NOTICE AND AGENDA OF FIRST COMMITTEE OF CREDITORS of... · the list of creditors is available for inspection at Guest House, IREO Rise Apartments, Sector-99, Sahibzada Ajit Singh

NOTICE AND AGENDA OF FIRST COMMITTEE OF CREDITORS

Pawan Kumar Garg

Interim Resolution Professional in the

matter of Puma Realtors Limited

IP Registration No. -IBBI/IPA-001/IP-

P00608/2017-2018/11069

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TABLE OF CONTENTS

AGENDA FOR THE MEETING IN BRIEF .............................................................................. 7

NOTES TO AGENDA AND GENERAL GUIDELINES ........................................................ 9

INSTRUCTIONS FOR E-VOTING: ......................................................................................... 11

A. LIST OF MATTERS TO BE DISCUSSED/NOTED ................................................. 12

Item No. 1.......................................................................................................................................... 12

The Interim Resolution Professional to take the Chair ......................................................... 12

Item No. 2.......................................................................................................................................... 12 To ascertain the quorum of the Meeting in accordance with the provisions of Regulation

22 of The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for

Corporate Persons) Regulations,2016. ....................................................................................... 12

Item No. 3.......................................................................................................................................... 12

To take note of the claims received by the Interim Resolution Professional. ................... 12

Item No. 4.......................................................................................................................................... 13

To take note of the Committee of Creditors (COC) Constituted by the IRP. .................. 13

Item No. 5.......................................................................................................................................... 13

To take note of Actions Taken by Interim Resolution Professional till date: ................... 13

Item No. 6.......................................................................................................................................... 17

Corporate Insolvency Resolution Process (CIRP) cost: ........................................................ 17

Item No. 7.......................................................................................................................................... 18

Taking complete custody & control of the corporate debtor ............................................... 18

B. RESOLUTIONS TO BE PASSED AT THE MEETING: ......................................... 19

Resolution No. 1 .............................................................................................................................. 19

To approve and ratify a debit transaction from the corporate debtor’s bank accounts 19

Resolution No. 2 .............................................................................................................................. 20

To approve and appoint Interim Resolution Professional as Resolution Professional .. 20

Resolution No. 3 .............................................................................................................................. 21 To ratify and approve the remuneration of the Interim Resolution Professional (IRP)

and Resolution Professional (RP) ............................................................................................... 21

Resolution No. 4 .............................................................................................................................. 22

To allow the Interim Resolution Professional/Resolution Professional to execute a

conveyance deed/sale deed in Favour of Home buyers whose residential spaces are

complete and to allow immediate possession. ........................................................................... 22

Resolution No. 5 .............................................................................................................................. 23

To approve and ratify the appointment Maintenance agency for Project under Puma

Realtor Private Limited................................................................................................................. 23 C. ANY OTHER MATTER TO BE DISCUSSED / PROPOSED FOR RESOLUTION

24

VOTE OF THANKS ...................................................................................................................... 25

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NOTICE OF THE FIRST MEETING OF COMMITTEE OF CREDITORS,

of

Puma Realtors Private Limited

(Under Corporate Insolvency Resolution Process)

Notice along with Agenda, Notes to Agenda, Resolutions which are proposed to

be passed in the meeting and the explanatory statements to the said resolutions

for the 1st Meeting of the Committee of Creditors of Puma Realtors Private

Limited (under Corporate Insolvency Resolution Process) under the provisions

of The Insolvency and Bankruptcy Code, 2016 (hereinafter may be referred as

‘IBC, 2016’ for brevity) read with Insolvency and Bankruptcy Board of India

(Insolvency Resolution Process for Corporate Persons) Regulations, 2016

(hereinafter may be referred as ‘Corporate Persons Regulations’ for brevity).

Day & Date: Monday, 25th February, 2019

Time: 04:00 PM

Venue: Guest House, IREO Rise Apartments, Sector-99, Sahibzada Ajit

Singh Nagar, Mohali, Punjab-140306

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NOTICE is hereby given that in accordance with the provisions of Regulation 17, 18

& 19 of The Insolvency and Bankruptcy Board of India (Insolvency Resolution

Process for Corporate Persons) Regulations, 2016, the first Meeting of the

Committee of Creditors of Puma Realtors Limited will be held at Guest House, IREO

Rise Apartments, Sector-99, Sahibzada Ajit Singh Nagar, Mohali, Punjab-140306 on

Monday, 25th February, 2019 at 04:00 p.m. to transact the following business as

specified in the enclosed Agenda.

