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TMI Blog2019 (7) TMI 1739X X X X Extracts X X X X X X X X Extracts X X X X ..... Unrelated Financial Creditors worth ₹ 21 Crores from that funds on priority basis - the Resolution Plan meets the requirements of section 30(2) of the Code and that the resolution plan has provisions for its effective implementation. Moreover, the Resolution Plan has been unanimously approved by the CoC and has been submitted in compliance of Section 30 of the Code for approval. Resolution Professional has confirmed that the Resolution Plan is compliant to sub-sections (a) to (f) of Section 30(2) of the Code and also comply Regulation 38 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. He has further certified that it has dealt with the interests of all stakeholde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 13th March, 2018 by order CP No IB. 512 (ND) of 2017 imposing moratorium under section 14 of the Code and, Mr. Prabhjit Singh Soni was appointed as the Interim Resolution Professional. 4. The First Meeting of CoC was held on 25th April, 2018, wherein the Mr. Prabhjit Singh Soni, the then interim resolution professional was appointed as the Resolution Professional in accordance with the provisions of section 22(3)(a) of the Code. 5. Thereafter the Resolution Professional/applicant took charge over the affairs of the Corporate Debtor and managed CIRP under sections 12, 13, 14, 15, 17, 18, 20, 21, 23, 24, 25, 28, 29, 30 and 31 of IBC, 2016 and various relevant regulations of the CIRP. 6. It is submitted that meanwhile the period of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d discussed fully in the CoC meeting pursuant to regulation 38. The RP examined the Resolution Plan submitted by the Resolution applicant Mr. Abhay Jain, Ex-director and promoter and CoC and Resolution Professional found the Resolution plan consistent with sub-clauses (a) to (f) of section 30(2) of the Code. 10. It has been affirmed that the selected plan is fulfilling compulsory requirement of Section 30(2) of the IBC, 2016 which are as under: (a) Provides for the payment of insolvency resolution process costs in a manner, specified by the Board in priority to the payment of other debts of the corporate debtor; (b) Provides for the repayment of the debts of operational creditors in such manner as may be specified by the Board whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ms admitted As on CIRP date INR Amount o/s in financial statement but no claim received/admitted INR Proposed liability post INR Remarks 1 CIRP Cost 33,45,000 To be paid on priority. 2 Workmen Employee NIL Provisions 5,00.000 Full amount to be paid within 6 Months. 3 Employee benefit (dues) NIL If Any Full Amount Amount to be carried forward and pay as and when become payable. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that society and other stakeholder will gain and keeping company as going concern and continuity of the company will contribute significantly to the society and government by putting the natural resources to best use and contributing significant direct and indirect employment and income generation opportunities in the region and will wait for the decision of the court and acquisition. 15. It is also stated that in respect of the Resolution Applicant, the Resolution Professional has also obtained Affidavits as per eligibility provided under section 29A from the said Resolution Applicant and their connected persons about their eligibility in terms of Section 29A of the code. 16. It is asserted in the application that the said Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Resolution Professional has confirmed that the Resolution Plan is compliant to sub-sections (a) to (f) of Section 30(2) of the Code and also comply Regulation 38 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. He has further certified that it has dealt with the interests of all stakeholders. 21. Besides there is no objection from any stakeholders in respect of approval of the resolution Plan. In absence of any discrimination or perverse decision it is not open to the Adjudicating Authority to modify the Plan. As per the provisions of the Code, the CoC with the requisite super majority is the competent authority to decide on the rights of various stakeholders by approv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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