BEFORE THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL

AHMEDABAD BENCH, AT AHMEDABAD

COMPANY PETITION NO. _________ OF 2022

IN THE MATTER OF:

Mr. Naresh Inderlal Gidwani & Ors …Financial Creditors/Allotees

Versus
KEYA BUILDTECH LLP …Corporate Debtor

MEMO OF PARTIES
IN THE MATTER OF:

1) Mr. Naresh Inderlal Gidwani

Having Registered address at:
61, Iscon Villa, Opp. Hansol, Airport Rd,
Ahmedabad, Sardarnagar, Gujarat - 382475

2) Mr. Prakash Indiravadan Gidwani

Having Registered address at:
61, Iscon Villa, Opp. Hansol, Airport Rd,
Ahmedabad, Sardarnagar, Gujarat – 382475
3) Mr. Rameshbhai Amthabhai Desai
Having Registered address at:
A-30, Jay Ambe Nagar Society,
Opp. Luvkush Tower, Nr. Udhgam School,
Thaltej, Ahmedabad.

…Financial Creditors /Allottees

Versus
KEYA BUILDTECH LLP
Having registered office of:
D/57 Silvar Park, Karodlia Road,
Vadodara, Gujarat – 390016 …Corporate Debtor
 BEFORE THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL
AHMEDABAD BENCH, AT AHMEDABAD
COMPANY PETITION NO. _________ OF 2022

IN THE MATTER OF:

Mr. Naresh Inderlal Gidwani & Ors …Financial Creditors/Allotees

Versus
KEYA BUILDTECH LLP …Respondent

SYNOPSIS
The present application under Section 7 of the Insolvency and Bankruptcy
Code, 2016 (hereinafter referred to as ‘the Code’) read with Rule 4 of the
Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules,
2016 has been jointly filed by Mr. Naresh Inderlal Gidwani, Mr. Prakash
Indiravadan Gidwani and Mr. Rameshbhai Amthabhai Desai (hereinafter
referred to as ‘Financial Creditor/Allottees’) for initiation of Corporate
Insolvency Resolution Process (hereinafter referred to as ‘CIRP’) against the
‘Keya Buildtech LLP’ (hereinafter referred to as ‘Corporate Debtor’) for failing
to deliver the possession of the Commerical Unit(s) to the allottees in the Real
Estate Project (‘Crystal Pramukh Commerical Hub’) and thereafter defaulted
in payment of a sum of Rs. 3,76,81,096 (inclusive of Interest @ 6%) (Rupees
Three Crores Seventy-Six Lakhs Eighty-One Thousand and Ninety-Six only)

The Financial Creditors are the allottee/s in terms of Section 5(8)(f) of the
Code for the Real Estate Project being ‘Crystal Pramukh Commerical Hub’. It is
humbly submitted that for the purpose of filing the present application for
initiation of CIRP, the allottees herein constitutes more than 10 percent of the
total allottees of the said Real Estate Project as required under the second
proviso to the sub-section (1) of Section 7 of the Code.

The Corporate Debtor is the LLP Firm, registered under the provisions of the
Limited Liability Partnership Act, 2008 (hereinafter ‘LLP Act’) which is
primarily represented, operated and managed by Mr. Manish Mahendrabhai
Patel being the Partner of LLP.

The Corporate Debtor has floated the Commercial Scheme named ‘Crystal
Pramukh Commerical Hub’ (hereinafter referred to as ‘the said project’) in the
heart of Vadodara in Year 2013. The Financial Creditors/Allottees have
invested their hard-earned money in purchasing several commercial unit(s) in
the said project.

