1

MINUTES OF THE SEVENTH MEETING OF THE COMMITTEE OF CREDITORS (COC) OF M/S THREE C

PROJECTS PRIVATE LIMITED (CORPORATE DEBTOR) HELD ON THURSDAY , THE 13TH, JULY 2020

AT 5:30 PM AT 404, LAXMI DEEP BUILDING, NEAR V3S MALL, LAXMI NAGAR, VIKAS MARG,

NEW DELHI - 110092

Presents in the Meeting

S. No. Name of the person present Organization

1 Mr. Manish Kumar Gupta Chairman / Resolution Professional

2 Mr. Durga Das Agrawal Authorised Representative (AR) of Allottee

under real estate projects (100%)

Apart from RP and AR, 2 members of RP team were also present in the meeting. Meeting was

started at 5:28 PM due to continuation of meetings of AR and RP with allottees and residents of

Lotus zing project where Resolution Applicant was invited to give the presentation on the

proposed Resolution Plan which was sent to you along with Agenda of the meeting.

POST NOTICE EVENTS

1. Notice and agenda of the 7th meeting of CoC was sent by electronic means to AR at his

e-mail addresses available with us as per records and as per revised CoC constitution

dated 7th July, 2020.

2. In turn, AR has sent agenda of the meeting to all creditors in class i.e. allottees under

lotus zing project on 8th July 2020 and to some allottees on 9th July, 2020. As per

provisions of Insolvency & Bankruptcy Code, 2016 and regulations made thereunder,

only AR is entitled to attend the meeting.

3. Notice and agenda of meeting were also sent to suspended directors of Corporate

Debtor as per MCA records but no one attended the meeting.

CONDUCT OF THE MEETING

1. The attendance of the participants was marked on an attendance sheet with name of

participants along with their contact details and signatures.

2

2. Mr. Manish Kumar Gupta, Resolution Professional (RP), in the matter of Three C Projects

Private Limited (Corporate Debtor) took the chair and the meeting was called to order.

3. The Chairman took the roll call and a confirmation was taken from participant present in

the meeting.

4. The Chairman checked and announced that, no other person is present in the meeting

who is not representing any other member of CoC and also announced that, his team

members are also present in the meeting.

5. The Chairman informed the participants that the required quorum is complete, and

meeting can be proceeded with and informed the participants that the meeting must

have the presence of quorum throughout the meeting.

AGENDA ITEM NO. 1

THE RESOLUTION PROFESSIONAL TO TAKE THE CHAIR

Mr. Manish Kumar Gupta having registration number IBBI / IPA-001 / IP-P00225 / 2017-18 /

10424 had been appointed as the Interim Resolution Professional by the Hon’ble NCLT,

Principal Bench, New Delhi, vide its order dated 28.08.2019. As per the Regulation 24(1) of the

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate

Persons) Regulations, 2016 (Regulations). His appointment as Resolution Professional has been

ratified in the first meeting of CoC held on 16.10.2019 and the same has been taken on records

by Hon’ble NCLT vide its order dated 21.11.2019. Resolution Professional shall act as the

chairperson of the meeting of the COC.

3

AGENDA ITEM NO. 2

TO ASCERTAIN THE QUORUM OF THE MEETING

As per Regulation 22(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution

Process for Corporate Persons) Regulations, 2016, the quorum for the meeting of members of

the committee shall be at least 33% of the voting rights present either in person or by video

conferencing or other audio-visual means.

Chairman informed since AR is present and representing 100% of voting share of members of

CoC, hence, quorum is complete and meeting can be proceeded with.

AGENDA ITEM NO. 3

TO CONFIRM THE MINUTES OF LAST MEETING AND TO TAKE THE SAME ON RECORD

Minutes of last meeting of CoC held on 12th March, 2020 was duly circulated to all participants

after the meeting. RP has not received any communication regarding modification in the

minutes from Authorised Representative (AR). Authorised Representative also confirmed in the

meeting that all the matters discussed in the 6th Meeting of CoC have been duly recorded in

minutes.

