9911796707
TMI Blog2020 (9) TMI 1224X X X X Extracts X X X X X X X X Extracts X X X X ..... IA 88 of 2020, IA 89 of 2020, IA 61 of 2020, IA 344 of 2020 - - X X X X Extracts X X X X X X X X Extracts X X X X ..... stitutional investors it was fixed at Rs. 50 Crores. Further, exclusion of 160 days was sought. The valuers were also appointed. 3. The 5 meeting of CoC was held on 10.07.2019 wherein, in view of the fact that four EOIs had been received and one more EOI was expected, hence, last date for submission of EOI was extended. In the 7th meeting of CoC dated 09.08.2019, four prospective Resolution Applicants were identified who submitted the Resolution Plan which were below the liquidation value, hence, CoC decided that plan above the liquidation value was to be submitted. In this meeting, RP informed CoC that there were substantial amount involved in preferential/undervalued transactions for which forensic auditors were appointed. It was also no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e extended time line of 180 days was also agreeable to the successful Resolution Applicant. Accordingly, he prayed for the approval of the plan. 7. We also noted that three IAs i.e. IA No. 88 of 2020, IA No. 89 of 2020 and IA 61 of 2020 were pending wherein issue of denial of input credit by the GST Department to the Applicant for the reason that Corporate Debtor had not deposited the tax nor it had uploaded the GST returns were also pending. We heard the learned counsel for the Applicant in these IAs. In some cases the claims were made before finalisation/approval of Resolution Plan which remained to be considered. In one case, the claim has been received after the approval of Resolution Plan. It is noted that certain amount has been allo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 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 Order Payments to Financial Creditors Within 60 Day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. 1.5 Accounting Treatment: the amount of reduction in the equity share capital of the Corporate Debtor shall be credited to the capital reserve of the Company. 10. The Resolution also provides for appointment of RP as the person incharge to look after the implementation of Resolution Plan. The Resolution Plan has also addressed the issues which resulted into Insolvency of the Corporate Debtor and future business plan so as to such situation does not arise. 11. Thus, the revised 'Resolution Plan' filed with the Application meets the requirements of Section 30(2) of 1&B Code, 2016 and Regulations 37, 38, 38(1A) and 39 (4) of IBBI (CIRP) Regulations, 2016. The Resolution Plan' is also not in contravention of any o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... having their proper/own jurisdiction to pass any appropriate order as the case may be. 15. Resolution Plan stands modified to the extent of our direction given in this order and to be read along with such directions. Thus, not allowing of the above Reliefs, Concession, Relief and Dispensation, sought for in the Resolution Plan, is not going to make any hindrance for proper implementation of the Resolution Plan as those are the subject matter of jurisdiction of the concerned/appropriate Competent Authorities. The Resolution Applicant(s) has/have liberty to approach Competent Authorities for any concession, relief or dispensation as the case may be as when required for proper and effective implementation of the Plan. 16. Apart from the abov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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