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TMI Blog2022 (9) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... n the Application as well as in Form-H as filed by the Resolution Professional in relation to the procedural aspects, the same seems to have been duly complied with for which the applicant has issued a certificate and it is not necessary for this Tribunal to go into the same. However, this Tribunal is duty bound to examine the Resolution Plan vis- -vis with the mandatory compliance under the Code and the compliance made under is captured hereunder - all the requirements of Section 30(2) are fulfilled. In respect of compliances regarding CIRP Regulations especially Regulations 38 and 39, the Resolution Professional has certified in Form-H and explained in details that the Resolution Plan has complied with all the required Regulations. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... carried out a public announcement of initiation of CIRP on 06.10.2021. After collation of claims and determination of the financial position of the Corporate Debtor, a Committee of Creditors (CoC) was duly constituted by the Applicant on 22.10.2021. The first meeting was held on 29.10.2021, wherein the appointment of Mohd Nazim Khan was approved as the RP. c) Thereafter the second meeting of CoC was held on 25.11.2021, wherein the eligibility criteria pursuant to Section 25 (2) of the IBC, 2016 along with the Request for Resolution Plan (RFRP) and Evaluation Matrix was discussed. In pursuance thereof, the erstwhile IRP proposed the resolutions before the COC and the same has been passed by the COC unanimously with 100% Voting rights. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o agreed not to open sealed Resolution Plan till the date of credit of bid amount. Therefore, after getting an opportunity, the sole Resolution Applicant redeposited the bid amount of INR 1,00,000 (Rupees One Lac only) via NEFT on 16.02.2022 and thereafter, the Applicant opened the seal Resolution Plan and prepared the Due Diligence report. i) In the fourth meeting of the COC held on 25.02.2022, wherein the Resolution Plan of M/s. Legend Infoways Private Limited was placed before COC members, accordingly, the following Resolution was put to vote and passed with 98.61% voting rights. j) It is submitted that the successful resolution applicant has submitted an undertaking under Regulation 39(1)(c) of the IBBI (Insolvency Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f section 53, whichever is higher, and provides for the payment of debts of financial creditors, who do not vote in favour of the Resolution Plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with sub-section (1) of section 53 in the event of a liquidation of the corporate debtor. Explanation 1. -- For removal of doubts, it is hereby clarified that a distribution in accordance with the provisions of this clause shall be fair and equitable to such creditors. Explanation 2. -- For the purpose of this clause, it is hereby declared that on and from the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019, the provisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vided in the Resolution Plan, the Adjudicating Authority may approve the Resolution Plan. 5. We have heard the parties and perused the case records. Ld. Counsel appearing for the Resolution Applicant submitted that the Resolution Plan is as per the provisions contained in the Code and so, the same may be approved. From the averments made in the Application as well as in Form-H as filed by the Resolution Professional in relation to the procedural aspects, the same seems to have been duly complied with for which the applicant has issued a certificate and it is not necessary for this Tribunal to go into the same. However, this Tribunal is duty bound to examine the Resolution Plan vis- -vis with the mandatory compliance under the Code and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39(4) of the of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP regulations), the applicant has filed compliance certificate in Form-H certifying that the Resolution Plan submitted by the successful resolution applicant meets the requirements as laid down in various clauses of Section 30(2) of the Code. 12. In sequel to aforesaid discussions, we are satisfied that all the requirements of Section 30(2) are fulfilled. In respect of compliances regarding CIRP Regulations especially Regulations 38 and 39, the Resolution Professional has certified in Form-H and explained in details that the Resolution Plan has complied with all the required Regulations. 13. For the reasons discussed above, in our cons ..... X X X X Extracts X X X X X X X X Extracts X X X X
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