated against the entire entity the resolution of the corporate debtor may be stalled (pp.86-87)

8. Case

   Samson and Sons Builders and Developers Private Limited, IA (IBC) 243/KOB/2025 in CP (IBC) No. 05/KOB/2021 (NCLT Kochi Bench)

   Proposition

   Upon approval of the resolution plans of some projects, the homebuyers of those projects cease to have an interest in the corporate debtor and in the CoC; restoration of the earlier CoC cannot be allowed (pp.90-96)

9. Case

   Amit Jain (Suspended Director of Mahagun (India) Pvt. Ltd.) v. IDBI Trusteeship Services Ltd. & Anr., 2025 SCC Online NCLAT 1753

   Proposition

   Homebuyers occupy a distinct position and were recognised as financial creditors to protect genuine homebuyers and secure completion of projects; the IBC 'is not a recovery mechanism or a bargaining chip for individual disputes' but a collective mechanism to revive viable projects and safeguard the fundamental right to shelter (pp.98-99)

10. Case

    Lotus City Plot Buyers Welfare Association v. Three C Homes Pvt. Ltd & Ors., (2021) ibclaw.in 307 NCLAT

    Proposition

    In real estate projects a resolution plan may not always provide a higher value than liquidation value; reconciliation is required as to the actual realisable value the homebuyers are getting (p.99)

11. Case

    Embassy Property Developments Pvt. Ltd. v. State of Karnataka, MANU/SC/1661/2019: (2020) 13 SCC 308

    Proposition

    Where the corporate debtor has to exercise a right that falls outside the purview of the IBC, especially in the realm of public law, it cannot, through the resolution professional, take a bypass and go before the NCLT for enforcement of such a right (pp.170-172)

12. Case

    Ghanashyam Mishra and Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited, MANU/SC/0273/2021: (2021) 9 SCC 657: [2021] 13 SCR 737 (Civil Appeal No. 8129 of 2019, dated 13.04.2021)

    Proposition

    Once a resolution plan is approved under s.31(1) the claims provided in the plan stand frozen and bind all stakeholders; all claims not part of the plan stand extinguished, including statutory dues owed to the Central Government, any State Government or any local authority; the successful resolution applicant starts on a fresh slate (pp.172-175, 184)

13. Case

    Committee of Creditors of Essar Steel India Limited through Authorised Signatory (Standard Chartered Bank v. Satish Kumar Gupta)

    Proposition

    A successful resolution applicant cannot suddenly be faced with 'undecided' claims after the plan has been accepted - 'a hydra head popping up'; all claims must be submitted to and decided by the resolution professional (pp.174-175)

14. Case

    Lalit Kumar Jain v. Union of India, MANU/SC/0352/2021: (2021) 9 SCC 321: (2021) ibclaw.in 61 SC

    Proposition

    The sanction of a resolution plan and the finality imparted to it by Section 31 does not per se operate as a discharge of the guarantor's liability; the nature and extent of liability depends on the terms of the guarantee itself (p.176)

15. Case

    Roshan Lal Mittal v. Rishabh Jain, (2023) ibclaw.in 803 NCLAT

    Proposition

    'The Resolution Plan does not absolve the personal guarantors from their guarantee... by approval of resolution plan the guarantees are not ipso facto discharged.' (p.176)

16. Case

    Ajay Kumar Radheyshyam Goenka v. Tourism Finance Corporation of India Ltd., MANU/SC/0244/2023: (2023) 10 SCC 545

    Proposition

    Section 32A extinguishes the criminal liability of the corporate debtor where control passes to a new management different from the old management, while prosecution continues against designated partners, officers in default and persons in charge; where the old management takes over (MSME under s.240A), the corporate debtor is not safeguarded (pp.177-179)

17. Case

    AJAY KUMAR AGARWAL, acting as the Interim Resolution Professional v. The Official Liquidator, High Court, Calcutta, CA 92 of 2019, judgment dated 12/12/2019 (High Court of Calcutta)

    Proposition

    The High Court retains jurisdiction over the winding up petition CP 1 of 2016 but it shall not be proceeded with till the NCLT concludes whether the resolution plan is approved or rejected; the Official Liquidator appointed as Provisional Liquidator shall render all assistance to the IRP (pp.121-122)

