Siddhi Raj Housing Projects Private Limited

Total plan funding, as printed

Total (Excluding CIRP Cost): 91,99,14,016

Upfront amount, as printed

Upfront payment of 26.50 Cr. to Secured Financial Creditors within 90 days from the Approval Date; Upfront Equity infusion within 90 days from Approval Date to acquire 100% equity shareholding

Deferred amount, as printed

Amount of 16 Cr. to Secured Financial Creditor within 9 months from the Approval Date; Rs 9.57 crs to Secured Financial Creditor within 12 months of Approval Date (or, at Prudent ARC's option, allotment of 12,500 Sq. Ft. Carpet Area in lieu, at Effective Date + 48 Months)

Payout horizon as printed

CIRP Costs: within 30 days from Approval Date; Secured Financial Creditor: 90 days / 9 months / 12 months tranches; dissenting Homebuyers: 24 months from Effective Date (or up to 36 months if entitled liquidation value exceeds 5%); assenting Homebuyers: delivery of flats within 48 months of Effective Date, or cash refund election within 15 days of approval paid within 12 months of Effective Date; Operational Creditors (Government Dues and Other): within 30 days of approval date

CIRP cost, as printed

Rs. 1,54,20,242 (Upto 30.11.2025)

Cirp cost treatment

100% payment towards CIRP Cost proposed, to be paid in cash within 30 days from the Approval Date; any CIRP cost remaining unpaid (inclusive of all past, present and future expenses declared by the RP up to the Approval Date) to be paid in full and in priority to any other debt out of the CD's internal accruals/cash flows, or, if insufficient, by the Resolution Applicant within 30 days from the Approval Date out of the Equity Commitment

Performance security

Rs. 10,41,48,670/- aggregate (Rs. 1,00,00,000 EMD Bank Guarantee + Rs. 9,41,40,000 Performance Bank Guarantee + Rs. 8,670 balance deposited 25.05.2026), constituting 20% of the financial outlay proposed to the Secured Financial Creditors

Performance security instrument

BG

Earnest money deposit

Rs. 1 Crore (unconditional bank guarantee, deposited 12.11.2025 at time of EOI submission)

Units note

Para 24 allocation table is headed '(Amounts in Rs. Crores)' but the printed line figures (e.g. CIRP Cost 1,54,20,242) read as absolute Rupees rather than Crores - an apparent unit-label/figure inconsistency in the source, captured verbatim. The Form-H stakeholder table is headed 'Amounts (in Rs. in Lakhs)'.

Para 24 allocation table is headed '(Amounts in Rs. Crores)' but the printed line figures (e.g. CIRP Cost 1,54,20,242) read as absolute Rupees rather than Crores - an apparent unit-label/figure inconsistency in the source, captured verbatim. The Form-H stakeholder table is headed 'Amounts (in Rs. in Lakhs)'.

Form H · 13 rows

1. Seq

   1

   Beneficiary

   CIRP Cost

   Amount as printed

   Rs. 1,54,20,242 (Upto 30.11.2025)

   Timing as printed

   within 30 days from the Approval Date

2. Seq

   2

   Beneficiary

   Secured Financial Creditor - upfront payment

   Amount as printed

   26.50 Cr.

   Timing as printed

   within 90 days from the Approval Date

3. Seq

   3

   Beneficiary

   Secured Financial Creditor - second tranche

   Amount as printed

   16 Cr.

   Timing as printed

   within 9 months from the Approval Date

4. Seq

   4

   Beneficiary

   Secured Financial Creditor - balance amount (or allotment of 12,500 Sq. Ft. Carpet Area in lieu, at SFC's option)

   Amount as printed

   Rs 9.57 crs

   Timing as printed

   within 12 months of Approval Date (allotment option: Effective Date + 48 months, confirmed within 30 days of LOI)

5. Seq

   5

   Beneficiary

   Homebuyers - Dissenting

   Amount as printed

   5% of Admitted Financial Debt (or, if higher, the entitled liquidation value)