In accordance with the provisions of Regulation 21 of The Insolvency and

Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)

Regulations, 2016, the participants may attend and vote in the aforementioned

meeting through:

(1) Either in person or through an authorized representative

(2) Video conferencing or other audio and visual means.

You are requested to kindly make it convenient to attend the Meeting.

The resolutions which are proposed to be passed in the meeting and the explanatory

statements to the said resolutions are also enclosed for your kind perusal and

consideration.

SD/-

Pawan Kumar Garg

Interim Resolution Professional in the matter of Puma Realtors Limited

Email: [email protected]

IP Registration No. -IBBI/IPA-001/IP-P00608/2017-2018/11069

Date: 19th February, 2019

Place: New Delhi

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Enclosed:

• Agenda,

• Notes to Agenda,

• Resolutions proposed to be passed

• Explanatory Statements to the said resolutions

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Notice along with all enclosures sent to:

Authorised Representatives of the Creditors in a Class

S.No. Name of Insolvency

Professional

IBBI Registration No. Class

1. Mr. Atul Mittal IBBI/IPA-001/IP-

P00439/2017-18/10762

Financial

Creditors (Home

Buyers)

Financial Creditors

• Axis Finance Limited

Directors of Puma Realtors Private Limited (Corporate Debtor)

• Mr. Mahesh Kumar Singh

• Mr. Bhupesh Bansal

Operational Creditors if aggregate dues are at least 10% of the debt- None

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AGENDA FOR THE MEETING IN BRIEF

Agenda for the First Meeting of the Committee of Creditors (COC) of Puma Realtors

Private Limited to be held at Guest House, IREO Rise Apartments, Sector-99,

Sahibzada Ajit Singh Nagar, Mohali, Punjab-140306 on Monday, 25th February,

2019 at 04:00 p.m.

Item

No.

Particulars

A. LIST OF MATTERS TO BE DISCUSSED/NOTED:

1. The Interim Resolution Professional to take the Chair.

2. To ascertain the quorum of the Meeting in accordance with the provisions of

Regulation 22 of The Insolvency and Bankruptcy Board of India (Insolvency

Resolution Process for Corporate Persons) Regulations, 2016.

3. To take note of the claims received by the Interim Resolution Professional.

4. To take note of the Committee of Creditors (COC) constituted by the

Interim Resolution Professional.

5. To take note of Actions Taken by Interim Resolution Professional till

date

6. Corporate Insolvency Resolution Process (CIRP) cost

7. Taking complete custody & control of the corporate debtor

B. RESOLUTIONS TO BE PASSED AT THE MEETING

1. To approve and ratify a debit transaction from the corporate debtor’s bank

accounts

2. To approve and appoint Interim Resolution Professional as Resolution

Professional

3. To ratify and approve the remuneration of the Interim Resolution

Professional (IRP) and Resolution Professional (RP)

4. To allow the Interim Resolution Professional/Resolution Professional to

execute a conveyance deed/sale deed in favour of Home buyers whose

residential spaces are complete and to allow immediate possession.

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5. To approve and ratify the appointment Maintenance agency for Project

under Puma Realtor Private Limited

C. ANY OTHER MATTER WITH THE PERMISSION OF THE CHAIR:

1. Vote of Thanks.

SD/-

Pawan Kumar Garg





Place: New Delhi

P. S.: Notes to the Agenda appended hereto is an integral part of the Notice.

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NOTES TO AGENDA AND GENERAL GUIDELINES

1. As per provisions of Regulation 13(2) of The Insolvency and Bankruptcy Board of

India (Insolvency Resolution Process for Corporate Persons) Regulations 2016,

the list of creditors is available for inspection at Guest House, IREO Rise

Apartments, Sector-99, Sahibzada Ajit Singh Nagar, Mohali, Punjab-140306 on

25th February, 2019.


