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TMI Blog2019 (4) TMI 2044X X X X Extracts X X X X X X X X Extracts X X X X ..... of absence of any RP or pendency before the adjudicating authority, the resolution plan has been filed within 270 days of its initiation. The RP has certified that the Resolution Plan has been examined and found to be strictly in compliance of the mandatory provisions of Section 30(2) of the Code. On-going through the plan, and in terms of Section 31 of the Code this Bench is satisfied that the resolution plan as unanimously approved by the Committee of Creditors under sub-section (4) of section 30 meets the requirements as referred to in sub-section (2) of section 30. In view of the same, there is no legal impediment in confirming the same by this Adjudicating Authority - The resolution plan is approved which shall be binding on the corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irmation. 3. As part of the Committee of Creditors, the Bank of India, a Financial Creditor, constituting 90% of the entire claim, proposed the name of Mr. Vinay Talwar as the Resolution Professional. He was confirmed by this Bench vide order dated 29th January 2018, and has taken steps for considering the resolution plan for a possible turnaround of the business of the Corporate Debtor. Expression of Interest were invited vide publication in the daily newspapers "The Hindu" and "The Rajdhani". In response to the. said advertisement, the Resolution Professional received only one proposal namely, from M/s. S. M. Milkose Ltd., who was also one of the Financial Creditors of the Corporate Debtor. Due diligence was carried o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ersified from Cold Storage to Hydro power projects, Renewal Energy Sector including windmills, and construction of commercial complexes etc. The Resolution Applicant submits that it has an experienced and proficient management team and is confident of investing in necessary human resources and infusing financial capital to revive the operation of the Corporate Debtor. The Resolution Applicant wishes to acquire AEM which is already in the electronics and communications domain to go into production of Smart Energy Meters. (3) The liabilities of the Corporate Debtor have been collated and verified by the Resolution Professional as under:- Particulars Verified Amount (In INR Lakhs) 1. Claims Financial creditors claim (Bank of India) 41 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... used to make these shares fully paid up or towards subscription of new equity shares in accordance with the plan. (c) The entire equity of the present shareholders shall be acquired by the nominees of the Resolution Applicant and transferred in their favour by issuance of new share certificates for a consideration of ₹ 1,86,129/- for its 18,61,290 shares. The disbursement of the amount of ₹ 12.99 crores shall be as under. 6. A summary of the Corporate Insolvency Plan has been given as 4.1 in the plan which has also been detailed in Schedule 8 (Financial Plan). It is submitted that the Resolution Applicant has, to the extent possible, taken into account the interests of all stakeholders of the Corporate Debtor. For the avoidanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, and * The Dissenting Unsecured Financial Creditors will be paid the dissenting value due to unsecured financial creditors towards their full and final settlement of their claims. * Unsecured Financial Creditors related to the promoters will not be paid anything under the Resolution Plan. e Operational Creditors: The Operational Creditors of the Corporate Debtor shall be paid the the following amounts: * The Governmental Authorities shall be paid the Statutory Dues Settlement Amount in the manner set out in Schedule 8 (Financial Plan) towards full and final settlement of their claims; and * The other Operational Creditors shall be paid amount in the manner set out in Schedule 8 (Financial Plan) towards full and final settlement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mounts in accordance with Schedule 8 (Financial Plan) and the Resolution Applicant shall bear no responsibility for proportionate allocation or distribution of such amounts within such classes of creditors. 9. The time period for payment of statutory dues shall be 9 months from the effective date, while payment to other. operational creditors shall be within 30 days from the effective date. 10. The entire share capital is to be transfer to the Resolution Applicant on the effective date for a total consideration of INR 1,86,129/-. 11. The Resolution Plan has been filed by the RP and is duly annexed with form H and an affidavit. It is submitted that after exclusion of certain days as admissible on account of absence of any RP or pendency b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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