TMI Blog2018 (9) TMI 1395X X X X Extracts X X X X X X X X Extracts X X X X ..... ought out upon screening of the Resolution Plan and, therefore, the Resolution Plan submitted being meets all the requirement to be satisfied under Section 30(2) of the I & B Code the Adjudicating Authority has no other alternative other than to approve the Resolution Plan which shall be binding on the corporate debtor and its employees, members, creditors, guarantors and other stake holders involved in the Resolution Plan. (i)The Resolution Plan of Shri Ram Residency Private Limited, which is approved by the CoC with 99.67 voting percentage, is hereby approved under provisions of sub-section (1) of Section 31 of the Insolvency and Bankruptcy Code, 2016, which will be binding on the Corporate Debtor, its employees, members, creditors, gu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Adjudicating Authority admitted the C.P. (IB) No. 397/KB/2017 filed by the applicant/financial creditor u/s. 7 of the I B Code, 2016 and appointed Mr. Kuldeep Verma as Interim Resolution Professional (In short, IRP). 3. Pursuant to the said order dated 29/08/2017 in compliance of the provisions of the I B Code, 2016 and the Regulations framed thereunder, the IRP issued the announcement in two newspapers, The Business Standard and Aajkal , on 02/09/2017 inviting claims from the creditors of the corporate debtor. On the basis of the claims received the IRP constituted the CoC on 18/09/2017 and the first meeting of the CoC was held on 22/09/2017. In the said meeting IRP was confirmed as the Resolution Professional (In short, RP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eded in identifying one out of the two Resolution Plans submitted by the Resolution Applicants and after discussion with the H-l bidder directed to revise the Resolution Plan and upon getting the Resolution Plan of the H-l applicant the CoC has put the Resolution Applicant s Plan to vote and the H-l Resolution Applicant Plan has been declared as the H-l bidder with 98.05 vote share. 7. However, the H-2 bidder, viz. Ritudhan Suppliers Private Limited challenged the declaration of H-l bidder and the Adjudicating Authority vide order dated 7th May, 2018 allowed the H-2 bidder to participate in the bidding process by directing the RP to consider the revised offer of H-2 bidder along with the H-l bidder s revised offer, if any. However, H-l b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een put to vote since it has completed all the requirement of sub-section (2) of Section 30 of the I B Code. The Resolution Plan of the H-l bidder, therefore, was considered by its 11th meeting held on 06/08/2018 and discussion on the Resolution Plan has been finalised and put the Resolution Plan to vote by electronic mean by 06/08/2018 to 07/08/2018 and approved the Resolution Plan by voting share of 99.67% of the financial creditors. One of the financial creditor, viz., Shrriza Projects Pvt. Ltd. holding 0.33% vote share abstained from voting on the Shri Ram Residency Private Limited s (In short, SRRPL) Resolution Plan, thereby the SRRPL s Resolution Plan stands approved by voting share of 99.67% and it is that plan come up for consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hand can be excluded and on excluding the period from 09.05.2018 to 24.07.2018 the 270 days would expire on 16.08.2018. This view is supported by proposition laid down by the Principal Bench in PNB v. Bhushan Power Steel Ltd. and in Quantum Ltd. v. Indus Finance Corpn. Ltd. ) [CP(AT)(Insolvency) No. 35 of 2018] of the Hon ble NCLAT. The plan in the case in hand was approved on 06.08.2018 and filed before the Adjudicating Authority on 13.08.2018 so well within time. Since the Resolution Plan has been submitted for the approval of the Adjudicating Authority, the Adjudicating Authority s power is limited so as to verify that the Resolution Professional as well as CoC approved the Resolution Plan meeting the requirement of sub-section (2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per the amended section 29A of the I B Code has been annexed. The Resolution Professional also certified that the Resolution Applicant is not ineligible to submit a Resolution Plan under Section 29A of the I B Code. The mandatory disclosure seen enclosed. Workmen dues and employees dues agreed to be paid within 30 days of the date of approval of the Resolution Plan. No infirmity seems to have brought out upon screening of the Resolution Plan and, therefore, the Resolution Plan submitted being meets all the requirement to be satisfied under Section 30(2) of the I B Code the Adjudicating Authority has no other alternative other than to approve the Resolution Plan which shall be binding on the corporate debtor and its employees, members, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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