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TMI Blog2020 (9) TMI 1312X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 315/BB/2019 is filed by Shri Hari Babu Thota, Resolution Professional of V3 Engineers Private Limited (hereinafter referred to as 'Applicant') u/s 30(6) of I B Code, 2016, by seeking approval of the Resolution plan submitted by Mr. Sanjay Punglia along with co-applicants viz., Mr. Abhishek Balar and Mr. Sudeep Dasani ,which was approved by the Committee of Creditors at their meeting held on 21.08.2020; to approve all the proposals stated in the resolution plan for revival of the corporate Debto; to direct the statutory authorities for implementation of the Resolution plan for revival of the corporate debtor without any additional/further liability approved by the Hon'ble Tribunal etc.,. 2. Brief facts of the case, which are relevant to the issue in question, are as follows: (1) C.P. (IB) No. 315/BB/2019 is filed by M/s. Manjushree Travels ('Petitioner') U/s 9 of 1 B Code, 2016, was admitted by the Adjudicating Authority, vide Order dated 02 4 March 2020 by initiating Corporate Insolvency Resolution Process (CIRP) in respect of the Corporate Debtor i.e. M/s. V3 Engineers Private Limited, appointing the Applicant as IRP, imposing moratorium, etc. (2) In Pursuan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IBBI (CIRP) Regulation 2016, the Applicant prepared Information Memorandum and the same was made available to the COC on 13th April 2020. (6) A publication seeking expression of Interest (EOI) in Form G was issued on 22110 May 2020 published in Financial Express (English newspaper) and in Samyuktha Karnataka (Kannada newspaper) stating the last date for submission of Expression of Interest was 6111 July 2020 and also in the website of IBBI. Accordingly, Expression of Interest (EOI) was received from two Applicants viz., Mr. Sanjay Punglia on 2 nd July 2020 and M/s. V3 Interiors Private Limited on July 2020. The provisional list of two prospective resolution applicants was issued on 8111 July 2020. Further 5 (five) days time was provided to raise any objections, however no objections was received by the Applicant, therefore the final list of two prospective resolution applicants viz., Mr. Sanjay Punglia and M/s. V3 Interiors Pvt. Limited., was issued on 15% July 2020. Subsequently, V3 Interiors Private Limited withdrawn the Expression of Interest and Mr. Sanjay Punglia along with co-applicants submitted the resolution plan for revival of the Corporate Debtor. (7) At the 3 meeting o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... well know textile unit in Pali (Rajasthan). (2) Statutory Dues: Regarding the claim of PF Department of Rs. 5,44,236/-, the Resolution Applicants are providing an amount of Rs. 1,50,000/- towards full and final settlement of all statutory dues. The same shall be distributed amongst the various statutory dues, in the ratio of their claim admitted by the RP if any. (3) Operational Creditors: With regard to claim of the Operational Creditors the Resolution Applicants are providing an upfront payment of Rs. 0.50 lakh. Apart from upfront payment Resolution Applicants are providing contingent payment. Name of the Operational Creditor Claim admitted (Rs) Percentage of total claim (Operational Creditors other than statutory (%) Amount offered (Rs.) Manjushree Travels 29,35,511.00 54, 94% 27,471.64 Subramanya Hegde 11,20,000.00 20.96% 10,481.39 Fabchair 72,87,292.00 24.09% 12,046.97 Total 53,42,803.00 100.00 50,000.00 (4) Infusion of funds by the Resolution Applicants: The Resolution Applicants proposes preferential issue and allotment of 45 lakhs (forty five lac shares only) equity share of Rs. 1 each to themselves along with PAC. The Resolution Applicants in addition to the above shares, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Companies Act, 2013, so as to issue shares as per Resolution Plan as mentioned below: i. The existing authorized share capital of the Corporate Debtor comprising of 1,00,00,000/- Equity Shares of Rs.10/- each shall be subdivided into 10,00,00,000 Equity shares of Re.1/- each. ii. Extinguishment of all dues including taxes, duty, penalties, interest, fined, cess, charges, unpaid TDS/TCS to the extend applicable), whether admitted or not, due or contingent, whether part of the above mentioned contingent liability schedule dues or not, whether claimed by the tax