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TMI Blog2019 (10) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... in the modified Resolution Plan . The orders passed by the Adjudicating Authority dated 8th 11th February, 2019 is upheld with modifications. - Company Appeal (AT) (Insolvency) Nos. 250-251 of 2019 - - - Dated:- 30-5-2019 - Mr A. I. S. Cheema, Member (Judicial) And Mr Kanthi Narahari, Member (Technical) For The Appellant : Mr. Joy Sah, Senior Advocate with Mr. Abhijeet Sinha, Mr. Arjun Asthana, Ms. Sreenita Ghosh, Mr. Saikat Sarkar and Mr. Aditya Shukla, Advocates For The Respondents : Mr. Kunal Tandon and Ms. Niti Jain, Ms. Richa, Advocates, Mr. Gaurav Meshram, Asst. Commissioner, Excise Department And Mr. Arun Gupta and Mr. Arik Banerjee, Advocates for R.P. JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. In the Corporate Insolvency Resolution Process against Sunil Ispat Power Limited - ( Corporate Debtor ), the Appellant- M/s. Maruti Ferrous Private Limited (hereinafter referred to as Successful Resolution Applicant ) submitted Resolution Plan which was approved by the Committee of Creditors with 100% voting shares. 2. By impugned order dated 8th Febr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot pass muster under Section 30(2)(b) read with Section 31 unless a minimum payment is made to operational creditors, being not less than liquidation value. Further, on 05.10.2018, Regulation 38 has been amended. Prior to the amendment, Regulation 38 read as follows: 38. Mandatory contents of the resolution plan.- (1) A resolution plan shall identify specific sources of funds that will be used to pay the- (a) insolvency resolution process costs and provide that the [insolvency resolution process costs, to the extent unpaid, will be paid] in priority to any other creditor; (b) liquidation value due to operational creditors and provide for such payment in priority to any financial creditor which shall in any event be made before the expiry of thirty days after the approval of a resolution plan by the Adjudicating Authority; and (c) liquidation value due to dissenting financial creditors and provide that such payment is made before any recoveries are made by the financial creditors who voted in favour of the resolution plan. Post amendment, Regulation 38 reads as follows: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 40,896 80,428,500 c. Syndicate Bank 337,085,340 30,500,000 d. Bank of Baroda 340,626,013 30,500,000 e. Central bank of India 419,577,074 37,759,000 Total Payable To The Financial Creditor 3,388,945,040 305,000,000 Payment to Operational Creditors/Statutory/liabilities 3. A. Operational Creditor NIL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Means of Finance Total Amt Rs. in Cr. Fresh Equity to be infused by the Resolution Applicant 10.00 Unsecured Loans by Applicant/Associates 20.85 TERM LOAN (not from existing secured financial creditors of company) 15.00 Cash Credit Limit (not from existing secured financial creditors of company) 16.00 TOTAL (Rs. In crores) 61.85 10. After our observation, the Appellant submitted modified Resolution Plan showing the distribution without changing the other factors relating to viability and feasibility, which is as follows: S. No. Particulars Outstanding as per Claim Form (Dues as on 31.07.2018) Payment Propose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B. Workmen Dues NIL NIL NIL C. Government/Statutory Dues a. Commercial Taxes Department, Government of Chhattisgarh 52,713,896 4,744,250 9% b. Central Excise Duty, Government of Chhattisgarh 136,452,329 12,280,710 c. Income Tax Department DCIT C Circle 3(1), Government of India 9,121,554 821,000 Total Payable to Operational Creditor** ..... X X X X Extracts X X X X X X X X Extracts X X X X
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