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TMI Blog2020 (6) TMI 687X X X X Extracts X X X X X X X X Extracts X X X X ..... with the requirements of the IBC and the regulations thereto and that the resolution plan has been approved by the CoC in the manner prescribed under the IBC - This bench directs the RP to act as the Monitoring Agency and thus appointed RP as Monitoring Agency to monitor and supervise the implementation of the Resolution plan and the remuneration of the monitoring agency shall be ₹ 1,50,000/- plus taxes and out of pocket expenses at actual. The Resolution Applicant is allowed to remove and/or substitute the Monitoring Agency with prior approval of this Adjudicating Authority if the Monitoring Agency is unable to satisfactorily perform its responsibilities or breaches terms of its appointment. - CA NOS. 188/2019 & 55/2020, C.P. (IB) NO. 24/ALD/2017 - - - Dated:- 4-2-2020 - Rajesh Dayal Khare, Judicial Member ORDER Omitted notified. 1. The present application (CA No. 55/2020) is filed by the applicant for the modification/correction of the order dated 17-1-2020 passed by this tribunal in CA No. 188/2019 in CP No. (IB) 24/ALD/2017. However, it appears that certain inadvertent errors have been crepted in the order, so, this tribunal passes this Corrected Orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 304 of 2017. 6. During the pendency of the above appeal, the resolution plan submitted by Atyant Capital India Fund -I was approved by this Adjudicating Authority vide order dated 15 December 2017. However, on account of the pendency of the appeal of Exim Bank, the Hon'ble NCLAT vide order dated 1 February 2018 in Company Appeal (AT) (Insolvency) No. 304 of 2017 directed this Adjudicating Authority to not give effect to the resolution plan approved vide order dated 15 December 2017 without their permission. 7. Finally the above issue was settled by judgment dated 14 August 2018 whereby the Hon'ble NCLAT recognized the status of Exim Bank as a financial creditor and directed the Resolution Professional of the Corporate Debtor to reconstitute the Committee of Creditors after including Exim Bank and thereafter directed the reconsideration of the resolution plans already submitted with respect to the Corporate Debtor. It was made clear by the Hon'ble NCLAT that Committee of Creditors cannot go in for rebidding on account of the resolution plans having already been opened. 8. Thereafter, vide order dated 6 September 2018, this Adjudicating Authority took note of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Atyant Capital India Fund -I and HOEC seeking confirmation on their interest to participate in the resolution process of the Corporate Debtor. In response, HOEC and Atyant Capital India Fund -I sent their email confirmation vide email dated 11 April 2019 and 17 April 2019 respectively. 13. Subsequently, in pursuance of the discussions in 17th CoC meeting held on 29 March 2019, the Resolution Professional on 18 April 2019 filed an application before the Hon'ble NCLAT seeking clarification of the 14 August 2018 order and another application before this Adjudicating Authority under section 60(5) of the Code on 23 April 2019 seeking exclusion of time consumed in litigation. 14. On 24 May 2019, 18th CoC meeting took place wherein the members of the CoC decided the future course of action and unanimously agreed to issue a document; i.e., Process Document containing the detailed terms and conditions of the process to be conducted by the CoC for negotiation with both the resolution applicants. 15. Accordingly, on 1 June 2019 the Resolution Professional, on behalf of the CoC, circulated the Process Document where under the due date for submission of revised resolution plan was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20. Applicant stated that, the Resolution Plan dated 13 June 2019 along with its addendums ('Final Resolution Plan') was then put to voting by the Resolution Professional, by electronic voting, for approval of the CoC members. The said electronic voting took place from 12:30 AM on 28 June 2019 to 12:30 AM on 29 June 2019. The members of CoC participated in the scheduled e-voting and the same resulted in approval of Final Resolution Plan submitted by Atyant Capital India Fund -I. The said plan was approved by 100% of the Financial Creditors, thereby the proposed resolution attained the requisite majority (i.e. 66%) as stipulated under section 30(4) of the Code. 21. Applicant further stated that it was resolved by CoC with 100% voting to authorize the Resolution Professional to issue the Letter of Intent to the Successful Resolution Applicant, and to file the Approved Resolution Plan before this Adjudicating Authority for approval in terms of section 30(6) of the Code. Consequently, Letter of Intent was issued to the Successful Resolution Applicant on 28 June 2019. Further the RP has already received the performance guarantee from the Successful Resolution Applicant on 2nd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the resolution plan. 26. The improved resolution plan approved by the Committee of Creditors meets the requirements laid down in sec 29A and sec 30 IBC: Section /Regulation Requirement Clauses of the Approved Resolution Plan Section 29A The disqualification under sec 29A of the Code should not apply Annexure 1 and Annexure 2 to the Resolution plan which includes the affidavit by the successful resolution applicant and its special purpose vehicle (which shall acquire the corporate debtor) Section 30 (2) The resolution professional shall examine each resolution plan received by him to confirm that each resolution plan only one resolution plan received in the Insolvency resolution process of the CD) (a) The Resolution plan provides for payment of 1RP cost in priority to repayment of other debts of CD in the manner specified by the Board. Section 7.1 (k) of the Resolution Plan read with clause A4 in addendum A and-addendum D-Final ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 7.4 of the Resolution plan read with (c) It has provisions for its effective implementation Section 7 read together with Section 9 of the Resolution plan read with Annexure 5 (d) It has provisions for approval required and the timelines for the same Section 7(8) of the Resolution plan read with Addendum D- Final (e) The resolution applicant has the capability to implement the resolution plan Section 5.3 of the Resolution plan. 28. The approved resolution plan is for the amount of ₹ 123.1 crore, payable to the secured financial creditors in compliance with the code within 30 days on which the resolution plan is approved by this adjudicating Authority which will be the date on which the corrected order is passed and the CIRP cost will be made out of the cash and bank balance of the corporate Debtor in priority to payment of other debts and against the total verified amount of ₹ 123.1 crore, the approved plan provides for the payment of entire amount upfront towards settlement of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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