India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 if

any participant wants to attend the aforementioned Meeting through Video

conferencing or other audio and visual means may kindly write to the signatory of

the notice at the email id mentioned herein along with the Location, at least 48

hours before the time fixed for the Meeting, so that necessary arrangements can be

made. It is to be noted that the participants attending the aforementioned Meeting

through video conferencing or other audio and visual means would also be

considered as part of quorum for the aforementioned Meeting.


India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, a

participant may attend the Meeting either in person or through an authorized

representative. A participant attending through an authorized representative, shall

inform the signatory of the notice, at least 48 hours in advance, the identity of the

authorized representative who will attend and vote at the Meeting on its behalf.

The authorized representative is requested to carry an Identity Card for its

identification.

In terms of Circular no. IBBI/CIRP/016/2018 dated 10th August, 2018 of

Insolvency and Bankruptcy Board of India, it is required that the Financial

Creditors must be represented in the COC by such persons who are competent and

are authorised to take decisions on the spot and without deferring decisions for

want of any internal approval from the Financial Creditors.

4. As per provisions of Section 24(3) of The Insolvency and Bankruptcy Code, 2016,

a participant being a Financial Creditor shall only be entitled to vote at the

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Meeting or by electronic means. The Directors of the Corporate Debtor and one

representative of the Operational Creditor(s), if any, attending the Meeting shall

not have any right to vote at the Meeting and shall not form a part of the quorum.

A financial creditor being a related party of the Corporate Debtor shall not have

any right of representation, participation or voting in the Meeting.

5. At the conclusion of voting at the Meeting, the decision taken on each of the items

along with the names of the Members of the Committee of Creditors (COC) who

voted for or against the decision, or abstained from voting will be announced.

6. In terms of provisions of Regulation 25(3) of The Insolvency and Bankruptcy

Board of India (Insolvency Resolution Process for Corporate Persons) Regulations

2016, the resolution professional shall take a vote of the members of the

committee present in the meeting, on any item listed for voting after discussion on

the same.

7. In terms of provisions of Regulation 25(5) of The Insolvency and Bankruptcy

Board of India (Insolvency Resolution Process for Corporate Persons) Regulations

2016, resolution professional shall seek a vote of the members who did not vote at

the meeting on the matters listed for voting, by electronic voting system in

accordance with regulation 26 of The Insolvency and Bankruptcy Board of India

(Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

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INSTRUCTIONS FOR E-VOTING:

1. The voting period will begin on TUESDAY 26TH FEBRUARY 2019 (03:00 Noon

IST) and ends on THURSDAY DAY, 28TH FEBRUARY, 2019 (03:00 Noon IST).

During this period, the members of the Committee of Creditors are being provided

the platform to cast their vote electronically. The e-voting module shall be

disabled by Right2Vote for voting thereafter.

2. The participating members of the Committee of Creditors should log on to the

evoting website https://right2vote.in/login/ during the voting period.

3. Enter your Email ID. Your Email ID is your user ID. Kindly ensure you use the

same Email ID as notified to the IRP for eVoting. You will receive the invite on

this email ID.

4. Press Get OTP. OTP (One Time Password) would be delivered on your Email.

The OTP is the password. Once you enter the OTP you would be logged in.

5. Once logged in, you would be directed to My Poll Invite page. Here you would

see the poll from PUMA REALTORS PRIVATE LIMITED listed. Click on the

poll and you would be taken to voting screen.

6. On the voting page, you will see “ITEM WISE MATTERS TO BE VOTED ON”

and against each item, the option “YES/NO” for voting. Select the option YES or

NO as desired. The option YES implies that you assent to the respective item and

option NO implies that you dissent to the respective item. The participating

member not exercising their votes in either of the option mentioned herein shall be

deemed to have abstained from voting for that respective item.

7. After selecting the option, if you have voted, click on “SUBMIT”. You would

receive a “THANK YOU” message on the screen. This is a confirmation that your

vote has been registered.

