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TMI Blog2019 (12) TMI 1595X X X X Extracts X X X X X X X X Extracts X X X X ..... ons thereunder. The 'Resolution Plan' filed with the Application meets the requirements of Section 30(2) of the I B Code, 2016 and Regulations 37, 38, 38(1A) and 39 (4) of IBBI (CIRP) Regulations, 2016. The 'Resolution Plan' is also not in contravention of any of the provisions of Section 29A. Hence, this Adjudicating Authority is satisfied that the Resolution Plan is in accordance with Law - the Resolution Plan approved shall not construe any waiver to any statutory obligations/liabilities arising out of the approved Resolution Plan and same shall be dealt in accordance with the appropriate Authorities as per relevant Laws. Application disposed off. - IA No. 586/2019 in CP (IB) No. l26/9/HDB/2017 - - - Dated:- 6-12-2019 - K. Anantha Padmanabha Swamy, Member (J) And Dr. Binod Kumar Sinha, Member (T) For Appellant: Kalpana G., RP ORDER K. Anantha Padmanabha Swamy, Member (J) 1. The present Application bearing IA No.586/2018 is filed seeking the following prayers:- a. Pass an Order for approval of the submitted Resolution Plan (which has been approved by COC with 100% voting rights) under section 31(1) of the IBC, 2016; b. To pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ority (NCLT) b) 50% of the agreed Resolution Plan amount will be paid within 30 days from the date of approval of the adjudicating authority (NCLT) c) Balance 25% agreed Resolution Plan amount will be paid within 15 days thereafter d. Management and control of the business of the Corporate Debtor during its term 38(2)(b): The management and control of the business of the Corporate Debtor during the term of the Resolution Plan process shall rest with the Resolution Applicant. The board of directors of the Corporate Debtor shall continued to be suspended. e. Adequate means for supervising its implementation 38(2)(c): It is proposed that the present Resolution Professional will supervise the implementation of the Resolution Plan. The Resolution Professional to manage the day-to-day affairs of the Corporate Debtor under its supervision, till the completion date of this plan. f Source Of Funds: The Resolution Applicant confirms that it has sufficient funds to make the payments described above and has the ability to raise such amounts from other sources. g. Limited Liability:. i. Upon approval of this Plan by the Adjudicating Authority any and all rights and entitlem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... illed 1. Section 30(1) Affidavit under Section 29A stating that he is eligible to submit Resolution Plan - Submitted 2. Section 30(2)(a) Payment of Insolvency Resolution Process Costs - provided in priority over other debts of the Corporate Debtor. Clause 5A at page no. 118 3. Section 30(2)(b) Payment to Operational Creditors - provided, as specified by the Board in CIRP Regulation 38 (1): The amount due to the operational creditors under a resolution plan shall be given priority in payment over financial creditors. - Provided in Clause 5B at page no. 119 4. Section 30(2)(c) Management of the affairs of the Company after approval of the Resolution Plan - vests with the Resolution Applicant Mentioned in Clause 6ii at page no. 135 5. Section 30(2)(d) Implementation and supervision of the Resolution Plan - by the Resolution Professional. Mentioned in Clause 6iii at page no.135 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to roof sheds situated at Survey No.49/E 50/E, Annaram Village, Farooqnagar Mandal, Ranga Reddy Dist, (formerly Maboobnagar Dist) Telangana. 65.75 55.90 47.70 3 This is an Agricultural dry Land admeasuring 8.00 Acres after road affected 7.50 acres. The property is situated Sy. Nos. 412 413, Aregudem H/o. Panthangi Village, Choutuppal Mandal, Yadadri-Bhongir Dist surrounded by a few industries on the southern side. 202.50 172.13 146.25 4 The Plant Machinery relating to the factory situated at Survey No.394, Raikal Village, Farooqnagar Mandal, Ranga Reddy District, Telangana 106.85 88.05 67.00 Total Amount 788.70 669.13 561.10 7. The RP/Applicant stated that as per Regulation 39 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 the Committee of Creditors shall record the reasons for approving or rejecting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16 r/w Regulation 39 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016 to the Corporate Debtor i.e., Shree Raghav Ispat (India) Private Limited. 