9911796707
TMI Blog2021 (12) TMI 1361X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Corporate Debtor was admitted into CIRP vide order dated 16.03.2020 passed by this Authority in an application filed by the Operational Creditor u/s 9 of IB Code 2016, wherein the moratorium was declared and Mr. Pawan Kumar Ramdhan Agarwal was appointed as the Interim Resolution Professional (hereinafter referred to as "IRP"). 3. The Resolution Applicant submitted that the period of lockdown was excluded from CIRP period after the insertion of Regulation 40C of CIRP Regulations, 2016 and the commencement of CIRP was started on 09.06.2020 after the lockdown was lifted. 4. The public announcement was made by IRP for submission of claims by creditors on 10.06.2020 in "The Indian Express" English edition and "Financial Express" Gujarati edition. 5. It is submitted by the applicant that after receiving the claims from the creditors the IRP had constituted the COC which comprised of 5 (five) Financial Creditors namely: City Union Bank, Small Industries Development Bank of India, Mahindra Financial Services Limited, IDFC First Bank Limited (erstwhile Capital First Limited) and Magma Fincorp Limited. 6. In the first meeting dated 15.07.2020, COC resolved to replace Interim Resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n plan 583.27 583.27 203.31 34.85% (ii) who voted in favour of resolution plan 12598.09 12598.09 4589.39 36.42% Total (a + b) 13181.36 13181.36 4792.7 36.36% 2. Unsecured Financial Creditors a) Creditors not having right to vote under section 21(2) NA NA NA NA (b) Other than (a) above: (i) Who did not vote in favour of resolution plan 48.06 48.06 5.00 10.40% (ii) who voted in favour of resolution plan Nil Nil Nil Nil Total (a + b) 48.06 48.06 5.00 10.40% 3 Operational Creditors (a) Related Party of Corporate Debtor NA NA NA NA (b) Other than (a) above Government 1347.60 1024.46 10.00 0.74% Workmen Nil Nil Nil Nil Employees Nil Nil Nil Nil Other Operational Creditors 9778.85 7788.45 10.00 0.10% Total (a + b) 11,126.45 8812.91 20.00 0.18% Grand Total 24,355.87 22,042.33 4817.7 19.8% 12. The total claim made by all the claimants is Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of Rs. 48.06 Lakhs which is not less than Liquidation value. The Operational Creditors will receive a sum of Rs. 20 Lakhs as against their total claim of Rs. 11,126.45 Lakhs. The-Secured Creditors Will receive a sum of Rs. 4792.7 Lakhs against their total claim of Rs. 13181.36 Lakhs. The expenditure relating to CIRP cost has been kept by the Resolution Applicant a Rs. 75 Lakhs. No claims are submitted by the workmen. Thus, no provision for any payment is proposed in the Resolution Plan for workmen. The amount of Rs. 526 Lakhs for performance security is proposed to be paid within 4 business days of issue of Letter of, Intent in CIRP account. The amount of Rs. 24.59 Lakhs payable to operational creditors, financial creditors, unsecured financial creditors, statutory authorities and stamp duty is proposed to be, paid within 30 days from the appointed date in CIRP Account. While amount of Rs. 27.24 Lakhs payable to Stamp Authority is also proposed be made within 30 days from appointed date. The amount of Rs. 411 Lakhs for replacement of bank guarantee, which is excluded from the amount provided under Resolution Plan, is proposed to be paid within 90 days from appointed date. L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that other claims including claims of Government/Statutory Authorities, whether lodged during CIRP or not, shall stand extinguished after the approval of the resolution plan. We further hold that contingent/unconfirmed dues shall also stand extinguished. 2. On the effective date and with effect from the appointed date, all encumbrances on the assets of the Corporate Debtor prior to the plan shall stand permanently extinguished on completion of procedural formalities as provided in Companies Act, 2013. 3. For reliefs and concessions sought from the Government/Statutory. Authorities regarding status of business permit for lapsed, expired, suspended, cancelled, revoked, terminated business of the Corporate Debtor, the Successful Resolution Applicant may approach the concerned Authority for grant/ renewal/ allocation of. business permit or any license required to run the Corporate Debtor. The Concerned Authorities may consider the application/request of Successful Resolution Applicant as per applicable provisions of law. 4. As regard to relief prayed under various provisions of Income Tax Act, 1961, the Corporate Debtor/Resolution Applicant may approach the Income Tax Authorities ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
