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TMI Blog2022 (8) TMI 763X X X X Extracts X X X X X X X X Extracts X X X X ..... before this Adjudicating Authority listed on 28.07.2022. If any amount is realized on disposal of the above pending application, the same shall be distributed among the creditors as per provisions of section 53 of the Code. The Resolution Plan is approved - Application allowed. - IA/455/2021 IN CP (IB) 400/NCLT/AHM/2019 - - - Dated:- 5-8-2022 - DR. DEEPTI MUKESH, HON BLE MEMBER (JUDICIAL) And AJAI DAS MEHROTRA, HON BLE MEMBER (TECHNICAL) For the Applicant Anurag Bhatt, Adv. ORDER 1. This application has been filed by Ms. Neelam Modi, Resolution Professional of M/s Mataji Dyeing Mills Pvt. Ltd. under Section 30, 31 and other applicable provisions of the Insolvency Bankruptcy Code, 2016 (hereinafter referred to as Code ) read with Regulation 39 of IBBI (Insolvency Resolution Process for Corporate Persons), 2016 (hereinafter referred to as CIRP Regulations ) for approval of the Resolution Plan. 2. The facts in brief are that the Corporate Debtor M/s Mataji Dyeing Mills Pvt. Ltd. was admitted into CIRP by this Adjudicating Authority vide order dated 07.10.2020, in an application filed by the operational creditor (Mr. Manoj Kumar Lakhera, Proprietor of M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period, and the same was allowed by the Adjudicating Authority vide order dated 07.04.2021. 6. The applicant submitted that the CoC in its 8th meeting held on 07.04.2021, received revised resolution plan from the Prospective Resolution Applicants which were discussed by the CoC members. 7. The applicant received the valuation reports from the registered valuers wherein the Fair Value and Liquidation Value are ₹7,82,97,563/- and ₹6,12,92,272/-, respectively. 8. It is submitted by the applicant that 9th CoC meeting was held on 12.05.2022, wherein, the resolution professional, placed the resolution plan of Mr. Achal Chand Balar (prospective resolution applicant) before the CoC for the approval. The members of the CoC rejected the resolution plan of Mr. Achal Chand Balar by 100% voting. Thereafter, the resolution professional placed the resolution plan of prospective resolution applicant, i.e., Padam Shree Fabric before the CoC. The members of the CoC discussed on the resolution plan at length and approved the same unanimously with 100% voting. The CoC further resolved and directed to resolution professional to issue letter of intent ( LOI ) to the successful Resol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Dues - - - Total 11,01,81,827/- 10,53,52,002/- 6,19,50,171/- - *If there are sub-categories in a category, add rows for each sub-category. #Amount provided over time under the Resolution Plan and includes estimated value of non-cash components. It is not NPV. 11. It is noted that Form-H has been filed by Resolution Professional. The total claim amount admitted by the resolution professional from all stakeholders was Rs. 10,53,52,002/- and resolution applicant has committed for payment to all the stakeholders Rs. 6,19,50,171/-. The resolution plan, without CIRP cost, is higher than the liquidation value. It is stated in the resolution plan that as per the clause VI a of page 9 of the resolution plan, resolution applicant shall pay the actual CIRP cost, as ratified by the CoC within 30 business days from the effective date. Resolution plan is annexed as annexure A-13 with the application. 12. The Resolution Applicant furnished the performance guarantee of Rs. 1,23,14,535.00/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,40,33,344 90 days Approved Term Loan vide letter dated 08.06.2022 for the amount of Rs. 542.75 Lakhs and FDRs in the name of the resolution applicant for the amount of Rs. 1,73,00,000/- 4. 3,16,00,000 After payment to all the creditors FDRs in the name of the resolution applicant and approved term loan of Rs. 124 lakhs dated 13.05.2022 5. FDR for an amount of Rs. 1,28,44,094/- dated 22.11.2021 16. Heard submissions and perused documents placed on record. Based upon the contents of the Plan, it was submitted that Resolution Plan approved by CoC complies with all the requirements of Section 30(2) of IBC, 2016 and relevant regulations made thereunder. In the Resolution Plan with respect to concessions sought by Resolution Applicant we rely on the judgement of the Hon'ble Supreme Court in the case of Ghanashyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited and Ors. (Civil Appeal No. 8129 of 2019) dated 13.04.2021 which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons made thereunder. VI. The Resolution Professional shall forthwith send a copy of this Order to the participants and the resolution applicant(s). VII. The Resolution Professional shall forward all records relating to the conduct of the corporate insolvency resolution process and Resolution Plan to the Insolvency and Bankruptcy Board of India to be recorded in its database. VIII. As regards to various reliefs and concessions which are being sought, we hereby grant the following reliefs and concessions: a) After the payment of the dues to the creditors, as per the resolution plan, all the liabilities of the said stakeholders shall stand extinguished and other claims including Government/Statutory Authority, 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; b) From the date of this order, all claims except those provided in the plan of the Corporate Debtor shall stand extinguished. c) From the date of this order, all encumbrances on the assets of the Corporate Debtor before the plan shall stand extinguished. d) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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