Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (1) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (1) TMI 1230 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABADSeeking approval of Resolution Plan - section 31 of IB Code and Regulation 39 (4) of The Insolvency and Bankruptcy Board of India (Insolvency Process of Corporate Persons) Regulations, 2016 - HELD THAT:- The perusal of the Resolution Plan shows that the Financial Creditor will get a sum of ₹ 10,00,000/- against the their total claimed amount of ₹ 12,44,9,127/-. The Operational Creditors would receive a sum of ₹ 4,28,000/- as against their total claimed of ₹ 8,56,85,662/- and provisions for statutory liabilities has been made to the tune of ₹ 1,07,800/- and Resolution Applicant also made the provisions of contingent liabilities of ₹ 1,00,000/-. There is no claim submitted by the workmen. Thus, in sum and substance, the Resolution Plan provides for settlement of claim of various stakeholders. It is also noted that the Resolution Plan provides the background of successful Resolution Applicant and its associates. It also provides the details of financial capabilities of the successful Resolution Applicant. The Resolution Plan also provides implementation of Resolution plan within 60 days from the date of approval of the plan by this Authority - the Resolution plan also provides for appointment of RP as the person in-charge to look after the implementation of Resolution Plan. The Resolution Plan has also addressed the issues which resulted into Insolvency of the Corporate Debtor and future business plan so as to such situation does not arise again. Thus, the revised 'Resolution Plan' filed with the Application meets the requirements of Section 30(2) of I&B Code, 2016 and Regulations 37, 38, 38(1A) and 39 (4) of IBBI (CIRP) Regulations, 2016. The 'Resolution Plan' is also not in contravention of any of the provisions of Section 29A, affidavit under section 29A has also been filed by the Resolution Applicant. The Resolution Professional has also certified that the 'Resolution Plan' approved by the CoC does not contravene any of the provisions of the law for the time being in force. The Compliance Certificate is placed on record. The 'Resolution Plan' has been approved by the CoC with 100% voting share. The Resolution Plan is approved - the approved 'Resolution Plan' shall become effective from the date of passing of this order - application allowed.
|