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TMI Blog2021 (6) TMI 1077X X X X Extracts X X X X X X X X Extracts X X X X ..... Co. ORDER 1. By this application the Resolution Professional (in short, the RP) of Videocon Industries Limited & Ors. (the Corporate Debtors) seeks approval of the Resolution Plan (in short, the Plan) submitted by Twin Star Technologies Limited (Resolution Applicant). The present Application is filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (in short, the Code) read with Regulation 39 (4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016 (in short, the Regulations). The applicant RP has also sought for other relief which are stated as under:- a) To pass an order approving the resolution plan submitted by Twin Star Technologies Limited in respect of the Corporate Debtors above named under Section 31(1) of the Code and declare that the same is binding on the Corporate Debtors, its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan; and/or b) Pass such other order/orders as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the case. 2. The brief facts of the present case those are relevant for disposal of the present IA 196 of 2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts sought a further extension of the last date for submission of resolution plans. In the 6th CoC meeting held on 24.12.2019, the Applicant received the requests from the prospective resolution applicants to maximise the value of the Corporate Debtor, hence the CoC decided to extend the last date for submission of resolution plans and extended the last date to 15.01.2020. vii) As the Corporate Debtor holds some prime real estate assets, the prospective resolution applicants were attracted with a view to maximise the value of assets of the Corporate Debtors. In view of this the Applicant decided to float further corrigendum advertisements to attract a variety of prospective resolution applicants and additional investors so as to ensure the insolvency resolution and rehabilitation of the Corporate Debtors and the due date for submission of bids was further extended till 31.01.2020 by the CoC in its 7th CoC meeting held on 15.01.2020. viii) A corrigendum advertisement to invite further prospective resolution applicants in addition to the existing resolution applicants was published on 18.01.2020 in Economic Times and Times of India-All India Editions. ix) In th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as approved by the CoC, 11 (eleven) resolution applicants submitted their resolution plans by 31st August, 2020 and were opened before the members of CoC in 15th CoC meeting. At the same meeting, the Applicant informed the CoC regarding the receipt of the valuation report. As stated in the valuation reports, the fair value of the Corporate Debtors was Rs. 4069.95 Crores whereas the liquidation value was Rs. 2568.13 Crores. xiii) At the 16th meeting of the CoC held on 07.09.2020, the members of the CoC, for the sake of administrative convenience, agreed to form a core consultative committee comprising of the representatives of the CoC members for the purpose of conducting further discussions and negotiations with the resolution applicants in relation to their resolution plans. xiv) Further 11 resolution plans were received from the resolution applicants and was reviewed by the Applicant and the CoC. The resolution applicants were called upon to discuss and negotiate the resolution plans. In the 17th CoC meeting held on 23.09.2020, the date for submission of the revised resolution plans by the resolution applicants was determined to be 03.10.2020, extended to 10.10.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tered Valuers Appointed on November 1, 2019, pursuant to the approval of the CoC meeting held on October 24, 2019 9 Date of Issue of Invitation for EoI October 11, 2019 (Amended and re-published on November 1, 2019) 10 Date of Final List of Eligible Prospective Resolution Applicants December 6, 2019* 11 Date of Invitation of Resolution Plan October 11, 2019 (Amended and re-published on November 1, 2019) 12 Last Date of Submission of Resolution Plan August 31, 2020 13 Date of Approval of Resolution Plan by CoC December 11, 2020 14 Date of Filing of Resolution Plan with Adjudicating Authority December 15, 2020 15 Date of Expiry of 180 days of CIRP February 4, 2020 Refer to Annexure B 16 Date of Order extending the period of CIRP January 28, 2020 NCLT, Mumbai, vide its order dated January 28, 2020 granted an extension of 90 days for the consolidated CIRP by way of which the consolidated CIRP was extended, whereby the last date for the consolidated CIRP was extended from February 4, 2020 to May 4, 2020. 