Hence, the same were taken as confirmed and taken on record without any modification.

AGENDA ITEM NO. 4

TO TAKE NOTE OF ACTIONS TAKEN BY RESOLUTION PROFESSIONAL TILL DATE (FROM DATE OF LAST MEETING OF COC UNDER CIRP AND TO UPDATE THE CURRENT STATUS OF CORPORATE INSOLVENCY RESOLUTIUON PROCESS (CIRP) AND CORPORATE DEBTOR:

Resolution Professional updated about the progress during the period of in Corporate

Insolvency Resolution Process (CIRP) and steps taken by RP and Current Status of Corporate

Debtor. Resolution Professional apprised:-

4

1. That, Some members of CoC are again following up with RP for

valuation report of the Corporate Debtor. He further apprised that

Valuation report from both valuers have been received by RP but as

per Regulation 35(2) of INSOLVENCY AND BANKRUPTCY BOARD OF

INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE

PERSONS) REGULATIONS, 2016 which provides that. ‘After the receipt

of resolution plans in accordance with the Code and these

regulations, the resolution professional shall provide the fair value

and the liquidation value to every member of the committee in

electronic form, on receiving an undertaking from the member to the

effect that such member shall maintain confidentiality of the fair

value and the liquidation value and shall not use such values to cause

an undue gain or undue loss to itself or any other person and comply

with the requirements under sub-section (2) of section 29’. In view of

said regulation valuation shall be disclosed only after receipt of final

resolution plans after incorporating suggestions of allottees/home

buyers/ residents in Resolution Plan by Resolution Applicant and

confidentiality undertaking from members. Confidential undertaking

form shall be available at www.lotuszing.in .

2. That, RP has received report of transaction Audit and same is

being reviewed by RP and legal counsel and shall be circulated

soon. Forensic Audit report shall be shared immediately upon

receipt of final report from EY which is being regularly pursued to

expedite submission of their report. Further due to pendency of

some information report of forensic audit is still pending with

Auditors and RP is making best efforts to extract and provide

maximum information to Auditors as requested by them.

3. That, RP has verified and admitted claims received till 30th June,

2020. Revised list of CoC constitution has been circulated to all

Financial Creditors and same is available at www.lotuzing.in also.

Persons holding possession of the flats have not been treated as

financial creditors and are not included in CoC constitution.

4. As a temporary relief on experimental basis to the residents after

the completion of lockdown period, it was decided to give the

20% discount in the Common Area Maintenance (CAM) for

residents only for the month of July, 2020 for those cases where

there is no default. This relief is extended further only for the

month of August, 2020 as well.

5

5. RP apprised that and clarified that, this time minutes may be

circulated beyond the defined period as core members of team of

RP are in isolation due to current situation.

6. Status of Project:

a. Tower 1,2,3,4, 15 and 16 have ready 906 flats and 834 flats are delivered to home buyers.

b. Phase 1 awarded contract : After un-lockdown -1, in June 2020 construction work restarted with little slow speed. Now Three hundred labours approximately are working at site. Contractor has completed approximately 60 flats in tower 5 and 6 and delivery of such flats will be started at early date. Few flats are delivered actually Further, it is expected 60 more flats will be ready. Lift installation work also started and in next 15/30 days, the two lifts in each tower will be operational.

c. The pending lift of tower 3 installation work is also in process. Due to shortage of labour and pandemic it is delayed, the company is promising to deliver the same by the end of July, 2020

d. Permanent Electricity Connection: permanent electricity connections approved. Laying of cable from electricity sub station to Lotus Zing is done and is at consideration for cable laying whether undergroud or over the head. The installation work of vacuum circuit breaker (VCB) will be delivered and installed in July, 2020. We are also in process to get the approval from PVVNL (Lucknow) for internal approval for transformers and capacities etc. The laying of internal cable also in progress and likely to be completed by end of July, 2020. It is estimated that it will reduce the electricity expenditure upto 20-25% on electricity expenses on consumption and will benefit all residents.

