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NOTICE OF THE
SECOND COC
MEETING OF PUMA
REALTORS PRIVATE
LIMITED
 NOTICE OF SECOND MEETING OF COMMITTEE OF
CREDITORS, VENUE, DATE & TIME
of

Puma Realtors Private Limited

(Under Corporate Insolvency Resolution Process)

Notice along with Agenda, Notes to Agenda, Resolutions which are proposed to be passed
in the meeting and the explanatory statements to the said resolutions for the 2nd Meeting
of the Committee of Creditors of Puma Realtors Private Limited (under Corporate
Insolvency Resolution Process) under the provisions of The Insolvency and Bankruptcy
Code, 2016 (hereinafter may be referred as ‘IBC, 2016’ for brevity) read with Insolvency
and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)
Regulations, 2016 (hereinafter may be referred as ‘Corporate Persons Regulations’ for
brevity).

Day & Date: Saturday, 16th March, 2019

Time: 3:30 P.M.

Venue:

E-10A, Kailash Colony, New Delhi, 110048

NOTICE is hereby given that in accordance with the provisions of Regulation 17, 18 & 19 of
The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate
Persons) Regulations, 2016, the Second Meeting of the Committee of Creditors of Puma
Realtors Private Limited will be held at E-10A, Kailash Colony, New Delhi on Saturday 16th
March, 2019 at 03:30 PM to transact the following business as specified in the enclosed
Agenda.

In accordance with the provisions of Regulation 21 of The Insolvency and Bankruptcy Board
of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the
participants may attend and vote in the aforementioned meeting through:

(1) Either in person or through an authorized representative**

(2) Video conferencing or other audio and visual means.

You are requested to kindly make it convenient to attend the Meeting.

The resolutions which are proposed to be passed in the meeting and the explanatory statements
to the said resolutions are also enclosed for your kind perusal and consideration.
**Section 24(5) of IBC, 2016 provides that Any creditor who is a member of the
committee of creditors may appoint an insolvency professional other than the Resolution
Professional to represent such creditor in a meeting of the committee of creditors:

(Pawan Kumar Garg)

Resolution Professional in the CIRP of
Puma Realtors Private Limited
Email: pumarealtors.pawan@gmail.com
IP Registration no. IBBI/IPA-001/IPP00608/2017-2018/11069

Date: 13th March, 2019

Place: New Delhi
Enclosed:
• Agenda,
• Notes to Agenda
• Resolutions proposed to be passed
• Explanatory Statements to the said resolutions
Notice along with all enclosures sent to:

Authorised Representatives of the Creditors in a Class

S.No. Name of Insolvency IBBI Registration No. Class

Professional

1 Mr. Atul Mittal .IBBI/IPA001/IPP00439/2017- Financial

18/10762 Creditors (Home
Buyers)

Financial Creditors

• Axis Finance Limited

• Axis Bank

Directors of Puma Realtors Private Limited (Corporate Debtor)

• Mr. Mahesh Kumar Singh

• Mr. Bhupesh Bansal

Operational Creditors if aggregate dues are at least 10% of the debt- None
 AGENDA FOR THE MEETING IN BRIEF

Agenda for the Second Meeting of the Committee of Creditors (COC) of Puma Realtors
Private Limited to be held at E-10A, Kailash Colony, New Delhi, 110048 on Saturday, 16th
March,2019 at 03:30 P.M.

Item Particulars
No.

List of Matters to be discussed/noted.

1 The Resolution Professional to take the Chair.

2 To ascertain the quorum of the Meeting in accordance with the provisions of

Regulation 22 of The Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process for Corporate Persons) Regulations, 2016.

3 To take note on appointment of Forensic Auditor

4 To take note on appointment of Registered Valuer

5 To take note on appointment of Project consultant

Resolutions To Be Passed At The Meeting.

1 To delegate the authority of Resolution Professional as per Section 28(1)(h) of IBC,
2016
Any other matter with the permission of the Chair.
1 Vote of Thanks.

