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TMI Blog2021 (2) TMI 1379X X X X Extracts X X X X X X X X Extracts X X X X ..... 114/Chd/Pb/2017 and declared moratorium. 2. The corporate debtor SEL Manufacturing Company Limited aggrieved with the said order dated 11.04.2018 filed CWP No. 9131 of 2018 before the Hon'ble High Court of Punjab and Haryana, and after hearing the said CWP, orders were reserved on 25.04.2018. As there was no stay, in the said CWP, the Adjudicating Authority appointed the applicant as the Interim Resolution Professional (IRP) vide order dated 25.04.2018. On 01.05.2018, the Hon'ble High Court of Punjab and Haryana disposed of the CWP No. 9131 of 2018 by directing the corporate debtor to avail the alternate remedy of appeal under Section 61 of the Code and also directed the IRP i.e. the applicant, not to take over the management of the corporate debtor till 15.05.2018. SLP(C) No. 11903 - 11904 of 2018 filed by the corporate debtor before the Hon'ble Supreme Court against the order dated 01.05.2018 of the Hon'ble High Court of Punjab and Haryana, was dismissed, on 11.05.2018, however the Hon'ble Supreme Court extended the direction to not take over the management of the corporate debtor, issued by the Hon'ble High Court of Punjab and Haryana by another week. O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l be counted from the date of issuance of the certified copy of this order. Out of 90 days, 60 days' time is allowed to the 'Resolution Professional' and Committee of Creditors, who may call for the fresh plan or revised plan from eligible 'Resolution Applicant' and will consider the same and pass appropriate order and will place the matter before the Adjudicating Authority. The Adjudicating Authority is allowed approximately 10 days' time to pass final order. Total process is to be completed within 70 days. Rest 20 days will be for determination, if any, issue raised by any one or other party. The appeal is allowed with aforesaid observations and directions." 6. Accordingly and in view of the above referred order of the Hon'ble NCLAT, the RP re-issued an invitation for submission of resolution plans on 16.11.2019 (Annexure A-20) along with RFRP dated 15.11.2019 inviting interested parties to submit resolution plans for the corporate debtor by 09.12.2019 on the basis of the discussions and approval of the COC at its 4th meeting held on 15.11.2019. In pursuance thereto, two resolution plans were received from two prospective resolution applicants namel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Board in priority to the payment of other debts of the corporate debtor. With the present application i.e. IA No.703/2020, the RP has placed on record a copy of the Committee of Creditors approved resolution plan dated 19.08.2020 along with its addendum dated 30.09.2020, of the successful resolution applicant vide Diary No.1594/1 dated 23.11.2020. In clause 5.4(a)(i) - Financial Proposal, the resolution applicant has identified the specific sources of funds that would be used for payment of the insolvency resolution process cost in priority to the payment of other debts of the corporate debtor. 11. As per Section 30(2)(b) the resolution plan must provide for payments of the debts of operational creditors in such manner as may be specified by the Board which shall not be less than the amount to be paid to the operational creditors in the event of liquidation of the corporate debtor under Section 53 or the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority under Section 53(1) whichever is higher. The Resolution Professional in Form H (Annexure A-47) filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olution plan or under any other law applicable, which further shows that the resolution plan conforms to the provisions of the law for the time being in force and did not contravene any such provision. The RP in the Form H referred above, has certified the same. 16. The Resolution Plan should conform to all such requirements which may be specified by the IBBI. A statement to this effect has been made by the RP in the Form H referred above. 17. It is stated that the Resolution Professional issued Letter of Intent (LOI) on behalf of the CoC to the Successful Resolution Applicant and the same has been unconditionally and unequivocally accepted by the applicant by way of affidavit attached as Annexure A-43. 18. With regard to compliance of Regulation 39(4) in relation to submission of the Performance Bank Guarantee by the successful resolution applicant is concerned, the resolution applicants have submitted a performance bank guarantee of `25 crore in terms of Regulation 36B(4A) (Annexure A-44) of the CIR regulations read with Clause 13.1 of the RFRP and the approved resolution plan. 19. With regard to the compliance of the second proviso to Section 31(4) i.e. obtaining the approva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring Company Ltd., seeking impleadment of the applicant in IA No. 703/2020 along with other reliefs. 24. The applicant in this IA mainly sought impleadment in IA No. 703 of 2020, filed by the RP 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. 25. In view of our finding 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 required in the instant IA No. 772 of 2020 and accordingly, the same is dismissed. IA No.773 of 2020 26. This application has been filed by M/s. K S Hans Trading Company, an Operational Creditor ("Applicant") of the Corporate Debtor - SEL Manufacturing Company Ltd., seeking impleadment of the applicant in IA No. 703/2020 along with other reliefs. 27. This IA is similar to IA No. 772/2020 and hence for the same reasons, this IA is also dismissed. 28. As a sequel to the above, we pass the following orders:- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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