18. Case

    Abhilash Lal (cited by name in para 120(l))

    Proposition

    Relied on, together with Ghanshyam Mishra, as the outer limit of permissible reliefs: any relief, concession or waiver not permissible in terms of those decisions or the specific provisions of the Code read with the Regulations shall be deemed denied or rejected (pp.182-183)

Judicial observations

1. However, such a blanket prayer cannot be acceded to. Reliefs, waivers, and concessions cannot be granted in a deemed or omnibus manner and must be considered and granted, if at all, only upon specific examination and in accordance with law. (p.124)
2. This Adjudicating Authority is unable to accept such an approach. The expression "CIRP Costs" is specifically defined under Section 5(13) of the Insolvency and Bankruptcy Code, 2016 and further elaborated under the CIRP Regulations. The statutory definition is exhaustive and cannot be enlarged by the Resolution Plan to include expenses that do not otherwise fall within the ambit of CIRP Costs as recognized under the Code and the Regulations. (p.116)
3. In view of these peculiar circumstances, the inability of the valuers to arrive at a definitive valuation cannot be construed as a deficiency in the valuation exercise but is a consequence of the nature of the assets and rights available with the Corporate Debtor in relation to the project. (p.107)

Directives to third parties

Para 120(e): 'The secured and unsecured Financial Creditors shall upgrade the Account of the Corporate Debtor with Banks/Financial Institutions under the CIBIL Mechanism to "Standard Category" from NPA on the Completion Date, to the extent CIBIL Mechanism system allows. The Financial Creditors shall release all the charges on all assets of the Corporate Debtor assigned to this project (wherever registered) after the receipt of entire resolution amount.' (pp.180-181). Para 120(b) and (g): the Income Tax Department is at liberty to examine the tax implications arising from the plan under ss.2(24), 28 and 56 read with GAAR, and to examine the carry forward of losses and unabsorbed depreciation (pp.179, 181). Para 120(f): 'No orders levying any tax, demand of interest/fine or penalty from the Corporate Applicant in relation to period up to approval of the Resolution Plan shall be passed by any authority and such demand, if created, shall not be enforceable as having extinguished in terms of approved Resolution Plan.' (p.181). Para 109: regulatory or statutory authorities shall consider applications for renewal of business permits and supply of essential services 'keeping in mind the objectives of the Code' (p.170). Para 108: competent authorities including appellate authorities 'may consider granting such reliefs, waivers and concessions keeping in view the spirit of the I&B Code, 2016 and the Companies Act, 2013' (p.169). Pending non-cooperation applications against Reliance Capital Limited and the Kolkata Municipal Corporation, in which the Bench's order dated 05/03/2025 had directed both to supply information/documents, are permitted to continue and be adjudicated on their own merits (pp.78-79, 81-82).

1. Case number

   I.A. (IB) (Plan) No. 23/KB/2025 in C.P (IB) No. 378/KB/2018

   Outcome line

   'In terms of the view above, the interlocutory application being I.A. (IB) (Plan) No. 23/KB/2025 is approved in terms of the above and shall stand disposed of accordingly.' (p.186)

2. Case number

   I.A. (I.B.C.) No. 437/2025 (Ajay Kumar Agarwal v. Yogesh Gupta, Resolution Professional of Anupriya Management Private Limited; Form-H filing no. 1908134/00879/2025, filed 05/03/2025)

   Outcome line

   'the first case, Ajay Kumar v. Yogesh Gupta, I.A. (I.B.C.) No. 437/2025, already stands disposed of by order dated 23 June 2025.' (p.81)

3. Case number

   I.A. (I.B.C.) No. 591/2025 (PUFE application; Form-H filing no. 1908134/01191/2025, filed 29/03/2025)

   Outcome line

   'The second case, I.A. (I.B.C.) No. 591/2025, is a PUFE application and may continue independently.' (p.81)

4. Case number

   I.A.(IBC) 599/2025 (Ajay Kumar Agarwal v. The Official Liquidator & Ors.; Form-H filing no. 1908134/01150/2025, filed 27/03/2025)

