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TMI Blog2020 (6) TMI 256X X X X Extracts X X X X X X X X Extracts X X X X ..... n complied by the resolution applicant as per Form H submitted by the RP. It provides provision for the payment of insolvency resolution process, payment of the debts of operational creditors, management of the affairs of the Corporate Debtor, and provides provision for implementation and supervision of the resolution plan. This is a case in which the CoC has judiciously distributed the financial bids to the stakeholders according to their entitlements. There is nothing in the plan, so as to disapprove it. The CoC has very well deliberated with the two plans and decided the viability, feasibility and financial matrix of each plans and approved one with 100% vote shares of the members of the CoC. Resolution Plan approved. - IA(IB) NO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal was appointed as Resolution Professional. 4. As an Interim Resolution Professional, he has made public announcement in compliance of Section 15 of the I B Code, 2016 calling for claims from the creditors of the Corporate Debtor. Upon receipt of claims from Creditors, Committee of Creditors (in Short, CoC) was formed on 17/09/2019. Expression of Interest (in short, Eol) was invited from the prospective resolution applicants and has received Four(4) Expression of Interests from (a) Panna Pragati Infrastructure Pvt. Ltd. Others.; (b) Mr. Ngaitlang Dhar; (c) Mr. Abhishek Agarwal and (d) Mr. Ashish Jaisasaria Others respectively. EOl's received from 4 prospective resolution applicants were conformed to the eligibility criteria ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k of India one another member of CoC were present. They were heard through Video Conferencing. Perused the scanned copies of documents and the Resolution Plan submitted through e-mail. 9. The Ld. RP has submitted that the resolution plan contains all the mandatory requirements to be meted out as per Regulation 38 of IBBI (IRP For Corporate Persons) Regulations, 2016 and that an affidavit stating that the resolution applicant, H-1 bidder is eligible under Section 29A has been annexed with the resolution plan in compliance of section 30(1) and that the resolution plan submitted to the CoC for its approval conforms to all the conditions referred to in sub-section(2) of Section 30. 10. The mandatory contents of the Resolution Plan as requ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the application and marked as Annexure - F , (pages 375 to 385). 12. It is submitted by the Ld. Resolution Professional that by giving fairly good opportunities to both H-1 and H-2 bidders for arriving at the maximization of value for the stressed assets of the Corporate Debtor, and the CoC has approved the resolution plan of H-1 as the best plan among the two plans under consideration of the CoC and it is that plan which was approved by the CoC by a 100% voting share of the members of the CoC. It is understood that the resolution plan bid amount is ₹ 64.30 crore which is higher than the liquidation value of ₹ 61.62 crore. The financial creditors have had a hair cut of 51.44%. So it appears to me that the CoC has taken ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd decided the viability, feasibility and financial matrix of each plans and approved one with 100% vote shares of the members of the CoC. Accordingly, I hereby approve the resolution plan of Mr. Ngaitlang Dhar (H-1 bidder) upon the following directions:- (i) The Resolution Plan of Mr. Ngaitlang Dhar, which was approved by the CoC with 100% voting share, is hereby approved under provisions of sub-section (1) of Section 31 of the Insolvency and Bankruptcy Code, 2016, which shall be binding on the Corporate Debtor (Meghalaya Infratech Limited), its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan. (ii) The revival plan of the company in accordance with the approved Resolution Plan shall co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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