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TMI Blog2020 (4) TMI 313X X X X Extracts X X X X X X X X Extracts X X X X ..... - - - Dated:- 31-1-2020 - Bhaskara Pantula Mohan, Judicial Member And Rajesh Sharma, Technical Member Mayur Khandeparker, Adv. and Anirudh Purushothaman for the Appellant. ORDER 1. This Miscellaneous Application (MA) No. 3636/2019 is filed by Vishal Ghisulal Jain, Applicant Resolution Professional, under section 30(6) of Insolvency Bankruptcy Code, 2016 (I B Code) in C.P. (IB) 410/MB/2018 which was admitted u/s. 9 of I B Code vide order of this Tribunal dated 18-1-2019, initiating Corporate Insolvency Resolution Process (CIRP) against Govind Rubber Limited, the Corporate Debtor. 2. The Resolution Professional (RP) has filed this application under section 30(6) of the I B Code, seeking order for approval of the resolution plan, as approved by the members of Committee of Creditors (CoC), for resolution of the Corporate Debtor submitted by the consortium of Mr. Brij Bhushan Gupta, Mrs. Seema Gandhi, M/s. Kapivar Finlease Private Limited, Mr. Mukesh Desai and Mr. Iqbal Nabi (Resolution Applicant), and Mr. Brij Bhushan Gupta being the lead member. 3. The Resolution Professional Invited Expression of Interest (EoI) vide publication dated 17-4-2019 and also vide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Affidavit pursuant to section 30(1) of the Code confirming its eligibility under section 29A of the Code to submit resolution plan. The Resolution Professional has further certified that the said Resolution Plan has been approved by the CoC in accordance with the provisions of the I B Code and the CIRP Regulations made thereunder. The Resolution Plan has been approved by 85.29% of voting share of financial creditors after considering its feasibility and viability and other requirements specified by the CIRP Regulations. 9. The manner of voting by the CoC is as per the following table: Sl. No. Name of the Creditors Percentage of voting share Voted Assent Voted Dissent Voted Abstained 1. State Bank of India 28.66% 28.66% - - 2. Bank of Baroda 26.46% 26.46% - - 3. Central Bank of India 24.58% 24.58% - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tatutory and regulatory authorities in time specified under the law, but in no event later than 1 (One) year from the effective date. It must be clarified here that the said grace period cannot be availed for making payments to creditors and other stakeholders under the Resolution Plan and the Resolution Applicant shall simultaneously endeavor to get all the approvals without deviating from the timelines finalized for such payments. 15. The Resolution Applicant proposes following payments to various stakeholders: Sl. No. Particulars of Claim Amount Proposed 1. CIRP Costs At Actuals 2. Financial Creditors INR 30 Crores less the IRPC at actual 3. Operational Creditors including Statutory Liabilities (excluding provident Fund for Workmen Employees) and other creditors INR 1 Crore 4. Workmen Employees including Gratuity INR 3.15 Crores 5. Provident Fund for Workmen Employees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loyees 5,93,17,805 1,46,00,000 5. OTHER DEBTS AND DUES Provident Fund 69,36,509 70,00,000 Within 45 days from the Completion date. 17. The Resolution Plan proposes that on the effective date, the Resolution Professional shall provide a certified statement containing details of the Insolvency Resolution Process Costs (IRPC) to the Resolution Applicant. The IRPC shall be paid in priority to the payment of other debts of the Corporate Debtor and the IRPC shall be paid out of the total consideration offered to the financial creditors. 18. The Resolution Plan proposes a payment of INR 1.0 Crore on pro-rata basis to all Operational Creditors (including statutory liability but excluding workmen, employees, gratuity and provident fund dues). The amount due to the Operational Creditors shall be given priority in payment over Financial Creditors. It is further directed that the Resolution Professional and the Resolution Applicant shall ensure that the amount due to Operational Creditors under resolution plan must be paid in accordance with the amended s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of such contracts pursuant to this Resolution Plan or claims which are in the nature of recovery, disgorgement, penalty, fees or recoupment of loss, shall be deemed to have been extinguished upon approval of this Resolution Plan, without any liability whatsoever on the Corporate Debtor. 23. Upon approval of the Resolution Plan, the Resolution Applicant expects the ground breaking of the business of Corporate Debtor during the first quarter itself and expects that the business of the Corporate Debtor will require significant amount of capital expenditure for modification/renovation/replacement, therefore, the Resolution Applicant under the Resolution Plan has provided to undertake approximately INR 10 Crores for further capital expenditure and INR 12 Crores for infusion of working capital fund. 24. The Resolution Plan is to be financed by the consortium of Brij Bhushan Gupta and others. The details of Sources of Funds of Resolution Applicant are set out in the following table: Members of Consortium Source of Fund Amount (Rs. in Lakhs) Kapivar Finlease Private Limited Seema Gandhi Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oint a monitoring agency consisting of the three members of the CoC and two nominees of the resolution applicant. The monitoring agency shall manage the corporate debtor in trust and shall appoint the resolution professional to manage the day-to-day affairs of the corporate debtor under its supervision, until the full hand over of assets of the corporate debtor including business records. 28. The resolution applicant has sought certain reliefs and concessions in the resolution plan. The said relief and concessions are mentioned in Para Nos. 11 (i) to 11 (xii) of the Resolution Plan annexed to the application. This bench is not inclined to allow any of the said reliefs and concessions prayed by the Resolution Applicant. Therefore, the resolution applicant may apply to the relevant regulatory authorities for said reliefs and concessions and the relevant authorities may consider it as per relevant applicable laws. 29. Any relief sought for in the Resolution Plan, where the contract/agreement/understanding/proceedings/actions/notice etc. is not specifically identified or is for future and contingent liability, is at this moment rejected. 30. The Resolution Applicant, on taking ..... X X X X Extracts X X X X X X X X Extracts X X X X
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