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TMI Blog2018 (9) TMI 1971X X X X Extracts X X X X X X X X Extracts X X X X ..... y following the procedure for water fall in relation to the amounts brought in by the Resolution Applicants. The Resolution Plan stands approved and the Resolution Process is to be concluded as per the terms of approved resolution plan with the modification made in para 10 of this Tribunal's order - Moratorium ceased to have effect. - MA/264/IB/2018 In TCP/198/IB/CB/2017 - - - Dated:- 17-9-2018 - K. Anantha Padmanabha Swamy, Member (Judicial) And S. Vijayaraghavan, Member (Technical) For the successful Resolution Applicant : Shri.Nirav Shah, Shri. A.Kevin Thomas, For the RP : Shri.T.K.Bhaskar, Shri.Shwetha Vasudevan, Advocate : Shri.J.Manivannan, Advocate : Shri.V.Nagarajan, Advocate. For the Promoters/Sharehold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Insolvency and Bankruptcy Code, 2016. b. That this Hon ble Tribunal be pleased to approve the amendment of Memorandum of Association and Articles of Association of the Corporate Debtor as proposed in the Resolution Plan of Mr.Sarang Sudhakar Kale as has been approved by the COC pursuant to its meeting dated 20.062018; c. Upon approval by the Hon ble Tribunal as mentioned in prayer (a) above, declare that the moratorium order passed by the Hon'ble Tribunal under Section 14 of the Code vide its order dated August, 16, 2017 shall cease to have effect; d. For such other orders as this Hon ble Tribunal deems fit in the facts and circumstances of the case for implementation of the Resolution plan. 5) The key components of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debt. The existing outstanding loan amounts (including unpaid interest thereon) by the companies associated with the erstwhile promoters will be converted into Redeemable Non-cumulative Preference Shares (RPS- Series B) bearing 0.001% p.a. coupon on a non-cumulative basis and shall not carry any voting rights available to the equity shareholders. The redemption of these shares shall in any case be subordinated to the secured debt. 6) The details of the Resolution plan are as follows; Particulars Amount Rs.Crores Remarks Insolvency Resolution Process costs 0.23 These are estimated amounts payable to the Resolution Professional and o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution Applicant; I propose that the entire existing issued equity share capital of the Company is converted into RPS- Series A bearing 0.001% p.a. coupon and shall be redeemable at the end of 6 years or immediately upon liquidity event arising, whichever occurs earlier. The redemption amount after 6 years will be 2.75 times of the existing capital. However, if redeemed earlier by the company at its sole discretion, then commensurate NPV at a discount rate of 10% will be redeemed. Each such equity share will be converted into one preference share of ₹ 1 face value. in the event that the Company fails to redeem RPS Series A as stipulated herein, the redemption value of RPS- Series A shall be converted into Equity Share Capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce share capital of the company shall be as follows; Name of the Equity shareholders No. of equity shares held (equity share of face value ₹ 1 each % of shares held Resolution Applicant and his Nominee s) 10,00,00,000/- 100 Total 10,00,00,000/- 100.00 Issued Redeemable Non-Cumulative Preference Share Capital Series- A Names of the Preference shareholders No. of RPS - Series A held Face value of RPS Series A held Kohinoor Planet Construction Pvt Ltd 9, 18, 10,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and unpaid license fee along with dues of Operational Creditors as no specific time limit has been specified in this regard in the resolution plan. 11) It is observed that as per the Resolution Plan, the board approves the restructuring of share capital can be carried out without being subject to the shareholders special resolution or the board resolution of the existing board for appointing the nominee(s) of the Board of Directors of the Resolution Applicant. 12) The Tribunal vide its earlier order dated 08.03.2018 has made few observation with regard to the financial credibility of the Resolution Applicant as an individual and the few clarifications regarding any financial tie ups of the Resolution Applicant, payment to the operat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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