   Timing as printed

   within 24 months from the Effective Date (or within 36 months from the Effective Date if the higher liquidation-value entitlement applies, paid in priority)

6. Seq

   6

   Beneficiary

   Homebuyers - Assenting (delivery of flats)

   Amount as printed

   delivery of completed flats

   Timing as printed

   within 48 months of the Effective Date

7. Seq

   7

   Beneficiary

   Homebuyers - Assenting (cash refund option, if exercised)

   Amount as printed

   full claim amount in cash

   Timing as printed

   election within 15 days from approval of the Resolution Plan; refund paid within 12 months from the Effective Date

8. Seq

   8

   Beneficiary

   Operational Creditors (Government Dues)

   Amount as printed

   34.15 (Rs. lakhs)

   Timing as printed

   within 30 days of approval date

9. Seq

   9

   Beneficiary

   Other Operational Creditors

   Amount as printed

   10.00 (Rs. lakhs)

   Timing as printed

   within 30 days of approval date

Entity type

company

Sources of funds

Upfront Payment, part equity and/or part debt or quasi equity as per the schedule proposed in the Resolution Plan; Upfront Equity infusion within 90 days from Approval Date to acquire 100% equity shareholding; Resolution Applicant may infuse additional funds within 2-3 years of Approval Date depending on construction requirements; infusion may be in the form of Equity Instruments, Quasi Equity Instruments, or subordinated debt

Post plan management

Company to be controlled and managed by a Reconstituted Board; Directors on the Reconstituted Board to be appointed by the Monitoring Agency within 45 days of the Effective Date without shareholder/board approval; existing Board deemed resigned from that date; SRA may appoint CEO, CFO and other Key Managerial Personnel

Statutory dues

Operational Creditors (Government Dues): claimed Rs. 29,82,96,391 (2982.96 in Rs. lakhs per Form-H), admitted Rs. 34,14,842 (34.15 lakhs), provided Rs. 34,14,842 (34.15 lakhs, 1.14% of claimed), payable within 30 days of approval date

Operational creditors

Other Operational Creditors (excluding Government Dues, workmen/employees): claimed Rs. 14,92,32,923 (1492.33 lakhs), admitted Rs. 6,51,87,682 (651.88 lakhs), provided Rs. 10,00,000 (10.00 lakhs, 0.67% of claimed), within 30 days of approval date, in priority to financial creditors per Regulation 38(1)

Workmen employees

Workmen PF Dues/Other Dues: NIL claimed/admitted, NA realisable; Employees PF Dues/Other Dues: NA/NA - no workmen or employee claims recorded

Homebuyers & allottees

Homebuyers treated as a class of Financial Creditors: dissenting homebuyers (claimed Rs. 676.40 lakhs, admitted Rs. 620.98 lakhs) to receive 5% of admitted financial debt within 24 months of the Effective Date (or, if their liquidation-value entitlement exceeds 5%, that higher amount in priority within 36 months); assenting homebuyers (claimed Rs. 3224.21 lakhs, admitted Rs. 3001.08 lakhs, provided Rs. 3326.57 lakhs after interest addendum, 103.17% of claimed) to receive delivery of flats within 48 months of the Effective Date, or may elect a full cash refund within 15 days of plan approval (paid within 12 months of the Effective Date if elected); Addendum dated 06.12.2025 increased homebuyer payout from Rs. 36,22,07,306 to Rs. 39,47,55,824 due to an added interest component of Rs. 1,51,19,915 and Rs. 1,74,28,603 for Klassic Wheels Limited and Inderchand Bhansali and others, respectively

Litigation carveout

Any contingent recovery, relief or benefit from a suit filed by the RP for transactions identified in a Transaction Audit Report under sections 43, 45, 49, 50 and 66 shall solely belong to the Resolution Applicant and form part of the CD's assets, with allocation of such recovery at the RA's discretion

