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2021 (12) TMI 1355 - Tri - Insolvency and BankruptcySeeking approval of the Resolution Plan - section 30(6) read with section 31(1) of the Insolvency and Bankruptcy Code, 2016 and regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - HELD THAT - The Resolution Plan has been approved with 99.10% voting share. As per the CoC, the plan meets the requirement of being viable and feasible for revival of the Corporate Debtor. By and large, all the compliances have been done by the Resolution Professional and the Resolution Applicant for making the plan effective after approval by this Bench - On perusal of the documents on record, it is satisfying that the Resolution Plan is in accordance with sections 30 and 31 of the IBC and also complies with regulations 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. As far as the question of granting time to comply with the statutory obligations or seeking approvals from authorities is concerned, the Resolution Applicant is directed to do so within one year from the date of this order, as prescribed under section 31(4) of the Code - In case of non-compliance of this order or withdrawal of Resolution Plan, the payments already made by the Resolution Applicant shall be liable for forfeiture. The Resolution Plan is approved - application allowed.
Issues Involved:
1. Approval of the Resolution Plan under section 30(6) read with section 31(1) of the Insolvency and Bankruptcy Code, 2016. 2. Constitution and reconstitution of the Committee of Creditors (CoC). 3. Collation and admission of claims. 4. Compliance with statutory provisions and regulations. 5. Implementation and management of the Resolution Plan. 6. Reliefs, exemptions, and waivers sought by the Resolution Applicant. Detailed Analysis: 1. Approval of the Resolution Plan: The application was filed by the Resolution Professional (RP) for approval of the Resolution Plan for the Corporate Debtor, Ambient Computronics Private Limited. The original petition was filed under section 9 of the Insolvency and Bankruptcy Code, 2016, and was admitted on 10.12.2020. The RP was confirmed in his role on 11.04.2021. Due to the nationwide lockdown, an extension of the CIRP period by 90 days was granted on 14.06.2021. 2. Constitution and Reconstitution of CoC: The CoC was initially constituted with one Financial Creditor and one Operational Creditor. It was reconstituted twice, with the sole financial creditor withdrawing its claim, leaving two Operational Creditors. Fourteen CoC meetings were held during the CIRP period. 3. Collation and Admission of Claims: Claims from operational creditors, workers, and statutory authorities were collated. The admitted claims amounted to ?46,18,270/- against the claimed amount of ?62,47,256/-. The claims were verified and admitted as per the regulations. 4. Compliance with Statutory Provisions and Regulations: The RP complied with the provisions of section 25(2)(h) of the Code and regulation 36A(1) of CIRP Regulations. Invitations for Expressions of Interest (EoI) were published, and a single EoI was received from a suspended Board member. The Resolution Plan was vetted and revised as per the CoC's feedback and was approved with a 99.10% voting share. 5. Implementation and Management of the Resolution Plan: The Resolution Plan included detailed provisions for payment schedules, management of the Corporate Debtor, and implementation timelines. The plan proposed to pay ?7,00,000/- as CIRP costs and ?46,18,270/- to Operational Creditors. An additional ?10,00,000/- was allocated for CAPEX and working capital. The plan defined the "Effective Date" as thirty days from the approval order. 6. Reliefs, Exemptions, and Waivers Sought: The Resolution Applicant sought several reliefs, including waivers of financial penalties, continuation of licenses, and exemptions from tax liabilities. These were granted in line with the Supreme Court's ruling in Ghanashyam Mishra and Sons Pvt Ltd v Edelweiss Asset Reconstruction Company Ltd, which stated that all claims not part of the resolution plan stand extinguished upon approval. Specific reliefs were granted for the continuation of licenses, tax credits, and the abatement of disputes and liabilities. Orders Passed: The Tribunal approved the Resolution Plan, noting its compliance with sections 30 and 31 of the Code and regulations 38 and 39 of CIRP Regulations. The plan was deemed viable and feasible for the revival of the Corporate Debtor. The RP was directed to comply with statutory obligations within one year and hand over all records to the Resolution Applicant. The moratorium under section 14 ceased, and the RP was discharged from duties. The Resolution Applicant was granted liberty to move applications for implementation, and the order was to be filed with the Registrar of Companies, Bihar. Conclusion: The application for approval of the Resolution Plan was granted, ensuring the revival of the Corporate Debtor and compliance with all statutory requirements. The Tribunal's detailed order provided a clear pathway for the implementation of the Resolution Plan, addressing all claims, reliefs, and compliance issues comprehensively.
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