CP NO.

910 OF 2022 - ASSET CARE AND RECONSTRUCTION ENTERPRISE

LIMITED V/s. RAJGURU DEVELOPERS PRIVATE LIMITED

NOTE
i. Parties:
Applicant – Resolution Professional of Rajesh Landmark Projects Pvt. Ltd. (earlier Mr.
Bhrugesh Amin, now Manish Jaju after order of Change of RP) ;
R1 – Slum Rehabilitation Authority
R2- M/s Priya Construction Company- Partnership Firm- (LOI Holder / Joint Developer)
R3- R11- Partners of R2
ii. Prayers :
1) To restrain R2 from cancelling and/or terminating the JDA
2) To restrain R1 from cancelling and/or revoking the LOI in respect of the Property.

LIST OF DATES AND EVENTS

SR. EVENT Annexure Cross Reference

DATE
NO.
1. 2nd A Letter of Intent (“LOI”) was issued by the A Vol 1 pg. 30
September, Respondent No.1 in favour of Respondent no.2
2011 for redevelopment of a slum project under the
provisions of Regulation 33(10) read with
Appendix IV of the Development Control
Regulations for Greater Mumbai, 1991 (“said
Project”) on the land being all that piece and
parcel of land and ground bearing CTS
No.1322/1(pt) and corresponding Survey No.161
aggregating approximately 7478.60 sq. mtrs. at
Village Versova, Juhu -Versova Link Road,
Taluka Andheri West, Mumbai- 400 053. (“said
Property”)
2. 18th Receipt No.37588 issued by Respondent No.1 in A Vol 1 pg. 44
April 2018 favour of Respondent No.2 for payment of
Rs.2,500/- towards Revalidation fees of IOA.
3. 7th A Joint Development Agreement (“JDA”) was B Vol 1 pg 46
June 2018 entered into between Respondent No.2 and the
Corporate Debtor for joint development of the
said Project and implementation of the slum
scheme under the LOI.
4. 8th An Irrevocable General Power of Attorney was C Vol 1 pg. 113
June 2018 executed along with the JDA, by Respondent
No.2 in favour of the Corporate Debtor.

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CP NO. 910 OF 2022 - ASSET CARE AND RECONSTRUCTION ENTERPRISE
LIMITED V/s. RAJGURU DEVELOPERS PRIVATE LIMITED

5. 27th Receipt No.42674 was issued by Respondent A Vol 1 pg. 45

May 2019 No.1 for payment of Rs.3,500/- towards
Revalidation fees of IOA.
6. 8th IREP Credit Capital Private Limited filed
October application bearing (IB) No.1029 of 2021 under
2021 section 7 of IBC 2016 for initiation of CIRP
against RLPPL.
7. 2nd Notice was issued by Respondent No1, to D Vol 2 pg. 202
September Respondent No.2 and the societies of the slum
2022 dwellers and occupants originally residing at the
said Property u/s 13(2) of the Slum Act for
scheduling a hearing on 8th September, 2022.
8. 8th A physical hearing was held at the office of the
September Respondent No. 1, where the Respondent No.1
2022 heard the parties and kept the matter for further
hearing on 7th October, 2022
9. 7th The hearing before Respondent No.1 did not take
October place and was further postponed to 21st
2022 September, 2022.
10. 10th NCLT passed order admitting C.P (IB) No.1029 Vol 2 pg. 215
October of 2021 thereby initiating the Corporate
2022 Insolvency Resolution Process (“CIRP”) against
the Corporate Debtor and appointed the Applicant
as the Interim Resolution Professional.
11. 13th 1) A notice was issued by Respondent No.1 E Vol 2 pg. 205
October calling for hearing on 21st October, 2022 -
2022 which was addressed to Respondent No.2 Notice
and the societies. No notice regarding this issued by
hearing was given by Respondent No.1 to Respondent
the Financial Creditors of the Corporate No. 1
Debtors.
2) The Applicant visited the office of the
Corporate Debtor in Andheri and had a
meeting with Ms. Priya Patel, the Director
of the Corporate Debtor, wherein the
applicant was informed of all of the
abovementioned facts including the above
notice issued by the Respondent No. 1.

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CP NO. 910 OF 2022 - ASSET CARE AND RECONSTRUCTION ENTERPRISE
LIMITED V/s. RAJGURU DEVELOPERS PRIVATE LIMITED

12. 14th A request for submission of claim was sent by the

October Applicant to the creditors of the Corporate Debtor
2022 via email.
13. 21st A physical hearing was held at the office of the
October Respondent No. 1 in relation to the said Project,
202 where the Counsel of the Applicant sought to put
its case before Respondent no.1.
The Counsel of the Applicant submitted that a
CIRP has been initiated against Corporate Debtor
and the applicant is now in control of the
management of the Corporate Debtor and prayed
for the preservation of the assets for the benefit of
the financial creditors of the Corporate Debtors
and for the early resolution of the CIRP sought to
intervene in the proceedings u/s 13(2) of the Slum
Act, before Respondent No.1.
However, Respondent no.1 was not inclined to
hear the intervention by the Applicant and stated
that since the Corporate Debtor is not recognized
by Respondent No.1 and is not a party to the LOI,
the intervention by the Applicant will not be
considered.
The matter was adjourned by Respondent No.1
beyond 15 days and next date of hearing was not
intimated to the parties.
14. 14th A physical hearing was held at the office of the F Vol 2 pg 206
November Respondent No.1 in relation to the said Project. -
2022 The notice of hearing was not served upon the Interventio Vol 2 pg 358
Applicant or marked to the Applicant. n
The Applicant through their Advocates remained Application
present though the Applicant did not have &
sufficient time to prepare for the said hearing. The G
Applicant sought the leave of the CEO, SRA to -
intervene in the hearing and objected to no notice Roznama
being given to the Applicant. However, dated 14th
Respondent No.1 once again reiterated the same November
stand he had taken at the meeting held on 21st 2022
October 2022, that the Corporate Debtor is not a
party to the LOI and reluctantly took on record an
Intervention Application filed by the Applicant

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CP NO. 910 OF 2022 - ASSET CARE AND RECONSTRUCTION ENTERPRISE
LIMITED V/s. RAJGURU DEVELOPERS PRIVATE LIMITED

putting forth its case on why the proceedings

ought to be stayed during the moratorium period.
A Copy of the Intervention Application of the
Applicant was filed in the hearing. Respondent
no.1 also directed the parties to file their Written
Submissions and closed the matter for order and
also directed the parties to exchange the papers
filed by them in the matter.
15. 15th The Applicant through its advocate wrote letters
November to the slum society i.e. Siddhivinayak
2022 Cooperative Housing Society Ltd., as well as
Respondent No.2 asking them for a copy of the
papers and proceedings filed by them in the
matter.
16. 29th Written submission filed by the applicant before
November Respondent No.1 as per the directions of the
2022 Respondent No.1 issued in the hearing held on
14th November, 2022.
17. Hence, this Application.

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