Assets description

Real-estate housing project; the Corporate Debtor holds development rights over a plot owned by Pristine Buildspace Private Limited under a Development Agreement dated 03.10.2013; total area allocation to the landowner across Phase I and Phase II capped at 66,000 sq. ft. Carpet Area, assumed total sharing based on 2,20,000 sq. ft. Carpet Area minimum

Interim resolution professional

Mr. Amit Vijay Karia

RP replaced the IRP

No

Invitations for expressions of interest

1. Round no

   1

   Form g date

   2023-07-01

   Expressions of interest received

   17

   Final list count

   16

   Plans received

   2

   Outcome

   plans rejected, re-issued

2. Round no

   2

   Form g date

   2023-12-27

   Eoi last date

   2024-01-11

   Expressions of interest received

   20

   Final list count

   20

   Plans received

   3

   Outcome

   plan approved

Applicants considered

1. Name

   Anil Khandelwal

   Stage reached

   final_list

2. Name

   Consortium of Eka Life Limited and The Oasis Prime Projects (India) Private Limited (Resubmission)

   Stage reached

   final_list

3. Name

   Consortium of Ladderup Finance Limited and Lotus Spaces Private Limited (Resubmission)

   Stage reached

   final_list

   Outcome note

   Plan submitted in Round 1 (opened in 4th CoC meeting 11.10.2023); rejected by CoC in the 6th CoC meeting (20.12.2023) along with the other plan and the liquidation proposal; resubmitted for the Round 2 final list

4. Name

   Consortium of Mr. Harsh Malhotra and Arrow Engineering Limited

   Stage reached

   plan_submitted

   Outcome note

   Plan opened and considered in 7th CoC meeting (29.02.2024); revised plan with addendum put to e-voting in the 21st CoC meeting (09-11.12.2025) alongside Mantra Properties' plan; not selected - Mantra Properties' plan was approved with 92.97% voting share

5. Name

   Consortium of Resurgent Property Ventures Private Limited & Sanjay Lodha

   Stage reached

   final_list

6. Name

   Garuda Construction and Engineering Limited

   Stage reached

   final_list

7. Name

   HR Commercials Private Limited

   Stage reached

   final_list

8. Name

   ICEM Engineering Company Private Limited (Resubmission)

   Stage reached

   final_list

   Outcome note

   Plan submitted in Round 1 (opened in 4th CoC meeting 11.10.2023); rejected by CoC in the 6th CoC meeting (20.12.2023) along with the other plan and the liquidation proposal; resubmitted for the Round 2 final list

9. Name

   Kalyan Toll Infrastructure Limited (Resubmission)

   Stage reached

   final_list

10. Name

    Krishna Developers Private Limited

    Stage reached

    final_list

11. Name

    Luvkush Corporation Private Limited

    Stage reached

    final_list

12. Name

    Mantra Properties and Developers Private Limited

    Stage reached

    approved

    Plan value as printed

    Total (Excluding CIRP Cost): 91,99,14,016

    Vote pct

    92.97%

    Outcome note

    Revised Resolution Plan with addendum approved via e-voting (09.12.2025-11.12.2025) with 92.97% voting share in the 21st CoC meeting; declared Successful Resolution Applicant; approved by the Adjudicating Authority on 19.06.2026

13. Name

    One City Infrastructure Private Limited

    Stage reached

    final_list

14. Name

    Purvankara Limited (Resubmission)

    Stage reached

    final_list

15. Name

    Real Value Infotech Projects Private Limited

    Stage reached

    final_list

16. Name

    RKG Fund I, a Scheme of RKG Trust

    Stage reached

    plan_submitted

    Outcome note

    Plan opened and considered in 7th CoC meeting (29.02.2024); with clarificatory addendum unanimously approved by CoC (100% voting) in the 14th CoC meeting (19.06.2024) and filed as IA (Plan) No. 43 of 2024 seeking AA approval; that IA was withdrawn (order dated 14.10.2025, following 16th CoC meeting resolution 04.10.2025) to allow submission of revised plans; the revised/final plan considered in the 21st CoC meeting (09.12.2025) was found contingent in nature and hence not fit for voting

