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TMI Blog2021 (12) TMI 1154X X X X Extracts X X X X X X X X Extracts X X X X ..... itted claims totalling ₹ 10,927.29 Lakhs and amount provided under the plan is 1,019.40 which amounts to 9.09%of total outstanding debt. The Resolution Plan so approved can be successfully implemented - Resolution Plan approved - application allowed. - IA 86(AHM) 2021 in CP (IB)/463/NCLT/AHM/2019 - - - Dated:- 13-12-2021 - M.B. Gosavi, Member (J) And Ajai Das Mehrotra, Member (T) For the Appellant : Nipun Singhvi and Vishal Dave, Advocate ORDER M.B. Gosavi, Member (J) 1. This Application is filed by Mr. Jitendra Kumar Jain Resolution Professional of Morakhia Copper Alloys Pvt. Ltd. under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as IBC, 2016 ) for approval of Resolution Plan of the Morakhia Copper Alloys Pvt. Ltd. (hereinafter referred to as Corporate Debtor ). 2. The facts, in brief, are that the Corporate Debtor had been admitted into Corporate Insolvency Resolution Process (in short CIRP ) by this Adjudicating Authority vide dated 19.02.2020. Mr. Jitendra Kumar Jain who was appointed as Interim Resolution Professional (in short IRP ) had collated the claims and constituted the Committee of Credito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution plan based on five EOIs received. Shreenathji Rasayan Pvt. Ltd. sent their resolution plan pursuant to second RFRP and Mr. Prakash S. Jalan acting jointly with Gensol Engineering Limited (Basant Group) sent their resolution plan pursuant to second RFRP on 21.12.2020. On 24.12.2020 RP after examination of the resolution plans asked both to clarify certain issues. Shreenathji Rasayan Pvt. Ltd. replied to queries but Basant Group never replied. In absence of any reply from Basant Group and 270 days of CIRP expiring on 13th January 2021, RP convened fifteenth CoC meeting to present both Resolution plans to the CoC. In sixteenth CoC meeting Basant group was asked to make their resolution plan compliant with Second RFRP and IBC by 6th of January 2021. In CoC meeting Basant group said they will do so only when price is settled with COC. When Basant Group failed to send reply of the emails sent by RP in 17th COC meeting held on 8th of January 2021, the CoC unanimously decided to return the earnest money deposit of Basant Group as their plan was non compliant with IBC and second RFRP. In the 18th meeting held on 12th of January 2021 due to dead lock on distribution to CoC members, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion plan relating to Cost of CIRP whereby it has been mentioned that the amount of Resolution Process Cost shall be paid in priority to the payment of other debts of the Corporate Debtor. 8. The amount provided for various stakeholders under the Resolution Plan is reproduced hereunder: 9. This plan has dealt with the interests of all stakeholders. It is in the best interest of the Corporate Debtor and its financial creditors. 10. We have considered the submissions made by learned counsel for the Applicant and perused the material available on record. It is noted that CoC in its 18th meeting held on 13.01.2021 with 100% voting right approved the Resolution Plan submitted by the Resolution Applicant. It is also noted that Resolution Applicant is not a related party of the Corporate Debtor. Resolution Applicant has filed an affidavit dated 25.09.2020 regarding its eligibility to submit a Resolution Plan under Section 29A of IBC, 2016. Resolution Applicant has also provided the performance security amounting to ₹ 1,00,00,000 crore as a Bank Guarantee. We have also perused the contents of the Resolution Plan and all documents/compliance certificates a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stand extinguished; II. On the effective date, all claims of the suspended management, erstwhile directors, and erstwhile shareholders shall stand permanently extinguished; III. On the effective date and with effect from the appointed date, all encumbrances on the assets of the Corporate Debtor prior to the plan shall stand permanently extinguished on completion of procedural formalities as provided in Companies Act, 2013; IV. The Resolution Applicant shall be entitled to review, revise or terminate any appointments/agreements entered into by or on behalf of the Corporate Debtor in accordance with the terms and conditions of such agreements/MoUs/contracts; V. The RP shall complete the accounting entries to give effect to the Resolution Plan in the Books of Account as per the applicable Accounting Standards and provisions of the Companies Act, 2013 VI. The management of the Corporate Debtor shall be handed over to the Board of Directors as may be nominated by the Resolution Applicant for proper running of the business operations of the Corporate Debtor; VII. The Board of Directors of the Corporate Debtor shall also be reconstituted and procedural compl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s after deducting the reasonable charges for pursuing the aforesaid application. XIV. All licenses, permits, leasehold rights, Trademark/copyright etc. belonging to the Corporate Debtor whether expired or existing during process of implementation of the Resolution Plan shall remain vested with the Corporate Debtor and Corporate Debtor/Resolution Applicant shall approach relevant authorities for obtaining/renewal of such aforesaid rights i.e. licenses, permits, leasehold rights, Trademark/copyright etc. Further monitoring committee and Resolution Professional shall provide necessary support and corporation in this regard. XV. Personnel Guarantee shall not stand released or extinguished and the financial creditors shall be at liberty to deal with such personnel guarantee as per the applicable laws. XVI. All other terms and conditions of the Resolution plan which are not specifically denied or modified shall be deemed to have been granted in terms of the Resolution Plan approved by CoC. 11. Accordingly, IA no. 86 of 2021 in CP (IB) 463/7/NCLT of 2019 is allowed and stands disposed of in terms of the above directions. 12. Urgent certified copy of this order, if ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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