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TMI Blog2021 (3) TMI 503X X X X Extracts X X X X X X X X Extracts X X X X ..... itor and supervise the implementation of the resolution plan and the remuneration of the monitoring agency shall be on ₹ 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 - the resolution plan submitted by M/s. Marinaindia Traexim P. Ltd. is found in conformity of section 30(2) of the Code and the same is approved. Resolution plan approved. - I. A. No. 150 of 2020 in C. P. No. (IB) 42 /ALD/ 2019 - - - Dated:- 16-12-2020 - RAJESH DAYAL KHARE J. (Retd) (Judicial Member) Mrs. Babita Jain for the resolution professional. Gaurav Dwivedi for the respondent. ORDER The instant application is filed under sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) for seeking approval of the Adjudicating Authority, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated that, under regulation 39(4) of the CIRP Regulations, the resolution professional is required to submit the resolution plan approved by the CoC to this Tribunal at least 15 days before the maximum period for completion of the CIRP period under section 12, along with the compliance certificate. In the present case, the CIRP ends on March 10, 2020 however the extension application has been submitted to this Tribunal up to March 25, 2020 for 15 days beyond 180 days. The seventh CoC meeting wherein the resolution plan was discussed was raised on March 23, 2020 and thereafter put for voting. The voting was concluded on May 31, 2020. Because of nationwide lockdown due to pandemic Corona Virus COVID-19 which period was prayed to be excluded. 7. Accordingly, the resolution professional has filed the present application seeking approval of the resolution plan in terms of section 31(1) of the Code. 8. Heard learned counsel for the applicant and perused the record available. 9. The resolution professional has examined the resolution plan and has found it to be in compliance with section 30(2) of the IBC read with regulation 38 of the CIRP Regulations. In accordance with regul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 (1) The resolution applicant has submitted an affidavit stating that he is eligible under section 29A to the resolution professional prepared on the basis of information memorandum. Yes, the resolution applicant submitted affidavit section 29A (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 corporate debtor. (a) Provides for payment of IRP cost in priority to repayment of other debts of corporate debtor in the manner specified by the Board. Yes, the resolution plan provided for the payment for CIRP cost in priority as per provisions of the Code (point 4.1 at page 11) (b) Provides for repayment of debts of operational creditors (OCs) in such manner as may be specified by the Board, which shall not be less than the amount payable to them in the event of liquidation under section 53. The amount due to the operational creditors, shall be given priority in payment ove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bond guarantee, or any other obligation and each such guarantee shall be promptly returned to the resolution applicant. The plan envisages the following relieves and concessions from various statutory authorities (Point 10 at pages 16 to 27). 38(1) The amount due to the operational creditors under a resolution plan shall be given priority in payment over financial creditors. The amount due to the operational creditors under a resolution plan shall be given priority in payment over financial creditors and shall be paid within 30 days after the approval of resolution plan by this Adjudicating Authority (Point 4.2 at page 11). 38(1A) Plan shall include a statement as to how it has dealt with the interests of all stakeholders, including financial creditors and operational creditors, of corporate debtor. According to the list of the company as mentioned in information memorandum of the company, total claims filed by the financial creditors of the company amount to :INR 126.57 crores out of which claims aggregating to INR 126.5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ably released and all enforcement proceedings commenced by any person over any of the assets of the corporate debtor or any subsidiary or over any securities of the corporate debtor shall stands released and reversed, without the requirement of any further deed or action on part of the resolution applicant or the corporate debtor (Point 7 at page 15) 38(2)(b) Plan shall provide for the management and control of the business of the corporate debtor during its term. The resolution plan provides the management and the control of the business of the corporate debtor during the term. (Point 8 at page 16) 38(2)(c) Plan shall provide for adequate means for supervising its implementation. The implementation of the plan until the final payment shall be jointly supervised by the monitoring committee till the final payment of the resolution plan. The monitoring committee shall comprise of : -A representative or an advisor of the financial creditor (CoC) (other than the relative party). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions from various statutory authorities (Point 10 at page 16 to 27). The upfront payment of ₹ 3.20 crores (₹ 5 lakhs given already as earnest money) say 24.39 per cent. of the total payment shall be brought within 30 days of approval of resolution plan by this Adjudicating Authority and rest of the payment of ₹ 9.75 crores shall be paid within 90 days of approval of resolution plan by the Adjudicating Authority from existing liquidity of resolution plan is attached herewith (Point 5 at page 13). 13. As per the list of the company as mentioned in information memorandum of the company, total claims filed by the financial creditors of the company amount to INR 126.57 crores out of which claims aggregating to INR 126.57 crores have been verified and admitted for the purpose of CIRP by the resolution professional ( admitted financial debt ) : - -The verified and admitted claims of the secured financial creditors ( secured financial creditors ) amount to INR 126.57 crores. Resolution applicant has proposed a total amount of ₹ 13 crores distributable in all financial creditor as per sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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