8. In case you have any queries or issues regarding e-voting, write an email to

[email protected]

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A. LIST OF MATTERS TO BE DISCUSSED/NOTED

Item No. 1

The Interim Resolution Professional to take the Chair

As per Regulation 24(1) of the Insolvency and Bankruptcy Board of India

(Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the

Resolution Professional (which includes Interim Resolution Professional) shall act as

the Chairperson of the meeting of the Committee.

Item No. 2

To ascertain the quorum of the Meeting in accordance with the provisions of

Regulation 22 of The Insolvency and Bankruptcy Board of India (Insolvency

Resolution Process for Corporate Persons) Regulations,2016.

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.

Item No. 3

To take note of the claims received by the Interim Resolution Professional.

The Interim Resolution Professional has received 1 claim in this case so far from the

financial creditors and has collated the claims received up to 18th February, 2019.

The Interim Resolution Professional has received 659 claims in this case so far from

the creditors in a class i.e., Home Buyers and have collated the claims received up to


The Interim Resolution Professional has received 41 claims in this case so far from

the operational creditors and have collated the claims received up to 18th February,

2019.

A list of these claims has been up-loaded on the Website i.e., www.pumarealtors.in

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created by the Interim Resolution professional for such purposes and would also be

provided to all the Members of the Committee of Creditors in the meeting.

The claims received from the financial creditors in Form No. ‘C’, from Creditors in a

class (Home Buyers) in Form No. ‘CA’ and from Operational Creditor in Form No.

‘B’ along with the documents attached by the financial creditors are being verified by

us and the claim amount has been provisionally admitted for the purpose of voting

share.

Item No. 4

To take note of the Committee of Creditors (COC) Constituted by the IRP.

As per provisions of Section 18(1)(c) of the IBC, 2016, it is the duty of the interim

resolution professional to constitute a committee of creditors (COC).

The committee of creditors shall comprise all financial creditors including creditors

in a class (Home Buyers) through an Authorised Representative of the corporate

debtor, provided that a related party to whom a corporate debtor owes a financial

debt shall not have any right of representation, participation or voting in a meeting of

the committee of creditors.

The Interim Resolution Professional has constituted the Committee of Creditors in

this case and a report would be filed with the Hon’ble NCLT, Delhi on 30/01/2019.

However, a report for the Re-Constitution of the Committee of Creditors will be filed

by the Interim Resolution Professional on 20th February, 2019. A copy of the report

submitted to NCLT along with list of Members of COC will be provided to all the

Members of the Committee of Creditors in the meeting.

Item No. 5

To take note of Actions Taken by Interim Resolution Professional till date:

a. Receiving and collating of claims

• The Interim Resolution Professional has received 1 claim in this case so far

from the financial creditors and has collated the claims received up to 18th

February, 2019.

• The Interim Resolution Professional has received 659 claims in this case so

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far from the creditors in a class i.e., Home Buyers and have collated the

claims received up to 18th February, 2019.

• The Interim Resolution Professional has received 41 claims in this case so

far from the operational creditors and have collated the claims received up to


• A list of these claims has been up-loaded on the Website i.e.,

www.pumarealtors.in created by the Interim Resolution professional for

such purposes and would also be provided to all the Members of the

Committee of Creditors in the meeting.

• The claims received from the financial creditors in Form No. ‘C’, from

Creditors in a class (Home Buyers) in Form No. ‘CA’ and from Operational

Creditor in Form No. ‘B’ along with the documents attached by the financial

creditors are being verified by us and the claim amount has been

provisionally admitted for the purpose of voting share.

b. Taking control of Bank Accounts of the Corporate Debtor:

The Interim Resolution Professional has taken control of the current accounts in

operation maintained with 5 banks namely, Kotak Mahindra Bank, Axis Bank,

HDFC Bank, ICICI Bank and IDBI Bank as per information received by the

Interim Resolution Professional based on his own due diligence. The Interim

Resolution Professional has also intimated to the Chief Executive/Managing

Director of all the Public Sector and Private Banks for blocking any account

maintained with them by the Corporate Debtor. The banks have been instructed

to replace the authorised signatories for the operation of bank accounts

maintained by the corporate debtor with the signatures of IRP.

c. Visit to the office of the Corporate Debtor

The Interim Resolution Professional has already visited the site of the Corporate

Debtor and analyzed the projects with respect to their completion, handing over

possession and other parameters for the successful resolution of the Corporate

Debtor.

