Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 1045 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - HELD THAT:- In view of these multiple IAs emanating from the RP's actions while conducting the CIRP, seeking inclusion of their claims or consideration of their Resolution Plan by the CoC, and thus seeking to reject the Resolution Plan submitted in IA 161 of 2020, we have prima facie reason to believe that the process followed by the RP during the CIRP neither takes into account the interest of all the creditors / stake holders, nor seeks to maximise value of the assets of the CD by considering all possible Resolutions Plans, even though these are the twin objects of the CIRP - the manner in which the CIRP has been conducted is not satisfying. Whether under the facts and circumstances of the case, the liability of the Corporate Debtor to the Applicant State Govt. would amount to a Financial Debt? - HELD THAT:- The Respondent's argument that no actual money was disbursed for the time value of money and that there was no financial debt has to be rejected and the said transaction has to be considered as 'Financial Debt' under Section 5(8) of the Code. When the audited books of accounts of the Corporate Debtor were available for the concerned years and reflected the financial debt under consideration, and in view of the clear provisions of the Code and the Regulations, the RP was duty bound to determine the financial position of the CD, verify the credits in the name of the Creditor from the books of accounts and put up the same before the CoC, with the complete factual and legal position, rather than reject it behind its back. Whether the financial creditor is eligible to have its claim considered, if not presented or submitted within the period stipulated under Regulation 12(2) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations 2016? - HELD THAT:- In accordance with the provisions of section 60(5)(c) of I&B code read with Rule 11 of NCLT Rules 2016 this Adjudicating Authority passes the following orders and directs the Resolution Professional as under: (1) IA 85 of 2021 C.P. (IB) No. 51/BB/2018 is disposed of with the directions that the claim filed by the Applicant, the State of Karnataka, Department of Industries & Commerce as a Financial Creditor, in Form C, shall be put up by the RP to the CoC for its consideration/acceptance, in the light of our findings and decision in the foregoing paragraphs. Reconstitution of the CoC will also be considered by the RP. (2) IA227 of 2020 C.P. (IB) No. 51/BB/2018 is disposed of with the directions that the Resolution Plan submitted by Swamitva Landmark, Shankeshwar Landmarks LLP and Shankeshwar Landmarks, shall be placed before the CoC along with the Resolution Plan filed by METL and submitted for our approval in IA 161, for the CoC's evaluation and approval, strictly keeping in mind the objects of the Code, and superior commercial viability. The Resolution Plan approved out of the two by the CoC shall be submitted to us for our consideration and approval. (3) IA 248 r/w IA 225 C.P. (IB) No. 51/BB/2018 is disposed as infructuous as IA 225 has already been disposed of. However, the issues raised by the erstwhile Promoters shall be kept in view by the RP so as to attain the objects of the Code. (4) IA 134 of 2020 is disposed with directions to the Commercial Taxes Dept. to place before the RP only ascertained, crystallised demand that may have arisen from a regular assessment for the period under consideration. The RP shall place the same before the CoC/reconstituted CoC, for its consideration. (5) IA 161 of 2020 is deemed to be disposed of and restored to the RP, for being re-considered by the CoC along with the Resolution Plan submitted by Swamitva Landmark, Shankeshwar Landmarks LLP and Shankeshwar Landmarks. (6) The directions at sl. nos. 1), 2) and 4) shall be carried out within a period of 12 weeks from the receipt/uploading of this order. This period is considered appropriate considering the present Covid 19 pandemic situation and the ensuing lockdown in several states. The RP is granted liberty to bring an Application before this Adjudicating Authority for any further exclusion of time, if the same is for exceptional and justifiable reasons, and in the interest of completing the process and achieving the objects of the Code. Application disposed off.
|