17. Name

    Sumit Kumar Khanna

    Stage reached

    final_list

18. Name

    Suntech Realty Limited

    Stage reached

    final_list

19. Name

    Sutlaj Sales Private Limited

    Stage reached

    final_list

20. Name

    Treon Developers LLP, Karia Realty, Padmini Nitin Karia and Vrushali Samit Karia

    Stage reached

    final_list

Bidding mechanism

negotiation

Evaluation matrix present

Yes

Clock events

1. Kind

   extension

   Days

   60

   Granted date

   2025-11-10

   Reason

   CIRP period extension w.e.f. 14.10.2025, per interim order in IA 5143/2025

Advisors

1. Role

   valuer

   Name

   KKCA Valuers LLP

   Note

   Land and Building; Fair Value 174,75,27,115; Liquidation Value 124,42,47,226

2. Role

   valuer

   Name

   iVas Partners

   Note

   Land and Building; Fair Value 170,80,00,000; Liquidation Value 101,20,00,000

3. Role

   valuer

   Name

   Nitin Aggarwal

   Note

   Securities or Financial Assets; Fair Value 31,30,000; Liquidation Value 31,30,000

4. Role

   valuer

   Name

   Pravin R. Navandar

   Note

   Securities or Financial Assets; Fair Value 60,97,000; Liquidation Value 33,41,000

5. Role

   section 29A due diligence auditor

   Name

   M/s. Sanjay & Co., Chartered Accountants

   Note

   Due Diligence Report dated 24.11.2025 confirming SRA not barred under Section 29A

Dissenting fc treatment

Dissenting Homebuyers (Unsecured Financial Creditors): if entitled liquidation value exceeds 5% of admitted financial debt, that higher amount is paid on priority from CD cash flows before payment to assenting financial creditors, within 36 months from the Effective Date; otherwise 5% of admitted financial debt paid within 24 months from the Effective Date coinciding with amounts committed to institutional financial creditors

Section 30(2)(b) minimum stated

Yes

Business & treatment of stakeholders

On the Approval Date, all shareholders and related shares are extinguished in full, making Mantra Properties and Developers Pvt Ltd (MPDPL) the 100% shareholder; fresh shares of face value Rs. 10 each issued to accommodate the upfront payment; MPDPL to acquire 99.99% and Mr. Rohit Gupta (Director & CEO of MPDPL) 0.01%

Capital reduction

Yes

Post plan shareholding

1. Holder

   MPDPL and Rohit Gupta

   After

   100%

2. Holder

   Existing Promoters

   After

   Nil and Extinguished in Full

3. Holder

   Non Promoter Shareholders

   After

   Nil and Extinguished in Full

Effective date definition

The date after the Approval Date on which the order of the Adjudicating Authority is brought into full effect by release/extinguishment/deletion of any and all attachments, encumbrances, hindrances, and charges on all assets of the Corporate Debtor (especially charges/injunctions/hindrances of the High Court, Municipal Authorities, Income Tax and the like), such that the Resolution Applicant is brought into encumbrance-free, clear possession and ownership of the CD's assets including the Project land, save and except the encumbrance in favour of Secured Financial Creditors; RA expects the gap between Effective Date and Approval Date not to exceed 6 months; Clause D, Part G of the Plan states the Expected Effective Date as 90 days from the Approval Date; before the bench (30.04.2026) SRA's counsel undertook the Effective Date shall not exceed 6 months from the date of approval

Monitoring committee

Monitoring Agency to supervise implementation and review operational performance; to be constituted within 14 Business Days of the Approval Date; comprises 5 members - one nominee/representative of assenting Secured Financial Creditors, one nominee of Homebuyers, two nominees/representatives of the Resolution Applicant, and the Resolution Professional/Independent Professional, who shall be its chairman

