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TMI Blog2018 (9) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... , which will be binding on the Corporate Debtor, its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan. (ii) The revival plan of the company in accordance with the approved Resolution Plan shall come into force with immediate effect. (iii) The moratorium order passed under Section 14 shall cease to have effect. (iv) The Resolution Professional shall forward all records relating to the conduct of the Corporate Insolvency Resolution Process and the Resolution Plan to the Insolvency and Bankruptcy Board of India to be recorded on its database. (v) Before parting with, it appears that I have to endorse my Appreciation to the work rendered by the Resolution Professional, Mr. Prabhjit Singh Soni for having a successful resolution process so as to find out a stakeholder having repute to take over the stressed assets of the corporate debtor/ Southern Cooling Towers Pvt. Ltd. - C.A. (IB) NOS. 273, 629 & 671/KB/2018 Om C.P. No. 699/KB/2017 - - - Dated:- 6-8-2018 - SHRI JINAN K.R., MEMBER (J) For The Resolution Professional : Prabhjit Singh Soni, Pr. CS And Somdutt Bose, Advocate, Pranit Bag, Advocate For The Applicant CA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d under Regulation 38 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (In short, CIRP Regulations). He also certified that the Resolution Professional has dealt with the interest of every stake holders like Financial Creditors, Operational Creditors of the Corporate Debtor as per the requirement of the Regulation 38(l)(a) of the CIRP Regulation. He also certified that the Plan provides for terms of the payment, implementation Scheme, management and control of the business of the Corporate Debtor during the terms of the Plan and adequate means for supervising its implementation. An affidavit of the resolution applicant u/s.29A also produced along with the resolution plan. (d) After having deliberations with the Resolution Applicant and being satisfied that the Resolution Plan meets all the requirements, the Resolution Plan has been submitted before the CoC for its final consideration. In the meeting held on 11-07-2018, the Resolution Plan has been put in for vote and the Plan has been approved by a voting share of 100%. It is that Plan which came up for consideration for approval under Section 31 of the I B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ending execution of sale deed. The Resolution Process was initiated and thereby the Corporate Debtor did not execute the sale deed and hence, the applicant's claim is to be admitted by the RP as if he is a Financial Creditor. 7. Brief facts for the consideration of this Application in CA(IB) No. 629/KB/2018 is the following : (a) The Corporate Debtor approached the Applicant herein to sell one premises at 38 B, Pratapaditya Road, Kolkata which belong to the Corporate Debtor including the building constructed thereon for an aggregate consideration of ₹ 6,50,00,000/- (Rupees Six crores fifty lakh only) and a Memorandum of Understanding was also executed between the Applicant and the Corporate Debtor on 11-08-2017 regarding the principal terms and conditions for forming the sale of the said premises in favour of the Applicant. (b) The Management of the Corporate Debtor, however, failed to execute the sale deed in favour of the Applicant. In the month of May, 2018, the Applicant was in receipt of an information from the Director of the Corporate Debtor that a Corporate Insolvency Resolution Process is initiated against the Corporate Debtor in a Petition under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... she submitted a Form C as if she is a Financial Creditor to the Corporate Debtor. Thereby the Form C submitted by the Applicant also again verified by the RP with the books of accounts of the Corporate Debtor and also given to the Statutory Auditor of the Corporate Debtor and on 15-03-2018 the fact was informed to the Applicant that the claim of the Applicant could not be accepted. The Certificate of Auditor is explanatory and hence the claim filed in Form C also rejected by the RP. Therefore, the RP requested to dismiss the Application as it deserves on merits. 9. In CA(IB) No.629/KB/2018, the RP filed an Affidavit that CoC approved the Memorandum of Understanding executed by the Corporate Debtor and that the property referred to in the Memorandum of Understanding may be sold to the Applicant itself and the advance amounts will be adjusted at the time of final payment. 10. Heard the Ld. Counsel appearing on the side of the Applicants in CA(IB) No. 629/KB/2018 and CA(IB) No.273/KB/2018. 11. Upon hearing the argument on both sides in C.A.(IB) No. 629/KB/2018, the Ld. RP and the Counsel on behalf of the RP submits that a provision in the Resolution Plan can be provide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to note that she did not approach the RP in time. Truly, the RP can receive a claim till the approval of the Resolution Plan as per Regulation 12(2) of the CIRP Regulations. It is understood from the submission put forward by the RP that even the claim put forward by the Applicant in form F as well as in Form C were verified with books of accounts and submitted to the Statutory Auditor for verification and found that her claim not found a place in records of the Corporate Debtor. 14. On going through the contentions of the Applicant and upon hearing the argument advanced on the side of the Applicant I am not at all convinced that the claim put forward by the Applicant is a valid claim. The applicant Mrs. Ranita Mitra has failed to substantiate her claim before RP as well as before the Adjudicating Authority. Admittedly, she failed to send Form C electronically and also failed in substantiating her claim by submitting physically Form 'C' with any supporting documents. The statement of bank account produced on the side of the applicant not at all convincing me to show that the voucher relating to the loan allegedly advanced by the applicant towards the corporate debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itra, which is approved by the CoC with 100% voting percentage, is hereby approved under provisions of Section 31(1) of the Insolvency and Bankruptcy Code, 2016, which will be binding on the Corporate Debtor, its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan. (ii) The revival plan of the company in accordance with the approved Resolution Plan shall come into force with immediate effect. (iii) The moratorium order passed under Section 14 shall cease to have effect. (iv) The Resolution Professional shall forward all records relating to the conduct of the Corporate Insolvency Resolution Process and the Resolution Plan to the Insolvency and Bankruptcy Board of India to be recorded on its database. (v) Before parting with, it appears to me that I have to endorse my Appreciation to the work rendered by the Resolution Professional, Mr. Prabhjit Singh Soni for having a successful resolution process so as to find out a stakeholder having repute to take over the stressed assets of the corporate debtor/ Southern Cooling Towers Pvt. Ltd. (vi) C.A.(I.B) No. 629/KB/2018 is disposed. No order as to costs. (vii) C.A. (I.B) No. 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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