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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 ..... oval already given by the CoC in its Meeting held on 30-10-2019 with a voting share of 70.93%. 2. Looking at the application, it appears that this Resolution Plan given by this Applicant is valued at Rs. 25 crore, out of which, the Resolution Applicant will infuse Rs. 15 crore into the Corporate Debtor and the homebuyers will infuse Rs. 15 crore from their side so as to ensure that these homebuyers will get flats and the remaining Financial Creditors viz., Bank of India, Dhanalaxmi Bank and Catholic Syrian Bank will get either land or money proportionate to 60% of their claim admitted by the Resolution Applicant which is as follows: Sl. No. Name of the Secured Financial Creditor Principal Amount(Rs.) Settlement as Full and Final settle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rson who already put all these homebuyers in sufferance, we have a doubt as to whether he would do anything to the company or pay its dues to the statutory authorities. 4. In view of the same, as to taxes are concerned, we modify the Resolution Plan directing the Resolution Applicant to pay Rs. 14.55 lakh to the respective statutory authorities. The admitted claim against this Corporate Debtor is Rs. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n that has come for approval of the CoC is the present Resolution Plan. 7. By looking at this application, the CoC having taken decision that the present Resolution 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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