The Interim Resolution Professional also informed the corporate debtor about

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the information required by us from them on an urgent basis. Since The Interim

Resolution Professional did not receive any assurances from the ex-management

of the Corporate Debtor, he has filed an application under Section 19 (2) of the

Insolvency and Bankruptcy Code, 2016 on 01.11.2018 and more than 4 hearing

has been already done in Hon’ble NCLT, New Delhi.

d. Appointment of Registered Valuers:

The Interim Resolution Professional has sought quotations from the all the

Valuers registered with Insolvency and Bankruptcy Board of India and has

received quotes for the valuation of Land & Building, Plant & Machineries and

Current Assets of the Corporate Debtor.

The quotes received will presented before the members of the Committee of

Creditors for their consideration and shall approve and ratify the appointment of

the Valuers.

e. Appointment of Forensic Auditor

According to the amendment in the Insolvency Regulations by IBBI dated 7th of

November 2017, the transactional audit has become necessary through the effect

of regulation 39(2) of IBBI (Insolvency Resolution Process for Corporate

Persons) (Third Amendment) Regulations, 2017, which states as under:

“The resolution professional shall submit to the committee all resolution plans

which comply with the requirements of the Code and regulations made

thereunder along with the details of following transactions, if any, observed,

found or determined by him: -

(a) preferential transactions under section 43;

(b) undervalued transactions under section 45;

(c) extortionate credit transactions under section 50; and

(d) fraudulent transactions under section 66,

and the orders, if any, of the adjudicating authority in respect of such

transactions.”

In accordance with the above amendment in the IBC, 2016, the Interim

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Resolution Professional has sent mails seeking quotation from E&Y, Deloitte,

KPMG and PWC along with other companies Empanelled with IBA.



the Valuers.

f. Appointment of Maintenance agency for Project under Puma Realtor

Private Limited

The Interim Resolution Professional had appointed Sarvatra Integrated

Management Service Private Limited as the maintenance agency for the project

under Puma Realtors Private Limited. The said maintenance agency is

empanelled vendor of IREO group. IREO Corporate office suggested 4 names

for maintenance agencies and out of which, 3 maintenance agencies have shown

their unwillingness to provide their services because of the dues pending from

IREO group. Therefore, the Interim Resolution Professional had to appoint

Sarvatra Integrated Management Service Private.

The monthly fee of maintenance agency would be Rs.9 lakhs per month

excluding GST, consumables and Lift/other equipment’s AMC charges.

Common area maintenance charges (as worked out) will be shared between the

Corporate Debtor as a part of the CIRP Cost and possession holders.

The above quotes are presented before the members of the Committee of


such agency.

g. Appointment of Project Consultant:

The Interim Resolution Professional has sought quotations from various Project

Consultants to determine the cost of completion of the project under Puma

Realtors Private Limited and has received quotes for the “cost to complete” to

conclude the projects of the Corporate Debtor.



the Project Consultants.

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Item No. 6

Corporate Insolvency Resolution Process (CIRP) cost:

As per the information gathered so far, the followings would be the key expenses

which would form part of Corporate Insolvency Resolution Process Cost:

• Fee payable to IRP/RP (Including the fee of Process Advisor),

• Cost of public announcement,

• Expenses incurred by IRP/RP for deputing/appointing human resources for

receiving, collating and verification of claims and various other jobs during CIRP,

• Expenses for convening and conducting COC meetings including Video

conferencing, e-voting, bulk printing and Xerox copy, cost of the venue and

hospitality, courier and speed post, etc.

• Fee payable to Registered Valuers and Chartered Accountants for valuation of

assets of CD

• Fee and expenses incurred during the process of taking custody and control of

assets of the CD including travelling, conveyance, etc.

• Amount of expenses incurred for watch and ward /security including the cost of

electricity for arrangement of light at the premises

• Professional fee payable to lawyers and Company secretaries for various statutory

compliances such as extension of period for holding AGM, other company law

matters, TDS matters, etc.