e. Facility of badminton court, Gym, Children play area, table tennis are being developed for residents. The dedicated area for playing table tennis, library etc. are in progress and soon it will be handed over.

f. Further, RP apprised that 2 years back, two vendors had given the scaffolding material on rent to M/s Three C

6

Projects Private Limited through their contractor. Similarly, one vendor has given 3 generators to the company through the contractor on Lotus Zing site. The name of such companies are as under:

g. a) Manee Steels Works Pvt Limited &

h. b) Classic Scaffoldings Private Limited and

i. c) Appolo Generators.

j. These parties/suupliers are demanding their material back since long. They have also shared the NOC from the contractor through which they had given their material. It is decided that such material will be returned to such vendors after 10 days from the date of delivery of minutes of meeting. If any person has any objection in this relation then he can see the relevant NOC and documents of such parties on the website www.lotuszing.com. In case we will get the objection from any one, we will proceed accordingly or in case of no objection, we will release after expiry of 15 days.

AGENDA ITEM NO. 5

DISCUSSION ON OUCOME OF ISSUANCE OF RFRP AND EXTENSION OF TIME FOR SUBMISSION OF RESOILUTION PLAN

RP apprised that, as CoC Members are aware that RFRP were issued to all Resolution Applicants

as per Final List of Resolution Applicants available at website www.lotuszing.in (published on

20th January, 2020).

RP has apprised about the status of each Resolution Applicant in the seventh meeting of CoC as

below;

S. No.

Name of the Prospective Resolution Applicant (PRA)

Status as on 7th July, 2020

7

1. Mr. Ajay Yadav , Ms. Lata Yadav and Mr. Rajesh Goel (Joint –

Applicants)

PRA had informed RP

though phone that ,he

will not submit

Resolution Plan.

2. Mr Rajat Agarwal and Mr. Sunil Kumar Agarwal ((Joint –

Applicants)

Party had visited the

site also. Now RP has

received email from

PRA to inability to

submit Resolution

Plan.

3. One City Infrastructure Private Limited Collected some more

information about

Company but no

resolution plan

submitted till now. No

response despite

follow up.

4. Mr. Sandeep Kohli, Mr. Shashank Mohan Jain, Mr.

Gagandeep Singh and Mr. Himanshu Juneja (Joint –

Applicants)

No revert after

circulation of

Information

Memorandum. No

response despite

follow up.

5. SMV Agencies Private Limited Visited site twice for

physical verification

but not submitted

Resolution Plan till

date. Party had

collected many

information from the

office and had many

meetings with RP for

due diligence. No

response despite

follow up.

6. Ajay Singhal , Sanjiv Kumar Jain & Sanjay Mittal (Joint Submitted draft and

unsigned Resolution

8

Applicants) Plan on 13th February,

2020 but no EMD

given and resolution

plan was also not as

per provisions of IBC.

Now due to Covid19

situation, RA has

denied to submit

further revised

Resolution Plan. RA

had visited site and

corporate office many

times to do due

diligence. No

response despite

follow up.

*7. Harsha Vardhan Reddy Submitted draft

Resolution Plan on

13th February, 2020

also given Cheque of

Rs.1 Crore. RP has

sent his observation

twice to the RA but no

revised Plan received

till date.

*8. Svarrnim Infrastructure Private Limited Visited site many

times for physical

verification but not

submitted Resolution

Plan till date. Party

had collected many

information from the

office and had many

meetings with RP for

due diligence.

*9. Lakshmi Trading Company Submitted Resolution

Plan with Cheque of

9

Rs. 1 crore as EMD

and same is being

circulated for

consideration of CoC

members.