17 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Plan has been approved by 95.09% of voting share of financial creditors after considering its feasibility and viability and other requirements specified by the CIRP Regulations. (iv) I sought vote of members of the CoC by electronic voting system which was kept open at least for 24 hours as per the Regulation 26 of the CIRP Regulations. *A copy of the Consolidation Order has been annexed herewith as Annexure E. Also refer to Part B of Annexure B. 5. The list of financial creditors of the CDs being members of the CoC and distribution of voting share among them is as under: 6. The Resolution Plan includes a statement under regulation 38(1A) of the CIRP Regulations as to how it has dealt with the interests of all stakeholders in compliance with the Code and regulations made thereunder. 7. The amounts provided for the stakeholders under the Resolution Plan is as under: (Amount in Rs. Crores) Sl. No. Category of Stakeholder* Sub-Category of Stakeholder Amount Claimed Amount Admitted Amount Provided under the Plan# Amount Provided to the Amount Claimed (%) (1) (2) (3) (4) (5) (6) (7) 1*** Secured Financial Creditors** ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... main outstanding, shall carry a coupon of 6.65% per annum payable annually. # Amount provided over time under the Resolution Plan and includes estimated value of non-cash components. It is not NPV. ##These are the estimated amounts basis the liquidation value derived as on the insolvency commencement date, and the amounts shall be determined at the time of payout in accordance with Section 30(2) and Section 30(4) of the Code. 8. The interests of existing shareholders have been altered by the Resolution plan as under: 9. The compliance of the Resolution Plan is as under: Section of the Code / Regulation No. Requirement with respect to Resolution Plan Clause of Resolution Plan Compliance (Yes / No) 25(2)(h) Whether the Resolution Applicant meets the criteria approved by the CoC having regard to the complexity and scale of operations of business of the CD? - Yes. Section 29A Whether the Resolution Applicant is eligible to submit resolution plan as per final list of Resolution Professional or Order, if any, of the Adjudicating Authority? At Clause 3.14 of the Resolution Plan, the Resolution Applicant confirms that, inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicable Laws. (f) Yes Section 30(4) Whether the Resolution Plan (a) is feasible and viable, according to the CoC? (a) Clause 5 Item-wise responses: (a) Yes The Resolution Plan has been determined to be feasible and viable by the CoC and CoC Process Advisor. Presentations in this regard were made by Dunn & Bradstreet on the techno-economic viability of the Resolution Plan and the CoC Process Advisor in the meeting of CoC dated November 11, 2020. (b) has been approved by the CoC with 66% voting share? - (b) Yes The CoC with the help of the CoC Process Advisor has deliberated on the Resolution Plan at the 19th meeting of the CoC held on November 11, 2020 and pursuant thereto, the CoC in the said meeting determined the Resolution Plan to be feasible and viable and after considering the above aspect, the Resolution Plan has been approved by the CoC by a voting percentage of 95.09%. Section 31(1) Whether the Resolution Plan has provisions for its effective implementation plan, according to the CoC? Implementation Schedule (Clause 3.1, Annexure 2) Yes Effective Implementation (Clauses 7.1, 7.2, 3.11, 8, 9 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ses: (a) Yes (b) it is feasible and viable? (b) Clause 5 (b) Yes, determined by the CoC at the 19th meeting held on November 11, 2020 (c) it has provisions for its effective implementation? (c) Clause 7.1, 7.2, 3.11, 8, 9 and 11 (c) Yes (d) it has provisions for approvals required and the timeline for the same? (d) Clause 7.1 (7.1.1, 7.1.3) read with Clause 11.7 (d) Yes (e) the resolution applicant has the capability to implement the resolution plan? (e) Independently verified by the CoC and the CoC Process Advisor (e) Yes, determined by the CoC at the 19th meeting held on November 11, 2020 and pursuant to the same the resolution plan was voted affirmatively by the CoC with a voting percentage of 95.09%. 