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TMI Blog2021 (1) TMI 1230X X X X Extracts X X X X X X X X Extracts X X X X ..... t also made the provisions of contingent liabilities of ₹ 1,00,000/-. There is no claim submitted by the workmen. Thus, in sum and substance, the Resolution Plan provides for settlement of claim of various stakeholders. It is also noted 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 of Resolution plan within 60 days from the date of approval of the plan by this Authority - the Resolution plan also provides for appointment of RP as the person in-charge to look after the implementation of Resolution Plan. The Resolution Plan has also addre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of India (Insolvency Process of Corporate Persons) Regulations, 2016 (hereinafter referred to as CIRP Regulations ) after approving the plan by COC with 100% percent vote. 2. The Corporate Debtor was admitted in CIRP vide order dated 25.04.2019 passed by this Authority in application filed by the Financial Creditor u/s 7 of IB Code, wherein, moratorium was declared, Corporate Insolvency Resolution Process was initiated and Mr. Parwincharan P. Dwari was appointed as Interim Resolution Professional (hereinafter referred to as IRP ). 3. It is submitted by the applicant that after, receiving the claim from the creditors the IRP had constituted the Committee of Creditors (hereinafter referred to as COC ) comprises of 7 (seven) Financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l arise, same shall be paid additionally by the Resolution Applicant. The amount of short fall shall be paid within 15 days from the date of approval by the Adjudicating Authority. II. The Corporate Debtor has seven Financial Creditors for claim amount as well as admitted amount of ₹ 1,24,49,127/- wherein, the resolution applicant shall pay ₹ 10,00,000/- for the said admitted claim. The details of the payment which is to be made to financial creditors are as under; III. Only one operational Creditor namely G. Rabinathan who had claimed of ₹ 10,33,415/- and Resolution Applicant Propose to pay 0.5% i.e. ₹ 5200/-. IV. The amount of ₹ 3,65,00,000/- is payable to the Apex Enterprises, no claim wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - against full and final settlement. X. The applicant submitted that any liabilities arise from the pending litigations, Resolution Applicant shall pay 0.5% of amount subject to maximum ₹ 1,00,000/- and remaining all the liabilities over and above 0.5% subject to maximum ₹ 1,00,000/- shall extend extinguished. No, further amount shall be paid by Resolution Applicant once the Resolution Plan approved by this Authority apart from the amount proposed to pay under the Resolution Plan. 7. The Resolution applicant submitted that M/s. Twenty First Century Wire Rods Limited has filed a claim in the Court of Principal Judge, Harihar claiming the share of 9 Acre and 22 Ghuntas land situated at Mysore Kirloskar Limited, Harihar and c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . He drew our attention to the Resolution Plan in detail. Based upon the contents of the Plan, it was submitted that approved Resolution Plan complied with all the requirements of Section 30(2) of IBC, 2016 and r.w. relevant Regulations made there-under. It was also submitted that Resolution Plan had been filed before the expiry period of CIRP. 12 . Now, we consider the facts and submissions made on behalf of the Resolution Applicant. It is noted that the Resolution Plan, submitted for our approval, has been duly approved by the CoC in its meeting dated 19.10.2019 by 100% votes. The Resolution Professional has given requisite certificate that plan complies with all requirements Section 30(2) of IBC, 2016 r.w. relevant CIRP Regulations. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gulations, 2016. The 'Resolution Plan' is also not in contravention of any of the provisions of Section 29A, affidavit under section 29A has also been filed by the Resolution Applicant. The Resolution Professional has also certified that the 'Resolution Plan' approved by the CoC does not contravene any of the provisions of the law for the time being in force. The Compliance Certificate is placed on record. The 'Resolution Plan' has been approved by the CoC with 100% voting share. 15. In view of the above, the revised 'Resolution Plan' annexed with IA 794 of 2019 filed in CP (IB) No. 120 of 2018 is hereby approved, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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