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2021 (12) TMI 1361 - Tri - Insolvency and BankruptcyApproval of resolution plan - section 30(6) read with section 31 and section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 39(4) of The Insolvency and Bankruptcy Board of India (Insolvency Process of Corporate Persons) Regulations, 2016 - HELD THAT - The Resolution Plan filed with the Application meets the requirements of Section 30(2) of IB Code, 2016 and Regulations 37, 38, 38(1A) and 39 (4) of IBBI (CIRP) Regulations, 2016. An affidavit under section 29A has also been filed by the Resolution Applicant. The Resolution Professional has also certified that the Resolution Plan' approved by the CoC does not contravene any of the provisions of the law for the time being in force. The Compliance Certificate is placed on record. The Resolution Plan' has been approved by the CoC with a 95.23% voting share. It is satisfying that Resolution Plan is in compliance with all relevant provisions of the IB Code 2016, and CIRP Regulations. The Resolution Plan is hereby approved, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors, and other stakeholders involved in the Resolution Plan including Resolution Applicant - Application allowed.
Issues Involved:
1. Approval of the resolution plan under section 30(6) read with section 31 and section 60(5) of the Insolvency and Bankruptcy Code, 2016. 2. Exclusion of liabilities for offences committed prior to the commencement of CIRP. 3. Waiver of non-compliance fees, penalties, or additional duties by Government Authorities. 4. Waiver of income tax on waiver of principal and interests. 5. Extinguishing guarantees and liabilities post-approval of the resolution plan. 6. Disposal of pending matters/litigation before Labour Court/Authorities. Detailed Analysis: 1. Approval of the Resolution Plan: - The application was filed by the Resolution Professional for approval of the resolution plan after it was approved by the Committee of Creditors (COC) with 95.23% voting. - The Corporate Debtor was admitted into CIRP on 16.03.2020, and the moratorium was declared with the appointment of Mr. Pawan Kumar Ramdhan Agarwal as the Interim Resolution Professional (IRP). - The COC resolved to replace the IRP with Mr. Rishabh Chand Lodha as the Resolution Professional. - The resolution plan was submitted by Mangalam Worldwide Private Limited and approved by the COC on 07.05.2021. - The amounts provided under the resolution plan include Rs. 4792.7 Lakhs for secured creditors, Rs. 5 Lakhs for unsecured financial creditors, and Rs. 20 Lakhs for operational creditors. - The total claim made by all claimants was Rs. 24355.87 Lakhs, with the proposed payment under the plan being Rs. 4817.7 Lakhs, resulting in an 80.2% haircut. - The resolution plan was found to comply with all requirements of Section 30(2) of the IBC, 2016, and relevant CIRP Regulations, 2016. 2. Exclusion of Liabilities for Offences Committed Prior to CIRP: - The Successful Resolution Applicant sought to exclude liabilities for offences committed prior to the commencement of CIRP, except for the liability of the Suspended Director or Suspended Management of the Company. - The Tribunal held that all liabilities of the stakeholders would be extinguished after the approval of the resolution plan, including claims of Government/Statutory Authorities. 3. Waiver of Non-compliance Fees, Penalties, or Additional Duties: - The Successful Resolution Applicant requested the waiver of non-compliance fees, penalties, or additional duties by Government Authorities. - The Tribunal allowed the applicant to approach the concerned authorities for such reliefs, which would be considered as per applicable laws. 4. Waiver of Income Tax on Waiver of Principal and Interests: - The applicant sought the waiver of income tax on the waiver of principal and interests by banks/institutions. - The Tribunal directed the Corporate Debtor/Resolution Applicant to approach the Income Tax Authorities, who would decide on the relief and concessions as per the provisions of the Income Tax Act, 1961. 5. Extinguishing Guarantees and Liabilities Post-Approval: - The applicant sought to extinguish all guarantees and liabilities post-approval of the resolution plan. - The Tribunal directed that all encumbrances on the assets of the Corporate Debtor prior to the plan would be permanently extinguished upon completion of procedural formalities as per the Companies Act, 2013. 6. Disposal of Pending Matters/Litigation Before Labour Court/Authorities: - The applicant sought the disposal of all pending matters/litigation before Labour Court/Authorities. - The Tribunal held that the liabilities arising from orders/proceedings of the Labour Tribunal/Authorities would be extinguished from the appointed date of the plan. Additional Directions: - The approved resolution plan would become effective from the date of passing of the order. - The order of moratorium passed under Section 14 of the IB Code, 2016, would cease to have effect from the date of passing of the order. - The Resolution Applicant was granted liberty to approach competent authorities for any concession, relief, or dispensation required for the effective implementation of the plan. - The duties of the Resolution Professional, Mr. Rishabh Chand Lodha, were discharged. Conclusion: The Tribunal approved the resolution plan, binding on the Corporate Debtor and all stakeholders, and provided specific directions for the implementation and reliefs sought by the Successful Resolution Applicant.
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