That in the year 2019-2020, the Allottees and the Corporate Debtor have duly
executed respective Agreement to Sale/Bana-Khat for the purchase of
Commercial Unit(s) by duly disbursing the requisite payment at the time of
execution of the said agreement. That the Allottees have duly complied with
all the requirements and had also made further payment pursuant to the
execution of the Agreement to Sale towards the total consideration of
Commercial unit(s). The details of unit(s) purchased by the Financial
Creditor/Allottees vide Bana-khat/ Agreement to Sale are as below:

Sr. Date of NAME OF UNIT(S) TOTAL AMOUNT

BanaKhat ALLOTEE CONSIDERATION DISBURSED
(Rs.) AT THE
TIME OF
EXECUTION
(Rs.)
1 05.03.2020 4 th
Floor, 1,16,00,000/- 25,00,000/-
Unit No.
484 to 491
Naresh having area
Inderlal of 407 Sq.
Gidwani mtrs
2 05.03.2020 2nd Floor, 87,93,000/- 25,00,000/-
Unit No.
230 to 233,
272 to 275
& 292 to
295 having
area of 308
Sq. mtrs
TOTAL 20 Units 2,03,93,000/- 50,00,000/-

1 05.03.2020 2nd Floor, 70,27,000/- 25,00,000/-

Prakash Unit No.
Indiravada 276 to 283
n Gidwani having
area of
246.20 Sq.
mtrs
TOTAL 8 Units 70,27,000/- 25,00,000/-

1 31.07.2019 1st Floor, 99,75,000/- 30,00,000/-

Unit No.
188 to
 191having
area of
193.28 Sq.
Rameshbhai mtrs
2 31.07.2019 Amthabhai 1st Floor, 99,75,000/- 20,00,000/-
Desai Unit No.
184 to 187
having area
of 193.28
Sq. mtrs
3 23.09.2019 3rd Floor, 95,00,000/- 40,00,000/-
Unit No.
316 to 323
and 340 to
346 having
area of
385.55 Sq.
Mtrs
4 23.09.2019 3rd Floor, 95,00,000/- 50,00,000/-
Unit No.
324 to 339
having area
of 385.55
Sq. mtrs
TOTAL 39 Units 3,89,50,000/- 1,40,00,000
Subsequently, Mr. Rameshbhai Amthabhai 1,35,00,000
Desai has paid substaintial amount
TOTAL 3,89,50,000/- 2,75,00,000

That as per agreed terms and conditions of the Agreement to Sale/Bana-khat,

the possession was to be provided by the Corporate Debtor to the Allottees
pursuant to the obtaining of the BU permission and furthermore in any event,
the delivery of the possession shall necessary be done within maximum
period of 24 months since the period of the Agreement to Sale/Bana-khat
shall lapse thereafter. (30% of the total consideration?). That it is pertinent to
mention that the allottee had duly complied with all the pre-requisites and
had also paid more than 30% of total consideration at the time of execution of
Agreement to Sale/Bhana-Khat. Hence the possession was to be provided by
the Corporate Debtor not later than 21.08.2021.

That for the purposes of brevity and clarity, the aforementioned details can be
summarized as hereunder:

SR. NO. NAME OF TOTAL TOTAL TOTAL

ALLOTTEE UNIT(S) CONSIDERATION AMOUNT
 (Rs.) PAID
(Rs.)
1. Naresh 20 2,03,93,000/- 50,00,000/-
Inderlal
Gidwani
2. Prakash 8 70,27,000/- 25,00,000/-
Indiravadan
Gidwani,
3. Rameshbhai 39 3,89,50,000/- 2,75,00,000/-
Amthabhai
Desai
TOTAL 67 6,63,70,000/- 3,50,00,000/-

However, the Corporate Debtor miserably failed in complying with the terms
of the Agreement of Sale and had failed in delivering the possession to the
Applicant till date.

It is further submitted that the State Bank of India has issued Possession
Notice dated 07.06.2022 under Section 13 of SARFAESI Act, 2002 against the
said project of the Corporate Debtor. That if the State Bank of India takes
possession of the immovable properties (Commercial Unit) of the Corporate
Debtor then it shall cause grave prejudice to the rights of the innocent
Allottees who had invested their hard-earned money for the purchase of the
said units.

Therefore, the present Application.

