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2021 (5) TMI 10 - Tri - Insolvency and BankruptcyRevision of Resolution Plan - exclusion of time period from the date of rejection of the Applicant's request by the RBI i.e. August 19, 2020 till the date of order of this Tribunal, from the calculation of the timelines envisaged under the approved resolution plan - seeking to enable the applicant to comply with the implementation of the Resolution Pan approved - HELD THAT:- It is seen that what sought for by the Applicant is not a modification of the Resolution Plan which was approved by this Tribunal on 20.07.2020; the Applicant has only sought for the change in the funds infusion mechanism and change in the shareholding pattern. It is also pertinent to observe that none of the stakeholders, including the Monitoring Committee, have raised any objections to the revisal as sought for by the Applicant herein. The Learned Senior Counsel Mr. Arvindh Pandian, appearing on behalf of R1/Monitoring Committee categorically states that "There is no bar for ARC to participate as Resolution Applicant". Furthermore, there is no change or modification regarding allocation of funds. The stakeholders of the Corporate Debtor are not affected by this change of infusion of fund sought by the Applicant. The approved Resolution Plan can be implemented in toto. This application seeks for change of shareholding pattern, and infusion of funds, and takeover of debt, between the Resolution Applicants. Since there is no bar as per RBI guidelines and further stakeholders are not affected, this application may be allowed - keeping in mind the preamble to Insolvency and Bankruptcy Code, 2016, this Adjudicating Authority deems it fit to approve the revisions in the Approved Resolution Plan as sought for by the Applicant in order to protect the best interest of all the stake holders of the Corporate Debtor. Accordingly, revision of the resolution plan as regards the amended shareholding pattern necessitated on account of the changed infusion mechanics and the assignment of the debts as observed herein above earlier is permitted to be carried out without affecting the rights of the stakeholders to the resolution process, which includes achieving resolution for the Corporate Debtor and value maximization of its assets as well as the interest of stakeholders - no material terms of the Approved Resolution Plan are sought to be altered and all terms of the Approved Resolution Plan in relation to the rights of the stakeholders are preserved without any modification and all statutory requirements would be complied with for implementation of the Approved Resolution Plan. In exercise of powers conferred under Rule 11 of NCLT Rules, 2016, this Adjudicating Authority hereby exclude the period between 19.08.2020 (rejection of request of UVARC for equity infusion by RBI) and the date of passing this order stands excluded from the timelines for implementing the approved resolution plan in the revised form - Application allowed.
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