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TMI Blog2021 (1) TMI 1245X X X X Extracts X X X X X X X X Extracts X X X X ..... C. The Resolution Plan in question is in compliance with the object and extant provisions of Code and the rules made there under, and thus it is fit to be approved under Section 31(1) of the IBC, 2016. Petition disposed off. - C.P. (IB) No. 132/BB/2017 and I.A. No. 334 of 2020 - - - Dated:- 29-1-2021 - RAJESWARA RAO VITTANALA, MEMBER (J) AND ASHUTOSH CHANDRA, MEMBER (T) For the Resolution Professional : Raghuram Cadambi ORDER Rajeswara Rao Vittanala, Member (J) 1. I.A. No.334 of 2020 in C.P. (IB) No.132/BB/2017 is filed by Mr. Shivadutt Bannanje, Resolution Professional of M/s. Fortuna Urbanscape Private Limited (hereinafter referred to as Applicant/Resolution Professional') U/s 30(6), 31 and 60 of the I B Code, 2016 R/w Regulation 39 of IBBI, Regulations, 2016 by seeking approval of the Resolution plan, submitted by the Resolution Applicant Koncept Shelters U/s 31 of the Code for revival of the Corporate Debtor; to declare the Resolution Plan to be binding on the Corporate Debtor and its employees, Members, Creditors, including Authorities to whom statutory dues are owned, guarantors and other stakeholders involved in the Resolution Plan. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resolution passed by the COC in its 3rd meeting, the Applicant issued information memorandum and request for Resolution plan to the finalized list of prospective Resolution Applicants. The request for Resolution plan stipulated that the last date of submission for resolution plans was on 13.01.2020. However, the COC at its 4th meeting held on 14.01.2020 approved the extension of the time period for submission of the resolution plan from 13.01.2020 to 27.01.2020 and also the extension of CIRP by a period of 90 days from 05.02.2020. Further, based on the Resolution passed by the COC on 14.01.2020, the Applicant filed I.A No. 79 of 2020 seeking an extension of the CIRP by a period of 90 days and the same was granted by the Adjudicating Authority on 06.02.2020. (5) At the 5th COC meeting, based on the requests of the prospective resolutions applicants, the COC once again approved the extension of time period for resolution plan submission from 28.01.2020 to 10.02.2020. In the meantime, the Applicant commissioned a valuation report under Regulation 35 of the IBBI, Regulations 2016, to value the assets of the Corporate Debtor from the two sets of valuers. Accordingly the Applicant re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor and two other group companies from the suspended Directors of the Corporate Debtor on 24.06.2020 and the Applicant also expressed concerns regarding combined resolution plan stating that the suspended Directors had not provided any explanation as to how they are not disqualified u/s 29A of the Code; the combined plan had been received after the last date of submission of resolution plans, and after the other resolution plan had been opened in front of the COC and the plan jointly proposed the resolution of 3 Companies, which has not been envisaged by the Code, instead of addressing the resolution of a single company in different plans. (9) At the 8th COC meeting held on 30.07.2020, the Applicant submitted the Resolution plan for approval of the CoC submitted by the Resolution Applicant, which was the only plan, met the criteria set out in the request for Resolution plan under Section 30(2) of the Code. After examining and based on the discussion with the Resolution Applicant, the COC suggested to the Resolution Applicant to submit slightly modified plan, which can then be put for vote by way of e-voting. Further, at the same meeting, the Applicant explained the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to the secured financial creditors and the homebuyers is set out in clause 2 (iv) of Schedule 4 of the resolution plan. The secured Financial Creditors shall be repaid in 4 installments, and shall be paid a total sum of ₹ 8,00,00,000/-. d) The homebuyers (windflower project) may chose to purchase the apartment, by paying additional amount of ₹ 900/- per sq feet which shall be payable in three installment and also undertaken to hand over the possession of the apartment units to the homebuyer within a period of 4 years from the date of approval of resolution plan. The homebuyers who do not avail of this option, the Resolution Applicant agreed to pay back the advance payments received by the Corporate Debtor towards sale consideration after deducting an amount of ₹ 1,000/- per square feet of the sold area and the amount shall be paid to them in 8 quarterly installments commencing one year after the Hon'ble Tribunal approves this resolution plan. e) The homebuyers (Casabona project) may choose to purchase the apartment, paying an additional amount of ₹ 5,000/-per square feet in relation to the cost of construction which shall be payable in 3 installm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equest made by the Authorized Representative of the homebuyers till 10.A.M on 08.08.2020. (12) Accordingly, the Homebuyers cast their votes on both the items on the e-voting platform in the permitted time-slot. The result of the voting by the homebuyer was 96.56% of the homebuyer approved the Resolution plan of the Resolution Applicant, and 100% of the homebuyers rejected the Resolution plan submitted by the Corporate Debtor. And on the same day, the Applicant provided other members of the COC, the same opportunity by way of email dated 05.08.2020 with respect to voting on the rejection of the Resolution plan submitted by the Corporate Debtor and the approval of the plan of the Resolution Applicant and informed that the voting window will kept open for a period of 48 hours from 4.p.m on 06.08.2020 till 4.pm on 08.08.2020. After casting the votes on both the items, the result of the voting was 95.07% of the COC approved the plan submitted by the Resolution Applicant, 4.01% of the COC rejected the plan and 0.94% of the COC abstained from voting and 98.12% of the COC rejected the resolution plan submitted by the Corporate Debtor and 0.91% of the COC approved and 0.99% of the COC ab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmitted various documents and statements, as per provisions of the Code and the Rules made there under. And these compliances are briefly pointed out as under: (1) The RP examined the Resolution plan received from Resolution Applicant i.e. Koncept Shelters for Corporate Debtor of Fortuna Urbanscape Private Limited and certified as follows: a) The said Resolution plan complies with all the provisions of the I B Code 2016 (Code), the IBBI (Insolvency Resolution Process of Corporate Debtor) Regulations 2016 and does not contravene any of the provisions of the law for the time being in force. b) The Resolution Applicant i.e. Koncept Shelters submitted an affidavit pursuant to Section 30(1) of the Code confirming his eligibility U/s 29A of the Code to submit Resolution plan. The contents of the said affidavit are in order. c) The said Resolution plan has been approved by the COC in accordance with the provisions of the Code and CIRP Regulations made hereunder. The Resolution plan has been approved by 95.07% of voting share of the COC after considering its feasibility and viability and other requirements specified by the CIRP Regulations. d) I sought vote of members of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vernment, any State Government or any local authority to whom a debt in respect of payment of dues arising under any law for the time being in force, as authorities to whom statutory dues are owed, guarantors, and other stakeholders involved in the resolution plan. (2) The moratorium imposed vide Order dated 09.08.2019 passed in the CP shall cease to have effect from the date of communication of the order. (3) The Resolution Professional is directed to handover the management control of all the assets, documents/records in physical and/or digital form on an as is where is basis to the Resolution Applicant immediately, and the Resolution Professional will be ceased to be Resolution Professional. (4) The Resolution Professional shall forward all records relating to the conduct of the CIRP and the Resolution Plan to the Board to be recorded on its database. (5) The Resolution Applicant shall pursuant to the Resolution Plan approved under sub-section (1) obtain the necessary approval required under any law for the time being in force within a period of the one year from the date of approval of the Resolution Plan by the Adjudicating Authority under sub-section (1) or within ..... X X X X Extracts X X X X X X X X Extracts X X X X
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