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TMI Blog2021 (11) TMI 251X X X X Extracts X X X X X X X X Extracts X X X X ..... d we as Adjudicating Authority are satisfied that the resolution plan so approved can be successfully implemented. The monitoring committee and supervisory committee as mentioned in the resolution plan shall be formed for effective implementation of the resolution plan. The scheme is allowed to be approved - application allowed. - IA/654(AHM)/2021 in CP(IB) No. 497/7/AHM/2019 - - - Dated:- 5-10-2021 - M. B. Gosavi , Member ( J ) And Virendra Kumar Gupta , Member ( T ) For the Appellant : Devrajan Raman and Party-in-Person ORDER Virendra Kumar Gupta, Member (T) 1. This application is filed by Resolution Professional under Section 30(6) r.w. Section 31 of Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication before this Adjudicating Authority for non-consideration of plan by the COC. The Adjudicating Authority vide its order dated 12.07.2021, directed the RP/COC to not proceed with the liquidation due to some technical grounds and also directed the prospective Resolution Applicant to submit the revised plan. The COC perused the revised plan of the Resolution Applicant and suggested for further modification. The COC in its 18th meeting held on 10.08.2021 approved the modified resolution plan received from Resolution Applicant i.e., M/s. Alpha Alternative Holding Pvt. Ltd. jointly with Algebra Endeavour Pvt. Ltd. The modified resolution plan was finally approved on 23.08.2021 with 100% voting share. 3. Learned PCS for the Applicant app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Professional could not appoint Transaction Auditor due to non-availability of Books of Account, secretarial records and other commercial records as the holding company of the Corporate Debtor viz Vadraj Cement Limited was under the liquidation and accounts of Corporate Debtor and the holding company were managed by the same common computer system and all the aforesaid documents were under the custody of Liquidator of holding company who did not allow the RP to proceed for the Transaction Audit. It is also submitted by the Applicant that the valuation of the all assets of the Corporate Debtor were made on the direction of the Hon'ble high Court of Bombay due to obstruction by the Liquidator of holding company. Valuers made the valuation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 29A of IBC, 2016. It is noted that an application under Section 43 of IBC, 2016 is pending. We have also perused the contents of the resolution plan and all document/compliance certificates as required under Section 30(2) of IBC, 2016 r.w. Regulations 36 to 39 of CIRP Regulations, 2016. Accordingly, we hold that the resolution plan complies with all the requirements of Section 30(2) of IBC, 2016. The Resolution Plan complies with all the applicable provisions. The total outstanding admitted claims of all stakeholders stand at ₹ 617,10,92,265/- and Resolution Applicant has committed payment to them at ₹ 110,88,99,779/- which amounts to 17.13% of total outstanding debt. The resolution plan also contains provisions for its eff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Applicant to approach the concerned Authorities who shall decide the issues under the respective statutes. V. As regard to relief prayed under various provisions of Income Tax Act, 1961, the Corporate Debtor/Resolution Applicant may approach the Income Tax Authorities who shall take a decision on relief and concessions sought by the Resolution Applicant in accordance with the provisions of Income Tax Act, 1961. VI. Prayer as regard to exemption for ineligibility to the Resolution Applicant or its affiliates or connected person under Section 29A of IBC, 2016 which may arise on account of implementation of this resolution plan, we hold that this may be considered at appropriate time in terms of provisions of law and particularly u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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. XIII. 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 restructuring of capital shall be binding on them. This order shall be treated as evidence of compliances of all formalities as may be required in this regard under the provisions of the Companies Act, 2013. XIV. On the effective date and with effect from the appointed date, the entire existing share capital of the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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