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TMI Blog2019 (7) TMI 1129X X X X Extracts X X X X X X X X Extracts X X X X ..... Dated:- 8-2-2019 - MADAN B. GOSAVI Judicial Member Arun Kumar Gupta , FCA and Sumit Binani , PCA, Resolution Professionals with Wrishik Ganguly for the Resolution Professional. ORDER Asset Reconstruction Co. India Ltd. -the financial creditor has filed this application under section 7 of the Insolvency and Bankruptcy Code, 2016 (in short, the I and B Code) against Sunil Ispat and Power Ltd.-the corporate debtor to start corporate insolvency resolution process (in short, the CIRP ) of the corporate debtor as they committed default in paying the financial debt of ₹ 25,75,25,402, i. e., the debt assigned to them by the State Bank of India. 2. This authority vide order dated July 31, 2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver of more than ₹ 100 crores during last three financial years. It appears that in further process only four applicants submitted the resolution plan. They were : (i) M/s. Bharat Benefication and Power P. Ltd., (ii) M/s. Maruti Ferrous P. Ltd., (iii) Shree Rupanadham Steel P. Ltd., and (iv) Sunil Sponge P. Ltd. The RP submitted all four resolution plans before the CoC. In meeting dated December 10, 2018 the CoC decided to adopt open bidding process to finalise one plan. That open bidding process was held in the sixth CoC meeting dated February 20, 2018. After lot of deliberations, the CoC accepted the resolution plan submitted by M/s. Maruti Ferrous P. Ltd., declaring the same to be H-1 bidder. However, H-1 bidder was directed to rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 29A of the I and B Code (related party of the corporate debtor). It is also the requirement of law that RP shall file affidavit stating that the plan submitted for the approval of the authority is as per the provisions of law. 5. Keeping before my site, the above provisions of law, I have carefully gone through the resolution plan of M/s. Maruti Ferrous P. Ltd., submitted for my approval. 6. I find that page 225 (annexure F) is the compliance certificate of the RP under regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 setting out the details of the CIRP in a nutshell and certifying that the plan does not contravene provisions of any law. At page 233 of the application, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roved by the CoC under sub-section (4) of section 30 of the I and B Code meets all requirements as stated under sub-section (2) of section 30 of the I and B Code. Hence, I approve the same plan by the following order : ORDER The resolution plan of M/s. Maruti Ferrous P. Ltd., which is approved by the CoC with a 100 per cent. voting share 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, co-ordinators and other stakeholders involved in the resolution plan. 2. The revival plan of the company in accordance with approved res olution plan shall come into force with immediate effect subject ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Resolution Professional in person, I am satisfied that the resolution plan of Sunil Ispat Power Limited as approved by the COC under subsection (4) of section 30 of I B Code meets all requirements as stated under sub-section (2) of section 30 of I B Code. Hence, I approve the same plan by the following order. Other contents of the Order of this Tribunal dated 8th February, 2019 will remain the same. Registry is hereby directed to communicate the order to the Financial Creditor, Corporate Debtor and to the Interim Resolution Professional by Speed Post and also by email. Let the certified copy of the order be issued upon compliance with requisite formalities. - - TaxTMI - TMITax - Insolvency & Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X
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