9911796707
TMI Blog2021 (7) TMI 1263X X X X Extracts X X X X X X X X Extracts X X X X ..... e bill i.e for the CIRP Period, without considering the interest components as part of Insolvency Resolution Process Cost which he is liable to pay - It is settled law that the Insolvency and Bankruptcy Code, 2016 is a complete Code. Hence, all concerned are required to comply with the express provisions of the Code without any deviation. Appeal allowed in part. - Company Appeal(AT)(Insolvency) No. 1041 of 2020 - - - Dated:- 29-7-2021 - [Justice Jarat Kumar Jain] Member (Judicial) And (Dr. Ashok Kumar Mishra) Member(Technical) For the Appellant : Mr. Abhinav Srivastava and Mr. Nirmal Prasad, Advocates. For the Respondents: Ms. Mrinalini Prasad, Advocate for Respondent No. 1 Mr. Jasdeep Singh Dhillon, Advocate for Respondent JUDGMENT DR. ASHOK KUMAR MISHRA , TECHNICAL MEMBER 1. The present appeal has been filed by Appellant M.P.Industrial Development Corporation under Section 61 of the Insolvency and Bankruptcy Code, 2016 (in short Code ) against the order dated 05.03.2020 passed by the Adjudicating Authority (National Company Law Tribunal), Indore Bench, Ahmedabad in I.A No. 181/NCLT/AHM/2019 in CP(IB) No.131/9/ NCLT/AHM/2018. 2. The Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y liabilities/government/semi government dues that may arise. It is further proposed that out of this amount of ₹ 50 lacs an amount of ₹ 10 lacs is proposed to be earmarked for the settlement of the dues in respect of direct and indirect taxes (i.e. liability pertaining to any year prior to the year in which resolution plan is approved) and the balance amount will be paid to other operational creditors including the creditors covered at Para-C of Annexure B of the Resolution Plan, The payment of claims to the operational creditors will be made in a pro rata manner to all the operational creditors prior to making any payments to financial creditors. In respect of the statutory claims relating to Direct/Indirect taxes, the earmarked sum of ₹ 10 lacs will be transferred to an escrow account with the RP, to be distributed upon settlement with the said authorities. 6.7- SPCFL is a debt free cash rich company, as of 31.03.2018 SPCFL is consolidated net worth stood at ₹ 237.10 Crores. Further, as on 31.12.2018 (as per limited audit review report) SPCFL s consolidated net worth stood at ₹ 275.67 crores. There is no outstanding term loan payable by S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide order dated 05.03.2020 passed in IA No. 181 of 2019 5. In terms of Lease Agreement dated 18.07.2007 entered into between the Appellant and the Corporate Debtor vide Clause 2, 3, 4, 5 and the corporate debtor was obligated to pay the lease rent, annual maintenance charges towards covering street light charges etc., and taxes, rates and other charges including water charges on the area in possession of the corporate debtor. The Appellant has stated that lease rent and maintenance bill alongwith due interest plus CGST and SGST thereon amounting to ₹ 5,41,142/- was submitted to the Corporate Debtor and similarly the water bill amounting to ₹ 11,52,646/- was submitted to the Corporate Debtor (page 68 69 of the Appeal paper book). The Appellant has stated that despite regular reminders to the corporate debtor failed to clear the dues and the dues relates to the period after 09.09.2018 when CIRP has commenced and hence as per Rule 31 32 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 provides for the Insolvency Resolution Process and essential services which forms the part of Insolvency Resolution Process cost vide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solution plan complied with the latest judgment in the Committee of Creditors Essar Steel India Limited Vs. Satish Kumar Gupta Ors. 7. The Respondent No.3 / Resolution Applicant has stated below vide para 4 of their reply and has also stated that the appeal suffered from delay, latches and acquiescence: Para 4 I stated and submit that the Committee of Creditors (CoC) on 06.03.2019 conducted in 10th meeting and had approved the final revised resolution plan of Respondent No.3 for the revival of Respondent No.2 i.e. Madhya Bharat Phosphates Pvt. Ltd. in accordance with the provisions of the Code and the Corporate Insolvency Resolution Process (CIRP) Regulations made thereunder. The resolution plan came to be approved by 100% of voting share of financial creditors after considering its feasibility and viability and other requirements specified by the CIRP Regulations. The Respondent No.3 has submitted that although the liquidation value arrived by at the valuers appointed by the RP has not been disclosed to SPCFL at the time of submission of the Resolution Plan, on the basis of the realistic values ,which can be realised in the event of liquidation of various assets, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
