CIRP Proceedings Against
SABARI REALTORS PVT LTD

Corporate Insolvency Resolution Process (CIRP)

About

Sabari Realtors Private Limited (SRPL), is a company incorporated under the provisions of the Companies Act, 1956 having its registered office at Chennai in the state of Tamil Nadu, India was incorporated on 28th May 2007 with main object clause as to act as builders and developers of real estate projects. The Company had entered into joint venture agreements to develop and build a residential complex with land owners in 2007 in name “Sabari-Serenity”. The total construction area was nearly 981,554 square feet of which less than 50% is completed in Phase1.The Company was admitted into Corporate Insolvency Resolution Process on 30 September, 2019, by NCLT Chennai. The Resolution Professional (RP) for SRPL is S.Amarendran, and he was authorized by CoC in meeting of 8th October 2020 to issue Form G to invite PRA to submit Expression of Interest (EOI) and this Form G was published on 15 October 2020. However no suitable response was received in spite of extension of dates for submission till 15 February 2021.Subsequently on 2 nd October 2021, RP received a consolidated proposal from some Financial Creditors to complete the project. Since the CIRP had already been completed on 27 th September 2021, the RP through application IA/IBC/1084(CHE)/2021 in IBA/471/2019 sought directions from NCLT Chennai to obtain extension to conduct Committee of Creditors (CoC) meeting to consider this proposal. NCLT Chennai has pronounced order on 26 November 2021 directing RP to again issue Form G,pursuant to Section 25(2) (h) of IBC read with Regulation 36A of the CIRP Regulations for completion of the project and also granted extension of CIRP by 90 days till 24 th February 2022. Hence the RP hereby invites Expression of Interest (EOI) from interested and eligible Applicants for the purpose of submission of Resolution Plan for completion of the project.
The expression of interest along with following annexures is available under the “Resolution Process” section of this webpage:

  1. Annexure A- Eligibilty Criteria for PRA
  2. Annexure B-Format for EOI
  3. Annexure C-Supporting documents to be submitted with EOI
  4. Annexure D-Details of PRA
  5. Annexure E1-Confidentiality Undertaking
  6. Annexure E2-Undertaking under Section 36A(&) of IBBI( CIRP )Regulations, 2016
  7. Annexure F-Declaration Under Section 29 A of IBC Code
  8. Annexure G- Invitation to submit EOI issued by RP
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