 BEFORE THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL
AHMEDABAD BENCH, AT AHMEDABAD
COMPANY PETITION NO. _________ OF 2022

IN THE MATTER OF:

Mr. Naresh Inderlal Gidwani & Ors …Applicants/Allotees

Versus
KEYA BUILDTECH LLP …Respondent
LIST OF DATES & EVENTS
DATES EVENTS
2013 The Corporate Debtor has floated the
Commercial Scheme named ‘Crystal
Pramukh Commerical Hub’
(hereinafter referred to as ‘the said
project’) in the heart of Vadodara
2019-2020 The Financial Creditors and the
Corporate Debtor have duly
executed Seven (7) Agreement to
Sale/Bana-Khat for the purchase of
Commercial Unit(s) by duly
disbursing the requisite payment at
the time of execution of the
agreement
21.08.2021 As per the terms of Agreement of
Sale, the Corporate Debtor has to
provide possession to the Financial
Creditors
07.06.2022 the State Bank of India has issued
Possession Notice dated 07.06.2022
under Section 13 of SARFAESI Act,
2002 against the said project of the
Corporate Debtor. That if the State
Bank of India takes possession of the
immovable properties (Commercial
Unit) of the Corporate Debtor then it
will cause grave injury to rights and
stakes of the Financial
Creditors/Allottee herein as they
have already disbursed substantial
amount against the purchase of the
Commercial Unit(s).
Hence, this application
 BEFORE THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL
AHMEDABAD BENCH, AT AHMEDABAD
COMPANY PETITION NO. _________ OF 2022

IN THE MATTER OF:

Mr. Rameshbhai Amthabhai Desai & Ors …Applicants/Allotees

Versus
KEYA BUILDTECH LLP …Respondent

Form 1
(See sub-rule (1) of rule 4)
APPLICATION BY FINANCIAL CREDITOR(s) TO INITIATE CORPORATE
INSOLVENCY RESOLUTION PROCESS UNDER CHAPTER II OF PART II OF THE
CODE.
(Under section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4
of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules,
2016)
DATE: ___________________
To,
The National Company Law Tribunal
Ahmedabad Bench,
Having address at 1st & 2nd Floor,
Corporate Bhawan, Sarkhej – Gandhinagar Highway,
Sola, Ahmedabad, Gujarat 380059

From,
1) Mr. Naresh Inderlal Gidwani
Having Registered address at:
61, Iscon Villa, Opp. Hansol, Airport Rd,
Ahmedabad, Sardarnagar, Gujarat - 382475

2) Mr. Prakash Indiravadan Gidwani

Having Registered address at:
61, Iscon Villa, Opp. Hansol, Airport Rd,
Ahmedabad, Sardarnagar, Gujarat – 382475
3) Mr. Rameshbhai Amthabhai Desai
Having Registered address at:
A-30, Jay Ambe Nagar Society,
Opp. Luvkush Tower, Nr. Udhgam School,
Thaltej, Ahmedabad.

In the matter of M/s. Keya Buildtech LLP

Subject: Application to initiate corporate insolvency resolution process in the
matter of M/s. Keya Buildtech LLP under the Insolvency and Bankruptcy
Code, 2016

Madam/Sir,

Naresh Inderlal Gidwani, Prakash Indiravadan Gidwani and Rameshbhai

Amthabhai Desai hereby submit this application to initiate a corporate
insolvency resolution process in the matter of M/s. Keya Buildtech LLP. The
details for the purpose of this application are set out below:

PART – I
PARTICULARS OF APPLICANT
1. NAME OF FINANCIAL CREDITORS 1) Naresh Inderlal Gidwani
2) Prakash Indiravadan
Gidwani
3) Mr. Rameshbhai Amthabhai
Desai,

Being the Alottee under the Real

Estate Project as defined under
the Section 5(8)(f) of the
Insolvency and Bankruptcy Code,
2016 (hereinafter referred to as
‘the Code’).
2. DATE OF INCORPORATION OF Not Applicable
FINANCIAL CREDITOR
3. IDENTIFICATION NUMBER OF 1) Naresh Inderlal Gidwani
FINANCIAL CREDITOR PAN: AFVPG0217K
AADHAR.: 8021 9787 4424

