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    The document discusses the ratification of various appointments and expenses during the corporate insolvency resolution process of AADI BEST CONSORTIUM PVT LTD. It includes items related to ratifying the remuneration of the interim resolution professional, process advisor, project manager, legal advisor and other appointments. It also discusses ratifying various expenses incurred during the CIRP such as office expenses, advocate fees and other resolution process related costs.

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    Vote View - Right2Vote - F-901

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    The document discusses the ratification of various appointments and expenses during the corporate insolvency resolution process of AADI BEST CONSORTIUM PVT LTD. It includes items related to ratifying the remuneration of the interim resolution professional, process advisor, project manager, legal advisor and other appointments. It also discusses ratifying various expenses incurred during the CIRP such as office expenses, advocate fees and other resolution process related costs.

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    The document discusses the ratification of various appointments and expenses during the corporate insolvency resolution process of AADI BEST CONSORTIUM PVT LTD. It includes items related to ratifying the remuneration of the interim resolution professional, process advisor, project manager, legal advisor and other appointments. It also discusses ratifying various expenses incurred during the CIRP such as office expenses, advocate fees and other resolution process related costs.

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    © All Rights Reserved
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    7 views11 pages

    Vote View - Right2Vote - F-901

    Uploaded by

    ekansh.tiwari1
    The document discusses the ratification of various appointments and expenses during the corporate insolvency resolution process of AADI BEST CONSORTIUM PVT LTD. It includes items related to ratifying the remuneration of the interim resolution professional, process advisor, project manager, legal advisor and other appointments. It also discusses ratifying various expenses incurred during the CIRP such as office expenses, advocate fees and other resolution process related costs.

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    of 11

    2nd CoC Of AADI Best Consortium P Ltd HB

    Created By : Ashok Gupta


    Start Time(IST) : 05 Dec 2022, 10:00 am
    Voter ID : [email protected]
    End Time(IST) : 08 Dec 2022, 05:00 pm

    Unique ID : F 901

    Q1. Item No. B1

    To ratify the remuneration and expenses of the IRP from the date of
    commencement of corporate insolvency resolution process till the date of
    the meeting (previously approved by the financial creditors in class)
    “RESOLVED THAT the members of the Committee of Creditors be and
    hereby approves and ratify the remuneration of Rs. 2,00,000/- plus GST for
    first month to the Interim Resolution Professional Mr. Mohit Goyal,
    Insolvency Professional having Reg. No. – IBBI/IPA-001/IP-P-02395/2021-
    2022/13636.
    RESOLVED FURTHERTHAT expenses of Rs. 90,000/- in the CIRP done by IRP
    be and are hereby approved, details of which are as under:

    Details of actual IRP Expenses

    S No. Particulars: Amount

    1. Website Expenses: 29500


    2. Office Expenses: 12300
    3. AC Repairs: 8000
    4. NCLT Filing Fees: 3000
    5. Printing and Stationery and Photocopy and speed post: 5200
    6. Advocate fees for IA for AR appointment with NCLT: 7500
    7. CS Certification fees for INC 28 and its filing: 2500
    8. Advocate fees RERA Compliance and other courts: 10000
    9. Travelling & conveyance: 12000

    Total: 90,000/-

    Approve

    Reject

    Abstain

    Q2. Item No. B3

    To ratify the appointment of Process Advisor to advice the IRP in the IBC
    process and their fees from the date of receipt of the CIRP commencement
    order till the date of the meeting (previously approved by the financial
    creditors in class)

    Resolution:

    “RESOLVED THAT for consultancy and advices and for various


    communications, documents in CIRP, an experience IP Prabhjit Singh Soni
    who is experienced IP and who has successfully handled 14 cases, has been
    appointed as Process Manager for assisting IRP/RP for smooth handling of
    CIRP and MR. Soni has submitted his profile also and hence the members
    of the Committee of Creditors be and hereby approves the appointment of
    Shri Prabhjit Singh Soni, an Insolvency Professional as the Process Advisor
    to the IRP, with effect from 1st April,2022.”

    “FURTHER RESOLVED THAT the members of the Committee of Creditors be


    and hereby approves and ratify the monthly fees of Shri Prabhjit Singh Soni,
    Insolvency Professional of Rs. 75000/- per month plus GST till the conclusion of
    CIRP.

    Approve

    Reject

    Abstain

    Q3. Item No. B4


    To authorize the RP to hold future meetings of the CoC at shorter notice of
    not less than 72 hours (previously approved by the financial creditors in
    class)

    Resolution:
    “RESOLVED THAT the members of the Committee of Creditors be and
    hereby authorize the RP to hold future meetings of the CoC at shorter
    notice of not less than 72 hours as and when need arises during the
    resolution process of the Corporate Debtor”.

