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TMI Blog2021 (11) TMI 1037X X X X Extracts X X X X X X X X Extracts X X X X ..... starts - All the taxes, liabilities or obligations payable to, claims, assessments, counter claims, etc., shall stand irrevocably waived on the Resolution Plan being approved by the Tribunal. The Resolution Plan submitted by the Resolution Applicant is found to be meeting all the requirements of the IBC, 2016 and more importantly Section 30 (2) of the IBC Code and Regulation 38 (1A) and applicable CIRP Regulations. It does not contravene any of the provisions of law. It caters to the interest of all the Stakeholders. In K. SASHIDHAR VERSUS INDIAN OVERSEAS BANK OTHERS [ 2019 (2) TMI 1043 - SUPREME COURT ] the Hon'ble Apex Court held that if the CoC had approved the Resolution Plan by requisite percent of voting share, then as per s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsolvency, and Bankruptcy Code, 2016 (the Code in short) read with Regulation 39 (4) of the IBBI (Insolvency Resolution Process for. Corporate Persons) Regulations, 2016 (the Regulations in short). 2. After his appointment the RP has visited Bishnupur (West. Bengal), manufacturing plant and the office of the Corporate Debtor, located at Jodhpur extension area Kolkata, on 5th and 6th November, 2019 to take charge of the entire management and control of the Corporate Debtor. On 25.11.2019, he was appointed as Resolution Professional in the first meeting of the Committee of Creditors (in short CoC) and publication in Form-G, inviting Expression of Interest (EoI) from Prospective Resolution Applicants (in short PRA) was made in 3 newspapers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Resolution Applicant thereafter submitted a Resolution Plan dated 25.12.2020 on 28.12.2020 based on the modified RFRP. 6. The 15th CoC meeting was convened to consider and evaluate the Resolution Plan submitted by the Resolution Applicant, which was held on 31.12.2020. One of the CoC member's suggested to have an independent person as part of the Monitoring Committee in place of the RP which was accepted by the CoC. The Resolution Plan was approved in the 15th CoC meeting by majority of 74.47% of the voting share of the Financial Creditors and in accordance with Section 30 (4) of the IBC Code. 7. The RP apprised the CoC members about the requirements of Regulation 39B and 39C of CIRP Regulations, regarding meeting the Liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16.80 F Capex (Repairs/Deposit 6.00 G Working Capital Margin 2.50 H Investment in Company (F+G) 8.50 I Investment by the Resolution Applicant (E+H) 25.30 11. Term, implementation of the Resolution Plan shall be 18 months from the date of receipt of order from the Tribunal approving the Resolution Plan. The Resolution Plan further contemplates the following terms: (a) All the Shares held by the Promoters shall get cancelled or transferred to the Resolution Applicant based on the appropriate value as per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le CIRP Regulations. It does not contravene any of the provisions of law. It caters to the interest of all the Stakeholders. 14. In K. Sashidhar v. Indian Overseas Bank Others (in Civil Appeal No. 10673/2018 decided on 05.02.2019) the Hon'ble Apex Court held that if the CoC had approved the Resolution Plan by requisite percent of voting share, then as per section 30(6) of the Code, it is imperative for the Resolution Professional to submit the same to the Adjudicating Authority (NCLT). On receipt of such a proposal, the Adjudicating Authority is required to satisfy itself that the Resolution Plan as approved by CoC meets the requirements specified in Section 30(2). The Hon'ble Court observed that the role of the NCLT is 'no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Resolution Plan is not in contravention of any of the provisions of Section 29A of the Code and is in accordance with law. The same needs to be approved. Hence ordered. ORDER i. The Resolution Plan annexed to the Application is hereby approved. It shall become effective from this date and shall form part of this order. It shall be binding on the Corporate Debtor, its employees, members, creditors, including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force is due, guarantors and other stakeholders involved in the Resolution Plan. ii. The Memorandum of Association (MoA) and Articles of Association (A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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