Monitoring committee members

1. Name

   not named

   Role

   nominee/representative of assenting Secured Financial Creditors

2. Name

   not named

   Role

   nominee of Homebuyers

3. Name

   not named

   Role

   nominee/representative of Resolution Applicant (1 of 2)

4. Name

   not named

   Role

   nominee/representative of Resolution Applicant (2 of 2)

5. Name

   Resolution Professional/Independent Professional

   Role

   Chairman of the Monitoring Agency

1. Seq

   1

   Relief

   Existing consents, approvals, licenses, concessions, authorizations, permits or the like granted to the CD, or applications made for renewal of the same

   Category

   licences_approvals

   Disposition

   granted

   Reason

   Approval of the Resolution Plan shall not be a ground for termination of any existing consents, approvals, licenses, concessions, authorizations, permits or the like that has been granted to the Said corporate debtor or for which the Said corporate debtor has made an application for renewal, grant permissions, sanctions, consents, approvals, allowances, exemptions etc.

2. Seq

   2

   Relief

   Exemption from registration charges, stamp duty, taxes and fees arising out of implementation of the Resolution Plan

   Category

   stamp_duty

   Disposition

   declined

   Reason

   Any exemption as sought for in relation to the payment of registration charges, stamp duty, taxes and fees arising out of the implementation of the Resolution Plan is not granted but the Resolution Applicant is at liberty to approach Competent Authorities for the exemptions if permitted under the law.

3. Seq

   3

   Relief

   Liability for past non-compliances/offences committed prior to commencement of CIRP

   Category

   32A

   Disposition

   32A_only

   Reason

   For past non-compliances of the said corporate debtor under applicable laws the Resolution Applicant shall not be liable for any liabilities and offences committed prior to the commencement of CIRP as stipulated under Section 32A of IBC, 2016, and subject to fulfilment of the condition therein.

4. Seq

   4

   Relief

   Extinguishment of claims not forming part of the Resolution Plan

   Category

   other

   Disposition

   granted

   Reason

   In terms of the Judgement of the Hon'ble Supreme Court in Ghanshyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited (2021) 9 SCC 657, on the date of approval of the Resolution Plan by the Adjudicating Authority, all such claims which 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 of a claim which is not a part of the Resolution Plan.

5. Seq

   5

   Relief

   Benefits flowing through any other law stipulated in the Plan

   Category

   other

   Disposition

   not_adjudicated

   Reason

   If this Resolution Plan stipulates or provides for any benefit flowing through any other law, then the same may be deemed as not allowed/approved and would be open to action by the concerned authority in accordance with law.

6. Seq

   6

   Relief

   (all reliefs, en bloc)

   Disposition

   deferred_to_authority

   Reason

   With regard to other concessions and reliefs, most of them are subsumed in the reliefs granted above. The relief included in any part of resolution plan, which is not expressly granted above, shall not be construed as granted... It is further clarified that the reliefs and concessions sought which are beyond the scope of provisions of Section 31(1) and Section 32A of the Code cannot be granted and are as such deemed to have not been granted.

1. Objector

   Mehek Lucky Pamnani and Lucky Vashdev Pamnani

   Objector class

   homebuyer

   Ground

   Sought consideration and verification of their claims and induction as CoC members (IA No. 4099 of 2024) while IA (Plan) No. 43 of 2024 was pending approval

   Ia number

   IA No. 4099 of 2024

   Disposition

   allowed

   Effect on approval

   Order dated 02.07.2025 directed the Applicant to consider their claims upon verification; their induction as CoC members was noted in the 16th CoC meeting (04.10.2025), where withdrawal of the pending plan-approval IA and submission of revised plans were also considered

2. Objector

   Pristine Buildspace Private Limited (landowner)

   Objector class

   other

   Ground

   Restricted the CD's access to development land on 26.12.2023 by locking the premises, and contended that the Development Agreement dated 03.10.2013 had been terminated