On request of Svarnim Infrastructure Private Limited, date of submission of Resolution Plan was

extended till 4th April, 2020. During this period One City Infrastructure Private Limited, Svarnim

Infrastructure Private Limited and Ajay Singhal has collected lot of information from the

Corporate Debtor through RP.

RP was in process of continuous follow up with all Resolution Applicant for submission of

Resolution plan during lockdown period. Till date of this agenda, only two applicants have

submitted their Resolution Plan with Cheque of EMD amount of Rs. 1 Crore;

1. Lakshmi Trading Company; Resolution Applicant has submitted this plan with RP with Cheque of Rs. 1 Crore as EMD. RP has verified this plan in terms of provisions of Insolvency and Bankruptcy Code, 2016. Resolution Plan is being circulated with the agenda of the meeting.

2. Harsha Vardhan Reddy ; Resolution applicant had submitted his Resolution Plan, after analysis of Resolution Plan, RP had sent his observation to the applicant for modification of plan as to ensure that Resolution Plan is IBC Compliant. But Resolution applicant did not respond despite follow up. Resolution plan with preliminary observation of Resolution Professional is being circulated with agenda of the meeting for information and consideration/directions of CoC.

We have one final and IBC Compliant Resolution Plan for consideration of CoC and approval

through voting by CoC. As per section 30 of Insolvency and Bankruptcy Code, 2016.

“(1) A resolution applicant may submit a resolution plan to [along with an affidavit stating that

he is eligible under section 29A] to the resolution professional prepared on the basis of the

information memorandum.

(2) The resolution professional shall examine each resolution plan received by him to confirm

that each resolution plan –

(a) provides for the payment of insolvency resolution process costs in a manner specified by

the Board in priority to the 3 [payment] of other debts of the corporate debtor;

[(b) provides for the payment of debts of operational creditors in such manner as may be

specified by the Board which shall not be less than-

10

(i) the amount to be paid to such creditors in the event of a liquidation of the corporate debtor

under section 53; or

(ii) the amount that would have been paid to such creditors, if the amount to be distributed

under the resolution plan had been distributed in accordance with the order of priority in sub-

section (1) of section 53, whichever is higher, and provides for the payment of debts of financial

creditors, who do not vote in favour of the resolution plan, in such manner as may be specified

by the Board, which shall not be less than the amount to be paid to such creditors in

accordance with sub-section (1) of section 53 in the event of a liquidation of the corporate

debtor.

Explanation 1. — For removal of doubts, it is hereby clarified that a distribution in accordance

with the provisions of this clause shall be fair and equitable to such creditors.

Explanation 2. — For the purpose of this clause, it is hereby declared that on and from the date

of commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019, the

provisions of this clause shall also apply to the corporate insolvency resolution process of a

corporate debtor-

(i) where a resolution plan has not been approved or rejected by the Adjudicating Authority;

(ii) where an appeal has been preferred under section 61 or section 62 or such an appeal is not time barred under any provision of law for the time being in force; or

(iii) where a legal proceeding has been initiated in any court against the decision of the Adjudicating Authority in respect of a resolution plan;]

(c) provides for the management of the affairs of the Corporate debtor after approval of

the resolution plan;

(d) The implementation and supervision of the resolution plan;

(e) does not contravene any of the provisions of the law for the time being in force

(f) confirms to such other requirements as may be specified by the Board. 1 [Explanation.

— For the purposes of clause (e), if any approval of shareholders is required under the

Companies Act, 2013(18 of 2013) or any other law for the time being in force for the

implementation of actions under the resolution plan, such approval shall be deemed to

have been given and it shall not be a contravention of that Act or law.]