authorities or not, asserted or unasserted, crystallized or not crystallized, known or unknown, secured or unsecured, disputed or undisputed, present or future, in relation to any period prior to the acquisition of control by the Resolution Applicants and PAC over the Corporate Debtor pursuant to this Resolution Plan, except for which payment is specifically provided under this plan. iii. On approval of the plan by the Adjudicating Authority the Corporate Debtor, Resolution Applicants including PAC shall be deemed to be exempt from payment of any charges, duty, levy for transfer of ownership of the Corporate Debtor in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st business transaction of the corporate Debtor and would not be in a position to face the same. The same is required for the revival of the corporate Debtor and so that, subsequent board member would focus more on making corporate debtor profitable and grow the corporate Debtor by capturing available opportunities in the industry in right time as compared to sparing time on long pending litigations on the Corporate Debtor for which Resolution Applicants would be completely unaware. 10. Upon approval of the plan by the Adjudicating Authority, the RP shall get the accounts and financial statements prepared upto the effective date and submit the same to the Resolution applicants. The Accounts and financial statements prepared shall be such that it truly reflects the fair value of the assets and liabilities of the Corporate Debtor. It is clarified that the approval of the Adjudicating Authority pursuant to Section 31 of the IBC shall constitute adequate approval for the reduction of the paid up share capital of the Corporate Debtor and for adjustment of losses in the books of the Corporate Debtor. 11. Business Plan: Resolution Applicants propose to continue the business of the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted various documents and statements as per provisions of the Code and the Rules made there under. And these compliances are briefly pointed out as under: (1) The Resolution Professional examined the resolution plan received from the Resolution Applicant Mr. Sanjay Punglia along with co-applicants viz., Mr. Abhishek Balar and Mr. Sudeep Dasani and approved by the COC of V3 Engineers Private limited. (2) The RP certify that : (i) The said Resolution Plan complies with all the provisions of the Insolvency and Bankruptcy Code, 2016 (Code), the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) regulations, 2016 (CIRP Regulations) and does not contravene any of the provisions of the law for the time being in force. (ii) The Resolution Applicants Mr. Sanjay Punglia along with co-applicants namely, Mr. Abhishek Balar and Mr. Sudeep Dasani has submitted an affidavit pursuant to section 30(1) of the Code confirming its eligibility under Section 29A of the Code to submit. Resolution Plan. The contents of he said affidavit are in order. (iii) The said Resolution Plan has been approved by the COC in accordance with the provisions of the Code a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of approval of resolution plan. (6) The interests of existing shareholders have been altered by the resolution Plan as under: Sl No. Category of Shareholder No of shares held before CIRP No. of Shares held after the CIRP Voting share (%) held before CIRP Voting Share (%) held after CIRP 1 Equity 96,48,633 0 100 0 2 Preference 0 0 3. - - - - - 7. The above facts and circumstances clearly establish that the Resolution Plan, which was approved by the Committee of Creditors on 21.08.2020 for Mr. Sanjay Punglia Resolution Applicant along with co-applicants viz., Mr. Abhishek Balar and Mr. Sudeep Dasani, confirm all the requisite conditions and reasonably satisfy all the stake holders of Corporate Debtor and it was approved with requisite majority. Therefore, we are satisfied that the said Resolution Plan is a fit to be approved, under Section 31(1) of the IBC, 2016. 8. In the result, by exercising the powers conferred on this Adjudicating Authority, under Section 31(1) IBC, 2016 and the extant provisions of Rules made thereunder, both C.P.(IB)No .315/BB/2019 I.A.No. 394 of 2020 are disposed of with the following directions: (1) The Resolution Plan in question as submitted by Mr. Sanjay ..... X X X X Extracts X X X X X X X X Extracts X X X X
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