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TMI Blog2019 (6) TMI 1631X X X X Extracts X X X X X X X X Extracts X X X X ..... F: 1. This is an Application filed under section 30(6) and 31 of Insolvency and Bankruptcy Code, 2016 R/w Regulations 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons), R/w Rule 11 of NCLT rules, 2016 by Resolution Professional, seeking directions to approve the resolution plan. Averments in the Application in brief 2.1 The Corporate Debtor is a Private Limited Company registered under the Companies Act, 1956 bearing CIN No. U45400TG2008PTC059204 incorporated on 16.05.2008 having its registered office at Plot No. 141/1, Phase-II, IDA, Cherlapally Hyderabad TG 500051. 2.2 This Tribunal vide orders passed in CP (IB) No. 37/9/HDB/2018 dated 23.03.2018 admitted the Petition filed under Section 9 of Insolvenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... art Buildsys Pvt. Ltd. along with the liquidation value and fair value of the corporate Debtor were placed before CoC at its 07th CoC Meeting held on 08.02.2019. The CoC deliberated upon with the Resolution Applicant M/s. YAP Trading Private Ltd., jointly with M/s. Pollent Ecosmart Buildsys Private Ltd for further improvements in Terms of financial payments. 2.6 The Resolution Professional avers in the 10th Meeting of CoC held on 29.03.2019, the Resolution Plan of M/s. YAP Trading Private Limited jointly with M/s. Pollent Ecosmart Buildsys Private Ltd was put for voting for approval and the same was approved by the members of COC with 100% voting. The CoC comprised of two Banks i.e. IDBI Bank Limited and Axis Bank Ltd. 2.7 The Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... implement or contributes to the failure of implementation of that plan in accordance with the terms of the plan and its implementation schedule; 2) The resolution plan to include a statement giving details, if the resolution applicant or any of its related parties has failed to implement or contributed to the failure of implementation of any other resolution plan approved by the Adjudicating Authority at any time in the past; and 3) Amounts to be provided for the stakeholders under the Resolution Plan as per the Format in Form H, under paragraph 7. 2.9 The Applicant further avers that M/s. YAP Trading Private Limited jointly with M/s. Pollent Ecosmart Buildsys Private Ltd/Resolution Applicants, meets all the requirements o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution Applicants propose to infuse funds for implementing the Resolution Plan and payment to various stake holders as follows:- S.No. Details of Stake holder Amount proposed under Resolution Plan in crores 01. Financial Creditors 56.25 02. Operational Creditors 0.45 03 Related parties 0.05 04. Other dues 0.25 Total 57.00 The Resolution Applicants over and above the amount of ₹ 57 crores, pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions, 2019, a Performance Bank Guarantee bearing No.2002PERG19033002 has been issued by SBM Bank, Hyderabad for ₹ 8,00,00,000/- which is enclosed at page Nos. 101-103 besides ₹ 1,00,00,000/- which has been taken towards Earnest money deposit. Copy of DD bearing No. 013333 dated 25.01.2019 is shown at page No. 103. 9. The Resolution plan was approved by members of CoC with 100% voting share and attendance sheet is shown at page No.100. 10. The Corporate Debtor represented by Resolution Professional is seeking the relief for the approval of the Resolution Plan under Section 31(1) of the Code. 11. The CoC approved the Resolution Plan as per Section 30 (4) of the Code with 100% voting in favour of the Plan. The Resolution P ..... X X X X Extracts X X X X X X X X Extracts X X X X
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