Home Case Index All Cases Companies Law Companies Law + Tri Companies Law - 2020 (3) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (3) TMI 1461 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARHSeeking sanction of resolution plan as approved in the meeting of Committee of Creditors (CoC) - HELD THAT:- In compliance of the proviso to Section 31(1) of the Code that the resolution plan has provisions for its effective implementation. The resolution plan states that the supervision of the resolution plan as finally approved by the Adjudicating Authority is proposed to be done by the Resolution Professional for the entire period of its implementation. It is also stated that in case any violation of any terms of the resolution plan by the Resolution Applicant or the Corporate Debtor is observed, the relevant provisions of the Code dealing with such violations shall be invoked. The Plan proposes an implementation Schedule of sixteen quarters or 48 months from the date of approval of the resolution plan. It is stated that the implementation of the plan will be made by making payments towards the outstanding CIRP costs, financial creditors, operational creditors, government dues and payment of other dues and towards unsecured loans/deposits and by fulfilling all other terms laid out in this resolution plan. In Part D of the Resolution Plan (Page No. 74 of application), it is mentioned that the resolution applicant has furnished a performance guarantee by way of upfront payment of Rs. 1.5 Crores. As per the requirement of performance security, a Term Deposit Advice Certificate for a sum of ₹1.5 crores with Kotak Mahindra Bank is found attached with the application as Annexure A-16. The RP should ensure that the performance security is received as per the decision of the CoC. The resolution plan submitted by Shri Narinder Garg, Smt. Manju Garg and Shri Shiv Garg as approved by the CoC under Section 30 (4) of the Code is hereby approved subject to comments in para No. 30 regarding performance security. The resolution plan so approved shall be binding on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force such as authorities to whom statutory dues are owed, guarantors and other stakeholders involved in the resolution plan. The moratorium order passed by the Adjudicating Authority under Section 14 of the Code on 13.11.2018 shall cease to have effect - The RP shall forward all records relating to the conduct of the CIRP and the resolution plan to the Board to be recorded on its database. Application disposed off.
|