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TMI Blog2021 (11) TMI 180X X X X Extracts X X X X X X X X Extracts X X X X ..... roval of Resolution Plan of the Raj Rayon Industries Limited (hereinafter referred to as "Corporate Debtor"). 2. The facts, in brief, are that the CD had been admitted into Corporate Insolvency Resolution Process (in short "CIRP") by this Adjudicating Authority vide dated 23.01.2020. Mr. Abhishek Nagori who was appointed as Interim Resolution Professional (in short "IRP") had collated the claims and constituted the Committee of Creditors (in short "CoC") comprising of State Bank of India and Phoenix ARC Private Limited, having voting share of 94.72% and 5.28% respectively. CoC in its 1st meeting held on 15.02.2020 resolved to confirm the IRP Mr. Abhishek Nagori as Resolution Professional. CoC in its 2nd meeting held on 17.03.2020 resolved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Resolution Applicant SVG Fashions Pvt. Ltd. to revise the Resolution Plain. Thereafter, CoC in its 10th meeting held on 22.01.2021 unanimously (by 100% votes) resolved to approve the revised Resolution Plan submitted by SVG Fashions Private Limited. Applicant convened 11th CoC meeting on 24.03.2021 and informed CoC that several parties have shown interest in the Corporate Debtor and requesting to submit EOI and Resolution Plan. CoC were of the view that since the last date for submission of EOI was 05.08.2020 and Resolution Plan had already been approved, EOI cannot be accepted. 3. The Applicant has received valuation reports from the registered valuers wherein the average Fair Value and Liquidation Value are Rs. 10,346.85 Lakhs and Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Authority is empowered to in view of the decision of the Hon'ble Supreme Court in the case of M/s. Embassy Property Developments Pvt. Ltd. and Gujarat Urja Vikas Nigam Limited. 8. The amount provided for various stakeholders under the Resolution Plain is reproduced hereunder: 9. We have considered the submissions made by learned counsel for the Applicant and perused the material available on record. It is noted that CoC in its 10th meeting held on 22.01.2021 with 100% voting right approved the Resolution Plan submitted by Resolution Applicant. It is also noted that Resolution Applicant is not a related party of the Corporate Debtor. There are no preferential undervalue or extortionate transaction. Resolution Applicant has also fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 14 of IBC, 2016 shall cease to have effect from the date of passing of this order. 3) The Resolution Professional shall forthwith send a copy of this Order to the participants and the Resolution Applicant(s). 4) The Resolution Professional shall forward all records relating to the conduct of the corporate insolvency resolution process and Resolution Plan to the Insolvency and Bankruptcy Board of India to be recorded in its database. 5) As regard to various reliefs and concessions which are being sought, we hereby grant following relief and concessions only as against relief and concessions claimed by Resolution Professional:- I. After the payment of the dues to the Secured Creditors, Unsecured Creditors, Operational Creditors, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the Corporate Debtor shall also be reconstituted and procedural compliances shall be done to give effect to such reconstitution; VIII. The Resolution Applicant shall, pursuant to the Resolution Plan approved under Section 31(1) of the Code, obtain the necessary approvals required under any law for the time being in force within a period of one year from the date of approval of the Resolution Plan by the Adjudicating Authority under Section 31 or within such period as provided for in such law, whichever is later, as the case may be; IX. All the approvals of shareholders/members of the Corporate Debtor shall be deemed to have been obtained and the provisions made in the Resolution Plan as regard to the reduction of share capital and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authority, we direct the resolution applicant to approach the concerned Authorities who shall decide the issues including waivers/exemption from such stamp duty, taxes and/or other fees or duty. XIII. All licenses, permits, leasehold rights, Trademark/copyright etc. belonging to the Corporate Debtor whether expired or expiring during process of implementation of the Resolution Plan shall remain vested with the Corporate Debtor and Corporate Debtor/Resolution Applicant shall approach relevant authorities for obtaining/renewal of such aforesaid rights i.e. licenses, permits, leasehold rights, Trademark/copyright etc. We further hold that monitoring committee and Resolution Professional shall provide necessary support and corporation in thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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