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TMI Blog2020 (8) TMI 886X X X X Extracts X X X X X X X X Extracts X X X X ..... dustries Limited (Corporate Debtor) under Section 30(6), Section 31, Section 60(5) of the Insolvency and Bankruptcy Code, 2016 along with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for the reason that the Resolution Plan of M/s. Sponge Sales India Private Limited, was approved by CoC with 100% voting shares. 2. The Applicant has prayed for urgent hearing of the case through video conference, since the work of the Tribunal was disrupted due to the Covid 19 pandemic and nationwide lockdown and continuing till dates. Having satisfied with the urgency set up, the matter is listed for hearing today (12.08.2020) by Video Conferencing. 3. Brief facts: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egulations. In the 10th CoC meeting held on 12th March, 2020, the CoC after evaluating the resolution plan declared Sponge Sales India Private Limited as the H1 Resolution Applicant and the consortium of Shri Sai Balaji Pharmatech Pvt Ltd and SLV Packaging(Consortium) as H2 Resolution Applicant. The last being held on 20.03.2020 wherein the resolution plan submitted by M/s. Sponge Sales (India) Private Limited was placed before the committee for approval and being found feasible and viable voted by the CoC with 100% voting in favour of the resolution plan . It is submitted that the resolution applicant had the capability to implement the resolution plan and the applicant was not ineligible to submit a resolution plan under Section 29A of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vent that the final IRP costs as on the effective date, exceeds or decreases than that of the estimated 46.2 lakhs, the amounts payable to the Financial Creditors under this resolution plan shall be adjusted accordingly. 7. The Ld. Counsel for the Resolution Professional further submits that in compliance of Regulation 39(4), a Certificate in Form H of the Schedule as laid down in Regulation 39(4) of the Insolvency and Bankruptcy Board of India (insolvency Resolution Process for Corporate Persons) Regulations, 2016 has been annexed along with the resolution plan. The affidavit under Section 29A of the Resolution Applicant has also been submitted along with the resolution plan. With regard to Regulation 38, it was discussed that the plan ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Corporate Debtor, and provides provision for implementation and supervision of the resolution plan. It also provides terms of the plan and its implementation schedule. So it is a feasible and viable plan. A judicious distribution of the financial bids by the CoC to the stakeholders according to their entitlements can be inferred from the plan under consideration. No waiver or extinguishments in contravention of the provisions of the Code or in violation of existing laws seen not brought out and therefore, there is nothing in the plan, so as to disapprove it. This CP was admitted on 01.07.2019. upon expiry of 180 days the period of CIRP was extended to 26.03.2020. In the meanwhile lockdown was imposed due to Covid-19 pandemic with effect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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