Case Laws
Acts
Notifications
Circulars
Classification
Forms
Manuals
Articles
News
D. Forum
Highlights
Notes
🚨 Important Update for Our Users
We are transitioning to our new and improved portal - www.taxtmi.com - for a better experience.
⚠️ This portal will be discontinued on 31-07-2025
If you encounter any issues or problems while using the new portal,
please
let us know via our feedback form
so we can address them promptly.
Home
2021 (2) TMI 1379 - Tri - Insolvency and BankruptcySeeking initiation of CIRP against the corporate debtor - Compliance with requirements of the Code and Regulations made thereunder or not - Whether the requirements of the Code and Regulations made thereunder have been complied with or not? - HELD THAT - The successful resolution applicants confirmed by way of their respective affidavits (Annexure A-45) that they are not disqualified under Section 29A of the Code to submit a resolution plan or under any other law applicable which further shows that the resolution plan conforms to the provisions of the law for the time being in force and did not contravene any such provision. The RP in the Form H referred above has certified the same - the resolution plan fulfills all the requirements of Regulation 38 and 39 of the CIRP Regulations. A perusal of Regulation 38 would clearly show that by virtue of mandatory contents of resolution plan as discussed in the preceding paragraphs in relation to Section 30 and Section 31 of the Code the requirement of Regulation 38 also stands fulfilled. Even the requirement of Regulation 39 has been satisfied as the RP has submitted that the resolution plan of Resolution applicant as approved by the Committee of Creditors to this Tribunal along with the compliance certificate in Form H as per the requirements of Regulation 39(4) of the CIRP Regulations meets all the requirements of the Code and the CIRP Regulations and that the resolution plan has been duly approved by the Committee of Creditors. The Resolution plan is accepted. Seeking impleadment of the applicant - seeking approval of the resolution plan on the ground that its rights are likely to be affected by the resolution plan approved by the COC as it may prescribe the scaling down of the amounts to be paid to the operational creditors including the applicant - HELD THAT - The resolution plan dated 19.08.2020 along with addendum dated 30.09.2020 as approved by the COC satisfies all the requirements of the Code and Regulations made thereunder no further orders are required in the instant application and accordingly the same is dismissed. Applications disposed off.
|