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TMI Blog2020 (4) TMI 311X X X X Extracts X X X X X X X X Extracts X X X X ..... oned in the Resolution Plan as well as another clause mentioned under caption Step: XI - Actions to be taken by the Resolution Applicant - (4) of the Resolution Plan holding the suspended directors viz., Mr. Sivaramakrishnan and Mr. T.K. Santhosh should take the responsibility to get the Power of Attorney registered in favour of both new Builder/Contractor Representatives of homebuyers once the settlement of ₹ 85 lakh is made to Mr. Mukesh Jain (the current Power Agent) , the RP being the representative of the Corporate Debtor, the RP is entitled to execute the documents on behalf of the Corporate Debtor instead of asking the suspended directors who are no more representing the Corporate Debtor. The exemptions if any sought in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Amount(Rs.) Settlement as Full and Final settlement of the entire dues 1. Bank of India 14,07,02,366.00 18,000 square feet by way of constructed flats shall be provided by the Resolution Applicant. 2. Catholic Syrian Bank 5,23,49,910.00 OMR Land with approvals and the Kerala property which is already mortgaged by CD to CSB when the loan was availed shall be taken over by CSB as part of this plan. 3. Dhanalaxmi Bank Limited @ 60% 2,00,82,712.00 1,20,.49,628.00 TOTAL 21,31, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n view of the same, as to taxes are concerned, we modify the Resolution Plan directing the Resolution Applicant to pay ₹ 14.55 lakh to the respective statutory authorities. The admitted claim against this Corporate Debtor is ₹ 64,56,36,381. 5. As to this case, this Company Petition was admitted on 04-12-2017, thereafter, at the time of admission itself, IRP viz., Mr. Arumugam was appointed to get the documents from these suspended directors but whereas, he failed to get the same. Thereafter, IRP was replaced by the present RP viz., Mrs. Kavitha Surana and with her efforts, she was able to take out the documents. After verification of the records available and the inputs given by the homebuyers and the bank statements, ultimat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution Plan is beneficial to the Financial Creditors, Corporate Debtor and all other stakeholders, they have approved the Resolution Plan with a voting share of 70.93% on 30-10-2019. 8. We have not come across this Resolution Applicant asking any exemption towards the claims after approval of this plan, however, in any event, if any such exemption is mentioned anywhere in the plan that is not acceptable unless and until such relief is in accordance with law. 9. As to action to be taken by the Corporate Debtor mentioned in the Resolution Plan as well as another clause mentioned under caption Step: XI - Actions to be taken by the Resolution Applicant - (4) in Page 25 of the Resolution Plan holding the suspended directors viz., Mr. Siv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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