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TMI Blog2019 (10) TMI 1459X X X X Extracts X X X X X X X X Extracts X X X X ..... ts the requirements of Section 30(2) of the I B Code, 2016 and Regulations 37, 38, 38(1A) and 39(4) of IBBI (CIRP) Regulations, 2016. The 'Resolution Plan' is also not in contravention of any of the provisions of Section 29A. Hence, this Adjudicating Authority is satisfied that the Resolution Plan is in accordance with Law. The resolution plan is approved. - IA No. 577 of 2019 in CP (IB) No. 462/7/HDB/2018 - - - Dated:- 17-10-2019 - K. Anantha Padmanabha Swamy, Member (J) and Dr. Binod Kumar Sinha, Member (T) For the Appellant: R. Raghunandan Rao, Senior Counsel and Alay Rizvi, Advocate ORDER Dr. Binod Kumar Sinha, Member (T) 1. The Present Application bearing IA No. 577 of 2019, is filed by Resolution Professional appointed in the matter of M/s. ICOMM Tele Ltd, under Section 31 of the Insolvency and Bankruptcy Code, 2016, inter-alia, seeking for approval of the resolution plan of the Corporate Debtor as approved by the members of committee of creditors. 2. Brief facts of the CIRP of the Present Corporate Debtor are as under: a) That this Adjudicating Authority vide its order dated 04.10.2018, admitted an application U/s. 7 of the IB Code, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 35 of the CIRP Regulations. The average of the value determined by the Registered Valuers is as stated below: Registered Valuer Fair Value (INR in crores) Liquidation Value (INR in crores) Rakesh Narula Company 506.23 370.29 Mott Macdonald India 586.98 426.70 Average 546.61 398.50 5. Resolution Applicant herein is M/s. Megha Engineering and Infrastructure Limited ( hereinafter to be referred as Resolution Applicant ). 6. The RP stated that the Resolution Applicant was established in 1989 and is a major infrastructure company located at Hyderabad. The Resolution Applicant executes infrastructure projects on an engineering, procurement and construction basis in irrigation, drinking water supply, sewage treatment, roads, power and other areas. The Resolution Applicant has electrified more than 250 villages in Karnataka, 800 villages in Telangana and is supplying power to more than 2 lakhs households in Madhya Pradesh. 7. It is stated that, as per th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subject to a maximum of 6 Crores 5% of the actual amounts admitted under Applicable Law, subject to a maximum of 6 Crores (within 60 days of the NCLT Approval-Date) Other Creditors (filed through Form F) 33.61 5% of the actual basic amount admitted. under Applicable Law, without any interest, penalty, charges or any claims of similar nature, after having 5% of the actual basic amount admitted under Applicable Law, without any interest, penalty, charges or any claims of similar nature, after having carried out adjustments of tax credits, if any (within 60 days of the NCLT Approval Stakeholder Estimated Admitted Claims (INR in Crores) Total Payment (INR in Crores) Upfront Payment (INR in Crores) Balance Payment (INR in Crores) carried out adjustments of tax credits, if any Date) TOTAL 2092.91 639.003 165.47 473.52 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Board in priority to the payment of other debts of the corporate debtor; b) provides for the payment of debts of operational creditors in such manner as may be specified by the Board which shall not be less than- i. the amount to be paid to such creditors in the event of a liquidation of the corporate debtor under section 53; or ii. the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in sub-section (1) of section 53, whichever is higher, and provides for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with sub-section (1) of section 53 in the event of a liquidation of the Corporate Debtor. c) provides for the management of the affairs of the Corporate debtor after approval of the resolution plan; d) the implementation and supervision of the resolution plan; e) does not contravene any of the provisions of the law for the time being in force f) confir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... than that of the average of Liquidation Values, and even 16% higher than the average of Fair Values submitted by the two registered valuers. 24. During the hearing held on 12.09.2019, the RP was asked to certify that the Resolution Plan was fully compliant with the amended provisions of the Code and regarding undertaking by RP to be part of the implementation and monitoring Committee etc., 25. Subsequently, the RP has filed an Affidavit on 25.09.2019, stating as under: 'I say that the Resolution Applicant has submitted an undertaking stating that it shall ensure compliance with the provisions of Section 30 of the Code as amended till August 6, 2019. Further, I say that the Resolution. Professional hereby expresses his consent to be a member of the monitoring and Implementation Committee till such time the Resolution Plan is implemented completely......' 'Further in compliance with the provisions of the Code, the Resolution Applicant has issued a Performance Bank Guarantee dated July 1, 2019 in favour of Corporate Debtor.' 26. Copies of the undertaking by the Resolution Applicant, the Valuation Reports from the two registered valuers, and of the Perf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 38(1), 38(1)(a), 38(2)(a), 38(2)(b), 38(2)(c) 38(3) of CIRP regulations. 34. In view of the foregoing discussion, the 'Resolution Plan' filed with the Application meets the requirements of Section 30(2) of the I B Code, 2016 and Regulations 37, 38, 38(1A) and 39(4) of IBBI (CIRP) Regulations, 2016. The 'Resolution Plan' is also not in contravention of any of the provisions of Section 29A. Hence, this Adjudicating Authority is satisfied that the Resolution Plan is in accordance with Law. Therefore, the 'Resolution Plan' annexed with Application bearing IA No. 577 of 2019 filed in CP(IB) 462/7/HDB/2018 is hereby approved and forms part of this order. The said Resolution plan shall be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government; any State Government or any Local Authority to whom a debt in respect of the payment of dues arising under any law for the time being in force, such as authorities to whom statutory dues are owed, guarantors and other stakeholders involved in the resolution plan including Resolution Applicant in terms of provisions of Section 31(1) of the Code. 35. Accordingly, the Mo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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