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TMI Blog2021 (12) TMI 1361X X X X Extracts X X X X X X X X Extracts X X X X ..... CIRP Regulations. The Resolution Plan is hereby approved, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors, and other stakeholders involved in the Resolution Plan including Resolution Applicant - Application allowed. - IA No. 368 of 2021 In CP(IB) No. 533/9/NCLT/AHM/2018 - - - Dated:- 13-12-2021 - Madan B. Gosavi (Member Judicial) And Ajai Das Mehrotra (Member Technical) For the Applicant : Learned Counsel Mr. Lalit M. Patel. For the Respondent : Learned Counsel Mr. Anal Shah. ORDER Per Bench l. The present application has been filed by the applicant/ Resolution Professional for approval of resolution plan under section 30(6) read with section 31 and section 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as The IB Code, 2016) read with Regulation 39(4) of The Insolvency and Bankruptcy Board of India (Insolvency Process of Corporate Persons) Regulations, 2016 (hereinafter referred to as CIRP Regulations ) after approval of the plan by the Committee of Creditors (hereinafter referred to as COC ) with 95.23% voting. 2. The Corporate Debtor was admitted into CIRP vide orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) registered valuers for each category of assets i.e (a) Land building (b) Plant Machinery and (c) Security and Financial Assets and Transaction Auditor for conducting transaction audit of the Corporate Debtor. The registered valuers have submitted the valuation report wherein the assets of the Corporate Debtor were valued for Rs. 64.475/- crores as fair value and Rs. 4558/- crores as liquidation value. 10. In the adjourned eighth COC meeting which resumed on 07.05.2021, the COC approved the resolution plan received from Mangalam Worldwide Private Limited by 95.23% voting. 11. The amounts provided for the stakeholders under the Resolution Plan are as under; (Amount in Rs. Lakh) Sr. No Category of Stake holder Sub-Category of Stakeholder Amount Claimed Amount Admitted Amount provided under the plan Amount provided to the amount claimed 1 Secured Financial Creditors (a) Creditors not having right to vote under section 210) NA NA NA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 24355.87 Lakhs and the amount proposed for the payment under the plan against . the total claim is Rs. 4817.7 Lakhs. The total haircut under the proposed plan is 80.2%. Reliefs and Concessions sought: 13. The Successful Resolution Applicant is praying to exclude the liabilities of the Corporate Debtor for offence committed prior to the commencement of CIRP other than liability of the Suspended Director or Suspended Management of the Company. 14. The Successful Resol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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. Lastly, amount of Rs. 4267.12 Lakhs payable to financial creditors is proposed to be paid within 180 days from appointed date in CIRP account. 20. The Resolution Plan also provides the background of the Successful Resolution Applicant and its associates, and tie financial capabilities of the successful Resolution Applicant. The Resolution Plan is both feasible and viable. Also, the Resolution Plan contains the procedure for the effective implementation 'o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rocedural 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 who shall take a decision on relief and concessions sought by the Resolution Applicant in accordance with the provisions of Income Tax Act, 1961. 5. The Resolution Applicant shall be entitled to review, revise or terminate any appointments/agreements entered into by or on behalf of the Corporate Debtor in accordance with the terms and conditions of such agreements/MoUs/contracts. 6. The Board of Directors of the Corporate Debtor shall als ..... X X X X Extracts X X X X X X X X Extracts X X X X
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