(Pawan Kumar Garg)

Resolution Professional in the CIRP of
Puma Realtors Private Limited
Email: pumarealtors.pawan@gmail.com
IP Registration no. IBBI/IPA-001/IPP00608/2017-2018/11069

Date: 13th March, 2019

Place: New Delhi
 NOTES TO AGENDA AND GENERAL GUIDELINES

1. As per provisions of Regulation 13(2) of The Insolvency and Bankruptcy Board of

India (Insolvency Resolution Process for Corporate Persons) Regulations 2016, the list
of creditors is available for inspection at venue of meeting i.e. AAA Insolvency
Professionals LLP at E-10A, Kailash Colony, Greater Kailash-1, New Delhi-110048.

2. As per provisions of Regulation 21(1) of The Insolvency and Bankruptcy Board of

India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 if any
participant wants to attend the aforementioned Meeting through Video conferencing or
other audio and visual means may kindly write to the signatory of the notice at the
email id mentioned herein along with the Location, at least 48 hours before the time
fixed for the Meeting, so that necessary arrangements can be made. It is to be noted
that the participants attending the aforementioned Meeting through video conferencing
or other audio and visual means would also be considered as part of quorum for the
aforementioned Meeting.

3. As per provisions of Regulation 21(2) of The Insolvency and Bankruptcy Board of

India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, a
participant may attend the Meeting either in person or through an authorized
representative. A participant attending through an authorized representative, shall
inform the signatory of the notice, at least 48 hours in advance, the identity of the
authorized representative who will attend and vote at the Meeting on its behalf. The
authorized representative is requested to carry an Identity Card for its identification.

4. As per provisions of Section 24(3) of The Insolvency and Bankruptcy Code, 2016, a
participant being a Financial Creditor shall only be entitled to vote at the Meeting or by
electronic means. The Directors of the Corporate Debtor and one representative of the
Operational Creditor(s), if any, attending the Meeting shall not have any right to vote at
the Meeting and shall not form a part of the quorum. A financial creditor being a
related party of the Corporate Debtor shall not have any right of representation,
participation or voting in the Meeting.
5. At the conclusion of voting at the Meeting, the decision taken on each of the items
along with the names of the Members of the Committee of Financial Creditors (COC)
who voted for or against the decision, or abstained from voting will be announced.

6. As per provisions of Regulation 21(3) (b) of the Insolvency and Bankruptcy Board of
India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, vote
of the Members of the COC shall not be taken at the Meeting unless all Members are
present at the Meeting.

7. In terms of provisions of Regulation 25(5) of The Insolvency and Bankruptcy Board of

India (Insolvency Resolution Process for Corporate Persons) Regulations 2016, if all
Members of the COC are not present at the Meeting, then the vote of the members of
the Committee shall not be taken and the voting will be done through electronic means
provided in the manner laid down below (as per the requirements of provisions of
Regulation 26 of The Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process for Corporate Persons) Regulations, 2016:
 INSTRUCTIONS FOR E-VOTING

1. The voting period will begin on TUESDAY 19TH MARCH 2019 (03:00 Noon
IST) and ends on THURSDAY DAY, 21ST MARCH, 2019 (03:00 Noon IST).
During this period, the members of the Committee of Creditors are being provided
the platform to cast their vote electronically. The e-voting module shall be
disabled by Right2Vote for voting thereafter.
2. The participating members of the Committee of Creditors should log on to the
evoting website https://right2vote.in/login/ during the voting period.
3. Enter your Email ID. Your Email ID is your user ID. Kindly ensure you use the
same Email ID as notified to the IRP for eVoting. You will receive the invite on
this email ID.
4. Press Get OTP. OTP (One Time Password) would be delivered on your Email.
The OTP is the password. Once you enter the OTP you would be logged in.
5. Once logged in, you would be directed to My Poll Invite page. Here you would
see the poll from PUMA REALTORS PRIVATE LIMITED listed. Click on the
poll and you would be taken to voting screen.
6. On the voting page, you will see “ITEM WISE MATTERS TO BE VOTED ON”
and against each item, the option “YES/NO” for voting. Select the option YES or
NO as desired. The option YES implies that you assent to the respective item and
option NO implies that you dissent to the respective item. The participating
member not exercising their votes in either of the option mentioned herein shall be
deemed to have abstained from voting for that respective item.
7. After selecting the option, if you have voted, click on “SUBMIT”. You would
receive a “THANK YOU” message on the screen. This is a confirmation that your
vote has been registered.
8. In case you have any queries or issues regarding e-voting, write an email to
contact@Right2vote.in
 LIST OF MATTERS TO BE DISCUSSED/NOTED.

