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TMI Blog2019 (8) TMI 267X X X X Extracts X X X X X X X X Extracts X X X X ..... Bankruptcy Code, 2016 (in short, I&B Code) against M/s. Marsons Limited - Corporate Debtor to start Corporate Insolvency Resolution Process (in short, the CIRP) of the Corporate Debtor as the Corporate Debtor committed default in paying the operational debt of Rs. 9 lakhs payable towards professional charges. 2. This authority by order dated 20.06.2018 admitted the corporate debtor in CIRP. One, Mr.Sanjit Kumar Nayak having registration no. IBBI/IPA-003/IP-N00079/2017-18/10702 is appointed as the Interim Resolution Professional. Moratorium under section 14 of I&B Code was issued. 3. The IRP took possession of the assets of the corporate debtor alongwith management. On 22.06.2018, he made public announcement of CIRP of the corporate debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... till 16.12.2018, the CoC decided to re-publish the notice by extending the last date of submission of resolution plan till 06.02.2019. 6. It is seen from the record that one resolution application M/s. Yashoda Inn Private Limited alongwith M/s. Uneecops Solar Private Limited jointly submitted the resolution plan. The said plan was submitted before the CoC for their consideration. CoC considered the plan in its meeting dated 14.03.2019. The CoC by 100% votes approved and accepted the resolution plan for the corporate debtor submitted by Yashoda Inn Private Limited and M/s. Uneecops Solar Private Limited jointly. The said plan is submitted before me for approval as per section 31(a) of l&B Code. 7. I heard the Ld. RP. I perused the plan su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f I&B Code or any other law for the time being in force. In view of this settled legal position, I proceed to consider the plan. 9. Section 30(2) of I&B Code requires that the resolution plan should be in conformity with the following requirements: (a) It provides for the payment of resolution process cost in priority to other debt. In this case, it is mentioned in the plan that the Resolution Professional shall determine the cost and the resolution applicant undertakes to pay the same. In fact, the RP ought to have determined the actual cost amount but it is not done. Nonetheless the Resolution Applicant gave undertaking to pay the same. I hold that this point is complied with. (b) The plan provides for payment of debt of oper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is case, the facts are different. In this case, no provision of upfront payment is made towards any operational creditors' claim. There is no discrimination made in between operational creditors inter se. Hence, above order does not have binding precedent. The plan is approved by CoC by 100% votes. The CoC took commercial decisions in their wisdom, while approving the plan. Now this authority cannot sit in appeal against the CoC's decision. I reject the objection raised by one of the operational creditors against the approval of this plan. 13. Clause (c) and (d) of section 30(2) of I&B Code requires the plan should provide mechanism of its effective implementation and mechanism for management of affairs of the corporate debtor. Par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall come into force with immediate effect. 3. The moratorium order passed under Section 14 shall cease to have effect. 4. The Resolution Professional shall forward all records relating to the conduct of the Corporate Insolvency Resolution Process and the Resolution Plan to the Insolvency and Bankruptcy Board of India to be recorded on its database. 5. Before parting with, it appears to me that I have to endorse my appreciation to the work rendered by the Resolution Professional, Sanjit Kumar Nayak for seeing that the Resolution Plan is approved by the CoC so as to give a rebirth to the dying company. 6. Accordingly, C.P.(I.B.) No.628/KB/2018 alongwith CA(IB) Nos.366 & 367/KB/2019 in this context are disposed off. Certified copy of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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