   Outcome line

   'The third case, I.A.(IBC) 599/2025, Ajay Kumar v. The Official Liquidator & Ors., concerning non-cooperation, may be kept pending since other parts of the resolution process are still pending.' (pp.81-82)

5. Case number

   IA(I.B.C)/1708/KB/2024 (Ajay Kumar Agarwal v. Reliance Capital Limited, non-cooperation u/s 19(2); Form-H filing no. 1908134/03224/2024, filed 07/08/2024)

   Outcome line

   'The fourth case, filed by Ajay Kumar against Reliance Capital, IA(I.B.C)/1708/KB/2024 for non-cooperation, may also continue.' (p.82)

6. Case number

   I.A. (I.B.C.) No. 510/2025 (Authum Investments & Infrastructure Limited v. Ajay Kumar Agarwal; Form-H filing no. 1908134009752025, filed 14/03/2025)

   Outcome line

   'The fifth case, Authum Investment v. Ajay Kumar, I.A. (I.B.C.) No. 510/2025, was disposed of on 13 January 2026 and petition is dismissed as withdrawn.' (p.82)

7. Case number

   I.A. (I.B.C.) No. 203/2025 / I.A.(IBC) No. 203/KB/2025 (Adone Hotels and Hospitality Limited v. Ajay Kumar Agarwal; Form-H filing no. 190813404582025, filed 03/02/2025)

   Outcome line

   'The sixth case, Adone v. Ajay Kumar, I.A. (I.B.C.) No. 203/2025, has also been pronounced today by a separate order along with this plan.' (p.82)

8. Case number

   I.A. (I.B.C.) No. 2114/2024 (Suman Sahagal / Suman Sehgal v. Raj Sekhar Roy; Form-H filing no. 1908134/03971/2024, filed 30/09/2024)

   Outcome line

   'The seventh case, Suman Sehgal v. Raj Sekhar Roy, I.A. (I.B.C.) No. 2114/2024, seeking recall of an earlier order, may continue post approval of the present project plan.' (p.82)

9. Case number

   I.A. (I.B.C.) No. 1728/2024 (Ajay Kumar Agarwal v. Kolkata Municipal Corporation, non-cooperation u/s 19(2); Form-H filing no. 1908134/03214/2024, filed 06/08/2024)

   Outcome line

   'The eighth case, being I.A. (I.B.C.) No. 1728/2024, has been filed by the Resolution Professional alleging non-cooperation on the part of the Kolkata Municipal Corporation. This application may continue and be adjudicated on its own merits, as it is noted that the Resolution Plan contemplates construction of the service apartments only over a portion of the leasehold land, while the remaining area is not proposed to be developed under the Plan. Consequently, adjudication of the aforesaid application may assume significance at such time as development of the remaining leasehold area is contemplated.' (p.82)

10. Case number

    I.A. (I.B.C.) No. 1847/2024 (Raj Sekhar Roy v. Avani Project & Infrastructure Ltd.; Form-H filing no. 1908134/31339/2024, filed 01/08/2024)

    Outcome line

    'The ninth case, I.A. (I.B.C.) No. 1847/2024, filed by Raj Sekhar Roy against the Corporate Debtor regarding non-consideration of claim towards lease and licence fees, may continue.' (p.82)

11. Case number

    I.A. (I.B.C.) No. 920/2025 (Avani Aspire Home Buyers v. Ajay Kumar Agarwal; Form-H filing no. 19081340202 23/05/2025 12025, filed 23/05/2025)

    Outcome line

    'The tenth case, I.A. (I.B.C.) No. 920/2025, filed by the homebuyers of the Avani Aspire Project against Ajay Kumar, already stands disposed of by order dated 23 June 2025.' (p.83)

12. Case number

    Other pending Interlocutory Applications not reflected in Form H

    Outcome line

    'Certain other pending Interlocutory Applications, not reflected in Form H and having a bearing on the Resolution Plan, have been considered separately by this Adjudicating Authority. Orders in respect of those applications are being pronounced separately today.' (p.83)

Companies named in the order

1. M/s. Avani Projects and Infrastructure Limited
2. M/s Avani Projects & Infrastructure Ltd.

CIN printed in the order

U45201WB2005PLC102702

Order date

2026-06-22