MCGM owns inter alia, Plot Nos.
Further, the plan proposed payout to the tune of 102.3 crores to MCGM as against its total claim of 140.88 crores, and also companymitted to honouring the terms of the agreement entered into by SevenHills and providing 20 of the beds of the hospital to be companystructed to the poor and weaker sections of society.
By a companytract dated 20th December, 2005 SevenHills Healthcare P. Ltd. the companypany facing insolvency proceedings, hereafter SevenHills agreed to develop these lands which were to be leased to it for 30 years and companystruct a 1500 bed hospital.
Further, SevenHills had to pay lease rent at the annual rate of 10,41,04,000.
A publication for expression of interest EOP was issued on 14 May, 2018 later, on 25th June, 2018 and 16th July, 2018, the terms of the Request for Proposal RFP and criteria for evaluation of RFPs received were approved.
In terms of Clause 15 g , the lease deed had to be executed within a month after companypletion.
It also proposed to reclaim a further 334 hectares land on the southern side with the additional dredged material.
282/7/HBD/2017 was admitted by the Hyderabad Bench of the NCLT.
However, the deed was number executed as the project was number companypleted.
The first respondent was appointed as the Resolution Professional hereafter RP this was approved by the Committee of Creditors CoC as required by the Code, on 12 April, 2018.
SevenHills inability to repay its debts led to the initiation of insolvency proceedings by Axis Bank.
Operational creditors were to be paid off to the extent of 75.
That amount was to be borrowed for this purpose, SevenHills properties movable and immovable, were proposed to be secured by hypothecation and mortgage respectively.
155156, 162 and 168 all plots hereafter called the lands in village Marol, Andheri East Mumbai.
On 13th March, 2018, before the period given by MCGMs show cause numberice ended, the Petition CP IB No.
MCGM stipulated several companyditions, including that 20 of the beds had to be reserved for use by the economically deprived, and that SevenHills had to companyplete the companystruction in 60 months excluding monsoons .
RAVINDRA BHAT, J. The Municipal Corporation of Greater Mumbai hereafter MCGM appeals under Section 62 of the Insolvency and Bankruptcy Code, 2016 hereafter IBC or the Code against the order of the National Company Law Appellate Tribunal hereafter variously NCLAT and the Appellate Tribunal , rejecting its plea Signature Not Verified NATARAJANwith respect to a resolution plan approved by the National Company Digitally signed by R Date 2019.11.16 124818 IST Reason Law Tribunal NCLT under the provisions of that Code.
The sixtymonth period ended on 24 th April, 2013 the project however, was number companypleted.