39(2) (e) Whether the RP has filed applications in respect of transactions observed, found or determined by him? Yes. Applications under Section 43 of the Code have been filed before this Hon'ble Tribunal for Videocon Industries Limited, Value Industries Limited, CE India Limited and Century Appliance Limited; An Application has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication of Form G T+75 October 11, 2019 (Revised on November 1, 2019) Provisional List of Resolution Applicants T+100 November 21, 2019# Final List of Resolution Applicants T+115 December 6, 2019# Regulation 36B Issue of Request for Resolution Plan, which includes Evaluation Matrix and Information Memorandum to Resolution Applicants T+105 RFRP dated November 26, 2019 (Revised on February 5, 2020) Section 30(6)/ Regulation 39(4) Submission of CoC approved Resolution Plan T+165 December 15, 2020 Section 31(1) Approval of Resolution Plan T+180 - *Note: As per the consolidation order dated August 8, 2019 of the NCLT, Mumbai Bench, a period of 180 days was granted for the consolidated CIRP from the date of the said order. The reasons for delay in abiding with the aforesaid indicative timelines provided for in Regulation 40A of the CIRP Regulations in its entirety has been detailed out and elaborated in the Part B and D of Annexure B of this Form H. #The Provisional List of Resolution Applicants and the Final List of Resolution Applicants ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Code. Provided that in case of any variance by the NCLT which results in a change in the commercial and financial proposals under the Resolution Plan, thereby causing an increase in the liabilities imposed on the Implementing Entity, then such variance, change, revision, modification or amendment shall be binding upon the Implementing Entity only with the prior written and signed acceptance of the Resolution Applicant. ii. Procurement of other approvals as mentioned in Item No. 11 above. iii. Stay on the implementation of the Resolution Plan by any appellate court or tribunal, or any delays in obtaining delisting approval, the Implementing Entity and the Steering Committee shall ensure that the Closing Date (i.e. the date on which NCDs are issued to the Financial Creditors) is achieved within a period of 45 days from the NCLT Approval Date. 13. Following are the deviations/non-compliances of the provisions of the Insolvency and Bankruptcy Code, 2016, regulations made or circulars issued thereunder (If any deviation/ non-compliances were observed, please state the details and reasons for the same): Sl. No. Deviation/Non-compliance observed S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cations Ltd., and Evans Fraser & Co. (India) Ltd. 15A. The committee has approved a plan providing for contribution under regulation 39B as under: a. Estimated liquidation cost: Refer to note below. b. Estimated liquid assets available: Refer to note below. c. Contributions required to be made: Refer to note below. d. Financial creditor wise contribution is as under: Refer to note below. Note: The same was discussed at the 19th meeting of the CoC dated November 11, 2020, wherein the RP Chair appraised the CoC members that the consolidated CDs has sufficient cash balance to meet the consolidated liquidation costs. The CoC members concurred, took note of the same and it was decided that there may not be a requirement to vote on this agenda as there is no shortfall expected. 15B. The committee has recommended under regulation 39C as under: Note: The CoC members had deliberated during the 19th meeting of the CoC dated November 11, 2020, to discuss the liquidation agenda items in a subsequent meeting, in the event liquidation of the CDs becomes imminent for any reason. Since the Resolution Plan is approved by CoC with votin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nancial creditors, including the State Bank of India ("SBI"), an application under Section 7 of the Code was filed by SBI against each of the aforementioned companies. The respective applications were admitted by this Hon'ble Tribunal on the dates specified in column 3 of Annexure A above and their respective CIRPs were commenced in accordance with the provisions of the Code. Basis the individuals order of admission into CIRP, the NCLT had appointed interim resolution professionals for each of the Corporate Debtors, who were thereafter confirmed as resolution professionals by the respective committee of creditors of the concerned Corporate Debtors. The CIRP way undertaken as per the provisions of the Code and the CIRP Regulations for a period or roughly one year respectively. Part B: Consolidation Subsequently, SBI had filed an application for substantive consolidation (being Miscellaneous Application No. 1306 of 2018) before this Hon'ble Tribunal. Mr. Venugopal N. Dhoot also filed an application for substantive