9911796707
TMI Blog2021 (10) TMI 1036X X X X Extracts X X X X X X X X Extracts X X X X ..... g Agency with prior approval of this Adjudicating Authority if the Monitoring Agency is unable to satisfactorily perform its responsibilities or breaches terms of its appointment. The resolution plan, as approved by the CoC, is found in accordance with the sub-section 2 of Section 30 read with Section 31 of the Code - the scheme is approved - application allowed. - IA No. 198/2021 in Company Petition No. (IB) 75/ALD/2019 - - - Dated:- 6-10-2021 - Dr. Deepti Mukesh, Member (J) And Sumita Purkayastha, Member (T) For the Appellant : Gunjan Jadwani , Advocate ORDER Dr. Deepti Mukesh, Member (J) 1. The present Application has been filed by the RP u/s. 30(6) and 31 of the IBC, 2016 read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 seeking the approval of Resolution Plan submitted by IM+ Capitals Limited ( Successful Resolution Applicant ) in the Corporate Insolvency Resolution Process of Fedders Electric Engineering Limited ( Corporate Debtor ). The Resolution plan duly approved by CoC with 74.61% voting share has been placed on record. 2. The Company Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Buildwell Private Limited iv. Shiva Consultants Private Limited. 6. It is further submitted that the Resolution Plans/offers submitted by the PRAs mentioned above were discussed by CoC the representatives of the PRAs in the 23rd Meeting of COC held on 23.02.2021 and they were requested to improve the Resolution Plan and financial offer and make the plans compliant with the provisions of the IBC. 7. Further stated that vide email dated 23.02.2021, Atambhu Buildwell Private Limited informed the RP that they would like to withdraw from the process and the representatives of M/s. Rajalakshmi Wind Energy Limited participated in the 22nd, 23rd, and 24th meetings of CoC held on 23.02.2021, 09.03.2021 and 12.03.2021 respectively and they also, vide email dated 19.03.2021 subsequently withdrew their Resolution Plan. In its 24th and 25th meetings of COC held on 19.03.2021 and 30.03.2021 respectively, the CoC evaluated and discussed the Resolution Plans submitted by Shiva Consultants Private Limited and IM+ Capitals Limited and carried out negotiations with the Resolution Applicants in an attempt to achieve value maximization. 8. It is further stated that the representatives o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Debtor in order to complete the e-voting process for approval of the Resolution Plan dated 19.03.2021 submitted by the Successful Resolution Applicant. The said resolution for extension of time was approved by a majority of 83.26% of voting share and the application for extension of CIRP period was allowed by this Tribunal vide order dated 09.06.2021, according to which the last date of completion of the CIRP was 04.07.2021. 12. It is further submitted that on 16.06.2021, the Final Resolution Plan was put up for e-voting by the CoC members. The said e-voting took place from 11 am on 16.06.2021 to 6 pm on 18.06.2021. The members of the CoC participated in the scheduled e-voting and the same resulted in the approval of the Final Resolution Plan submitted by the Successful Resolution Applicant by 74.61% of the CoC, thereby the proposed Resolution attained the requisite majority as stipulated under Section 30(4) of the IBC. Out of all the CoC members, the Punjab National Bank having 11.73% of voting share, Central Bank of India having 8.96% of voting share, ICICI Bank having 4.70% of voting share and Toyota Financial Services Pvt. Ltd. having 0.003% of voting share have disse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 39(4) of the CIRP regulations, inter alia, certifying eligibility of Resolution Applicant under Section 29A of the Code and feasibility viability of the Resolution. 16. The parameters for the approval of the resolution plan as set out in IBC, 2016 read with IBBI (CIRP) Regulations, 2016 which are briefly set forth herein below: Section/Regulation Compliance Section 30(1) of IBC, 2016 Yes (Annexed as Annexure 2 of the Resolution Plan) Section 30(2)(a) of IBC, 2016 And Regulation 38 (1A) of IBBI (Insolvency Process for Corporate persons) Regulations, 2016 Resolution applicant proposes the payment of CIRP cost in priority to payment of other debts. The Resolution Plan provides for the interest of all the stakeholders of the Corporate Debtor. Section 30(2)(b) of IBC, 2016 And Regulation 38 (2) (c) of IBBI (Insolvency Process for Corporate persons) Regulations, 2016 The resolution plan proposes to make payment to the financial creditors to the total amounting to ₹ 80,00,00,000/- after ded ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... monitor and supervise the implementation of the Resolution plan as approved herein and execute all required tasks after the order of this bench approving the resolution plan is passed. 20. The Resolution Applicant is allowed to remove and/or substitute the Monitoring Agency with prior approval of this Adjudicating Authority if the Monitoring Agency is unable to satisfactorily perform its responsibilities or breaches terms of its appointment. 21. In view of the above discussion that resolution plan, as approved by the CoC, is found in accordance with the sub-section 2 of Section 30 read with Section 31 of the Code, thus we hereby approve the Resolution Plan under sub-section (1) of Section 31 of the Code. 22. It is hereby declared that the Resolution Plan is binding on the corporate debtor, members, employees of the corporate debtor, creditors of the corporate debtor and other stakeholders involved in the Resolution Plan. 23. It is also declared that the moratorium order passed by this bench under Section 14 of the Code shall cease to have effect from the date of this order. 24. The Resolution Professional shall forward all records relating to the CIRP process and th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
