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TMI Blog2019 (8) TMI 267X X X X Extracts X X X X X X X X Extracts X X X X ..... cisions in their wisdom, while approving the plan. Now this authority cannot sit in appeal against the CoC's decision - the objection raised by one of the operational creditors against the approval of this plan is rejected. Clause (c) and (d) of section 30(2) of I B Code requires the plan should provide mechanism of its effective implementation and mechanism for management of affairs of the corporate debtor. Part-B, sub-para (c) and (d) in the plan, it is mentioned that after approval of the plan, the resolution applicant will appoint Board of Directors to take over the affairs of the corporate debtor from the RP. The Monitoring Committee is also confirmed to oversee effective implementation of the plan - It is seen from the perual o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor in CIRP. One, Mr.Sanjit Kumar Nayak having registration no. IBBI/IPA-003/IP-N00079/2017-18/10702 is appointed as the Interim Resolution Professional. Moratorium under section 14 of I B Code was issued. 3. The IRP took possession of the assets of the corporate debtor alongwith management. On 22.06.2018, he made public announcement of CIRP of the corporate debtor by publishing notice in Financial Express (English) and Sukhabar (in Bengali). In pursuant thereto, the IRP received the claims from various financial as well as operational creditors. After verification of the claims, he formed CoC consisted of four financial creditors by allotting them voting percentage in following manner: (i) Allahabad Bank - 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vate Limited jointly submitted the resolution plan. The said plan was submitted before the CoC for their consideration. CoC considered the plan in its meeting dated 14.03.2019. The CoC by 100% votes approved and accepted the resolution plan for the corporate debtor submitted by Yashoda Inn Private Limited and M/s. Uneecops Solar Private Limited jointly. The said plan is submitted before me for approval as per section 31(a) of l B Code. 7. I heard the Ld. RP. I perused the plan submitted for my approval. This plan is approved by CoC by 100% votes in the meeting dated 14.03.2019. As per section 31(4) of I B Code, the same plan is submitted for my approval. In view of the latest ruling of the Hon'ble Supreme Court in case of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... formity with the following requirements: (a) It provides for the payment of resolution process cost in priority to other debt. In this case, it is mentioned in the plan that the Resolution Professional shall determine the cost and the resolution applicant undertakes to pay the same. In fact, the RP ought to have determined the actual cost amount but it is not done. Nonetheless the Resolution Applicant gave undertaking to pay the same. I hold that this point is complied with. (b) The plan provides for payment of debt of operational creditor subject to provision of section 53 of IBC. Section 53 of l B Code states the list of creditors priority in payment of debt. The payment toward ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; claim. There is no discrimination made in between operational creditors inter se. Hence, above order does not have binding precedent. The plan is approved by CoC by 100% votes. The CoC took commercial decisions in their wisdom, while approving the plan. Now this authority cannot sit in appeal against the CoC's decision. I reject the objection raised by one of the operational creditors against the approval of this plan. 13. Clause (c) and (d) of section 30(2) of I B Code requires the plan should provide mechanism of its effective implementation and mechanism for management of affairs of the corporate debtor. Part-B, sub-para (c) and (d) (page 58 onwards) in the plan, it is mentioned that after approval of the plan, the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. The moratorium order passed under Section 14 shall cease to have effect. 4. 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. 5. Before parting with, it appears to me that I have to endorse my appreciation to the work rendered by the Resolution Professional, Sanjit Kumar Nayak for seeing that the Resolution Plan is approved by the CoC so as to give a rebirth to the dying company. 6. Accordingly, C.P.(I.B.) No.628/KB/2018 alongwith CA(IB) Nos.366 367/KB/2019 in this context are disposed off. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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