consolidation (being Miscellaneous Application No. 1416 of 2018) before this Hon'ble Tribunal. This Hon'ble Tribunal, vide its order dated A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... way of which the consolidated CIRP was extended till May 4, 2020. Impact of Covid-19 on consolidated CIRP of the Corporate Debtors Due to the outbreak of Covid-19, the Hon'ble National Company Law Appellate Tribunal ("NCLAT"), in terms of the order dated March 30, 2020 in Company Appeal (AT) (Insolvency) No. 01 of 2020, ordered that the period of lockdown ordered by the Central Government and the State Governments including the period as may be extended either in whole or part of the country, where the registered office of the corporate debtor may be located, shall be excluded for the purpose of counting of the period for the CIRP under Section 12 of the Code, in all cases where CIRP has been initiated and pending before any bench of the Hon'ble NCLT or in appeal before the Hon'ble NCLAT. The relevant portion of the NCLAT order has been reproduced for ready reference: "the period of lockdown ordered by the Central Government and the State Governments including the period as may be extended either in whole or part of the country, where the registered office of the Corporate Debtor may be located, shall be excluded for the purpose of counting of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Annexure C *** The dates in relation to the requisite entries are not available with the Resolution Professional as the concerned activities were conducted by the respective erstwhile resolution professionals of the respective Corporate Debtors. The reasons for delay in abiding with the aforesaid indicative timelines provided for in Regulation 40A of the CIRP Regulations has been detailed out and elaborated in the Part B and D of Annexure B of this Form H. Annexure D Details of the avoidance applications 1. For Videocon Industries Limited, on the basis of a transaction audit report dated January 20, 2020 submitted by PricewaterhouseCoopers Private Limited and I have independently corroborated and formed a view that the suspended/ erstwhile directors/ personnel indulged in certain preferential and fraudulent transactions, which were detrimental to Videocon Industries Limited and its creditors, which in my view are preferential and fraudulent under Section 43 and 66 of the Code. An application was filed before this Hon'ble Tribunal Mumbai seeking avoidance of such transactions. 2. For Videocon Industries Limited, on the basis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view that the suspended/ erstwhile directors/ personnel indulged in certain fraudulent transactions, which were detrimental to the Evans Fraser & Co. (India) Ltd. and its creditors, which in my view are fraudulent under Section 66 of the Code. An application was filed before this Hon'ble Tribunal Mumbai seeking avoidance of such transactions. 7. For Videocon Telecommunications Limited, on the basis of a transaction audit report dated January 23, 2020 submitted by PricewaterhouseCoopers Private Limited, I have independently corroborated and formed a view that the suspended/ erstwhile directors/ personnel indulged in certain fraudulent transactions, which were detrimental to Videocon Telecommunications Limited and its creditors, which in my view are fraudulent under Section 66 of the Code. An application was filed before this Hon'ble Tribunal Mumbai seeking avoidance of such transactions. 4. The salient features of the Resolution Plan as recorded in the sixth meeting are stated hereunder:- (in Crores) S. No. Type of Creditor Amount Claimed Amount admitted Amount provided for in the Resolution Plan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing Date, the fourth instalment of INR 625crore would become due 5 years from Closing Date and the fifth instalment of INR 625crore would become due 6 years from Closing Date. The outstanding NCDs shall carry a coupon of 6.65% annually payable. Subsequent to payment of CIRP Costs, cash balances available on the Plan Effective Date shall accrue to the financial creditors. Post implementation of the Resolution Plan, the financial creditors (except the dissenting financial creditors) will receive 8% of equity holding in VIL, on a post money fully diluted basis. 