• Fee payable to legal consultants for various ongoing litigations and compliances

under IBC, 2016; filing of reports with NCLT and attending hearings, etc.

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• Cost of litigation for preserving and protecting the assets of the CD for enhancing

and protecting the value for the creditors.

The IRP shall present the statement of expenses incurred by him for the perusal of the

CoC members. The total expenses incurred by the IRP till the date of issue of this

notice are Rs. 6,55,189 as detailed below:

Particulars Amount in INR

Advocate fees towards filing of application under section 19(2)

of IBC,2016 & hearings

15,000

Advocate fees towards filing of application in SCDRC for

modification of order and Chandigarh visit

66,000

Advocate fees towards external litigation and NCLT hearing,

Drafting, Filing of reports / applications, court fee etc.

3,80,000

Towards Collation of claims, stationary, photocopies 10,000

Towards Travelling to Mohali Project Site, taking possession,

stay overnight at Mohali including visits to Corporate Office and

Ireo Campus at Gurugram, Haryana.

80,882

Towards movement of documents from Mohal to IRP, Delhi

office

11,000

Towards Cost of Public Announcement 37,442

Website Creation and upgradation charges 53,100

Broadband connection at Mohali project office. 821

Locker change expenses 944

Total 6,55,189

Item No. 7

Taking complete custody & control of the corporate debtor

The prime role of the IRP/RP as defined under Section 17, 18, 20 & 25 is to take

complete control & custody of the operations & assets of the CD. Therefore, it is

imperative to replace the security/watch & ward & to depute key human resources with

the following objectives:

• To assure the safety & security of fixed assets & other assets of the Corporate Debtor.

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• To assure the genuineness of all the expenses being paid during the CIRP.

To achieve the aforesaid objectives, we have taken the control of their project office,

stores and all documents in project office at Ireo Rise Mohali.

B. RESOLUTIONS TO BE PASSED AT THE MEETING:

Resolutions to be passed at the first Meeting of the Committee of Creditors of Puma

Realtors Private Limited to be held at, Guest House, IREO Rise Apartments, Sector-

99, Sahibzada Ajit Singh Nagar, Mohali, Punjab-140306 on 25th February, 2019.

Resolution No. 1

To approve and ratify a debit transaction from the corporate debtor’s bank

accounts

Facts and Explanatory Statement:

In accordance with the provisions of Section 17(1)(d) of the Code, all the banks with

which the Corporate debtor is maintaining account have to act on the instructions of

Mr. Pawan Kumar Garg, Interim Resolution Professional and according to Section

28(1)(e), the COC has to approve the debit transactions to the bank accounts in

excess of an amount as may be decided by the COC. It is therefore requested that all

the members of the COC may approve the operation of the bank accounts of the

Corporate Debtor maintained with them by Mr. Pawan Kumar Garg and approve the

threshold amount beyond which Mr. Pawan Kumar Garg, Interim Resolution

Professional would need approval of the COC for any debit transactions in the said

bank accounts. Therefore, the following resolution needs to be passed.

The following Resolution is therefore placed before the Members of the COC for

consideration:

Resolution:

To consider and if found fit, to pass with or without modification the following

Resolution:

“RESOLVE THAT, In accordance with the provisions of Section 17(1)(d) of the

Code, all the Banks with which Puma Realtors Private Limited is maintaining bank

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accounts, be and is hereby instructed to act on the instructions of Mr. Pawan Kumar

Garg, Interim Resolution Professional and allow Mr. Pawan Kumar Garg, the Interim

Resolution Professional to operate all the bank accounts of Puma Realtors Private

Limited. “

“RESOLVE FURTHER THAT, in accordance with provisions of Section 28(1)(e)

of The Insolvency and Bankruptcy Code, 2016, all the banks maintaining bank

accounts of Puma Realtors Private Limited be and are hereby authorized to approve

debit transactions from any such accounts on the instructions of Mr. Pawan Kumar

Garg with a limit of Rs. ______________/- (Rupees __________ only) on the value

of single transactions from the bank accounts.”