Item No. 1

The Resolution Professional to take the Chair.

As per Regulation 24(1) of the Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process for Corporate Persons) Regulations, 2016, the Resolution Professional shall
act as the Chairperson of the meeting of the Committee.

Item No. 2

To ascertain the quorum of the Meeting

As per Regulation 22(1) of the Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process for Corporate Persons) Regulations, 2016, the quorum for the meeting of
members of the committee shall be at least 33% of the voting rights present either in person or by
video conferencing or other audio-visual means.

Item No.3

Appointment of Forensic Auditor

On perusal of the books of accounts of corporate debtor, as available with RP, he has reason to
believe that corporate debtor might have entered into suspicious transactions. In order to find out
if any such transactions have been made by corporate debtor, RP proposes for engagement of
services of Forensic Auditor. Scope of work of forensic auditor would involve finding whether
corporate debtor has entered into any transactions falling under Section 43, Section 45, Section
50 and Section 66 of Code.

RP has obtained quotations from forensic auditors and the list is available with him. Quotations
received by him shall be placed on the table before the COC members for their recommendation
and approval.

Item No. 4

Appointment of Registered Valuers

As per Regulation 27 of IBBI (Corporate Insolvency Resolution Process) Regulations, 2016 the
RP shall appoint two registered valuers to determine the fair value and the liquidation value of
the corporate debtor.
The Insolvency and Bankruptcy Board of India (IBBI) vide Circular No. IBBI/RV/019/2018,
notified that only valuers registered with IBBI under all three asset classes namely, Land &
Building, Plant & Machinery and Securities or financial assets shall be appointed to conduct the
valuation of the corporate debtor.

In consonance to the above provisions of IBBI, the RP has obtained quotations from valuers
registered with Insolvency and Bankruptcy Board of India for determining liquidation value and
fair value of corporate debtor. The quotations will be placed for consideration in the meeting.

Item No. 5

Appointment of Project Consultant

The Interim Resolution Professional has sought quotations from various Project Consultants
to determine the cost of completion of the project under Puma Realtors Private Limited and
has received quotes for the “cost to complete” to conclude the projects of the Corporate
Debtor.

The quotes received will presented before the members of the Committee of Creditors for
their consideration and shall approve and ratify the appointment of the Project Consultants.

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 RESOLUTIONS TO BE PASSED AT THE MEETING.

Resolutions to be passed at the Second Meeting of the Committee of Creditors of Puma Realtors
Private Limited to be held at E-10A, Kailash Colony, New Delhi, 110048 on Saturday, 16th
March, 2019 at 03:30 P.M.

Resolution 1
To approve and ratify delegation of the authority of Resolution Professional to any other
person.

Facts and Explanatory Statement:

According to Section 28 (1)(h) of Insolvency and Bankruptcy Code, 2016 prescribes that
approval of committee of creditors is required for empowering Interim Resolution Professional
to delegate its authority to any other person during the Corporate Insolvency Resolution Process
(CIRP). Generally, Interim Resolution Professional is required to delegate his authority for bank
account operations / business operations; for taking custody and control of all the assets of the
corporate debtor including business records; for representing the corporate debtor with third
parties; for raising interim finances; for representing before various courts /tribunals, etc.

Therefore, approval of the members of the committee of creditors is sought to facilitate the CIRP
and to empower the Interim Resolution Professional to complete the assignment with the help of
various other human resources employed by him and his Insolvency Professional Entity.

The following Resolution is therefore placed before the Members of the COC for consideration:

Resolution:

To consider and if found fit, to pass with or without modification the following Resolution:

RESOLVED THAT the Resolution Professional be and is hereby authorized to delegate its
authority to any person including the existing key managerial personnel of the corporate debtor;
to exercise his powers under the Code or as derived from COC for the purpose of carrying on
corporate insolvency resolution process including operations of the bank account of the corporate
debtor; taking custody and control of all the assets of the corporate debtor; represent and act on
behalf of the corporate debtor with third parties; to negotiate and conclude the deals for raising
funds and to do all other acts and deeds which are required for the completion of corporate
insolvency resolution process.