(3) The resolution professional shall present to the committee of creditors for its approval

such resolution plans which confirm the conditions referred to in sub-section (2). 1 [(4) The

committee of creditors may approve a resolution plan by a vote of not less than 2 [sixty-six]

per cent. of voting share of the financial creditors, after considering its feasibility and

11

viability, 3 [the manner of distribution proposed, which may take into account the order of

priority amongst creditors as laid down in sub-section (1) of section 53, including the

priority and value of the security interest of a secured creditor] and such other

requirements as may be specified by the Board:”

It is necessary to mention that Resolution Professional has to ensure that whether

Resolution Plan is in Compliance with provisions of Insolvency and Bankruptcy Code, 2016

and commercial viability and feasibility to be judge by CoC Members.

In order to ensure above and providing sufficient time and opportunity to CoC members

to do analysis of Resolution Plan as proposed in agenda two zoom meeting were

scheduled between Resolution Applicant (Lakshmi Trading Company) and allottees were

scheduled at 11:00 AM and 2:00 PM . The capacity of each meeting was 1000 peoples.

Links of zoom meetings were sent to each member of CoC, allottees on registered email

and also on various social media groups of buyers/allottees and CoC members to attend

the virtual interactive presentation meeting on proposed RA plan with RA representatives

and seek clarifications, give their suggestions etc. First meeting was joined by around 172

allottees/home buyers and second meeting was joined by around 80 peoples. Both zoom

meeting were fully interactive. In the both meetings, RA has explained entire resolution

plan with members then members raised their queries and suggestion during meeting. RP

and AR have received some suggestion through emails also and same are being forwarded

to Resolution Applicants. The RA representative confirmed in the meeting that he has

recorded all the queries/ inputs / suggestions. Further RP confirmed that in case anyone

want to give some suggestion/ demand/ input before the RA then he can share the same

over email to RP and in turn who will forward such mails to RA. Further homebuyers can

also send their mail to RA directly.

Few major points of discussion and suggestions are listed below and includes;

(i) If the construction starts, Will the RA provide all the desired supports so that

home buyers should get disbursal of their loan from their Banks?

(ii) On Page 65 Para 8.12.3 it is mentioned in your plan that any charges levied/

demanded by any civic bodies for electricity or water connections would be

borne by the homebuyers/allottees on actual basis. Here Association demands in

this case can we get tentative amount for Water and Electricity charges to get an

estimate?

(iii) Plan for Registration/Conveyance deed of Towers completed?

12

(iv) What is the position of Tower-11 in the resolution plan? By what time T-11 is

proposed to be completed and handed over to the allottees?

(v) My question from RP that have we verified the cost of construction from any 3rd

party? If yes, please share and compare with RA proposal. RP replied that as per

law RP has to ensure whether plan is IBC Compliant or not, feasibility and

viability of the plan to be access by CoC members before approval.

(vi) Plan for occupational Certificate?

(vii) Discussions on settlement of land dispute involving land of Tower no.7 &8?

(viii) To maintain the balance of interest between all CoC members, the construction

of the towers should follow the sequence of their launch and Tower No. 7 and 8

were the first launched. Therefore, construction of Tower 7&8 should start

immediately after the passing of the Resolution Plan. The Plan should be

amended to reflect the same. After settlement, how will you ensure that maps

are revised and approved by authority or court?

(ix) Additional burden of dues of Noida Authority, In para 6.4 it is mentioned that

dues of the Noida Authority have been considered to be NIL. In para 8 it is

mentioned that in the total outlay of INR 148.41 Crore, the Lease Rent of land for

a period of 3 years has been considered, which has been shown as 5 crores in

para 8.3. Further in para 8.1 the amount of claim of Noida Authority has been

shown to be Rs. 3,28,57,83,606. In para 8.15, it is further mentioned that dues of

the Noida Authority have been considered to be NIL and no sum other than

specified in the plan is being provided for.

In view of the above, please clarify:

(a) How does the Plan take care of the entire liability towards the NOIDA

Authority, as the Plan completely lacks clarity on settlement of Noida Authority

dues/liability?

(b) We also want to understand the rationale behind creating provision for only

3 years of Lease Rent when provision for entire Lease Rent should be made?

