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2024 (9) TMI 248 - AT - Insolvency and BankruptcySeeking direction for release of payment of an amount sanctioned as Industrial Promotion Subsidy claim for the mega project of the Corporate Debtor - HELD THAT - The CIRP against the Corporate Debtor commenced on 12.08.2022 and the letter dated 28.02.2022 which was relied in paragraph 5.2 was written by the erstwhile management. After the CIRP having commenced, all amount which is payable to the Corporate Debtor has to be given in the kitty of the Corporate Debtor and disbursement of the amount has to take place as per the Resolution Plan which has been approved by the CoC as submitted by the Counsel for the Appellant. The Appeal allowed in part and direction contained in paragraph 5.3 to the Principal Secretary, Directorate of Industries, Government of Maharashtra, to pay the amount of investment subsidy within 30 days in accordance with the disbursal advice to the Government Authorities as mentioned in paragraph 5.2 is set aside. Let the amount which has not yet been paid to the Corporate Debtor be paid to the Corporate Debtor within time as allowed by the Adjudicating Authority.
Issues: Appeal against order for release of Industrial Promotion Subsidy claim for a Corporate Debtor during Corporate Insolvency Resolution Process (CIRP).
Detailed Analysis: 1. Background of the Case: The appeal was filed against an order passed by the Adjudicating Authority in response to an application filed by the Resolution Professional of the Corporate Debtor seeking direction for the release of an Industrial Promotion Subsidy claim amounting to Rs.61,76,53,000. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor commenced on 12.08.2022. 2. Adjudicating Authority's Decision: The Adjudicating Authority noted the sanction of the Investment Promotion Subsidy for the years 2017-18, 2018-19, and 2019-20. It also mentioned a letter dated 28.02.2022 written by the previous management of the Corporate Debtor to the Ministry of Finance and Planning of Maharashtra, requesting the release of the amount to Government Authorities. The Adjudicating Authority directed the Principal Secretary, Directorate of Industries, Government of Maharashtra, to pay the amount within 30 days to the specified Government Authorities. 3. Appellant's Argument: The Appellant contended that all amounts post-CIRP initiation should be paid to the Corporate Debtor and the claims of all authorities should be satisfied as per the approved Resolution Plan by the Committee of Creditors (CoC). 4. Tribunal's Decision: After considering the submissions, the Tribunal reviewed the relevant paragraphs of the case detailing the subsidy amounts sanctioned and the disbursement approvals. The Tribunal noted that the letter relied upon by the Adjudicating Authority was from the previous management and emphasized that post-CIRP initiation, all payable amounts should go to the Corporate Debtor as per the approved Resolution Plan. 5. Tribunal's Order: The Tribunal partly allowed the appeal and set aside the direction for payment to Government Authorities mentioned in the Adjudicating Authority's order. It directed the remaining unpaid amount to be paid to the Corporate Debtor within the allowed time. The Resolution Professional was given the liberty to take further necessary steps as per the law. 6. Conclusion: The appeal was disposed of with the Tribunal's decision to allow the payment of the outstanding amount to the Corporate Debtor in accordance with the approved Resolution Plan, emphasizing the post-CIRP payment protocol. This detailed analysis encapsulates the key aspects and decisions of the judgment regarding the appeal against the release of the Industrial Promotion Subsidy claim for the Corporate Debtor during the CIRP.
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