2) Prakash Indiravadan
Gidwani
PAN: AHVPG4935A
AADHAR.: 7772 3974 3906

3) Mr. Rameshbhai Amthabhai

Desai,
PAN: ABPPD0852R
AADHAR.: 2839 1558 3087

The copies of the Pan Card

alongwith Aadhar Card of the
applicants/allottees are annexed
herewith and marked as
ANNEXURE A COLLY to the
present application.
4. ADDRESS OF THE REGISTERED 1) Mr. Naresh Inderlal Gidwani
OFFICE OF THE FINANCIAL Having Registered address at:
CREDITOR 61, Iscon Villa, Opp. Hansol,
Airport Rd, Ahmedabad,
Sardarnagar, Gujarat - 382475
 2) Mr. Prakash Indiravadan
Gidwani
Having Registered address at:
61, Iscon Villa, Opp. Hansol,
Airport Rd, Ahmedabad,
Sardarnagar, Gujarat - 382475

3) Mr. Rameshbhai Amthabhai

Desai
Having Registered address at:
A-30, Jay Ambe Nagar Society,
Opp. Luvkush Tower, Nr.
Udhgam School, Thaltej,
Ahmedabad.

4) NAME AND ADDRESS OF THE NAME: Naresh Inderlal Gidwani

PERSON AUTHORISED TO SUBMIT ADDRESS: 61, Iscon Villa, Opp.
APPLICATION ON ITS BEHALF Hansol, Airport Rd, Ahmedabad,
(ENCLOSE AUTHORISATION) Sardarnagar, Gujarat - 382475

The Applicants/Allottees have

executed the Power of Attorney
in favour of the Mr. Naresh
Inderlal Gidwani, authorizing to
submit the application and
accept the service on their behalf.

A copy of the Power of Attorney

executed in favour of Mr. Naresh
Inderlal Gidwani by the
applicants/allottees is annexed
herewith and marked as
ANNEXURE B to the present
application.
5) NAME AND ADDRESS OF PERSON NAME: Naresh Inderlal Gidwani
RESIDENT IN INDIA AUTHORISED ADDRESS: 61, Iscon Villa, Opp.
TO ACCEPT THE SERVICE OF Hansol, Airport Rd, Ahmedabad,
PROCESS ON ITS BEHALF Sardarnagar, Gujarat - 382475
(ENCLOSE AUTHORISATION)
The Applicants/Allottees has
executed the power of attorney
in favour of the Mr. Naresh
Inderlal Gidwani, authorizing to
submit the application and
accept the service on their behalf.

A copy of the power of attorney

executed in favour of Mr. Naresh
Inderlal Gidwani by the
applicants/allottees is annexed
herewith and marked as
ANNEXURE B to the present
application.
 PART-II
PARTICULARS OF THE CORPORATE DEBTOR
1. NAME OF THE CORPORATE Keya Buildtech LLP
DEBTOR
2. IDENTIFICATION NUMBER OF LLPIN: AAI-5694
CORPORATE DEBTOR
3. DATE OF INCORPORATION OF 15.02.2017
CORPORATE DEBTOR
4. NOMINAL SHARE CAPITAL AND Total Obligation of Contribution:
THE PAIDUP SHARE CAPITAL OF Rs. 1,00,000/- (One Lakh Only)
THE CORPORATE DEBTOR
AND/OR DETAILS OF A copy of corporate debtor’s
GUARANTEE CLAUSE AS PER profile from the Master Data of
MEMORANDUM OF the ministry of corporate affair is
ASSOCIATION (AS APPLICABLE) annexed herewith and marked as
ANNEXURE C to the present
application
5. ADDRESS OF THE REGISTERED D/57, SILVAR PARK, KARODLIA
OFFICE OF THE CORPORATE ROAD, VADODARA, GUJARAT-
DEBTOR 390016
6. DETAILS OF THE CORPORATE
DEBTOR AS PER THE
NOT APPLICABLE
NOTIFICATION UNDER SECTION
55 (2) OF THE CODE– (i) ASSETS
AND INCOME (ii) CLASS OF
CREDITORS OR AMOUNT OF
DEBT (iii) CATEGORY OF
CORPORATE PERSON (WHERE
APPLICATION IS UNDER
CHAPTER IV OF PART II OF THE
CODE)]

