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TMI Blog2021 (2) TMI 255X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency and Bankruptcy Code, 2016 (the Code), seeking approval of the Resolution Plan submitted by Constantia Corporate Shared Services Private Limited and Alfa Buildhome Private Limited (Collectively referred to as Resolution Applicants). 2. The facts leading to the Application are as under. i. Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was ordered by this Bench on 07.06.2019 and the Applicant was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) in its first meeting held on 09.07.2019 confirmed the Applicant as the Resolution Professional (RP). ii. The Applicant published a public Announcement on 11.06.2019 inviting claims from the creditors of the Corporate Debtor and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imited and Constantia Corporate Shared Services Private Limited, jointly submitted one Resolution Plan for the Corporate Debtor. The CoC considered the said Resolution Plan in the 5th CoC meeting held on 20.11.2019. After due verification of the eligibility of the Resolution Applicants in terms of Section 29A of the Code, the revised and final Resolution Plan was considered by the CoC in the 6th CoC meeting held on 01.02.2020 and the CoC approved the Resolution Plan of the Resolution Applicant with voting share of 92.46%. The manner of voting by the CoC is as below: Sr. No Name of Financial Creditor Voting Share (%) Voted Assent (%) Voted Dissent (%) Abstained (%) 1 SASF 27.20 27.20 - - 2 IFCI 20.80 20.80 - - 3 Unit Tru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs (Suppliers- M/S Rajlakshmi Chemical Industries) 81,79,685/- 81,797/- 4 Financial Creditors 18,16,17,47,662/- 11,03,24,869/- Sub Total 18,19,17,62,100/- 11,40,43,390/- B. Stakeholders whose claims not submitted but acknowledged by RA: Sr. No. Particulars Amount Due Payment Proposed 1 Operational Creditors (Workmen and Employees) 2,00,00,000/- 2,00,000/- 2 Operation Creditor (Other Charges) 6,56,61,014/- 7,56,610/- Sub Total 8,56,61,014/- 9,56,610/- Total (A+B) 18,27,74,23,114/- 11,50,00,000/- Apart from the settlement of Resolution Debt and CIRP cost aggregating to Rs. 11.50 Crore, an amount of Rs. 20.78 Crore is going to be infused for setting up the new cement depot. Therefore, the t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance check of the Resolution Plan in terms of the Code as well as Regulations 38 and 39 of the CIRP Regulations and has submitted his Form H under Regulation 39(4). The Applicant submits that the plan is in compliance with the provisions of the Code and the Regulations. It is further submitted that the Resolution Applicant is not hit by the provisions of Section 29A of the Code. h. PERFORMANCE SECURITY: The Resolution Professional has confirmed that the Resolution Applicants have provided a Bank Guarantee dated 25.02.2020 for Rs. 1,00,00,000/- (Rupees One Crore Only) issued by State Bank of India. Copy of the same has been submitted in proof separately. 7. The Applicant submits that the Resolution Plan meets the requirement of Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cant that the Resolution Plan has considered the interest of all the stakeholders of the Corporate Debtor, keeping in view the objectives of the Code (Regulation 38(1A)). 8. The Resolution Applicants on the persuasion of this Bench agreed to increase the payment from Rs. 2,00,000/- to Rs. 10,00,000/- against the actual liability with respect to workmen & employees. Accordingly, the Representative of Resolution Applicants, during the hearing, agreed to increase the amount payable to workmen & employees to Rs. 10,00,000 (from Rs. 2,00,000). 9. The Resolution Applicant has sought certain reliefs, concessions, waivers. We however are not inclined to grant such concessions or waivers. The Resolution Applicant needs to approach the authorities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) and Articles of Association (AoA) shall accordingly be amended and filed with the Registrar of Companies (RoC), concerned for information and record. The Resolution Applicant, for effective implementation of the Plan, shall obtain all necessary approvals, under any law for the time being in force, within such period as may be prescribed. d. Henceforth, no creditors of the erstwhile Corporate Debtor can claim anything other than the liabilities referred to in Paras supra. e. The moratorium under Section 14 of the Code shall cease to have effect from this date. f. The Applicant shall supervise the implementation of the Resolution Plan and shall file Status Report of its implementation before this Authority periodical status report, pref ..... X X X X Extracts X X X X X X X X Extracts X X X X
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