TMI Blog2020 (9) TMI 262X X X X Extracts X X X X X X X X Extracts X X X X ..... o the building owner whichever is earlier and the same is to be restricted to his Income Tax Returns so far filed. This costs needs to be included in CIRP costs. Application dismissed. - Company Appeal (AT) (Insolvency) Nos. 306, 307, 315 and 554 of 2019. - - - Dated:- 29-7-2020 - Jarat Kumar Jain J. (Judicial Member), Balvinder Singh And Dr. Ashok Kumar Mishra (Technical Members) For the Appellant : Mr. Rohan Rajasekaran, Mr. Jitendra Malkan and Mr. Kartik Malhotra, Advocates., Mr. S.Santanam Swaminadhan and Ms. Abhilasha Shrawat Advocates., Mr. Jitendra Malkan, Advocate For the Respondent : Mr. T.Ravichandran with Mr. K.V.Balakrishnan, Advocate, Mr. P.V.Dinesh Advocate for SBI. Mr. NPS Chawla and Mr.Suresh K Baxy, Advocate JUDGMENT PER : DR. ASHOK KUMAR MISHRA, TECHNICAL MEMBER These Appeals have been filed under Section 32 and 61(3) of the Insolvency Bankruptcy Code, 2016 ( for short I B Code, 2016 ) to set aside the impugned order passed by National Company Law Tribunal, Chennai Bench ( Adjudicating Authority ) in MA/515/2018 in CP/689/IB/2017 dated 23.01.2019. The Adjudicating Authority vide above stated Miscellaneous Application has approved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shashidhar Vs. Overseas Bank Ors (2019) 12SCC 150 and Committee of Creditors of Essar Steel Limited Vs. Satish Kumar Gupta and Ors. e) While the Respondent No.3 i.e. Resolution Applicant of Corporate Debtor has stated that the Resolution Applicant has already implemented the Resolution Plan by 18.03.2019 and has largely made all the payment to all the Stakeholders/Creditors and has incurred additional costs of ₹ 22.40 Crores towards refurbishment of Plant. He has also confirmed that he is keeping the operation of the Corporate Debtor as a going concern and has re-employed 36 ex-employees of Corporate Debtor out of total employees joining the unit being 93. He has also stated that the liquidation value of the corporate debtor is ₹ 86.27 Crores while Resolution Plan value ₹ 115.25 Crores. He has also stated that dues of workmen Secured Financial Creditors are more than the Resolution Plan value therefore they were paid in equal proportion. However, employees dues comes in lower priority they should got zero per cent whereas they got 1.2%. The Resolution Applicant was even willing to redistribute out of the total proceeds to provide 100% payment of admitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Company but in the meantime CIRP was initiated. He has not been paid dues over ₹ 2.65 crores towards his salary and unsecured loan of over ₹ 16 Crores. He was both Financial Creditor and Operational Creditor. He has also stated that he has the reservations over the viability and feasibility of Resolution Plan approved. a)He has also stated that the Resolution Applicant has sought several concession and exemption like allowing setting up off of brought forwarded losses and unabsorbed depreciation for computation of Taxable Profits as per Income Tax Act, 1961, directing to provide reasonable opportunity to the jurisdiction principal Commissioner of Income tax for allowing this set off and also claiming certain other benefits apart from exemption under Stamp Duty Act, waival by the Gujarat Government/ Gujarat Industrial Corporate from compliance related to drawal of water, approval from Environment and Forest Dept., Central Pollution Control Board and other Govt. Authorities for regularisation and waival of any non-compliances pertaining to other requirements etc. A look at the Balance Sheet as on 31.03.2018 vide Annexure A 2.2 page 9 filed by Appellant on 17th Octob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... )However, the Resolution Professional has stated that the appellant has not signed the Non-Disclosure Agreement and hence was not given the copy of Resolution Plan and has also stated that no prejudice will be caused due to non-submission of the Resolution Plan as he has attended the CoC meeting. d) The Resolution Applicant has submitted that he has implemented the Resolution Plan by 18.03.2019 and has spent ₹ 22.40 Crores additionally to bring the Corporate Debtor as a going concern . He is also agreeable that he was willing to redistribute the amount which is approved by CoC but CoC has unanimously rejected the proposal on 25.11.2019. He has also stated he is incurring losses due to such frivolous appeal. 6. The Appellant in Company Appeal (AT) (Ins) No. 554 of 2019, the Appellant is an Operational Creditor and he is working in the field of Mechanical fabrication work. He has carried out the work last being in 2016 and his amounts due were ₹ 84,30,487 /-. He is talking about the discrimination between operational creditors and financial creditors and has stated that out of dues of over ₹ 84,00,000/- he is getting ₹ 34,862/-. He has also stated that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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