9911796707
TMI Blog2020 (9) TMI 1224X X X X Extracts X X X X X X X X Extracts X X X X ..... Regulations, 2016. The Resolution Plan is also not in contravention of any of the provisions of Section 29A. The Resolution Professional has also certified that the Resolution Plan approved by the CoC does not contravene any of the provisions of the law for the time being in force. The Compliance Certificate is placed on record. The Resolution Plan has been approved by the CoC with 100% voting share. The revised Resolution Plan is hereby approved, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan including Resolution Applicant - Application disposed off. - IA 617 of 2019 in CP (IB) 189 of 2018 With IA 88 of 2020, IA 89 of 2020, IA 61 of 2020, IA 344 of 2020 - - - Dated:- 4-9-2020 - Madan B. Gosavi, Member (J) And Virendra Kumar Gupta, Member (T) Learned Counsel Mr. Vishal Dave a.w. Learned Counsel Mr. Nipun Singhvi, for the Applicant Learned Counsel Mr. Sudhir Mehta, for the Applicant ORDER 1. IA 617 of 2019 has been filed in CP No. 189 of 2018 u/s. 30(6) of Insolvency and Bankruptcy Code, 2016 (in short IBC, 2016 ) for approval of Resolution Plan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t there were substantial amount involved in preferential/undervalued transactions for which forensic auditors were appointed. It was also noted that tax liabilities of Excise Department were also pending, hence, goods could not be removed without paying the same. The CoC directed RP to take appropriate action. In 9% and final meeting of CoC dated 19.09.2019, two plans submitted by two Resolution Applicants, namely, Pep Cee Pack Industries and Aristo Flexi Pack (Joint Bidders) and Kankriya Enterprises Pvt. Ltd. were considered. However, CoC was not convinced with the Resolution Plan submitted jointly by Pep Cee Pack Industries and Aristo Flexi Pack, hence, the same was rejected. The Plan of Kankriya Enterprises Pvt. Ltd was found to be suitable and implementable, hence, same was approved by CoC. 4. The successful Resolution Applicant agreed for a consideration of ₹ 42.90 Crores to the Creditors of the Corporate Debtor including CIRP costs. Letter of intent was issued. 5. The key features of the Resolution Plan are summarized as under: 5.1 The amount provided for the stakeholders under the Resolution Plan is as under: 6. Learned Counsel for the successful Resol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... workmen. The Operational Creditors would receive a sum of ₹ 16,02,791/- as against their total claimed of ₹ 8,74,42,091./- provisions for statutory liabilities has been made at ₹ 86,27,208/-.Thus, in sum and substance, the Resolution Plan provides for settlement of claim of various stakeholders. It is also noted that the Resolution Plan provides the background of successful Resolution Applicant and its associates. It also provides the details of financial capabilities of the successful Resolution Applicant. The Resolution Plan also provides implementation schedule as under: Action Timeline Capital Reduction of the existing equity share capital to ZERO Effective Date Subscribing to equity shares and optionally convertible debentures to be issued by the Corporate Debtor and Inter-corporate Deposits Within 60 Days of the approval of by NCLT Order Payment to Workmen Dues Within 60 Days of the approval of by NCLT Order Payment to CIRP Cost Within 60 Days of the approval of by NCLT O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Section 29A. The Resolution Professional has also certified that the Resolution Plan approved by the CoC does not contravene any of the provisions of the law for the time being in force. The Compliance Certificate is placed on record. The Resolution Plan has been approved by the CoC with 100% voting share. 12. In view of the above, the revised Resolution Plan annexed with IA 617 of 2019 filed in CP (IB) No. 189 of 2018 is hereby approved, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan including Resolution Applicant. 13. The permission for reduction of capital, as approved in the Resolution Plan is also granted. Accordingly, the MoA and AoA shall be amended and filed with the RoC for information and record as prescribed. 14. As regards to the Relief and concessions sought for, by the Resolution Applicant which have been mentioned in Annexure 5 of Resolution Plan, we are of the opinion that the Resolution Applicant may approach/have all liberty to approach the concerned statutory/competent authority for any concession, waiver or exemption as per prevailing law(s) ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
