Phase-III Part - 2 - (Block T5 - Tower T6, T7, T8, T9, T10, T11, T12) & (Block T4 -Tower T14)

Sh. Ashish Kush, Planning Executive and Ms. Asha, Chartered Accountant briefed about the facts of the case. Sh. Kishor Kumar [AR) and Sh. Janardhan (AR) are present on behalf of the promoter. It was briefed by the AR of the promoter applicant that the original promoter was M/s Sare Gurugram Pvt. Ltd. (formerly known as Ramprastha Sare Realty Pvt. Ltd.) however, the licenses are in the name of M/s S.A. Infracon and others. M/s Sare Gurugram Pvt. Ltd. have approached DTCP for transfer of license in their own name. In principle approval was issued by DTCP in favour of M/s Sare Gurugram Pvt. Ltd. vide Memo No. LC-163 5-ll-IE(VAJ-2013/36807 and 36804 both dated 17.04.2013. In terms of this in principle approval the title of land has been transferred from M/s S.A. Infracon and others to M/s Sare Gurugram Pvt. Ltd. and submitted to the department. However, in the meantime the company went to the NCLT. The Hon’ble NCLT admitted the case on 09.03.2021 by petition No. IB300(PB)2020 and appointed Mr. Ajit Gyan Chand Jain as IRP. Further, In the 7th CoC Meeting held on 17.12.2021, it was informed by RP to the members of CoC that Resolution Plans were received from 6 PRAs. The Coc, in its commercial wisdom after examining the feasibility and viability of the 6 Resolution Plans, approved the Resolution Plans of “ Consortium of KGK Realty (India) Private Limited ( “Successful Resolution Applicant” (SRA)) with 100% votes  its favour in terms of section30(4) of the Code. On 24.04.2023, Hon’ble NCLT also approved the plan finally. In terms of the plan the liability of financial creditors is to be discharged in 48 months from the date of approval of the plan. Also, the home buyers flat need to be delivered within 36 months of the approval. As on date M/s Sare Gurugram Pvt. Ltd. (formerly known as Ramprastha Sare Realty Pvt. Ltd.) does not have Board of Directors and the M/s K.G.K. -Dhoot Consortium will induct new directors periodically as per instructions of NC LT order dated 23.04.2O23. The promoter has filed a case in the Hon’ble High Court and vide order dated 31.10.2023 in CWP no. 24511-2023, it has been directed to issue appropriate orders, as expeditiously as possible, preferably within six weeks from the date of order. The promoter stated that the applied area for registration was inadvertently left out at the time of registration in the Interim RERA, Panchkula. Now, the promoter has applied for the registration of the left out area. The Authority has levied the late fee of Rs 65,95,310/- as the project is ongoing and request for waiver of late fees is not considered. Now, the promoter has submitted the late fee and stated that they had already obtained the Occupation certificate vide memo no. ZP-562-II/PA(DK)/2023/12361 dated 28.04.2023 for the applied area and requested the Authority to grant the registration certificate which will enable the promoter to hand over the possession to the existing allottees and availability of loan for completion of the project for the existing allottees and execution of conveyance deed in their favour. The OC for the applied area has been already obtained and the late fee also deposited. The matter is unique in the way that the applicant/ promoter has been appointed as a result of resolution proceedings in the Hon’ble NCLT and has been assigned the responsibility to deliver the units to existing allottees. This being a stressed project and now revived by Hon’ble NCLT under IBC Act, 2016 in the interest of allottees, the authority decides to grant the registration certificate only to the extent of facilitating the handing over of allotted units and execution of conveyance deeds of existing allottees. The rectification of deficiencies and submission of the COD/Transfer of license in the Authority shall be done before any further sale in the above said project. An undertaking to this effect shall be submitted that no further sale/booking of any unsold unit should be made prior to seeking of COD/Transfer of license from DTCP and its submission in the Authority.