RESOLVED FURTHER THAT the Resolution Professional would be responsible for regular
monitoring of such persons authorized by him who use his authority.

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RESOLVED FURTHER THAT the Resolution Professional would be responsible personally
for all acts done by such persons as authorized by him.”

RESOLUTION 2

To appoint Forensic Auditor for the Corporate Debtor

Explanatory Statement

The RP has invited quotations for engagement of services of Forensic Auditor as he has reason to
believe that Corporate Debtor might have entered into avoidable transactions. The Resolution
Professional has placed all the quotations and profile available before the CoC members. After
discussion it was decided to appoint the services of Deloitte Touche Tohmatsu India LLP for
Forensic Audit under Section 43, Section 45, Section 50 and Section 66 of Insolvency and
Bankruptcy Code, 2016.

Resolution

The following Resolution will be placed before the Members of the COC for consideration and
approval through E-Voting

“RESOLVE THAT, Deloitte Touche Tohmatsu India LLP is hereby appointed as the Forensic
Auditor to look into the available accounts and information of the Corporate Debtor for the
relevant period under Sections 43, 45, 50 and 66 of the Code, for a remuneration of Rs.
10,50,000/- plus out of pocket expenses and applicable taxes. The RP shall issue an appointment
letter to give effect to the same.”

“RESOLVE FURTHER THAT, Deloitte Touche Tohmatsu India LLP as the forensic auditor
will be paid his remuneration as per the following milestones:

• 30% at the time of Signing of engagement letter,

• 40% Submission of Draft Report
• balance at the time of Final Report.”

RESOLUTION 3

To take note of appointment of Registered Valuer for the Corporate Debtor

Explanatory Statement

The RP, as per Regulation 27 of IBBI (Corporate Insolvency Resolution Process) Regulations,
2016, has invited quotations from registered valuers to determine the fair value and the

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liquidation value of the Corporate Debtor from Valuers registered with IBBI. RP has received 17
quotations. After due discussion, the CoC decided to appoint KANTI KARAMSEY & CO.
and ADROIT TECHNICAL SERVICES PVT. LTD as the registered valuers.

Resolution

The following Resolution will be placed before the Members of the COC for consideration and
approval through E-Voting

“RESOLVE THAT, Kanti Karamsey & Co. and Adroit Technical Services Pvt Ltd are hereby
appointed as the Registered Valuers for the Corporate Debtor for the purpose of valuation of the
assets of the Corporate Debtor for a remuneration of Rs. 3,50,000/- and Rs 4,50,000/-
respectively, which is exclusive of taxes applicable. The RP shall issue an appointment letter to
give effect to the same.”

RESOLUTION 4

To appoint project consultant

Explanatory Statement

Resolution Professional has obtained quotations from the architect to determine the cost to
complete the project. RP proposes to appoint The JAVS at the remuneration of Rs. 4,99,000/-.

Resolution

The following Resolution will be placed before the Members of the COC for consideration and
approval through E-Voting.

“RESOLVED THAT The JAVS are hereby appointed as project consultant at the remuneration
of Rs 4,99,000/- which is exclusive of taxes applicable. The RP shall issue an appointment letter
to give effect to the same.”

“RESOLVE FURTHER THAT, The JAVS as the Project Consultant will be paid his
remuneration as per the following milestones:

• 40% at the time of Signing of engagement letter,

• balance at the time of Final Report.”

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ANY OTHER MATTER WITH THE PERMISSION OF THE CHAIR.

In case, there is no such matter from any member of the COC, the meeting will be concluded
with a vote of thanks by Resolution Professional.

(Pawan Kumar Garg)

Resolution Professional in the CIRP of
Puma Realtors Private Limited
Email: pumarealtors.pawan@gmail.com
IP Registration no. IBBI/IPA-001/IPP00608/2017-2018/11069

Date: 13th March, 2019

Place: New Delhi

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