Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (11) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 1660 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - Section 30(6) of the Insolvency & Bankruptcy Code, 2016 read with Regulation 39(4) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) 2016 - HELD THAT:- The Resolution Professional has provided his certificate in Form H under Regulation 39(4) of the CIRP Regulations; the same is duly perused by this Bench. All the compliances have been done by the RP. The two valuers, namely RBSA Advisors and Rakesh Narula & Co. have been appointed to assess the Liquidation Value and Fair Market Value of the Corporate Debtor. RBSA Advisors have ascertained the Fair Market Value to be (Rs.) 1379.88 Crore and the Liquidation Value is stated to be (Rs.) 786 Crore. Rakesh Narula & Co. have calculated the Fair Market Value to be (Rs.) 1394.54 Crore and Liquidation Value to be (Rs.) 891.96 Crore as per the valuation reports annexed in the Application. It is stated that the average of two Liquidation values is less than the amount being received under the Resolution Plan. Hence, one of the justifications for approval of the Resolution Plan that the Liquidation Value is less compared to the Resolution proposals made in the Resolution Plan is satisfied. The Resolution Applicant has sought extinguishment of all claims along with abatement of any related legal proceeding including criminal proceedings. Furthermore, the Resolution Applicant seeks waiver of outstanding statutory dues and other claims as on the date of approval of the Resolution Plan. The exemption is also sought from the statutory dues of the Central Board of Direct Taxes (CBDT) and under the Stamps Act, from the levy of stamp duty and fees applicable in relation to this plan and its implementation The Resolution Plan in hand satisfies the minimum threshold of approval by 66% majority of the CoC. The Resolution Applicant is not barred under section 29A of the I&B Code to file the resolution plan. The plan stands the requirement of being viable and feasible for revival of the Corporate Debtor. By and large, all the compliances have been done by the RP and the Resolution Applicant for making the plan effective after approval by this Bench. The Resolution Plan as approved by CoC is hereby approved - Applicant allowed.
|