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TMI Blog2018 (11) TMI 249X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution Plan as well as provisions for the payment of debt to the various stakeholders and to the workmen. Clause 7 of Form 'H' dealt with the distribution of amount provided for the stakeholders under the Resolution Plan. The distribution among the stakeholders not at all under challenge from any corner and therefore, the Resolution Plan, which has been approved by vote share of 100% by the Committee of Creditors in compliance of the provisions of the Code and Regulations and confirms to all the requirements as has been specified in the I & B Code, 2016 is liable to be approved - C.P. (IB) No. 557/KB/2017 - - - Dated:- 26-9-2018 - SHRI JINAN K.R., JUDICIAL (J) For The Resolution Professional : Samya Sengupta, Pr. CA Ms. Manju Bhu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ionals it is understood that a total of 11 (eleven) CoC meetings have been conducted under the Chairmanship of various Resolution Professionals appointed in the case in hand and 6th CoC meeting was held under the Chairmanship of the present Resolution Professional. 4. Resolution Professional has appointed M/s. Best Surveyors Valuers Pvt. Ltd. And M/s. Haripriya Associates Pvt. Ltd. as valuers and valuation report seems annexed with the report as Annexure B. Resolution Professional also appointed auditor M/s. A. C. Jhaveri Co., Chartered Accountants and appointed M/s. P. S. Roy, as a Forensic Auditor and the forensic audit report given by the Forensic Auditor is annexed and marked as Annexure D. He has up-to-dated the List of financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. 6. However, by looking into the Resolution Plan in detail it is understood that the priority in accordance with the CIRP cost alone has been entertained and the payment to workmen seems to be discharged by the Resolution Applicant within a period of 60 months. As per the plan 10% shall be paid at the commencement of the production. The date of commencement of production no way found a place in the plan. The balance 90% at 60 monthly instalments is payable with regular wages in the plan. On the other hand the outstanding interest of ₹ 1.5131 Crores payable to UCO Bank, financial creditor, as directed to pay immediately within 90 days from the approval of the Resolution Plan. Therefore, the priority of payment to the workmen is ov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tors in compliance of the provisions of the Code and Regulations and confirms to all the requirements as has been specified in the I B Code, 2016 is liable to be approved upon the following directions:- (i) The Resolution Plan of Fortune Chemicals Limited 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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