“RESOLVE FURTHER THAT, Mr. Pawan Kumar Garg, Interim Resolution

Professional be and is hereby authorized to issue the above instructions to the Banks

maintaining the bank account of the corporate debtor.”

Resolution No. 2

To approve and appoint Interim Resolution Professional as Resolution Professional


As per section 22(2) of IBC 2016, the COC in its first meeting shall decide to appoint

the Interim Resolution Professional as Resolution Professional or to replace the

Interim Resolution Professional by another Resolution Professional.

In this case, Mr. Pawan Kumar Garg, Insolvency Professional vide Reg. No.

IBBI/IPA-001/IP-P00608/2017-2018/11069 was appointed as IRP by Mr. Paramjt

Singh Saini (Financial Creditor-Home Buyer).

Mr. Pawan Kumar Garg, being eligible for the appointment as Resolution

Professional (RP) offers himself for the appointment as RP in this case.

The following Resolution is therefore placed before the Members of the COC for

consideration:

Resolution:

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Resolution:

“RESOLVE THAT Mr. Pawan Kumar Garg, an Insolvency Professional

(Registration No. IBBI/IPA-001/IP-P00608/2017-2018/11069) is hereby appointed

as the Resolution Professional In the matter of Corporate Insolvency Resolution

Process of Puma Realtors Private Limited in accordance with provisions of section

22(3)(a) of the IBC-2016.”

Resolution No. 3

To ratify and approve the remuneration of the Interim Resolution Professional

(IRP) and Resolution Professional (RP)


Mr. Paramjt Singh Saini (Financial Creditor-Home Buyer) creditor, had proposed

Mr. Pawan Kumar Garg as the Interim Resolution Professional in the Corporate

Insolvency Resolution Process (CIRP) of Puma Realtors Private Limited. The

Hon’ble NCLT, New Delhi has appointed Mr Pawan Kumar Garg. The Fee payable

to the IRP is not decided yet and the fee payable to IRP has to be decided collectively

by all the members of COC.

Following resolution is therefore proposed for consideration:

Resolution:


Resolution:

“RESOLVE THAT of a remuneration of Rs. 12 Lakhs per month (plus applicable

taxes) be and is hereby approved for payment to the Interim Resolution Professional

be and is hereby approved for payment to the Resolution Professional in the

Corporate Insolvency Resolution Process of Puma Realtors Private Limited. In

addition to the Professional Fee and applicable taxes, the Insolvency Professional

would be entitled for reimbursement of expenses like Insolvency Professional

Insurance Expense, Fee payable to professionals engaged by the IRP / RP,

publication of public announcement, expenses for conducting COC meetings, travel

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expenses and other incidentals incurred during the corporate insolvency resolution

process.”

“FURTHER RESOLVE that the primary responsibility of handling the assignment

will remain with Mr. Pawan Kumar Garg, he would be using the common knowledge

base, infrastructure and experience of AAA Capital Services Private Limited for

execution of the assignment in the capacity of process advisors in the CIRP of the

corporate Debtor.

In view of the above and also in view of the facts that AAA Capital Services Private

Limited has infrastructure and experience for handling the assignment under

Insolvency and Bankruptcy Code, 2016 therefore the above fee would include the fee

for the process advisor i.e., AAA Capital Services Private Limited.

Resolution No. 4

To allow the Interim Resolution Professional/Resolution Professional to execute a

conveyance deed/sale deed in Favour of Home buyers whose residential spaces

are complete and to allow immediate possession.


We have received various queries from different segments of home buyers regarding

following issues: -

a) Home buyers are interested in taking physical possession and custody of their flat

or plot as allotted to them after making full payment as per executed Builder Buyer

Agreement (BBA)

b) Home buyers are also interested in getting their property registered in their name

i.e., transfer of title of the property in their name as per The Transfer of Property Act.

c) Home buyers are also interested in execution of Builder Buyer Agreement based

on the letter of Allotment, receipts issued by the Corporate Debtor, adjustment letter

issued by the Corporate Debtor, proof of payment from the bank statement of payer,

etc.

