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TMI Blog2018 (9) TMI 1395X X X X Extracts X X X X X X X X Extracts X X X X ..... The Shrrija Projects Pvt ltd. : Kuldeep Malik, Advocate, Yash Vardhan Deora, Advocate For The Tarini Creations Pvt Ltd. : Shaunak Mitra, Advocate and Anurag Bagaria, Advocate ORDER 1. This is an application filed u/s. 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016 (In short, I & B Code, 2016) for the approval of the Resolution Plan which has been approved by the Committee of Creditors (In short, CoC) by vote share of 99.67% of the members of CoC. 2. By an order dated 29/08/2017, the Adjudicating Authority admitted the C.P. (IB) No. 397/KB/2017 filed by the applicant/financial creditor u/s. 7 of the I & B Code, 2016 and appointed Mr. Kuldeep Verma as Interim Resolution Professional (In short, IRP). 3. Pursuant to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Plan by fulfilling the requirement of Information Memorandum, 3 (three) Resolution Applicants submitted their plan with the prescribed participation fee and the CoC out of the three (3) resolution applicants two Resolution applicants, were called for discussion. 6. In the meanwhile 180 days period of CIRP has been expired. At the request of RP the CIRP period has been extended further and 270 days (180 + 90 days) extended period of CIRP expired on 25/05/2018. In the meanwhile, the RP has succeeded in identifying one out of the two Resolution Plans submitted by the Resolution Applicants and after discussion with the H-l bidder directed to revise the Resolution Plan and upon getting the Resolution Plan of the H-l applicant the CoC has put ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rove the 'Resolution Plan' submitted by the Appellant, as approved by the 'Committee of Creditors' and pass appropriate order. For such order no further hearing is required to be given except the information to the parties as the matter has been finally decided by this Appellate Tribunal. " 8. In view of the above said order of the Hon'ble NCLAT the CoC convened their 10th meeting on 01/08/2018 and after further deliberation with the H-1 bidder, the Resolution Plan of H-1 bidder has been put to vote since it has completed all the requirement of sub-section (2) of Section 30 of the I & B Code. The Resolution Plan of the H-l bidder, therefore, was considered by its 11th meeting held on 06/08/2018 and discussion on the Resolution Plan has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The CIRP period of 270 days expired on 25.05.2018. The order dated 07.05.2018 was challenged by H2 bidder before the Hon'ble NCLAT and the Hon'ble NCLAT has dispossed of the appeal by setting aside the order of the Adjudicating Authority on 24.07.2018. According to him the appeal was preferred on 09/05/2018 and it was disposed off on 24/07/2018 and therefore approval of Resolution Plan was within the prescribed period. The period consumed for litigation inter party in the case in hand can be excluded and on excluding the period from 09.05.2018 to 24.07.2018 the 270 days would expire on 16.08.2018. This view is supported by proposition laid down by the Principal Bench in PNB v. Bhushan Power & Steel Ltd. and in Quantum Ltd. v. Indus Finance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business of the corporate debtor and competent to take over the stressed assets of the corporate debtor. The above description about the resolution applicant proves that the identification of resolution applicant who can taken care of the assets of the corporate debtor is reasonable and justifiable. So the stressed assets of the corporate debtor is going to the hand of a safer resolution applicant. An affidavit swearing that the resolution applicant is not disqualified as per the amended section 29A of the I & B Code has been annexed. The Resolution Professional also certified that the Resolution Applicant is not ineligible to submit a Resolution Plan under Section 29A of the I & B Code. The mandatory disclosure seen enclosed. Workmen dues ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... approved. Accordingly, the Resolution Plan is approved upon the following orders:- ORDER (i) The Resolution Plan of Shri Ram Residency Private Limited, which is approved by the CoC with 99.67 voting percentage, is hereby approved under provisions of sub-section (1) of Section 31 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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