    Approve

    Reject

    Abstain

    Q4. Item No. B5


    To ratify the appointment of Project manager to assist the IRP in the IBC
    process and their fees (previously approved by the financial creditors in
    class).
    Resolution:

    “RESOLVED THAT for supervising the project of the CD and its pending work
    at site and related work Mr. Hardeep Singh who has handled various cases
    under IBC,2016 of Home Buyers Class has been appointed by IRP and the
    members of the Committee of Creditors are be and hereby approves the
    appointment of Shri Hardeep Singh as the Project Manager in the CIRP.”

    “FURTHER RESOLVED THAT the members of the Committee of Creditors be and


    hereby approves and ratify the monthly fees of Mr. Hardeep Singh to the tune
    of Rs. 25000/- per month.

    Approve

    Reject

    Abstain

    Q5. Item No. B6


    To approve the appointment of legal advisor to the RP including legal
    counsels and their fee (previously approved by the financial creditors in
    class).

    Resolution:
    “Resolved that an advocate firm has been appointed for legal consultancy
    work at a fee of Rs.30,000/- per month for various applications, reports
    being filed in NCLT and attend hearings in NCLT and provide legal opinion
    on various matters.”

    “RESOLVED that another legal counsel be appointed to deal cases in RERA,


    Consumer court and other authorities at a fee of Rs. 15000 per month for
    attending the RERA hearings, National Consumer Redressal Forum hearing,
    taking care all pending legal cases existing prior to the Insolvency
    Commencement date before various forums. Attend Dy Commissioner
    Labour for Labour cess matters and other legal matters in other courts.”
    Approve

    Reject

    Abstain

    Q6. Item No. B7


    To complete pending works of the flats and giving possessions to the home
    buyers (previously approved by the financial creditors in class)..

    Resolution:
    “RESOLVED THAT, the Interim Resolution Professional be and is hereby
    allowed to give possession to the home buyers after getting balance
    amount from them and doing their balance work in the flats/shops with
    discount upto Rs. 200 per sqft against late delivery, excess interest,
    incomplete work in Flat etc if they want to take raw flats/shops and fitouts
    and thus keep the company as active and going concern. The RP will give
    possession of the unit as it is where it is. No risk and responsibility will be
    taken by the RP on the same.”

    Approve

    Reject

    Abstain

    Q7. Item No. B8


    To open new bank account in the name of the Corporate Debtor “AADI
    BEST CONSORTIUM PRIVATE LIMITED UNDER CIRP” (previously approved by
    the financial creditors in class).

    Resolution:
    “RESOLVED THAT, Shri Mohit Goyal, the Interim Resolution Professional/
    Resolution Professional be and is hereby authorized to open and operate
    bank account in the name of the Corporate Debtor “AADI BEST CONSORTIUM
    PRIVATE LIMITED UNDER CIRP” and to issue, receive cheques, make payments
    in the CIRP process and avail other banking services related to bank.

    Approve

    Reject

    Abstain

    Q8. Item No. B9


    To ratify the appointment of Customer Relationship Manager and to assist
    the IRP in the IBC process and their fees (previously approved by the
    financial creditors in class).
    Resolution:

    “RESOLVED THAT since there is no staff of CD for checking record and


    maintaining record of CRM and their files Mr. Gagan who was appointed
    from 1st April,2022 as Customer Relation Manager at a remuneration of Rs.
    25000/- per month from 1st April,2022 and Mr Gagan will maintain
    customer records and inventories record, list of unsold flats/commercial
    space, construction material, preparing list of flats /shops/ flats under
    possession, rental receipts and relevant CRM work and will report to IRP
    and Project Manager.”

    Approve

    Reject

    Abstain

    Q9. Item No. B10


    For doing Accounts and taxation work and certifications work a Chartered
    Accountant Firm has been Appointed. Ratification for the appointment and
    their remuneration is required.

    “RESOLVED THAT appointment of Chartered Accountant Firm for accounts and


    taxation Work, GST, Service Tax, VAT, PF, ESIC, Income tax, trial balance,
    operating Tally etc at a remuneration of Rs.40,000/- per month from 1st
    April,2022 be and is hereby ratified and approved.

    Approve

    Reject

    Abstain

    Q10. Item No. B11


    To Approve expenses for office running and Maintenance.
    Resolution:

    “RESOLVED THAT to meet the expenses of running of office, the payment


    of Rs. 60,000/- per month as miscellaneous expenses like pantry boy,
    cleaning, water bottles and closing and opening office of CD be and is
    hereby ratified and approved from 1st April, 2022.”

