9911796707
TMI Blog2020 (2) TMI 1533X X X X Extracts X X X X X X X X Extracts X X X X ..... upon conclusion of enquiry of sections 43, 45, 50 and 60 of IBC, that amount shall be paid to each creditor in proportionate of its dues. In this case, the CoC has approved the plan. We do not wish to challenge CoC's commercial wisdom used while approving the plan. If we to do so, then we will be leaving with no option but to pass order of liquidation of the corporate debtor and such order would be in conflict with object of the Code, i.e. Resolution is the first and liquidation is later. Resolution Professional has certified that the plan does not contravene any provisions of law. Upon our perusal of the resolution plan, we are also of the considered opinion that the plan does not contravene any provisions of law for the time bei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r claims with the proof. He received claims from 16 financial creditors and some of the operational creditors. He constituted the CoC consisting of all 16 financial creditors. 3. On 11.04.2019, 1st CoC meeting was held. In that meeting itself, the appointment of IRP was confirmed as the RP. RP on the basis of the financial statement of the corporate debtor and the assets the corporate debtor having, prepared Information Memorandum. On 11.06.2019, RP published the notice calling upon the Expression of Interest/Resolution Plan from intended resolution applicants. In pursuant thereto, RP had received Expression of Interest from Consortium of M/s. EDCL Infrastructure Ltd. Upendra Singh Constructions Pvt. Ltd., Kaushna Infrastructure Develo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... creditor subject to provision of section 53 of IBC. c) The plan must state the modalities of the management of the affairs of the corporate debtor, after approval of the plan. d) The plan must provide mechanism for supervision and implementation of the resolution plan. e) The resolution plan should not be in contravention of any provision of law for the time being in force. f) The resolution plan must be in conformity with the other requirements specified by the Board, which are stated in Regulation 37 and 38 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016. 8. We have examined the resolution plan submitted for our approval, in the light of above provisions of the law. We note that in this resol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has certified that the plan does not contravene any provisions of law. Upon our perusal of the resolution plan, we are also of the considered opinion that the plan does not contravene any provisions of law for the time being in force. Successful Resolution Applicant filed affidavit stating that it is not disqualified under provisions of section 29A of IBC (related party of the corporate debtor). It is settled law that this authority cannot sit in appeal over the commercial decisions of the CoC being taken while approving the plan. This plan is approved by more than 74% votes. Hence, we approve the resolution plan of M/s. EDCL Infrastructure Ltd. for the corporate debtor, M/s. Tantia Constructions Ltd. by following order. The RP submitted co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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