(c) If in future any liability arises, in respect of the Lease Rent or interest thereon

or any other dues of builder, who will bear it?

(x) Revised Builder Buyer Agreement to be signed again?

13

(xi) Any Resolution Plan should be presented before COC and passed only after the

settlement is completed with the land-owners of the unacquired portion of land

(2397 SQM) at GH-01/A, Sector-168, Noida. This helps the resolution plan to be

more credible as construction of the towers can take place without any fear of

failure of a land deal?

(xii) After the settlement with the land-owners of the un-acquired portion of GH-

01/A, Sector-168, Noida, matter should be pursued with the Noida authority to

ensure that their records are updated and maps are revised, so that there are no

objections/hindrances in respect of future permissions, clearances and/or

registrations?

(xiii) Any resolution plan should be made after considering the Forensic Audit Report.

This will help the Resolution Plan to be more inclusive and thus being based on

facts brought out in the Audit Report, it will be more credible and would take

care of contingencies, receivables and liabilities that must be accounted for in

the Resolution Plan?

(xiv) Efforts should be made to invite more plans from resolution applicants. After the

land resolution and Forensic Audit Report, another effort should be made for

more choice of resolution applicants to the home buyers?

(xv) The amount of settlement with the land-owners of the un-acquired portion of

land ( 2397 sqm) at GH-01/A, Sector-168, Noida should be informed whether

settlement is either less than or equal to Rs 6 crores or more, as this has already

been informed to the home buyers. that the settlement is at final stages and the

amount is already settled with the famers?

(xvi) In para 4.5.1, it is mentioned that the receivables from each tower is based on

BBA and 8% increment. We seek a clarification that the amount due shown as

“RECEIVABLE” from each home buyer shall be ONLY limited to the amount due

or unpaid under the BBA and corresponding 8% variation (maximum extent of

increment) permitted in super area under the BBA and no other amount is being

charged under this head. Please justify the 8% increment being charged to the

home buyers even before the delivery of possession ?.

(xvii) In para 6.4, it is mentioned that dues of the Noida Authority have been

considered to be NIL. In para 8 it is mentioned that in the total outlay of INR

148.41 Crore, the Lease Rent of land for a period of 3 years has been considered,

which has been shown as 5 crores in para 8.3. Further in para 8.1 the amount of

claim of Noida Authority has been shown to be Rs. 3,28,57,83,606. In para 8.15 it

is further mentioned that dues of the Noida Authority been considered to be NIL

and no sum other than specified in the plan is being provided for?

(xviii) In view of the above, please clarify:

14

(a) How does the Plan take care of the entire liability towards the NOIDA

Authority, as the Plan completely lacks clarity on settlement of Noida Authority

dues/liability?

(b) We also want to understand the rationale behind creating provision for only

3 years of Lease Rent when provision for entire Lease Rent should be made?

(c) If in future any liability arises, in respect of the Lease Rent or interest thereon

or any other dues of Noida Authority, the same should not be transferred to any

home buyer

(xix) In the concluding para 14: Summary of the Resolution Plan, it is mentioned at

point 7 that registry of the flat shall be done after obtaining an order from the

relevant authority by the RA. This lacks clarity and more information is needed in

this regard. Moreover, there should be timelines in this regard and the home

buyers should not be made to wait endlessly for the registry of their flats and

thus the last installment of payments to the RA should be linked with Noida

Authority permitting flat owners to register their flats.

(xx) The club membership cost of INR 65 per sq. ft is already included in the cost of

the flat as per the BBA and hence, any charge in that respect is illegal and not

binding on the home buyer. Hence the cost for the club membership should be

deleted from the Plan.

(xxi) In para 8.8, it is mentioned that the liquidation cost of the Corporate Debtor has

not been provided by the RP and therefore, it is being taken as NIL. However, if

in future this is disputed, and any future liabilities arise due to this, it must be

clarified that the liabilities shall not be transferred to the home buyer.