All the above matters were discussed with home buyers at various interactions,

formal or informal and therefore, the following resolution is proposed to be voted

upon: -

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Resolution:


Resolution:

“RESOLVE THAT the physical possession and custody of the property be handed

over to the allottees in case the terms and conditions as mentioned in Annexure-A

are complied with by them. “

“FURTHER RESOLVE THAT the title of the property may be transferred to the

allottees in case the terms and conditions as mentioned in Annexure-B are complied

with by them.”

“FURTHER RESOLVE THAT the Builder Buyer Agreement may be executed

with the allottees in case the terms and conditions as mentioned in Annexure-C is

complied with by them.”

“FURTHER RESOLVE THAT the Resolution Professional be and is hereby

authorized to implement the above resolution and to prepare and execute all such

documents as may be required for implementation of the above resolution including

but not restricted to execution of Conveyance Deed/ Sale Deed, issue of possession

letter, execution of Builder Buyer Agreement etc. for and on behalf of the Corporate

Debtor.”

Resolution No. 5

To approve and ratify the appointment Maintenance agency for Project under

Puma Realtor Private Limited


The Interim Resolution Professional has shortlisted Sarvatra Integrated Management

Service Private Limited as the maintenance agency for the project under Puma

Realtors Private Limited. The said maintenance agency is empaneled vendor of

IREO group. IREO Corporate office suggested 4 names for maintenance agencies

and out of which, 3 maintenance agencies have shown their unwillingness to provide

their services because of the dues pending from IREO group. Therefore, the Interim

Resolution Professional had to appoint Sarvatra Integrated Management Service

Private Limited.

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The monthly fee of maintenance agency would be Rs.9 lakhs per month excluding

GST, consumables and AMC charges. Common area maintenance charges (as

worked out) will be shared between the Corporate Debtor as a part of the CIRP Cost

and possession holders.

Resolution

To consider and, if thought fit, to pass with or without modification the following

resolution:

“RESOLVE THAT, the members of the Committee of Creditors approve the

appointment of Sarvatra Integrated Management Service Private Limited as the

maintenance agency for the project under Puma Realtors Private Limited.”

“FUTHER RESOLVE THAT, the members of the Committee of Creditors approve

and ratify the monthly fee of maintenance agency would be Rs.9 lakhs per month

excluding GST, consumables and AMC charges. Common area maintenance charges

(as worked out) will be shared between the Corporate Debtor as a part of the CIRP

Cost and possession holders.”

C. ANY OTHER MATTER TO BE DISCUSSED / PROPOSED FOR

RESOLUTION

The members of COC would be entitled to raise any other matter to be discussed

and may propose any resolution to be discussed and passed at the meeting with the

permission of the chair.

Annexure-A

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S. No. Pre-Conditions

1. Payment of balance amount as per Builder Buyer agreement

2. Verification of Original Builder Buyer agreement

3. Verification of Original (Provisional) Allotment letter

4. Verification of Original Payment Receipts

5. Verification of payment from Bank statements

6. Verification of all statutory Compliances required before handing over of

property to allottees e.g. Payment of EDC, Occupancy certificate, NOC’s

from Govt. department etc.

7. Affidavit from the allottees that he will contribute to the deficit, if any, in the

Resolution plan approved by the COC.

8. Receipt of NOC for Mortgage/charge on the property in favour of any

authority/institution/Banks.

Annexure-B


1. Payment of balance amount as per Builder Buyer agreement

2. Verification of Original Builder Buyer agreement



5. Verification of Original Possession Letter


7. Verification of all statutory Compliances required before handing over of

property to allottees e.g. Payment of EDC, Occupancy certificate, NOC’s

from Govt. department etc.

8. Affidavit from the allottees that he will contribute to the deficit, if any, in the

Resolution plan approved by the COC.

9. NOC for Mortgage/charge on the property in favour of any

authority/institution/Banks.

Annexure-C





VOTE OF THANKS

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In case, there is no such matter from any member of the COC, the meeting will be

concluded with a vote of thanks by resolution professional.

SD/-

Pawan Kumar Garg





Place: New Delhi

Documents

NOTICE AND AGENDA OF FIRST COMMITTEE OF CREDITORS of... · the list of creditors is available for inspection at Guest House, IREO Rise Apartments, Sector-99, Sahibzada Ajit Singh