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TMI Blog2018 (9) TMI 137X X X X Extracts X X X X X X X X Extracts X X X X ..... ms of the ex-employees lodged with the Resolution Professional were rejected and their prayer for implementation of 1992 pay revision arrears, 1997 pay revision arrears and 2007 pay revision arrears and to consider the order passed by the Hon'ble High Court at Kolkata in W.P. No.372(W) of 2000. According to the Ld. Counsel appearing on the side of the Union, many of the workmen's claims which were lodged with the Resolution Professional were rejected and that repeated demands for inclusion of pay revision arrears were not at all considered by the Resolution Professional and therefore without considering their claim the Resolution Plan cannot be approved argued by the Ld. Counsel. Upon hearing the arguments advanced on the side of the Ld. Counsel appearing for the Applicant's Union and considering the reply affidavit filed by the Ld. Resolution Professional and upon hearing the submissions of the Resolution Professional, it appears to me that this application requires no consideration at all at the fag end of the consideration of approval of Resolution Plan. Moreover, none of the contentions put forward by the Applicant in the instant case seems to be sustainable. Whene ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation at all. Moreover, the relief sought for becomes infractuous because the Resolution Plan has been approved by this Bench. In the result, this Application is dismissed. However, no order as to costs. Certified copy of the order may be issued, if applied for, upon compliance with all requisite formalities. (Jinan K.R.) Member (J) Signed on this, the 6th day of March, 2018 ORDER This is an application filed by an Operational Creditor, namely, Industrial Services under section 10 of the I. & B. Code as if it is an Intervenor. This application has been filed seeking relief that directions to be issued to the Resolution Professional so as to rectify or modify the list of creditors prepared by the Resolution Professional and for a declaration declaring the Civil Suit No.375 of 2017 filed by the Corporate Application in the instant case as against the applicant herein raising certain counter claims. The relief sought for not at all maintainable because under section 14 moratorium applicable for initiating any legal proceedings as against the Corporate Debtor and section 14 does not bar the Corporate Debtor filing legal proceedings against an Operational Creditor. In these circ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the year 1994 by filing a reference under section 3(1)(0) of the Sick Industrial Companies (Special Provisions) Act, 1985 and got an order declaring the applicant company as a Sick company vide BIFR order dated 20.01.1995. While so, upon the announcement of Insolvency & Bankruptcy Code, 2016 w.e.f. 01.12.2016, the Corporate Applicant filed this application i.e. C.P.(IB) No.244 of 2017 under section 10 of the I.B. Code for initiating corporate insolvency resolution process. 4. Vide order dated 31.05.2017, the application filed by the Corporate Applicant was admitted and one Mr. Partha Kamal Sen was appointed as the Resolution Professional. Upon confirmation of his appointment by the committee of creditors (CoC), he was subsequently appointed as Resolution Professional (RP). The period of 180 days for submission of Resolution Plan has been extended for a further period of 90 days from 27.11.2017 and the extended period was expired on 26.02.2018. Before the expiry of 270 days the resolution professional succeeds to get approval of a resolution plan from CoC and it is that resolution plan came up for consideration for the approval of this bunch. 5. Heard the Resolution Profession ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Professional submitted that all the requirements stipulated under section 30(2) of the I.& B. Code, 2016 have been complied with by the Resolution Professional and it is that plan was placed before the CoC and at the meeting held on 20.02.2018, the COC approved it by 100% majority of the members constituting the CoC. The Resolution Plan submitted to the Bench being confirms the requirements as provided under sub-section (2) of section 30 read with sub-section (4) of section 30 this bench having no other alternative other than to approve the Resolution Plan which shall be binding on the Corporate Debtor and its employees, members, creditors and other stakeholders, if any, involved in the Resolution Plan. 10. At this juncture, the Ld. Counsel, appearing on behalf of Burn Standard Ex-employees Welfare Association submitted that some of the claims of the ex-employees lodged with the Resolution Professional were rejected and their prayer for implementation of 1992 pay revision arrears, 1997 pay revision arrears and 2007 pay revision arrears not at all considered by the Resolution Professional. So also he submitted that the directions in the order passed by the Hon'ble High Court, C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted as admissible claims of the Applicant. A reference of Resolution Plan shows that it provides payment of arrears of 1992 pay revision inclusive of pending dues to the employees like gratuity and leave encashment and pending salary for one month. 16. Ld. Counsel for the workmen at this juncture on the strength of an order in W.P.No.372(W) of 2000, passed by the Hon'ble High Court of Culcutta stressed an argument that non-implementation of 1992 pay revision violate the direction in it. It appears to me that since the 1992 pay revision has been implemented and even arrears of such pay revision have been admitted as admissible claims and considered in the resolution plan there is no violation of the direction in the order above referred. The said contention is also therefore, found devoid of any merit. 17. Ld. Resolution Professional also submits that 2007 pay revision has not been implemented in the corporate applicant so far. Nothing produced to prove that it has been implemented or that the workmen are entitled to have any benefit under the alleged pay revision of 2007. The reasons for rejection of claims, non inclusion of arrears of 1997 pay revisions and non-implementat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cant would like to settle its liabilities and provides a repayment plan. So, the Resolution Plan in hand is a repayment plan for settlement of liabilities of the Corporate Applicant so that the closure of the Corporate Applicant can be effected, instead of liquidating the company. 21. On going through the letter above and the Resolution Plan, it is understood that the Resolution Applicant in the instant case has prepared the Resolution Plan and submitted to the CoC for its approval through the Resolution Professional and it is that Resolution Plan came up for consideration and on further examination, I am satisfied that the said plan meets the requirements as stipulated under section (2) of section 30 of Insolvency & Bankruptcy Code, 2016. Therefore, the Resolution Plan deserves approval. Accordingly, the Resolution Plan is approved upon the following directions. ORDER The Resolution Plan, which is approved by the CoC with a voting share of hundred percentage is hereby approved under provisions of section 31(1) of the Insolvency & Bankruptcy Code, 2016, which will be binding on the Corporate Debtor/Corporate Applicant, its employees, members, creditors, coordinators and other st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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