Furthermore, if in the forensic audit report there are any recoverable and the

liquidation value is positive, then the home-buyers as recognized members of

CoC and secured creditors, have the first right on the recoverable.

(xxii) The Plan mentions in para 8.12.5 that RA would create a trust to be managed by

association of home buyers. However, till date there is no registered association

of all home buyers and therefore, the clause should clarify that only a duly

elected and registered association should manage the trust.

(xxiii) As per para 8.12.4, under the head Recoveries by Resolution Applicant it is

mentioned that a sum of 10% would be distributed from the recoveries made.

However, in the absence of a Forensic Audit Report, it will be difficult to make an

assessment of the future recoveries that may be made and therefore, home

15

buyers, at the present stage would reserve their right to comment upon the

same.

(xxiv) If demand is raised by the RA but the bank does not release the amount for any

home buyer who may have taken home loan from the bank, then in such

circumstances, RA shall not charge penalty but would rather help the home

buyer by writing to the bank that the Project has restarted and highlighting its

bright prospects.

(xxv) In para 8.10, it is specified that the homes shall be delivered as originally

promised by the Corporate Debtor. Kindly also mention that therein that as

“originally promised by the Corporate Debtor in the BBA”. This ensures that the

specifications of standards as described in the BBA shall be adhered to, while

delivering the flats.

(xxvi) According to the Plan the BBA should also stand amended to exclude any force

majeure clause, as the Project "Lotus Zing" is already delayed by more than 7 to

8 years. The Plan must explicitly stop the RA from suspension of their obligations

due to any act of God and natural calamities including a pandemic/epidemic as

timely delivery of flats is the essence of the Plan and the timelines should be

adhered to.

(xxvii) The Plan must specify a defect liability period of minimum 2 years from the date

of offer of possession. This is based on RERA guidelines and the RA must rectify

any structural defects or any other defects in workmanship, quality or provision

of services or any other obligations as per BBA through the agreed minimum

liability period.

(xxviii) The Plan is dated 20thFebruary, 2020 and has a validity of 6 months. In para 6.1 it

is mentioned that CIRP cost is till 13th February is paid and there is no

outstanding. Kindly have the same updated till the date when it is presented for

voting.

(xxix) Without a forensic audit report, the Plan doesn’t mention the rights over unsold

inventory from the project. The home-buyers as recognized members of CoC

have the first right over this unsold inventory of flats.

(xxx) Dissenting FCs and FCs who do not pay the revised instalments, will only get 30%

of the principle amount and allotment will be cancelled. This will be paid after 24

months of cancellation. FCs are only home buyers, thus they are being deprived

of their life savings. (6.3, pg. 28, 62)

16

(xxxi) No basis of cost of construction of Rs. 148 crores.(Pg 32), it is to be provided by

RA.

(xxxii) Even at this stage Flat Wise status including Flat Wise Cost is not available. (xxxiii) Dues of NOIDA Authority has been taken as Nil. No basis for the same. (Pg. 28).

Pg. 35 records that it has filed claim of Rs. 328 crores, but not admitted. Authority has filed application in NCLT. (Please update status of the same).

(xxxiv) Does not deal with loss suffered due to delay in construction for the Home Buyers. At Pg. 61 clearly states that claim of home buyers to be satisfied only on receiving the possession of flats, for which huge additional amount is being claimed from the homebuyers who have already paid more 90% of the value.

(xxxv) At pg. 63, it is mentioned that the dispute with farmers, which is pertaining to Tower 7 and 8 will be settled at Rs. 6 crores. How is this figure coming? This shows that some understanding has been arrived at with the said farmers without informing the COC members. Further if this figure increases then it will be recovered from the allottees, how?

(xxxvi) At pg. 63, it is provided that if cost of Phase I increases, then the same shall be recoverable from all allottees, why?

