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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 ..... larified 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. Application allowed. - I.A. 3279/ND/2021 in C.P. No. IB 2694/ND/2019 - - - Dated:- 29-10-2021 - Dharminder Singh , Member ( J ) And Sumita Purkayastha , Member ( T ) ORDER Dharminder Singh , Member ( J ) 1. The present petition has been filed under Section 30(6) of the Insolvency Bankruptcy Code, 2016, (the Code) on behalf of the Resolution Professional (RP), seeking approval of the Resolution Plan. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd further extended the period for 60 days vide order dated 10.06.2021. v. It is submitted that the CoC in the eleventh meeting held on 29.05.2021, with 99.09% voting shares, approved the revised Resolution Plan with addendum, submitted by M/s. Gofrugal Technologies Private Limited (FRA 2). The copy of Minutes of 11th Meeting has been placed on record. The copy of revised and approved resolution plan has also been filed alongwith the application. vi. It is submitted that the successful resolution applicant has submitted an undertaking under Regulation 39(1)(c) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP regulations) that every information and records provided in connection with or in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the applicant issued Letter of Intent ('LOI') to the successful Resolution Applicant on 09.06.2021 as the prerequisite of the Resolution Plan submitted by the Successful Resolution Applicant is satisfied. The Successful Resolution Applicant received and accepted the LOI along with contents. In compliance of sub-regulation (4A) of regulation 36 B of CIRP Regulations, 2016 and Request For Resolution Plan (RFRP) issued thereon, the Successful Resolution Applicant on 03.07.2021 has submitted performance bank guarantee (TBG') for an amount of ₹ 27,51,641/- equivalent to 10% of the total Resolution Debt under the Resolution Plan. The copy of the LOI issued to Successful Resolution Applicant and the PBG security submitted b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e with sub-section (1) of section 53 in the event of a liquidation of the corporate debtor. Explanation 1. - For removal of doubts, it is hereby clarified that a distribution in accordance with the provisions of this clause shall be fair and equitable to such creditors. Explanation 2. - For the purpose of this clause, it is hereby declared that on and from the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019, the provisions of this clause shall also apply to the corporate insolvency resolution process of a corporate debtor- (i) where a Resolution Plan has not been approved or rejected by the Adjudicating Authority; (ii) where an appeal has been preferred under section 61 or section 62 or s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id within 60 days after approval of the plan. 7. As regards compliance of clause (b) of Section 30 (2) of the Code, the applicant has certified in Form H that Part B at page 127 of the Resolution Plan provides for the payment of the debts of operational creditors which shall not be less than the amount to be paid to the operational creditors in the event of a liquidation of the Corporate Debtor under Section 53. 8. In terms of Section 30 (2)(c), management of the affairs and control of the business of the Corporate Debtor has been provided in clause 2 part A at page number 122 of the Resolution Plan. 9. The next requirement envisaged by Section 30 (2)(d) is that it must provide for the implementation and supervision of the Resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed view, the Resolution Plan fulfils the requirement as referred in Section 30 (2) of the Code and there are sufficient provisions in the Plan for its effective implementation as required under the proviso of Section 31 (1) of the Code. The Resolution Plan has been approved by CoC with 99.09% favourable voting. 14. Hon'ble Supreme Court of India in the matter of Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta Ors., Civil Appeal No. 8766-67 of 2019, vid its judgement dated 15.11.2019 has observed as follows: 38. This Regulation fleshes out Section 30(4) of the Code, making it clear that ultimately it is the commercial wisdom of the Committee of Creditors which operates to approve what is deemed by a m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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