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TMI Blog2022 (1) TMI 770X X X X Extracts X X X X X X X X Extracts X X X X ..... from the cash from of the business of the Corporate Debtor, but is also proposed that in case of short fall of CIRP cost from the operational cash flow, it shall be additionally infused by the Resolution Applicant. The resolution applicant is providing ₹ 89,47,44,348/- plus equity or preference shares under the Resolution Plan against the liquidation value of ₹ 8300.75 lakhs - as regard to the eligibility of resolution applicant under Section 29A along with an undertaking of the resolution applicant to this effect has been filed. Also Regulation 36 to 39 of CIRP Regulations, 2016 has been complied with. The resolution plan addresses the cause for failure and also contains measures to run the Corporate Debtor in future and that the resolution plan is both feasible and viable as held by CoC and it also contains provisions for its effective implementation - the resolution plan is approved. Application allowed. - IA 518(AHM)/2021 in CP (IB) 307 of 2020 - - - Dated:- 4-1-2022 - M. B. Gosavi , Member ( J ) And Ajai Das Mehrotra , Member ( T ) For Appearing Parties : Atul Sharma, Harmish Shah, Ld. Advs., Jigar Shah, CA and Party-in-Person ORDER 1. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gamation. The CoC requested the resolution applicant to modify and re-submit the plan, since the resolution plan did not have provision for the payment to the operational creditors other than statutory dues. Thereafter, the resolution applicant re-submitted the modified resolution plan along with the scheme of amalgamation and the Compliance Report on 23.06.2021. 6. It is submitted by the applicant that the CoC in its 3rd meeting held on 25.06.2021, discussed the modified resolution plan, however, RP further directed the resolution applicant to amend the resolution plan in compliance with the provisions of the IB Code and to submit the revised resolution plan within 24 hours. The resolution applicant submitted the revised and final resolution plan along with the scheme of amalgamation on 26.06.2021. The resolution applicant also circulated the revised Compliance Report to the members of CoC through email. 7. It is submitted by the applicant that the resolution plan along with the scheme of amalgamation submitted by M/s. Raajratna Metal Industries Limited, was approved by CoC through e-voting with 100% votes on 30.06.2021. It is further submitted by the RP that the resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he dues of Workmen and Employees, labours, labour contractors, retainers, trainees or any other contractual employees or workmen including any dues towards Provident Fund (Contribution of Employees/Company), Gratuity, Employees State Insurance Scheme, Professional Tax or any other taxes in nature of employment, and all rights and entitlements of present or past, direct or indirect, permanent or temporary, employees and/or workmen of the Company, whether admitted or not, due or contingent, asserted or rejected, crystalized or not crystalized, known or unknown, secured or unsecured, disputed or undisputed, in relation to any prior period to the insolvency commencement date or arising on account of acquisition of control by the Resolution Applicant over the Company pursuant to the Resolution Plan, shall be written off in full and shall be deemed to be permanently extinguished and waive off except those which are admitted in the resolution plan and the Company or the Resolution Applicant shall at no point of time be held responsible or liable in relation thereto. 16. It is submitted by the resolution applicant that upon approval of the Resolution Plan by the Adjudicating Authority, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directors, officers or associate (charges with the lenders). 21. It is submitted by the resolution applicant that upon approval of the Resolution Plan (including Scheme of Amalgamation) by the Adjudicating Authority, all the outstanding negotiable instruments issued by Director/promoter or Corporate Debtor or by any person on behalf of the Corporate Debtor for any dues of Corporate Debtor including demand promissory notes, post-dated cheques and letters of credit, shall stand terminated and the Corporate Debtor's liability under such instruments shall stand extinguished. 22. It is submitted by the resolution applicant that upon approval of the Resolution Plan (including Scheme of Amalgamation) by the Adjudicating Authority, All dues under the provisions of Income Tax Act, 1961 including taxes, duty, penalties, interest, fines, cess, unpaid TDS/TCS, whether admitted or not, due or contingent, whether part of the above claim of the Income tax authorities or not whether part of tax due diligence finding or not asserted or unasserted crystallized or not crystallized, known or unknown, secured or unsecured disputed or undisputed, present or future, in relation to any period pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We have heard learned counsel for the applicant and perused the material available on record. It is noted that Form H has been filed by Resolution Professional wherein all information/details as regard to conduct of CIRP as well as process adopted for Resolution Plan has been given. The Resolution Applicant has proposed to pay the financial creditor ₹ 77,10,00,000/- against its total admitted claim of ₹ 95,03,71,082/-. The amount of ₹ 12,32,44,348/- has been proposed in the Resolution Plan to pay to the Operational Creditor against the total admitted claim of ₹ 12,32,44,348/- including the Statutory Dues and Employees/Workmen which is 100% of the total admitted amount. The Resolution Applicant has proposed to issue 1 equity share of resolution applicant against 1,66,620 equity shares of the corporate debtor and Issue 1 equity share of Resolution Applicant against 1,66,620 equity shares of Corporate Debtor and issue of 1 redeemable preference share having coupon rate of 0.01% of the face value of Re. 1 each which shall be redeemed between six to twelve months from the effective date. However in respect to CIRP cost, the resolution applicant has proposed to pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion process and Resolution Plan to the Insolvency and Bankruptcy Board of India to be recorded in its database. VIII. As regard to various reliefs and concessions which are being sought, we hereby grant the following reliefs and concessions only as against reliefs and concessions claimed by the resolution applicant: i. After the payment of the dues to the creditors, as per the resolution plan, all the liabilities of the said stakeholders shall stand permanently extinguished and that other claim including Government/Statutory Authority, whether lodged during CIRP or not, shall stand extinguished after the approval of the resolution plan. We further hold that contingent/unconfirmed dues shall also stand extinguished; ii. From the date of this order, all claims except provided in the plan of the Corporate Debtor stands extinguished. iii. From the date of this order, all encumbrances on the assets of the Corporate Debtor prior to the plan shall stand permanently extinguished. iv. For reliefs and concessions sought from the Government/Statutory Authorities including environmental clearance as well as stamp duty, we direct the resolution applicant to approach the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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