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TMI Blog2022 (5) TMI 491X X X X Extracts X X X X X X X X Extracts X X X X ..... nt; iii. Ad-interim order in terms of prayers above; iv. To pass such further order and/or orders as this Hon'ble Tribunal may deem fit and proper. 2. Briefly stated by the Applicant that: 2.1 An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (CODE) was filed by the Financial Creditor (FC), the same being CP (IB) No.20/GB/2017, against the Applicant/CD herein - Assam Company India Ltd. before this Tribunal and this Tribunal by an order dated 26.10.2017 admitted the said application and initiated CIRP against the Applicant and declared moratorium under Section 14 of the Code. By the said order, this Tribunal also appointed an Interim Resolution Professional (IRP) for collating the claims of the Applicant. 2.2 During the CIRP the respondents did not file its claim with the IRP. Thereafter, the IRP was replaced by the Resolution Professional (RP) who floated Expression of Interest for inviting potential Resolution Applicants for submitting their Resolution Plans and pursuant to such Expression of Interest, the Resolution Plan as submitted by BRS Ventures Investment Ltd. [BRS Ventures), a Company incorporated in United Arab Emirates (UAE) and having its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 7Q of the said Act and all costs, charges and expenses. 2.7 Once the Resolution Plan has been approved by the Adjudicating Authority, the terms & conditions of such Resolution Plan shall be binding on the Corporate Debtor and its employees, members, including the Central Government, any State Government or any local authority and as such the Respondent has blatantly ignored the provisions of law and acted against the object, scope and interest of the Code. 3. The Applicant further submits that: 3.1 The Hon'ble Supreme Court of India in the matter of Committee of Creditors of Essar Steel India Ltd. Vs. Satish Kumar Gupta & Ors. [Civil Appeal No.8766-67/2019] has held that "....(d) A successful Resolution Applicant cannot suddenly be faced with "undecided" claims after the Resolution Plan submitted by him has been accepted as this would amount to a hydra head popping up which would throw into uncertainty amounts payable by the successful resolution applicant. (e) All claims must be submitted to and decided by the Resolution Professional so that a prospective resolution applicant knows exactly what has to be paid in order that it may then take over and run the business of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd as such, the Application filed by the Applicant shall be dismissed. 5. It is pertinent to bring here the Order passed by this Bench on 26.11.2021. "The matter is taken up for hearing through Video Conferencing. The Learned Counsel for the Petitioner Mr. A. Gaggar is present and for the Respondent Mr. Dilip Dey is present. 2. However, the learned Counsel for the Respondent could not be heard due to technical issue at his end. In the absence of the learned Counsel for the Respondent, the matter could not be proceeded, the matter is adjourned. The Respondent is directed to give the details of the dues in a tabular form from the date of the Resolution Plan approved. The Petitioner is directed to clear the dues to enable this Bench to dispose the matter. The Petitioner is also directed to convey the next date of hearing to the Respondent by enclosing the copy of today's Order. 3. List the matter on 09.12.2021". 6. It is stated that pursuant to our above order dated 26.11.2021, the Applicant vide their Supplementary Affidavit dated 08.12.2021 has informed the Respondent for compliance of the said order and crave leave to bring on record the demand notice issued by the Respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... abilities are as follows: "12.1 Other Liabilities including Contingent Liabilities: 12.1.1 Except to the extent of payments to be made to the Operational Creditors and other creditors under paragraph 3 and 5 above, the Resolution Applicant and ACIL shall have no liability towards any Operational Creditors and other creditors with respect to any claims (as defined under the Code) relating in any manner to the period prior to the Effective Date. Any such liability shall be deemed to be owed and due as of the Insolvency Commencement Date, the liquidation value of which is NIL and therefore no amount is payable in relation thereto. All such liabilities shall immediately, irrevocably and unconditionally stand fully and finally discharged and settled with there being no further claims whatsoever, and all forms of security created or suffered to exist, or rights to create such a security, to secure any obligations towards Operational Creditors and other creditors shall immediately, irrevocably and unconditionally stand released and discharged, and the Operational Creditors and other creditors shall waive all rights to invoke or enforce the same. 12.1.2 In accordance with the forgo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he E-portal. Vide order dated 28.01.2022, the Petitioner was directed to clear the dues to enable this Bench to dispose of the matter. In pursuance of the directions of this Bench vide orders dated 26.11.2021 and 28.01.2022, the Applicant vide its Supplementary Affidavit filed on 16.02.2022 has submitted that the Applicant had paid total provident fund dues for an amount totalling to Rs. 3,31,75,523.00 (Rupees Three Crore Thirty-One Lacs Seventy-Five Thousand Five Hundred Twenty-Three only) to the Respondents computed after 20.09.2018 i.e. the day the Resolution Plan was approved. 13. Hence the demand of the Respondent prior to 20th September, 2018 amounting to Rs. 78,93,960.00, out of the total claim of Rs. 80,07,965.00 for the period February, 2016 to April, 2019 is hereby extinguished as prayed for in terms of the Resolution Plan approved and as per the Judgement of the Hon'ble Supreme Court of India passed in the matter of Committee of Creditors of Essar Steel India Ltd. Vs. Satish Kumar Gupta & Ors. [Civil Appeal No. 8766-67/2019 and other petitions [Judgment dated 15th November, 2019). However, the Applicant is to continue to make payment of all statutory current dues includ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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