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TMI Blog2021 (7) TMI 1263X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent 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 Appellant has raised that their lease rent and maintenance bill for the year 2019-2020 amounting to Rs. 5,41,142/- with interest has not been cleared by the Corporate Debtor / Resolution Professional (RP) and similarly water bill dated 07.02.2020 amounting to Rs. 11,52,646/- has not been paid by the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us assets, in view of SPCFL the liquidation value would be lower than the claims lodged by the Financial Creditors and hence in the event of liquidation of amounts payable to the Operational Creditors would be NIL. Further, as per the details of the Operational Creditors' claims as given in the IM, it is understood that the claims of certain Operational Creditors are disputed and therefore not accepted by the RP, SPCFL has therefore made a provision of Rs. 50 lacs as payable to the Operational Creditors. This would also cover the payments against any statutory liabilities/government/semi government dues that may arise. It is further proposed that out of this amount of Rs. 50 lacs an amount of Rs. 10 lacs is proposed to be earmarked for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... L has thus adequate in the plan to various creditors/stakeholders including payments required to be, made if any, of liquidation value to operational creditors/dissenting financial creditors, as per the plan. 8- Resolution Plan - Priority of payments and payment summary. The following table indicates the priority of payments as per the Resolution Plan which is in accordance with the order of priority as mentioned in the IM/IBC. Priority No. Head Amount (Rs. In Crores) 1. CIRP Cost (refer para 6.2) 0.25 2. Government dues / statutory liabilities (including direct and indirect taxes and other operational creditors and Settlement of ex-workmen claims (refer Paras 6.3 and 6.4) 0.62 3. Payments to secured Financial Creditors (refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en 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 Chapter -IX of the IBBI (Insolvency Resolution Process for Corporate Persons ) Regulation, 2016 r/w Section 5(13) (e) & Section 14 (2) of the Code. The extract of the same is reproduced below for a clarity and immediate reference: Section 5 (13) - "insolvency resolution process costs" means- (a) the amount of any interim finance and the costs incurred in raising such finance; (b) the fees payable to any person acting as a resolution professional; (c) any costs incurre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting in para 10 of the reply (page no. 008) that "it is pertinent to mention that the amount raised by the appellant has been considered in the resolution plan and the Resolution Applicant in clause 6.4 and Clause 11.2.8 of the Resolution Plan has made a provision for payment of the same." The Adjudicating Authority on 22.11.2019 has also asked to the RP to confirm that the Resolution 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 Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at out of this amount of Rs. 50 lacs an amount of Rs. 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 Rs. 10 lacs will be transferred to an escrow account with the RP, to be distributed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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