PART-III
PARTICULARS OF THE PROPOSED INTERIM RESOLUTION
PROFESSIONAL
1. NAME, ADDRESS, EMAIL Name:
ADDRESS AND THE Address:
REGISTRATION NUMBER OF Email ID:
THE PROPOSED INTERIM IBBI No.:
RESOLUTION PROFESSIONAL A copy of written communication
dated __________ by the proposed
interim resolution professional
as set out in Form 2 is annexed
herewith and marked as
ANNEXURE D to the present
petition

PART-IV
PARTICULARS OF FINANCIAL DEBT
1.TOTAL AMOUNT OF DEBT 1) Prakash Indiravadan Gidwani & Naresh
GRANTED DATE(S) OF Inderlal Gidwani, Jointly
DISBURSEMENT
Total amount of Debt Granted:
Rs. 75,00,000/- (Rupees Seventy-Five
Lakhs Only)
(Rs. 73,00,000 Through RTGS and Rs.
2,00,000 Cash).

Date of Disbursement: 06.03.2020

2) Mr. Rameshbhai Amthabhai Desai,

Total amount of Debt Granted:
Rs. 2,75,00,000/- (Rupees Two Crores
Seventy-Five Lakhs Only.) Through RTGS.

Date of Amount
Disbursemen Transferred
t
01.08.2019 Rs. 20,00,000
02.08.2019 Rs. 25,00,000
07.08.2019 Rs. 50,00,000
26.09.2019 Rs. 50,00,000
26.09.2019 Rs. 50,00,000
26.09.2019 Rs. 30,00,000
26.09.2019 Rs. 50,00,000
Total Rs.2,75,00,000

Hence:
Total Amount of the Debt Granted by
the Applicants/Allottees:
Rs. 3,50,00,000/-
(Rupees Three Crores Fifty Lakhs Only)

A copy of the details of amount disbursed

is annexed herewith and marked as
ANNEXURE E to the present application.
2.AMOUNT CLAIMED TO BE Principle Amount:
IN DEFAULT AND THE DATE
ON WHICH THE DEFAULT Date of Particular Amount
OCCURRED (ATTACH THE payment
WORKINGS FOR 06.03.2020 1) Naresh 75,00,000
COMPUTATION OF Inderlal
AMOUNT AND DAYS OF Gidwani &
DEFAULT IN TABULAR Prakash
FORM) Indervan
Gidwani
01.08.2019 2) 20,00,000
02.08.2019 Rameshbha 25,00,000
07.08.2019 i Amthabhai 50,00,000
26.09.2019 Desai 50,00,000
26.09.2019 50,00,000
26.09.2019 30,00,000
26.09.2019 50,00,000

Total Principal Amount:

Rs. 3,50,00,000/-
(Rupees Three Crores Fifty Lakhs Only)

INTEREST
Interest calculated at 6% per annum from
date of default as per terms of Bhanakhat.
Interest calculated till the 13.11.2022.
Particulars Date of Interest
Default Amt.
1) Naresh 05.03.2022 3,10,685
Inderlal
Gidwani &
Prakash
Indervan
Gidwani
2)Rameshbhai 1.08.2021 21,15,616
Amthabhai
Desai
Total 24,26,301

Total Interest Amount: Rs. 24,26,301

(Rupees Twenty-Four Lakhs Twenty-Six
Thousand and Three Hundred and one
Only.)

Total Amount Claimed to be in Default:

Rs. 3,74,26,301/-
(Rupees Three Crores Seventy-Four
Lakhs Twenty-Six Thousand and Three
Hundred and One only)

DATE OF DEFAULT
The date of default shall be the day on
which the Corporate Debtor failed to
deliver possession of the said units.
As per terms of Agreement to Sale, the
delivery of the possession shall
necessarily do within maximum period of
24 months since the period of the
Agreement to Sale shall lapse thereafter.

