9911796707
TMI Blog2021 (8) TMI 158X X X X Extracts X X X X X X X X Extracts X X X X ..... y and Bankruptcy Code, 2016 (hereafter referred to as Code) read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereafter referred to as Regulations) seeking approval of the Resolution Plan. The Resolution Plan was duly approved in the seventh meeting of committee of creditors (CoC), which has been placed on record. 2. The Company Application bearing C.P. No. IB-1205(ND)/2019 was filed by M/s. Azad Impex Private Limited Operational Creditor under Section 9 of the Code for initiating Corporate Insolvency Resolution Process of Surya Manufacturing Private Limited/Corporate Debtor. This Tribunal vide order dated 12.11.2019 admitted the application a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inspection of factory premises and records of the Corporate Debtor. That the applicant filed an Interlocutory Application being I.A. No. 3058/2020 before this Adjudicating Authority seeking direction against ED, concerning the lifting of the attachment of the Subject Properties belonging to the Corporate Debtor and direct the Directorate of Enforcement to hand over the physical possession of the Subject Properties, assets and records of the Corporate Debtor to the Applicant in terms of provisions of the Code. However, said application was rejected and disposed of by the Adjudicating Authority vide its Order dated 21.10.2020. 4. Further the RP in the 2nd meeting of CoC held on 26.06.2020, had intimated the CoC that pursuant to the advertise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submission of the Expression of Interest was stipulated as 24.09.2020 and the last date of Resolution Plan was stipulated as 08.11.2020. 5. In the 4th meeting of the CoC convened on 07.11.2020 wherein, the Applicant apprised the members of CoC that the Applicant has received the Expression of Interest from four prospective resolution applicants ("PRA"). The Applicant prepared the provisional list of eligible PRA's on 04.10.2020 as under:- a. Alankit Finsec Limited b. Cambell Advertising Private Limited c. Giriraj Coated Fab Private Limited d. One City Infrastructure Private Limited 6. The Applicant informed the CoC that M/s. Giriraj Coated Fab Pvt. Ltd. w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olution plan on 18.12.2020. The Applicant further informed that M/s. Alankit Finsec Limited has submitted two alternative resolution plans one with condition (i.e. refund of upfront amount in the event ED does not release the property within 6 months) and other being unconditional with different amounts offered under each plan. The amount offered under conditional plan was Rs. 7.25 Crore and amount offered under unconditional Plan was Rs. 6.75 Crore. Upon discussion and deliberation, the members of the CoC requested the PRA's to increase the amount offered under the plan and submit their plan by 21.12.2020. 8. Further M/s. Alankit Finsec Limited increased their amount from 6.75 Crore to 7.01 Crore for unconditional plan. Since CoC was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uly submitted their unconditional acceptance on the same day and submitted a Performance security in the form of Demand Draft dated 11.01.2021 of a total of Rs. 10 Lakhs, besides the EMD amount submitted earlier of Rs. 15,00,000. 13. It is stated in the Resolution Plan Schedule 3 (Implementation schedule supervision and term), the Effective date, the Resolution Applicant shall constitute Monitoring Committee to monitor the implementation of the resolution plan as permitted herein and execute all required tasks after the order of this bench approving the resolution plan is passed. Number of Members Comprising of 1 Representative of the Secured financial creditors 1 Representative of the Resolution applicant 1 Resolution Professional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (c) of IBBI (Insolvency Process for Corporate Persons) Regulations, 2016 Schedule 4 Clause 1.5 (Proposal for the Operational Creditors) read with Schedule 3 (Implementation schedule supervision and term) of the resolution plan provides for the treatment of the operational creditor Adequate means for supervising the resolution plan implementation has been provided in Schedule 3 (Implementation schedule supervision and term) of the resolution plan Section 30(2)(c) and Section 30(2)(d) of the IBC, 2016 As per Schedule 3(Implementation schedule supervision and term) of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