(xxxvii) At Pg. 64, RA is entitled to construct new Tower 12 and appropriate the proceeds also. But this is not being proposed to be used for completing the project.

(xxxviii) Whatever recovery will be made by the RA, only 10% will be shared with the home buyers, remaining will be appropriated by the RA (pg. 65,66).

(xxxix) Proper Constitution of Monitoring Committee and representation of CoC. RP again clarified that, Representative of Resolution Applicant was present in the meeting of allottees and home buyer and he has noted down all queries/suggestion, further queries/suggestions received from allottees on email shall be communicated to Resolution Applicant. Now, it is up to Resolution applicant to what extent he shall be able to address and incorporate all suggestion in his revised resolution plan. Once the revised resolution plan is received from Resolution Applicant, same shall be sent back to all the homebuyers/ residents for review and if required one more virtual meeting may be called for further review. Thereafter on getting the final resolution plan, it will be proposed for voting and if it get passed with majority then same shall be placed before Hon’ble NCLT for approval and if same do not get passed with votes of majority in favour then RP shall file necessary application with Hon’ble NCLT for further directions in the matter. AR has advised that all the insolvency proceedings should be completed within the timelines as per IBC 2016 only.

AGENDA ITEM NO. 6

17

DISCUSSION ON MATTER RELEATED TO LAND OF TOWER NO. 7 & 8

RP apprised that the issue relating to land dispute of Tower 7&8 was discussed and deliberated

in various weekly meetings with home buyers/allottees and WhatsApp groups of buyers. With

a view to explore possibilities of amicable resolution of dispute with land owners of unacquired

land, RP had around 12 face to face meeting and 2 virtual meetings during CIRP period. Now,

Land owners are ready to resolve the dispute by selling/ transferring their ownership right in

their land to Corporate Debtor (CD) but they are not willing to give their formal proposal for

settlement in writing for consideration/ approval of CoC due their own apprehensions. Now,

considering the early and smooth resolution of dispute by acquiring the land i.e. 1199 X 2 from

respective land owners families , it is proposed to constitute a committee of buyers/ CoC

members led by AR and RP as convenor to obtain a formal or informal proposal from land

owners to sell their land to CD and submit it to RP for onward consideration/ approval by CoC.

Further in case, such committee does not get the formal proposal then such committee may

make a report of meeting duly signed and will submit to the RP. Committee may submit the

report, formal or informal proposal to RP within 10 days of its constitution. Their report,

proposal will be placed before the CoC in ensuing CoC meeting for consideration. RP will

further proceed as per the decision of CoC. The detailed procedure shall be discussed in the

meeting after having inputs from allottees and same shall be mentioned in the minutes of the

meeting.

The committee may comprise seven or more members who willingly self-nominate themselves

as member to RP by email till the circulation of minutes of meeting. Matter was also discussed

in the meeting of allottees and home buyers held on 13th July, 2020 and RP again advised that

the persons those want to be part of committee for resolution of dispute may send their

consent through email to RP as his email id.

RP further apprised in the meeting that, Any CoC member who is willing to be part of

committee may send his consent to Resolution Professional through email. RP and AR shall

form part of the Committee. The list of such member who has given their consent shall be

available at www.lotuszing.com.

Further, decision of Committee for settlement of dispute shall be placed before CoC for

approval.

18

AGENDA ITEM NO. 7

ANY OTHER MATTER

No other matter was discussed in the meeting and meeting was concluded with a vote of thanks by RP.

E-voting:-

No matter is being placed for e-voting, so no link shall be circulated for voting.

(Manish Kumar Gupta) Interim Resolution Professional In the Matter of M/s Three C Projects Private Limited Regn. No. lBBl / IPA-001 / IP-P00225/2017-2018/10424 Email: For Correspondence – threecprojects.ip@gmail.com Email: Regd. With IBBI – manishvivek@yahoo.com Date: 21st July, 2020 Place: New Delhi