Date of Particular Date of

Bhanakhat Default
05.03.2020 1) Naresh 05.03.2022
Inderlal
Gidwani &
 Prakash
Indervan
Gidwani
31.07.2019 2) 1.08.2021
31.07.2019 Rameshbhai (As per
23.09.2019 Amthabhai bhanakhat
23.09.2019 Desai dated
23.09.2019)

Hence; DATE OF DEFAULT:

1) In case of Naresh Inderlal Gidwani
is 05.03.2022
2) In case of Prakash Indervan
Gidwani is 05.03.2022
3) In case of Rameshbhai Amthabhai
Desai is 1.08.2021

A copy of the working computation is

annexed herewith and marked as
ANNEXURE F to the present petition

PART-V
PARTICULARS OF FINANCIAL DEBT [DOCUMENTS, RECORDS AND
EVIDENCE OF DEFAULT]
1. PARTICULARS OF SECURITY HELD, IF ANY, THE DATE OF ITS
CREATION, ITS ESTIMATED VALUE AS PER THE CREDITOR.

ATTACH A COPY OF A CERTIFICATE OF REGISTRATION OF CHARGE

ISSUED BY THE REGISTRAR OF COMPANIES (IF THE CORPORATE
DEBTOR IS A COMPANY)
 Not Available
2. PARTICULARS OF AN ORDER OF A COURT, TRIBUNAL OR
ARBITRAL PANEL ADJUDICATING ON THE DEFAULT, IF ANY
(ATTACH A COPY OF THE ORDER)
 Not Available
3. RECORD OF DEFAULT WITH THE INFORMATION UTILITY, IF ANY
(ATTACH A COPY OF SUCH RECORD)

 The copies of Record of Default with the Information Utility

are annexed herewith and marked as ANNEXURE G to the
present application
4. DETAILS OF SUCCESSION CERTIFICATE, OR PROBATE OF A WILL,
OR LETTER OF ADMINISTRATION, OR COURT DECREE (AS MAY BE
APPLICABLE), UNDER THE INDIAN SUCCESSION ACT, 1925 (10 OF
1925) (ATTACH A COPY)

 Not Applicable
5. THE LATEST AND COMPLETE COPY OF THE FINANCIAL CONTRACT
REFLECTING ALL AMENDMENTS AND WAIVERS TO DATE (ATTACH
A COPY)

 Not Applicable
 6. A RECORD OF DEFAULT AS AVAILABLE WITH ANY CREDIT
INFORMATION COMPANY (ATTACH A COPY)
 Not Applicable
7. COPIES OF ENTRIES IN A BANKER’S BOOK IN ACCORDANCE WITH
THE BANKERS’ BOOKS EVIDENCE ACT, 1891 (18 OF 1891)
(ATTACH A COPY)

 Not Available
8. LIST OF OTHER DOCUMENTS ATTACHED TO THIS APPLICATION IN
ORDER TO PROVE THE EXISTENCE OF FINANCIAL DEBT, THE
AMOUNT AND DATE OF DEFAULT

 The Copies of the Agreement to Sale (Bana khat) execute in

between the Corporate Debtor and the Financial Creditors are
annexed herewith and marked as ANNEXURE G to the present
application.

 The Copies of Bank Statement of the Allotees reflecting the

disbursement of the amount to the Corporate Debtor is
annexed herewith and marked ANNEXURE H to the present
application.

 The Copy of the Trial Balance of the Corporate debtor is

annexed herewith and marked as ANNEXURE H to the present
application.

 The Copy of the Possession notice dated 07.06.2022 under

Section 13 of the SARFAESI Act 2002 issued by State Bank of
India against the Corporate Debtor is annexed herewith and
marked as ANNEXURE I to the present application.

I, hereby certify that, to the best of my knowledge, [name of proposed

insolvency professional], is fully qualified and permitted to act as an
insolvency professional in accordance with the Insolvency and Bankruptcy
Code, 2016 and the associated rules and regulations.

Nareshbhai Inderlal Gidwani & Ors has paid the requisite fee for this
application through www.BharatKosh.gov.in online payment portal in favor of
“Pay and Accounts Officer, Ministry of Corporate Affairs” on _____________
and served a copy of this application by registered post/speed post/by
hand/electronic means to the registered office of the corporate debtor and to
the Board. A copy of the BharatKosh receipt alongwith the proof of service is
annexed herewith and marked as ANNEXURE J to the present petition.

Yours Sincerely,
Signature of person authorised to act on behalf of the financial creditor

Name in Block Letters

Position with or in relation to the financial creditor

Address of person signing