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TMI Blog2020 (3) TMI 1363X X X X Extracts X X X X X X X X Extracts X X X X ..... been filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional, Mr. Jagdish Kumar before this Adjudicating Authority, seeking approval of Resolution Plan, which has been duly approved by 100% voting of CoC under section 30(4) of the Insolvency and Bankruptcy Code, 2016. 2. As observed, this application has been filed by the Resolution Professional under Section 30(6) enclosing - a) Copy of Minutes of the first meeting of CoC (Page no.29 to 31 of the paper book) b) Copy of Minutes of the second meeting of CoC (Page no.32 to 36 of the paper book) c) Copy of Minutes of the third meeting of CoC (Page no.37 to 40 of the paper book) d) Copy of Minutes of the fourth meeting of CoC (Page no.41 to 46 of the paper book) e) Copy of Minutes of the fifth meeting of CoC (Page no.47 to 54 of the paper book) f) Copy of Minutes of the sixth meeting of CoC (Page no.57 to 69 of the paper book) g) Copy of Minutes of the seventh meeting of CoC (Page no.70 to 81 of the paper book) h) Copy of Minutes of the eight meeting of CoC (Page no.82 to 97 of the paper book) i) Copy of Minutes of the ninth meeting of CoC (Page no.98 to 112 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inance received on hold till the supporting documents for the same have been provided to the IRP. 7. During the Second meeting of CoC, a resolution was passed to appoint the Applicant, Mr.Jagdish Kumar as the Resolution Professional of the Corporate Debtor thereon. Thereafter, in the third meeting, it was decided that the IRP shall continue performing the functions of a Resolution Professional under the provisions of Section 17(3) of the Code. Pursuant to which, the issue of appointment of valuers was proposed by the IRP and the CoC resolved to appoint Mr.Manoj Gupta as the valuers of the Corporate Debtor. 8. It is further stated that as per the requirements of Section 25(2)(h) of the Code, during the fourth meeting conducted on 23.11.2018, it was decided that the Form G shall be published by the IRP along with the websites of the Corporate Debtor and the IBBI with no minimum eligibility criteria for prospective resolution applicants. Subsequently, IRP conducted the fifth meeting of the CoC on 15.12.2018, draft evaluation matric presented by the IRP was considered and modifications suggested. 9. Thereafter, the Applicant was appointed as the Resolution Professional vide or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... videnced from the summary of valuation sheet, whereas the financial bid of the Shree Pushkar Chemicals and Fertilisers Limited amount is INR.18.15 Crores. In view of the same, it is submitted that the CoC is of the opinion that the Resolution Plan is suitable and viable and deserves approval. Accordingly CoC approved the Resolution Plan of Shree Pushkar Chemicals and Fertilisers Limited. 12. Further, this Adjudicating Authority on 22.11.2019, in view of the orders passed by the Hon ble Supreme Court in the matter of Committee of Creditors of Essar Steel India Limited Versus Satish Kumar Gupta Ors., directed the CoC to relook the Resolution Plan in conformity with the decisions of the Hon ble Apex Court and to take appropriate decision and apprise this Adjudicating Authority. Accordingly, in due compliance of the orders of this Adjudicating Authority, the CoC on 04.12.2019 conducted its 12thmeeting and resolved by way of an affidavit filed before this Adjudicating Authority dtd:17.12.2019 that the Resolution Plan duly approved by the CoC is in conformity with the latest decision of Hon ble Supreme Court. 13. The final revised Resolution Plan approved by the Committee o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prising of three representatives i.e. the Resolution Applicant company, the RP Mr.Jagdish Parulkar and one member from CoC preferably from the Bank having more exposure/voting share would act as outside independent members/ professional monitoring agency for smooth implementation of the Resolution Plan in time. 13.6 SPCFL proposes to acquire 100% of the existing paid up equity share capital of the company from the existing shareholders. Further, SPCFL also proposes to recast/reorganize the balance sheet through a process of writing off/writing back of the values of the assets and liabilities, so that the balance sheet correctly represents the state of affairs of the company. 14.The Resolution Professional has also submitted COMPLAINCE CERTIFICATE in form H attached (Page no. 194-202 of paper book) The details of the CIRP as under: SR.NO. PARTICULARS DESCRIPTION 1. Name of the C.D Madhya Bharat Phosphate Pvt. Ltd. 2. Date of Initiation of CIRP 11.09.2018 3. Date of Appointment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lity under section 29A of the code to submit resolution plan. The contents of the said affidavit are in order. (iii) The said Resolution Plan has been approved by the CoC in accordance with the provisions of the Code and the CIRP Regulations made thereunder. The Resolution Plan has been approved 100% of voting share of financial creditors after considering its feasibility and viability and other requirements specified by the CIRP Regulations. (iv) The voting was held in the meeting of the CoC on 06.03.2019 and on 04.12.2019 in pursuance of order of NCLT Ahmedabad Bench dated 22.11.2019 where all the members of the CoC were present (physical/video conferencing). The List of financial Creditors of the CD Madhya Bharat Phosphate Private Limited being members of the CoC and distribution of voting share among them is as under: SR.NO. Name of Creditor Voting Share (%) Voting for Resolution Plan 1 Punjab National Bank 80.51 Voted in favour of Plan 2 SIDBI 19.49 Voted i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (iii) Employees TOTAL|(a)+(b)] | 5.50 5.50 0.62 4. Other debts and dues GRAND TOTAL 45.24 45.24 18.77 List of Financial Creditor: Sr. No. Name of Creditors Amount Claimed Amount Admitted Share 1 Punjab National National 319862548 319862548 80.51% 2 SIDBI 77952965 77451127 19.49% TOTAL 77952965 100.00 DCM Shriram Limited: Amount Claimed as Financial creditor Rs:68860 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CP(IB)No.131/9/NCLT/AHM/2018 before this Adjudicating Authority under section 60(5) of the IBC,2016 seeking permission of this Adjudicating Authority: To quash and set aside the impugned decision dated 20.12.2018 communicated by Respondent No.1 in the interest of justice etc. Now, the Applicant has filed Purshis dated 20.02.2020 for withdrawal of its I.A.No.83 of 2019 in CP(IB)No.131/9/NCLT/AHM/2018, without any Conditions. Hence, this I.A. No.83 of 2019 in CP(IB)No.131/9/NCLT/AHM/2018, is dismissed as withdrawn. Further, the Applicant has filed the 1.A.No.220 of 2019 in CP(IB)No.131/9/NCLT/AHM/2018 before this Adjudicating Authority under section 60(5) and section 29(2) of the Insolvency and Bankruptcy Code, 2016 read with regulation 35(2) of IBBI (CIRP) Regulations, 2016 for seeking permission of this Adjudicatng Authority: (i) To implead the Applicant as a party in IA. CP (IB)No.83 with CP(IB)131/9/NCLT/AHM/2018. (ii) To allow the Applicant to submit its reply/rejoinder in IA CP(IB)No.83 with CP (IB) No.131/9/NCLT/AHM/2018 and without the same the said IA should not be disposed off. We do not find any merit in this IA. Hence, the prayer sought for in this prese ..... X X X X Extracts X X X X X X X X Extracts X X X X
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