10. RP filed a memo dated 21.10.2019 wherein it is stated that the Resolution Applicant M/s. Amarson Pearls Jewels submitted the Demand Draft for Rs.25,00,000/- drawn in favor of Shree Raghav Ispat India Pvt Ltd, dated 15th October, 2019 to the Resolution Professional on 16th October, 2019 and further vide memo dated 25.10.2019, RP stated that the members of CoC submitted their letter of acceptance of the Performance Guarantee submitted by the Resolution Applicant M/s. Amarsons Pearls Jewels in the form of Demand Draft for an amount of Rs.25,00,000/- 11. RP filed a memo dated 01.10.2019, wherein it is stated that the Resolution Plan submitted by the Resolution Applicant is in compliance with the provisions laid down in the latest Amendment to Insolvency and Bankruptcy Code, 2016 and Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. It is further stated in the memo dated 01.10.2019 that as per the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on proposed, which may take into account the order of priority amongst creditors as laid down in subsection (1) of section 53, including the priority and value of the security interest of a secured creditor and such other requirements as may be specified by the Board. 15. Section 30(6) of the Code enjoins the resolution professional to submit the resolution plan as approved by the committee of creditors to the Adjudicating Authority. Section 31 of the Code deals with the approval of the resolution plan by the Adjudicating Authority, if it is satisfied that the resolution plan as approved by the committee of creditors under section 30(4) meets the requirements as referred to in section 30(2). 16. Thus, before approving the Resolution plan, it is the duty of the Adjudicating Authority that it should satisfy itself that the Resolution plan as approved by the COC meets the requirements as referred to in subsection (2) of Section 30. 17. On perusal of the Resolution Plan, this Adjudicating Authority has observed that the Resolution plan placed for consideration provides for the following: a) Payment of CIRP Cost as specified U/s 30(2)(a) of IBC, 2016. b) Repayment of Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wo votes i.e., 100% of voting share of financial creditors after considering its feasibility and viability and other requirements specified by the CIRP Regulations. iv. The voting was held in the meeting of the 10th CoC on 28th June, 2019 where all the members of the CoC were present. 23. The Resolution Plan includes a statement under regulation 38(lA) of the CIRP Regulations as to how it has dealt with the interest of the stakeholders in compliance with the Code and Regulations thereunder. 24. It is also evident that the Resolution Plan placed before this Adjudicating Authority, was approved by the Committee of Creditors in its 10th CoC meeting dated 28.06.2019 with 100% votes cast in favour of Approval of Resolution Plan. 25. In K Sashidhar Vs. Indian Overseas Bank Others, decided on 05.02.2019 in Civil Appeal No. 10673/2018 with CA Nos.10719/2018, 10971/ 2018 and SLP(C) No.29181/2018, the Hon'ble Supreme Court, noticing the provisions of section 30(4), 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 adjudi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be amended and filed with the RoC for information and record as prescribed. While approving the 'Resolution Plan', as-mentioned above, it is clarified that the Resolution Applicant shall pursuant to the Resolution Plan approved under Sub-Section (1) of Section 31 of the I B Code, 2016, obtain all the necessary approvals as may be required under any law for the time being in force within the period as provided for in such law. 30. The approved 'Resolution Plan' shall become effective from the date of passing of this Order. 31. This Adjudicating Authority hereby directs the RP to supervise the implementation of the Resolution plan and file status of implementation of Resolution Plan before this Adjudicating Authority from time to time. 32. The order of moratorium passed by this Adjudicating Authority under Section 14 of the I B Code, 2016 shall cease to have effect from the date of passing of this Order. 33. The Resolution Professional shall forward all record relating to the conduct of the CIRP and the 'Resolution Plan' to the IBBI along with Copy of this Order, so that the Board may record the same on its data-base. 34. The Resolution Profess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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