9911796707
TMI Blog2024 (9) TMI 1422X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. was approved with 92.87% vote shares and Resolution Plan of M/s. Saverni Neutech Pvt. Ltd. was disapproved by 92.87%, vote shares and the Plan which was earlier submitted by M/s. Saverni Neutech Pvt. Ltd. has considered and rejected. There is no occasion for M/s. Saverni Neutech Pvt. Ltd. to pray for further revised Resolution Plan when it failed to file Resolution Plan, according to its own case within the time allowed as it reflected from the email dated 18.12.2023 sent by the Appellant themselves. Adjudicating Authority did not commit any error in rejecting the Application I.A. No.124/2024 filed by Sandeep Jayantilal Vadodria. Insofar as the Appeal filed by the Prem Trading Company, one of the contentions raised is that Prem Trading Company who was Financial Creditor having 2.48%, vote shares was not permitted to vote. Suffice it to say that Authorised Representative of the Appellant Prem Trading Company, Rakesh Patel was present in the CoC Meeting, which is recorded in the Minutes - It has been noted that Rakesh Patel has voted only on the agenda 1, 6, 7 8, and thereafter he exited, he having participated in the EOI process as co- Resolution Applicant in M/s. Saverni Neute ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date for submission of Resolution Plan, which was extended to 17.11.2023. iv. M/s. Saverni Neutech Pvt. Ltd. submitted their Resolution Plan on 17.11.2023. M/s. Trinity India Forgetech Pvt. Ltd., also submitted its Plan. v. In the 6th Committee of Creditors `CoC Meeting held on 28.11.2023 and 7th Meeting held on 02.12.2023, Members of CoC suggested certain modifications and improvement in the Plan to both the PRAs. vi. In the CoC Meeting held on 12.12.2023 on request received from PRA, the date for submission of Plan was extended till 13.12.2023, which was further extended till 15.12.2023 at 12:00 Noon. vii. By 15.12.2023, M/s. Saverni Neutech Pvt. Ltd. did not submit any revised Resolution Plan. Resolution Plan which was already submitted by M/s. Saverni Neutech Pvt. Ltd. as well as Resolution Plan submitted by M/s. Trinity India Forgetech Pvt. Ltd. came for consideration in the 9th Meeting of the CoC. viii. Resolution Plan of M/s. Saverni Neutech Pvt. Ltd. was considered and CoC concluded that Plan of M/s. Saverni Neutech Pvt. Ltd. is not at all feasible and liable. Both the Resolution Plans were voted. Resolution Plan of M/s. M/s. Saverni Neutech Pvt. Ltd. was disapproved with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roval of the Plan has been allowed. xx. Aggrieved by the said Order, Comp. App. (AT) (Ins.) No.1020-1021/2024 has been filed by the Prem Trading Company claiming to be a Financial Creditor challenging both the Orders and Comp. App. (AT) (Ins.) No.1003 1004/2024 has been filed by Sandeep Jayantilal Vadodria and two others who had filed I.A. No. 124/2024, challenging both the Orders dated 02.05.2024. 4. We have heard Mr. Puneet Thakar, Learned Counsel for the Appellant appearing in Comp. App. (AT) (Ins.) No.1020 1021/2024, and Mr. Abhijeet Sinha, Learned Sr. Counsel for the Appellant appearing in Comp. App. (AT) (Ins.) No.1003-1004/2024. Mr. Arpit Singhvi has appeared for the Resolution Professional and Mr. Abhirup Das Gupta appeared for the Respondent No. 3/SRA. 5. Mr. Abhijeet Sinha Sr. Advocate appearing for the Appellant submits that Application I.A. No. 124/2024 was filed by the Applicant seeking a direction to permit the Applicant to file the Resolution Plan which could not be filed by 15.12.2023 due to illness of one of the Members of the Consortium. It is submitted that on the oral Order passed by the Court on 01.01.2024, on mentioning made by Applicant, Adjudicating Authorit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the EMD, which EMD was refunded by the RP. Plan having already been approved on 15.12.2023, there was no locus in M/s. Saverni Neutech Pvt. Ltd. to file an Application I.A.124/2024 on 30.12.2023, praying for permitting it to file a revised Resolution Plan. It is submitted that although CoC Meeting was convened by RP on 05.01.2024, but in view of the Order dated 05.01.2024, neither Meeting was held nor the Plan of M/s. Saverni Neutech Pvt. Ltd. was considered. It is submitted that the CoC in its commercial wisdom having already approved the Plan on 15.12.2023, there was no occasion to permit M/s. Saverni Neutech Pvt. Ltd. to file revised Resolution Plan. M/s. Saverni Neutech Pvt. Ltd. was granted time for filing the revised Plan which time was extended also but revised Resolution Plan was never filed by M/s. Saverni Neutech Pvt. Ltd., hence it cannot file Application seeking direction to permit it to file revised Resolution Plan. 8. Learned Counsel for the SRA supported the Orders impugned passed by the Adjudicating Authority and submits that the Resolution Plan submitted by M/s. Saverni Neutech Pvt. Ltd. was considered and disapproved in Meeting dated 15.12.2023, in spite of oppor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sday 13.12.2023, 5:00 PM, so the said agenda is deferred to be taken in the next CoC meeting. Further, the authorized representative of HDFC bank was of the view that as CIRP period going to end on 20th December, 2023, they are not of the opinion to further extend the CIRP process beyond 180 days and accordingly they requested the RP to apprise the CoC to conclude the finalization of the appropriate resolution plan within the stipulated time period . 