Imperia Insolvency

By the order of NCLT Delhi, M/s Imperia Structures Ltd. has been declared insolvent
in case titled “Chirag Jain & Ors.v M/s Imperia Structures Ltd." in C.P. IB-525/
PB/2022

Disclaimer: For circulation to clients only and not meant for solicitation purposes.
 ● By the Final Order dated 31.08.23 M/s
Imperia Structures Ltd. has been declared
insolvent as they failed to complete
�Imperia Byron/Mindspace�a real estate
project in Gurgaon even after 10 years
from its launch. They had also defaulted in

Overview paying the promised monthly returns.

● The Insolvency Resolution Professional

(IRP) appointed to resolve the same is Mr.
Gaurav Katiyar.
Implication of this order?
● The IRP has published a Public announcement on 01.09.2023 and invited
for the claims by all creditors.
● The Creditors (including homebuyers) have to file their claims within the
time prescribed in the public notice OR 90 days whichever is later.
● Homebuyers who have not yet received possession till now, homebuyers
who have taken possession but property is without cc/oc and conveyance
deed has not been executed , homebuyers who are decree holders
& homebuyers whose allotment has been cancelled must file their claims.
 Insolvency Process Simplified
Attempt to revive Company Voting

Removal of the management and Majority of Votes (66%) will decide

replacing it with IRP and Committee the plan of action to revive the
of Creditors [COC] company.

Stage 2 Stage 4

Stage 1 Stage 3
List of Creditors NCLT Approval

COC prepare a list of creditors and Once decided, proposal is sent to

include all Financial Creditors such NCLT for approval. Once approved,
as Bank & Homebuyers. resolution begins.
What is insolvency resolution process?

● It is an attempt to revive the company and complete its projects by removing the
management and replacing it with IRP and Committee of Creditors [COC]. The
process is executed by Constituting the COC first which is constituted by IRP.
● The COC includes all the Financial Creditors such as Banks, Homebuyers, etc. The
class of creditors such as homebuyers will be represented in the Meetings by an
Authorized Representative who will put forth the vote on behalf of Homebuyers in
the meeting.
● The majority of votes i.e. 66% of all financial creditors such as buyers, banks,
NBFCs etc., will decide how the Insolvency will be resolved and the company
revived.
● Once decided it is then forwarded to NCLT for its final approval. Once approved,
the process of resolution begins. If this process fails within 330 days, then the
company goes into liquidation.
 ● Ensure that their claims are
filed in the proper manner by
taking proper professional
assistance.

What Homebuyers must ● Ensure that their names come

do in this situation? up in the list of COC published

from time to time.
● The buyers have to be
pro-active and vote wisely.
What Homebuyers can expect from this process?
● Those who are in possession of the property whose conveyance is not complete, is
likely to get the conveyance completed through the resolution plan.
● Those not in possession could get their units completed and delivered as per the
resolution plan.
● A few may also get refunds.

All this depends on the viability of the bid process and the quality of the plan.
Benefits of Engaging with the Firm
● Already been representing more than 1000 home buyers for multiple real estate projects.
● Extending our professional services in the filing of claims and advisory assistance during the
resolution process to take it to a positive conclusion.
● Periodic advisories will be issued, in audio, video and written format in the WhatsApp groups
of our clients.

Engagement & Advisory Fees by the Firm:

1. Rs. 4,000 per individual client as a one-time fee for filing the claim and advisory.
2. Any application filed on behalf of home-buyer creditors or appeal moved before the Hon’ble
NCLAT will be chargeable separately
Google Form to be Google Form to be
filled out with all the filled out with all the
relevant details. relevant details.

Payment of Fees Scan Document Google Form Office Delivery

Scan all relevant You can also deliver

documents properly in the documents at our
PDF or JPG. office.
Important Documents & Details
Account Details: List of Required Documents

‘Mimansa Law Offices’ 1. Allotment Letter*

Account Number: 50200029928192 2. Receipts*
HDFC Bank Ltd., IFSC: HDFC0000032 3. Aadhar Card*
Branch: SDA, New Delhi 4. Loan documents (if any)
5. Cancelled cheque*
Note- This is a current account 6. Other documents (if any)
Note: *marked documents are compulsory.
Office Address to Deliver Documents:
Google Form to Submit Details:
Mimansa Law Office, https://docs.google.com/forms/d/1G1sELeu0KLSV0XW2lCwwpI9X9Re5LH4AtHfD_D6X9zE/edit
C6/50, Safdarjung Development Area,
New Delhi-110016
Contact Person: Tejaswi Bhanu, Associate-In-Charge | +91 81301 09973 (WhatsApp Only)| Calls will not be entertained
List of projects for which people should file claims
● MindSpace ● Imperia H2O
● World of Taste ● Cyber Business Center
● The Esfera ● Bandhan
● Mirage ● H2O Office
● Prideville ● H2O Residency
● Onyx