    Approve

    Reject

    Abstain

    Q11. Item No. C1

    To discuss and ratify the expenses done by IRP till 2nd COC meeting
    RESOLVED THOSE expenses of Rs. 365860/- in the CIRP done by IRP be and
    are hereby approved, details of which are as under:
    Details of actual IRP Expenses
    S No. Particulars: Amount

    1. Misc Office Expenses: 8500


    2. Fees of advocate for NCLT, RERA, High court, NGT: 210000
    3. Printing and Stationery and Photocopy and speed post: 4500
    4. Travelling & conveyance: 8700
    5. Right2 E-voting expenses: 14160
    6. Salary of Office Boy from April to Oct, 2022: 70000
    7. Chartered Engineer fees for Cost to complete of Project: 50,000

    Total: 365860/-

    Approve

    Reject

    Abstain

    Q12. Item No. C3


    To discuss and ratify the appointment of transactional auditor for
    Corporate Debtor and their fee.

    “RESOLVED THAT the members of the Committee of Creditors are be and


    hereby approves the appointment of KRA and CO. as the Transactional
    Auditor for investigating the transactions covered under section 43,45,50
    and 66 of IBC, 2016.”

    “FURTHER RESOLVED THAT the members of the Committee of Creditors are


    be and hereby approves and ratify the fees to be paid to KRA and CO. to
    the tune of 1,10,000/- plus GST.

    Approve
    Reject

    Abstain

    Q13. Item No. C4


    To discuss and ratify the appointment of Forensic auditor for forensic
    Audit and their fee.

    “RESOLVED THAT the members of the Committee of Creditors are be and


    hereby approves the appointment of AKG AND ASSOCIATES for conducting
    Forensic Audit in the CIRP.”

    “FURTHER RESOLVED THAT the members of the Committee of Creditors are


    be and hereby approves and ratify the fees to be paid to AKG AND
    ASSOCIATES. to the tune of 3,00,000/- plus GST.

    Approve

    Reject

    Abstain

    Q14. Item No. C5

    To ratify appointment of registered valuers as per regulation 27 (1) of the


    IBBI (Resolution Process for corporate Persons) regulations, 2016 to
    determine the fair value and the Liquidation value of the Corporate Debtor
    in accordance with regulation 35 and their fee.

    Resolution:
    To consider and if found fit, to pass with or without modification the
    following Resolution.
    “RESOLVED THAT the members of the Committee of Creditors are be and
    hereby ratify the fees of Vipan Kumar (IBBI Regn No. IBBI/RV/02/2019/11215) as
    registered valuer for land and building at a fee of Rs. 45,000/- plus applicable
    taxes plus out of pocket expenses”

    “RESOLVED THAT the members of the Committee of Creditors is be and hereby


    ratify the fees of Rajiv Sahni (IBBI Regn. No. IBBI/RV/02/2018/10185) as
    registered valuer for land and building at a fee of Rs. 45,000/- plus applicable
    taxes plus out of pocket expenses.

    Approve

    Reject

    Abstain

    Q15. Item D

    To appoint IRP Mr. Mohit Goyal as Resolution Professional or replace IRP


    with the IP Mr. Anand Sonbhadra nominated by Edelweiss Asset
    Reconstruction Company Ltd at a remuneration of Rs. 2,00,000/- pursuant
    to section 22(2) of the IBC,2016. PASS EITHER RESOLUTION A OR
    RESOLUTION B

    RESOLUTION A:

    “RESOLVED THAT IRP Mr Mohit Goyal IBBI/IPA-001/IP-P-02395/2021-


    2022/13636 be and is hereby appointed as Resolution Professional under
    Section 22(2) of the IBC,2016 at a remuneration of Rs.200,000/- from whom
    Consent in form AA has been received for becoming Resolution
    Professional. subject to approval of adjudicating Authority in the matter of
    Corporate Insolvency Resolution Process in accordance with provisions of
    section 22(2) of the IBC-2016 and COC as per section 22(3)(b) be and is
    hereby authorized to intimate the Hon’ble Adjudicating Authority for the
    appointment of IRP as Resolution Professional and inform IRP and CD about
    this appointment.

    OR

    RESOLUTION B

    RESOLVED THAT Mr. Anand Sonbhadra. IBBI/PA-001/IP-P00739/2017-18/11771


    nominated by Edelweiss Asset Reconstruction Company Ltd from whom
    Consent in form AA has been received, be and is hereby appointed as the
    Resolution Professional under section 22(2) of the IBC,2016 at a remuneration
    of Rs.200,000/- subject to approval of adjudicating Authority in the matter of
    Corporate Insolvency Resolution Process in accordance with provisions of
    section 22(2) of the IBC-2016 and COC as per section 22(3)(b) be and is hereby
    authorized to file an application before the Hon’ble Adjudicating Authority for
    the appointment Resolution Professional.

    RESOLUTION A

    RESOLUTION B

    Abstain

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