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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 ..... ervision 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. The CoC has very well deliberated with the two plans and decided the viability, feasibility and financial matrix of each plan and approved one with 100% vote shares of the members of the CoC. Resolution plan is approved - application allowed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The CoC was constituted on 24.07.2019 which held 11 (Eleven) meetings. The IRP had caused public notice on 10th September, 2019 in terms of Section 13 of the Code read with Regulation 6(1) of the Insolvency and Bankruptcy Board of India (Insolvency Process for Corporate Persons) Regulations, 2016 in newspapers local and English in Kolkata and in Himachal Pradesh and Chandigarh. The CoC in the 4th meeting held on 25th September, 2019 approved the Evaluation Matrix (EM) and Request for Resolution Plan (RFRP) documents. The RP in the 5th CoC meeting held on 03rd October, 2019 was permitted by the CoC to proceed with the publication of the Revised Invitation of Expression of Interest (EoI) in Revised Form G and the same was published on 05th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e resolution plan balancing the interest of all stakeholders of the Corporate Debtors and that the plan did not contravene any of the provisions of law and therefore, the resolution plan deserve approval. 180 days of CIRP period expired on 27.12.2019. 90 days extension granted by this Tribunal, I.e. the 270 days of the CIRP period expired on 26.03.2020. 6. The Ld. Counsel for RP, Mr. Rishav Banerjee takes me to the resolution plan and highlighted some of the salient features of the Resolution Plan are as follows: A. FINANCIAL PROPOSAL: (Rs. In lakhs) Resolution Debt-A Total Tranche 1*- Tranche2- ** Tranche3*** CIRP cos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 addressed the interests of all stakeholders, provided for payment to Operational Creditors in priority over Financial Creditors, addressed the causes of default, was feasible and viable, had provisions for its effective implementation and the resolution applicant had the capacity and experience to revive the operations of the Corporate Debtor in accordanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 from 25.03.2020 and continues till date. However, as per notification dated 29th March, 2020 the period of lockdown imposed by the Central Government in the wake of COVID- 19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency ..... X X X X Extracts X X X X X X X X Extracts X X X X
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