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NCLT Delhi Approves Resolution Plan For Boulevard Projects Private Limited

6 March 2023 2:10 PM GMT
NCLT Delhi Approves Resolution Plan For Boulevard Projects Private Limited

The National Company Law Tribunal, Principal Bench, New Delhi comprising of Justice Ramalingam Sudhaka (President) and Shri Avinash K. Srivastava (Technical Member) has

approved the Resolution Plan filed by the Resolution Professional, Amit Agarwal in the matter of Boulevard Projects Private Limited which was developing a high-end real estate project Delhi One.

Background Facts:

In 2018, SGM Webtech Private Limited (“SGM”) as a financial creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“Code”) seeking initiation of Corporate Insolvency Resolution Process (“CIRP”) of Boulevard Projects Private Limited (“Corporate Debtor”) which was engaged in the development and construction of a project ‘Delhi One’ in Noida. NCLT in February 2019, admitted the application filed by SGM and commenced CIRP of the Corporate Debtor, declared moratorium in terms of Section 14 of the Code and appointed Mr. Amit Agarwal as the Interim Resolution Professional who was later confirmed as the Resolution Professional (“RP”). Subsequently, the RP by a public announcement dated February 14, 2019, invited claims of all the creditors of the Corporate Debtor and took over the charge of the Corporate Debtor with an attempt to seek revival and rehabilitation of the Corporate Debtor.

Approval of the Resolution Plan.

In 2019, pursuant to the RP inviting expressions of interest, a resolution applicant, namely, Max Estates Limited submitted its resolution plan to the RP. The said resolution plan was an all-encompassing proposal that took into consideration varied factors such as allotment of units to home buyers as well as reasonable settlement of claims of financial creditors and operational creditors. The committee of creditors (“CoC”) approved the resolution plan by a majority of 86% voting share.

An application seeking approval of the resolution plan (“Application”) to the tune of ₹1118,38,93,145/- (Rupees One Thousand One Hundred Eighteen Crores Thirty-Eight Lakhs Ninety-Three Thousand One Hundred Forty-Five Only) was filed by the RP. During the pendency of the Application, numerous interlocutory applications on various aspects including avoidance applications, claim from creditors etc. were filed, which were successfully defended. After more than 3 years of the filing of the Application, NCLT has allowed the Application and approved the Resolution Plan.

Case Title: SGM Webtech Private Limited V. Boulevard Projects Private Limited

Case No: CP (IB) No.967(PB)/2018

Resolution Professional (Amit Agarwal) in the Corporate Insolvency Resolution Process of Boulevard Projects Private Limited was represented by a team from Dua Associates led by Angad Varma, Partner, and comprising of Prashant Kumar, Principal Associate, Toyesh Tewari, Principal Associate, Nikhil Mehndiratta, Senior Associate, and Kevin Chadha, Associate.

Click here to read/ download order

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