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TMI Blog2020 (9) TMI 1081X X X X Extracts X X X X X X X X Extracts X X X X ..... solution plan, which may involve differential payment to different classes of creditors - As a sequel to the aforesaid discussion it is seen that clause (b) of sub-section (2) of Section 30 of the Code stands satisfied. All the requirements of Section 30(2) are fulfilled and no provision of the law for the time being in force appears to have been contravened - In respect of provisions of Regulation 39 (4) a copy of performance security as deposited by resolution applicant has been placed on record. It seen that Bank Guarantee of ₹ 2 Crores issued by DCB Bank cover from 29.02.2020 to 28.11.2020 has been submitted by resolution applicant - Resolution Professional has confirmed compliance of Section 38(2) and (3) in the compliance fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations 2016 ( CIRP Regulations ), the Interim Resolution Professional made a public announcement in FORM-A on 18.06.2019 inter alia calling for the submission of claims of the creditors. 4. In terms of the provisions of Section 18(1) (c) of the Code, the Interim Resolution Professional constituted the Committee of Creditors. 5. The first meeting of the Committee of Creditors ( CoC ) was convened on 17.07.2019. In the second meeting of CoC held on 28.08.2019 the IRP (applicant) was appointed to act as the Resolution Professional for the Corporate Debtor. 6. In terms of the Regulation 27 of the CIRP Regulations, 2016, the appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e this Tribunal for extension of the CIRP period. The said application was allowed on 16.12.2019 and the CIRP period was extended till 06.03.2020. 11. It is submitted that the resolution plan was first proposed on 23.11.2019 and was subsequently modified on 05.12.2019, 18.12.2019, 02.01.2020, 24.01.2020 and 07.02.2020. Idn ninth meeting of CoC held on 07.02.2020 the final resolution plan was discussed and put up for e-voting and the resolution plan was approved unanimously. 12. It is submitted that pursuant to approval of the Resolution Plan by the CoC, the Applicant issued a Letter of Intent to the Resolution Applicant, inter-alia, informing that the revised resolution plan, as submitted before the CoC, was approved. Copies of Letter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebts of the corporate debtor. 17. As regards compliance of clause (b) of Section 30(2) of the Code, the Resolution Professional has certified that clause 10.2 of the resolution plan provides for the payment of the debts of operational creditors in such manner as may be specified by the Board (IBBI) which shall not be less than the amount to be paid to the operational creditors in the event of a liquidation of the corporate debtor under Section 53. 18. There appears to be no discrimination in the resolution plan in respective class of creditors, as same treatment is provided to similarly situated each class of creditors. So long as the provisions of the Code and the Regulations have been met, it is the commercial wisdom of the requisit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sentatives of resolution applicant shall act as the monitoring agency. 22. In short, the resolution professional has certified that the said Resolution Plan complies with all the provisions of the Insolvency and Bankruptcy Code 2016, the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and does not contravene any of the provisions of the law for the time being in force. The Resolution Applicant has also given a declaration to that effect in clause 10.5 of the Resolution Plan. 23. The Resolution Applicant has given adequate declaration and undertaking on their eligibility to submit the Resolution Plan. At para 4(ii) of Form H Resolution Professional has also certified that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 30(2)(b) of the Insolvency and Bankruptcy Code, 2016 by clarifying that: i. the Insolvency Resolution Process Cost (hereinafter called as CIRP Cost) is already paid from the internal accruals of the Corporate Debtor. ii. the CIRP cost which provided as 33 Lakhs in Resolution Plan shall be paid towards the claim of Custom Department alongwith ₹ 1 Lakh which is already proposed in the Resolution Plan itself Hi. the Custom Department will be paid ₹ 34 Lakhs as directed in the order dated 13.03.2020 which is the amount to be paid to an operational creditor in consonance with section 30(2)(b) of the Insolvency and Bankruptcy Code, 2016. 29. In view of the aforesaid discussions and as no infirmity have been brought o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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