   Ia number

   IA No. 224 of 2024; IA No. 1397 of 2024

   Disposition

   dismissed

   Effect on approval

   IA No. 1397 of 2024 (challenging the purported termination) was dismissed as withdrawn vide order dated 20.02.2024; the Resolution Plan proposes no payment to the landowner as an Other Creditor but delivers Area per the Development Agreement per the Delivery Schedule (Annexure B), with total area allocation to the landowner across Phase I and Phase II capped at 66,000 sq. ft. Carpet Area

1. Date

   2026-02-20

   What

   Bench raised a query during the hearing regarding the Provisional and Final List of PRAs; the Applicant filed an Additional Affidavit dated 02.03.2026 addressing compliance with Regulation 36A

2. Date

   2026-04-30

   What

   Bench required the SRA's counsel to undertake that the Effective Date shall not exceed six (6) months from the date of approval of the Resolution Plan before proceeding; matter thereafter reserved for orders

3. Date

   2026-05-13

   What

   Bench noted that the Performance Guarantee (inclusive of EMD) at Rs. 10,41,40,000/- appeared short by around Rs. 8,000/- against the required 20% of the amount proposed to be paid to Creditors; directed the Applicant/RP/SRA to examine the same, do the needful, and file an additional affidavit; listed for further consideration on 15.06.2026

Transaction audit findings

The Applicant submits that there are no avoidance transaction applications pending before this Tribunal, and that there are no transactions falling under Section 43, 45, 50 and 66 of the Code (para 51). The Resolution Plan proposes that any contingent recovery, relief or benefit arising from a suit filed by the RP for transactions identified in any Transaction Audit Report forming the basis of an application under section 43, 45, 49, 50 and 66 shall solely belong to the Resolution Applicant, forming part of the CD's assets, with allocation of such contingent recovery at the RA's discretion (para 52)

Conditions imposed

1. Condition

   Effective Date shall not exceed six (6) months from the date of approval of the Resolution Plan, per the SRA counsel's undertaking recorded by the bench

   Addressed to

   SRA

2. Condition

   Performance Security shortfall of Rs. 8,670 (against the required 20% of financial outlay to Secured Financial Creditors) to be examined and rectified; SRA deposited the shortfall on 25.05.2026, bringing the aggregate Performance Security to Rs. 10,41,48,670

   Addressed to

   SRA

3. Condition

   Resolution Applicant directed to obtain all necessary approvals under law for the time being in force, within such period as may be prescribed, for effective implementation of the Plan

   Addressed to

   Resolution Applicant

Approval conditional on external order

No

Precedents cited

1. Case

   K Sashidhar v. Indian Overseas Bank & Others, (2019) 12 SCC 150

   Proposition

   Once the CoC approves a Resolution Plan by the requisite voting share, the RP must submit it to the Adjudicating Authority under Section 30(6); the AA's role is 'no more and no less' than scrutiny under Section 30(2), and it cannot reject the plan on grounds outside that section

2. Case

   Ghanshyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited, (2021) 9 SCC 657

   Proposition

   On the date of approval of the Resolution Plan, claims not forming part of the plan stand extinguished and no person may initiate or continue proceedings in respect of such claims

Judicial observations

1. It is noted that as per RFRP, the Performance Guarantee is required to be at 20% of the amount to be paid to the Creditors. In the present case, the Performance Guarantee has been taken inclusive of EMD at Rs. 10,41,40,000/- which appears to be short by an amount of around Rs. 8,000/- as against the required 20% of the amount proposed to be paid to the Creditors. (p.17)
2. Ld. Counsel for the SRA present during the hearing of the matter, submits and undertakes that the Effective Dates shall not exceed six (6) months from the date of approval of the Resolution Plan. Heard, Ld. Counsel for the RP, SRA, no objections have been received on behalf of any of the Creditors. The Resolution Plan has been approved with 92.97%. After hearing, matter is reserved for orders. (p.13)

Companies named in the order

1. Siddhi Raj Housing Projects Pvt. Ltd.
2. Siddhi Raj Housing Projects Private Limited

Order date

2026-06-19

Order reserved date

2026-04-30