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TMI Blog2021 (11) TMI 786X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Process (CIRP) was initiated against the Corporate Debtor, Exclusive Technosoft Private Limited, vide order dated 01.09.2020 passed by this Adjudicating Authority, admitting the application under Section 9 of the Code filed by the Operational Creditor (OC) whereby applicant was appointed as Interim Resolution Professional. ii. Thereafter the applicant carried out a public announcement of initiation of CIRP on 04.09.2020. After collation of claims and determination of the financial position of the Corporate Debtor, a Committee of Creditors (CoC) was duly constituted by the Applicant. The first meeting was held on 01.10.2020, whereas the CoC appointed the Applicant as Resolution Professional (RP). iii. Thereafter, Expression of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plicant ineligible to continue in the corporate insolvency resolution process, forfeit any refundable deposit, and attract penal action under the Code. The Applicant has also submitted that the Successful Resolution Applicant has submitted an affidavit of eligibility under section 29A of the Code which is at page no. 114 of the Resolution Plan. vii. The Applicant has submitted that in compliance of Regulation 27 of CIRP Regulations 2016, two valuers for each class of Asset were appointed to determine the Fair Value and Liquidation Value of the Corporate Debtor in accordance with Regulation 35 of CIRP Regulations 2016. It is further submitted that since the difference in the valuation of the Plant and Machinery of the Corporate Debtor was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31 of the Code, the Adjudicating Authority, before approving the Resolution Plan, is required to examine that a Resolution Plan which is approved by the CoC under Section 30 (4) of the Code meets the requirements as referred under Section 30 (2) of the Code. Section 30 (2) is quoted below:- "(2) The resolution professional shall examine each Resolution Plan received by him to confirm that each Resolution Plan- (a) provides for the payment of insolvency resolution process costs in a manner specified 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Adjudicating Authority in respect of a Resolution Plan;] (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) conforms to such other requirements as may be specified by the Board. Explanation. - For the purposes of clause (e), if any approval of shareholders is required under the Companies Act, 2013 (18 of 2013) or any other law for the time being in force for the implementation of actions under the Resolution Plan, such approval shall be deemed to have been given and it shall not be a contravention of that Act or law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Code provide to ensure that the Resolution Plan does not contravene any of the provisions of the law and conforms to such other requirements as may be specified by the Board. In this regard a declaration has been made at Point (i) Part A at page no. 125 read with point f, Part C at page no. 136 of the resolution plan. 11. Ld. Counsel appearing for the Resolution Applicant submitted that the Resolution Plan is as per the provisions contained in the Code and so, the same may be approved. In terms of Regulation 39(4) of the CIRP Regulations, the Resolution Professional has filed compliance certificate in Form-H which is annexed as Annexure-R at page 276. It has been submitted in the application and in Form H duly certified by Resolution Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is no impediment in giving approval to the Resolution Plan. Accordingly, we hereby approve the Resolution Plan, which was earlier approved by the CoC by the majority vote of 99.09%. 16. It is clarified that Section 30 (2) (f) of the Code mandates that the Resolution Plan should not be against any provisions of the existing law. The Resolution applicant therefore, shall adhere to all the applicable laws for the time being in force under the proposed Resolution Plan, whether or not specifically provided therein. 17. It is 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. 18. The Resolution Professional shall forward all records relating to the CIR ..... X X X X Extracts X X X X X X X X Extracts X X X X
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