3. Workmen and Employees Admitted workmen dues INR 13.5 crores Admitted employees / non workmen dues INR 38.5 crores Approx. Rs. 52 crores Upfront cash payment pursuant to funds infused by the RA 4. Operational Creditors (i.e. operational creditors and statutory creditors) Rs. 1,178 crores (Operational) + Rs. 1,587.1 crores (Statutory) INR 10 Crores (to be distributed proportionately among the operational and statutory dues) Upfront cash payment pursuant to funds infused by the RA 5. Related Parties Rs. 48.18 crores NIL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re 2 of the Resolution Plan, without requiring recourse to the applicable provisions of the Companies Act, 2013 and such merger shall be deemed to have been granted approval in terms of the NCLT order approving the Resolution Plan. Such a scheme of merger (as part of the Resolution Plan) is also envisaged in terms of sub-clause (ba) of Regulation 37 of the CIRP Regulations and the fact that the IBC is an exhaustive code on the subject matter of insolvency in relation to corporate entities and is complete in itself [Refer order dated December 14, 2018 of the NCLAT in Edelweiss Asset Reconstruction Company Ltd. v. Synergies Dooray Automative Ltd. and Ors. (Company Appeals (Insolvency) 169-173 of 2017)]. 3. Settlement of trust of Rs. 1,000/- in favour of the financial creditors to hold in trust the investment of VIL and VTL in its Subsidiary Companies, Associate Companies and joint venture business. Please note that VTL is not intended to be a part of the aforesaid trust structure. Upon its capital reduction and issuance of New Equity Shares of VTL to the Implementing Entity (in terms of Step 7 below), Merged VIL shall hold the 100% equity share capital of VTL. 4. Capi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the financial creditors. OBSERVATIONS OF THE ADJUDICATING AUTHORITY 5. As per the CoC approved Resolution Plan, Assenting Secured Financial Creditors would get only 4.89%, Dissenting Secured Financial Creditors would get only 4.56%, Assenting Unsecured Financial Creditors would get only very meagre amount of 0.62%, Dissenting Unsecured Financial Creditors would get "NIL/ ZERO" amount and Operational Creditors would also get a very meagre amount of only 0.72%. Out of total claim amount of Rs. 71,433.75 Crores, claims admitted are for Rs. 64,838.63 Cores and the plan is approved for an amount of only Rs. 2962.02 Crores which is only 4.15% of the total outstanding claim amount and the total hair cut to all the creditors is 95.85%. Therefore, the Successful Resolution Applicant is paying almost nothing and 99.28% hair cut is provided for Operational Creditors (Hair cut or Tonsure, Total Shave). During the Course of hearing it is also submitted that voluminous number of Operational Creditors are also MSME and if they are paid only 0.72 % of their admitted claim amount, in the near future many of these Operational Creditors may have to face Insolvency Proceedings which may be inevi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Haribhakti & Co., LLP were appointed as Transaction Review Auditors for all the 13 Corporate Debtors. Also V. Nair and Associates were appointed for certification of Consolidated Financial Statements of Corporate Debtor's as on 31.03.2018. 9. The registered valuers have valued the assets of the 13 companies situated throughout the country and the 13 companies have varied business interests, products, segments viz oil and gas assets, Consumer Electronics and Home Appliances such as manufacturing Air Conditioners, Refrigerators, LED/ LCD TVs, Washing Machines, Air Coolers, providing Telecom Services, digital solutions, Real Estate, Electronic Retail Chain, Owner of Two Premium Brands etc. Surprisingly the Resolution Applicant also valued all the assets and liabilities of all the 13 companies and arrived at almost the same value of the registered valuers. As per the CIRP Regulations the Liquidation Value and Fair Market Value is kept as confidential and informed to the COC members only at the time of finalising the resolution plan and even in the present case the resolution bids are opened in the 15th CoC meeting held on 02.09.2020 wherein Liquidation Value and Fair Market Va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of debts of operational creditors in such manner as may be specified by the Board which shall not be less than, i. the amount to be paid to such creditors in the event of a liquidation of the corporate debtor under section 53; or ii. the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in sub-section (1) of section 53, whichever is higher, and provides for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with sub-section (1) of section 53 in the event of a liquidation of the corporate debtor. Explanation - For the purpose of this section- (i) it is hereby clarified that at each stage of the distribution of proceeds in respect of a class of recipients that rank equally, each of the debts will either be paid in full, or will be paid in equal proportion within the same class of recipients if the proceeds are insufficient to meet the debts in full; and &nbs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecified u/s 30(2)(e) of the Code. In terms of Regulation 27 of the Regulations, Liquidation value was ascertained through two registered valuers. The Liquidation value of the Corporate Debtor is Rs. 2568.13 Crores. The Fair value of the assets of the Corporate Debtor is Rs. 4069.95 Crores. 