9911796707
TMI Blog2020 (10) TMI 1305X X X X Extracts X X X X X X X X Extracts X X X X ..... s that the implementation of the plan shall be jointly supervised by the Monitoring Committee - The Resolution Plan fulfils all the condition prescribed under Regulation 38(3) - the Resolution Applicant has paid 5% of the Resolution Plan amount through Demand Draft - As per the CoC, not required. The Resolution Plan is hereby approved which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors, statutory authorities and other stakeholders involved in the Resolution Plan including the Resolution Applicant - While approving the Resolution Plan, as mentioned above, it is clarified that the Resolution Applicant shall pursuant to the Resolution Plan approved under Section 31(1) of the IBC, 2016, obtain all the necessary approval as may be required under any law for the time being in force within a period of one year from the date of approval of the Resolution Plan by this authority or within such period as provided for under such law - the order of moratorium passed by this Adjudicating Authority under Section 14 of the IBC, 2016 shall cease to have effect from the date of passing of this Order. Application allowed. - CA417/2020 & CP IB No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P Regulations, 2016. 5. The Resolution Professional as per the directions of CoC published the Form-G inviting the Expression of Interest on 25.09.2019 in the newspapers, in response to which two Resolution Plans were submitted. In the 3rd Meeting of the COC convened on 17.12.2019 the Resolution Plans along with EMD of ₹ 5 lacs each were placed before the CoC for discussion. The CoC sought modifications and asked the Resolution Applicant viz., M/s. Commodities Trading (hereinafter referred as Resolution Applicant ) to revise the Resolution Plan. The Resolution Applicant agreed to file revised resolution Plan of ₹ 4.5 Crore, the details of payments are as follows: a. Financial Creditors SASF - IDBI Bank Ltd will get ₹ 4 Crore b. Operational Creditor Noida SEZ will get ₹ 50 Lacs. 6. In the 4th meeting of the COC, convened on 06.01.2020, the Resolution Plan was approved by 100 % voting share by the Committee through E-voting mode that concluded on 07.01.2020 and the following resolution was passed: RESOLVED THAT , the Resolution Plan submitted by M/s. Commodities Trading for ₹ 4.5 Crore be and is hereby approved in compliance with the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cant. Implementation and Supervision: The Resolution Plan provides that the implementation of the plan shall be jointly supervised by the Monitoring Committee, which shall comprise of: a) A representative or an advisor of the Financial Creditor (other than related party) b) A representative of the Resolution Applicant, and c) Resolution Professional (An IBBI registered Insolvency Professional) Fees of Monitoring Committee: The Resolution Plan provides that the remuneration of the members of the monitoring committee shall be paid by the Resolution Applicant till the initial payment date which shall form part of CIRP Cost. Management and Control of the Corporate Debtor: The Resolution Plan provides that after the Closing date, the Resolution Applicant shall be the shareholder(s) of the Corporate Debtor and the reconstituted Board of the Corporate Debtor shall manage the business and operations of the Corporate Debtor. Concessions Waivers: All the concessions and waivers prayed for by the Resolution Applicant under Para 10 of the Resolution Plan approved by the CoC fall within the parameters of I B Code, 2016, and other applicable laws. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lution process for corporate persons) Regulation, 2016 and the evidence of receipt of performance security required under sub-regulation (4A) of Regulation 36B has also been filed by the Resolution Professional. Form-H, filed by the Resolution Professional indicates that the Fair value of the assets of the Corporate Debtor is Rs. and the Liquidation value is Rs. The offer made under the Resolution Plan is for ₹ 4.5 Crores that is accepted and approved by the COC, which is more than the Liquidation value, as stated earlier. Section 30 (2) of the IBC Regulations: 9. The requisites for approval of Resolution Plan are set out in Section 30 (2) of the IBC, 2016 and the Regulations made. The Resolution Plan under consideration appears to have complied with such requirements as endorsed by the Resolution Professional under Form- H, the detail of which is noted as follows: Section / Regulation Compliance made Section 30(1) of the IBC, 2016 Resolution Applicant has submitted an Affidavit stating that he is not disqualified under the provisions of Section 29A. Section 30(2)(a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BBI (Insolvency Process for Corporate persons) Regulations, 2016. As per the CoC, not required. 10. In view of the above, the Resolution Plan annexed with the CA-417/2020 filed in CP IB No. 324/ND/2019 is hereby approved which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors, statutory authorities and other stakeholders involved in the Resolution Plan including the Resolution Applicant. 11. While approving the Resolution Plan, as mentioned above, it is clarified that the Resolution Applicant shall pursuant to the Resolution Plan approved under Section 31(1) of the IBC, 2016, obtain all the necessary approval as may be required under any law for the time being in force within a period of one year from the date of approval of the Resolution Plan by this authority or within such period as provided for under such law. 12. The order of moratorium passed by this Adjudicating Authority under Section 14 of the IBC, 2016 shall cease to have effect from the date of passing of this Order. 13. The Resolution Professional shall forward all records relating to the conduct of the CIRP and the Resolution Plan to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