12. The RP informed that time has been further extended till 15.12.2023 at 12:00 Noon, M/s. Saverni Neutech Pvt. Ltd. did not submit any revised Plan. In the Meeting held on 15.12.2023, the Resolution Plan submitted by M/s. Saverni Neutech Pvt. Ltd. as well as M/s. Trinity India Forgetech Pvt. Ltd. came for consideration. In the CIRP of the Corporate Debtor, there are three Members of the CoC; HDFC Bank Ltd., which had vote share of 92.87%, Prem Trading Company having vote share of 2.48% and Parulben Rakeshbhai Patel 4.65%, which has been noticed in Para 17 of the Order dated 02.05.2024 in I.A. No. 5826/2023, which is as follows: 17. The list of Financial Creditors of the Corporate Debtor being members of the CoC and distribution of vo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olution Plan initially before negotiations to IRP), only one Final Resolution Plan is received today 15.12.2023 from M/s. Trinity India Forgetech Pvt Ltd. No final resolution plan is received from M/s. Saverni Neutech is received and so the resolution plan on hand that was submitted by them to IRP is required to be considered now for approval purposes. The members of the CoC (HDFC Bank) agreed and took note of the same. Discussion on the Resolution Plans Brief on Resolution Plan of M/s. Saverni Neutech Pvt. Ltd. : RP apprised on the relevant aspects of the Resolution Plan as under: 1. Total amount of Resolution Plan Rs. 19,29,76,000/- 2. Amount offered to Financial Creditors Rs.15,55,00,000 3. Amount offered to Operational Creditors Rs.2,24,00,000/- with no distribution method 4. CIRP cost allocated Rs.76,000/- 5. Amount offered to Workers / Employees Rs.1,50,00,000/- 6. The period for payment is 3 month from effective date. 7. Source of funds cited is internal accruals / bank finance. Brief on Resolution Plan of M/s. Trinity India Forgetech Pvt. Ltd.: RP apprised on the relevant aspects of the Resolution Plan as under: 1. Total amount of Resolution Plan Rs.26,86,00,000/-. 2. The p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order to ensure timely completion of CIRP. Further, apart from the compliance issues in the plan, he stated that looking at the plan amount and time period the Resolution Plan of M/s. Saverni Neutech is not at all feasible and viable and therefore cannot be proceeded with and cannot be approved. 16. Discussion of feasibility and viability of Resolution Plan of M/s. Trinity India Forgetech Pvt. Ltd. was also submitted. The Resolution was passed by the CoC to disapprove the Plan submitted by M/s. Saverni Neutech Pvt. Ltd., which was disapproved with 92.87% vote shares, whereas the Plan submitted by M/s. Trinity India Forgetech Pvt. Ltd. was approved by 92.87% vote shares. 17. Subsequent to the Minutes on 15.12.2023, the Resolution Professional filed an I.A. being I.A. No.5826/2023. The email was sent on behalf of M/s. Saverni Neutech Pvt. Ltd., which has been brought on the record by the RP in its Reply. Email was sent by Sandeep Jayantilal Vadodria to the RP for refund of the EMD, which is as follows: dear sir we got to know that COC has proceed with the other party for adico forge cirp matter as we were unable to submit resolution plan on time. i am sending you our bank details for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the request made by the applicant along with other PRAs extended the last date for submission of Resolution Plan till 15.12.2023. It is submitted that in the interregnum, one of the joint Resolution Application i.e, Mr. Sandip Vadodaria suffered from Lumbago which resulted into complete bed rest and further on account of which Mr. Sandip Vadodaria suffered from backache and other physical problems, resulting that the applicants herein could not submit the revised resolution plan within 15.12.2023. The copy of Medical Certificate is attached herewith and marked as ANNEXURE-J to the present application. 20. From the sequence of the event, it is clear that Application was filed by Unsuccessful Resolution Applicant after approval of the Resolution Plan on 15.12.2023 of M/s. Trinity India Forgetech Pvt. Ltd. and after rejection of the Resolution Plan submitted by M/s. Saverni Neutech Pvt. Ltd. 21. Much emphasis has been laid by Learned Counsel for the Appellant Sandeep Jayantilal Vadodria that on an oral mention on behalf of the Applicant on I.A.124/2024 Court has already directed the RP to consider the Resolution Plan which oral direction was also taken note by the RP and Meeting of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .01.2024 was passed in violation of Principle of Natural Justice since Applicant was not heard. It is to be noted that Application I.A. No.124/2024 was neither listed on 01.01.2024, nor on 05.01.2024, the basis of any reliance on oral Order on 01.01.2024 is no more available when Order in writing has been passed by the Adjudicating Authority on 05.01.2024. The Order dated 05.01.2024 has not been challenged by anyone including the Sandeep Jayantilal Vadodria, and the said Order clearly supersedes any oral direction which is alleged by the Appellant. 24. Thus, the case of the Appellant on basis of oral direction on 01.01.2024 is no longer available after Adjudicating Authority passed categorical clear Order on 05.01.2024, that no new Resolution Plan needs to be considered by the Resolution Professional. 25. The submission of the Appellant on violation of the Principle of Natural Justice does not commend us in the facts of the circumstances of the present case. 26. From the Minutes of the 9th CoC Meeting held on 15.12.2023, as quoted above, it is clear that CoC on 15.12.2023, considered both the Resolution Plan i.e., Resolution Plans submitted by M/s. Saverni Neutech Pvt. Ltd. as well ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
