9911796707
TMI Blog2021 (2) TMI 1379X X X X Extracts X X X X X X X X Extracts X X X X ..... by virtue of mandatory contents of resolution plan as discussed in the preceding paragraphs in relation to Section 30 and Section 31 of the Code, the requirement of Regulation 38 also stands fulfilled. Even the requirement of Regulation 39 has been satisfied, as the RP has submitted that the resolution plan of Resolution applicant, as approved by the Committee of Creditors, to this Tribunal along with the compliance certificate in Form H, as per the requirements of Regulation 39(4) of the CIRP Regulations meets all the requirements of the Code and the CIRP Regulations and that the resolution plan has been duly approved by the Committee of Creditors. The Resolution plan is accepted. Seeking impleadment of the applicant - seeking approval of the resolution plan, on the ground that its rights are likely to be affected by the resolution plan approved by the COC, as it may prescribe the scaling down of the amounts to be paid to the operational creditors, including the applicant - HELD THAT:- The resolution plan dated 19.08.2020 along with addendum dated 30.09.2020, as approved by the COC satisfies all the requirements of the Code and Regulations made thereunder, no further orders are re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taking over the operations of the corporate debtor was discontinued. 3. In CA No. 223 of 2018 filed in CP (IB) No. 114/Chd/Pb/2017 by the IRP the period, during which the appointment of IRP was stayed by the Hon'ble High Court and by the Hon'ble Supreme Court was excluded by order dated 14.06.2018 of this Tribunal. 4. At this stage, a co-director of the corporate debtor filed CWP No. 15685 of 2018 before the Hon'ble High Court of Punjab and Haryana titled as Dhiraj Saluja vs. Union of India challenging the constitutionality of Section 35AB of the Banking Regulation Act and while issuing notices therein an ex parte order directing to keep the CIRP, initiated in respect of the corporate debtor, in abeyance was passed vide order dated 22.06.2018. The said CWP was transferred to the Hon'ble Supreme Court of India and finally the said transferred case T.P. (C) 16 of 2019 was dismissed as withdrawn, on 06.09.2019 and consequently the interim order of keeping the CIRP in abeyance has ceased to have any effect w.e.f. the said date. Accordingly, the IRP had taken over the management of the corporate debtor again, on 09.09.2019. 5. In view of the above, though the CIRP was i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21.01.2020 and 17.02.2020 had extensive negotiations and finally declared the resolution plan dated 19.08.2020 of the Consortium of ARR ESS Industries Private Limited and Leading Edge Commercial FZE (Successful Resolution Applicant) as the highest evaluated resolution plan. The Hon'ble NCLAT in IA No. 151 of 2020 by order dated 10.01.2020 modified its order dated 13.11.2019 in CA No. 1062 of 2019 to the extent of allowing total exclusion period of 150 days and thereafter, the Hon'ble NCLAT through its various orders passed in the said appeal extended the time of CIRP period from time to time. 7. Accordingly, in view of the extension of the period of CIRP by the Hon'ble NCLAT from time to time, finally the COC in its 16th meeting held on 29.08.2020 approved the resolution plan along with its addendum by 50.15% of the voting share; however the Hon'ble NCLAT vide order dated 18.09.2020 granted additional time to COC to deliberate upon the plan and directed to re-conduct the voting. As per the revised voting, the resolution plan submitted by the Successful Resolution Applicant was approved by COC by a majority of 96.90% voting share. Accordingly, a letter of intent date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tors, it is stated in Form 'H' that the Plan provides for the payment to the financial creditors, who did not vote in favour of the resolution plan, at Clause 5.4(e) B(xvi) of the Plan, in terms of Section 30(2) of the Code. 12. As per Section 30(2)(c) the resolution plan must provide for the management of the affairs of the corporate debtor after its approval. There is specific provision made for the management and control of the company after the approval of the resolution plan. A detailed mechanism regarding the management and control is discussed in Clause 11 under the heading 'mechanism regarding Management and Control of the Business of the Corporate Debtor'. It is stated therein that from the NCLT approval date, a monitoring committee comprising of four (4) persons, out of which three will be three representatives of the Financial Creditors and one will be observer representative of the resolution applicant, will be constituted and the said committee shall continue to function until the effective date and shall stand dissolved upon acquisition of the corporate debtor by the resolution applicants. 13. Section 30(2)(d) of the Code envisages that it must provide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egard to the compliance under Regulation 35A, it is stated that IA No. 726/2020, filed under Section 66 of the Code, is pending before this Adjudicating Authority and the same is to be continued even after approval of the Resolution Plan. 21. Further, the resolution plan fulfills all the requirements of Regulation 38 and 39 of the CIRP Regulations. A perusal of Regulation 38 would clearly show that by virtue of mandatory contents of resolution plan as discussed in the preceding paragraphs in relation to Section 30 and Section 31 of the Code, the requirement of Regulation 38 also stands fulfilled. Even the requirement of Regulation 39 has been satisfied, as the RP has submitted that the resolution plan of Resolution applicant, as approved by the Committee of Creditors, to this Tribunal along with the compliance certificate in Form H, as per the requirements of Regulation 39(4) of the CIRP Regulations meets all the requirements of the Code and the CIRP Regulations and that the resolution plan has been duly approved by the Committee of Creditors. 22. In respect of the reliefs and concessions as set-forth in clause 7 of the resolution plan dated 19.08.2020 along with Addendum dated 30. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