17. The RP has complied with the requirement of the Code in terms of Section 30(2)(a) to 30(2)(f) and Regulations 38(1), 38(1)(a), 38(2)(a),38(2)(b), 38(2)(c) & 38(3) of the Regulations. 18. The RP has filed Compliance Certificate in Form-H along with the Resolution Plan which seems to be in order. The Resolution Plan includes a statement under regulation 38(1A) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 and in what manner it has dealt with the interest of the stakeholders in compliance with the Code and the Regulations. 19. It is matter of record that the Resolution Plan has been approved by the CoC with more than requisite majority e.g. 95.09% voting. Hence this Adjudicating Authority is having only supervisory role (not Appellate Forum) to see that Resolution Plan is Law compliant and meet the eligibility criteria ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of whether the resolution plan provides: (i) the payment of insolvency resolution process costs in a specified manner in priority to the repayment of other debts of the corporate debtor, (ii) the repayment of the debts of operational creditors in prescribed manner, (iii) the management of the affairs of the Corporate Debtor, (iv) the implementation and supervision of the resolution plan, (v) does not contravene any of the provisions of the law for the time being in force, (vi) conforms to such other requirements as may be specified by the Board. The Board referred to is established under Section 188 of the I&B Code. The powers and functions of the Board have been delineated in Section 196 of the I&B Code. None of the specified functions of the Board, directly or indirectly, pertain to regulating the manner in which the financial creditors ought to or ought not to exercise their commercial wisdom during the voting on the resolution plan under Section 30(4) of the &B Code. The subjective satisfaction of the financial creditors at the time of voting is bound to be a mixed baggage of variety of factors. To wit, the feasibility and viability of the proposed resolution plan and includin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccessful Resolution Applicant to be dealt with in terms of the Resolution Plan and if not forming part of such Resolution Plan shall extinguished. The relevant portion of the Supreme Court Judgment is reproduced herein below para 95; "95. In the result, we answer the questions framed by us as under: (i) That once a resolution plan is duly approved by the Adjudicating Authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan; (ii) 2019 amendment to section 31 of the I&B Code is clarificatory and declaratory in nature and therefore will be effective from the date on which I&B Code has come into effect; (iii) Consequentl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pta and Ghanashyam Mishra and Sons Private Limited. iii. The Memorandum of Association (MoA) and Articles of Association (AoA) shall accordingly be amended and filed with the Registrar of Companies (RoC), Mumbai, Maharashtra for information and record. The Resolution Applicant, for effective implementation of the Plan, shall obtain all necessary approvals, under any law for the time being in force, within such period as may be prescribed. iv. All the pending IA's in this regard are disposed of in the light of and aforesaid direction given to the Applicant and CoC to consider the claim of Dissenting Financial Creditors, employees and ex-employees of the Corporate Debtor and other Operational Creditors, other Stakeholders in the light of aforesaid decisions of the Hon'ble Supreme Court and take appropriate Commercial decision thereon. v. With the aforesaid observation/direction the Resolution Plan is approved consequently the Moratorium under section 14 of the Code shall cease to have effect. The Resolution Applicant shall act in active consultation with the Steering Committee constituted under the Resolution Plan and the Applicant and the Lead Bank Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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