9911796707
TMI Blog2018 (9) TMI 1971X X X X Extracts X X X X X X X X Extracts X X X X ..... S. Vijayaraghavan, 1) This Tribunal vide order dated 16.08.2017 admitted the Insolvency petition and Mr. Venkataramanarao Nagarajan was appointed as an IRP. Moratorium under section 14 of the Code was made effective vide the order dated 16.08.2017. The COC in their 1st meeting dated 17.10.2017 confirmed the IRP as RP. 2) The public announcements as required under Regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 was made by the Applicant on 26.09.2017 for the purpose of inviting claims. The RP for the corporate debtor published an advertisement on 13.04.2018 for inviting any prospective investors to put forwards their resolution Plans. The insolvency resolution period was extended from time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly) in the Company towards the resolution process. In support of this the Resolution Applicant has obtained an in principle approval from IL&FS Financial Services Limited. A copy of the letter is annexed. * The aforesaid investment will be utilized to meet the resolution costs, repay the agreed claims of the financial creditors, pay the operational creditors, employees, license fees etc. in compliance with the Code. The Resolution Plan does not propose any haircut or loss of value to any creditor. * A part of the investment will be utilized for the repair and renovation of the Hotel so that the operations of the Hotel can be resumed. * The Resolution Applicant and his nominee(s) will acquire 100% (one hundred per cent) equity share ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t a mutually agreed rate till the date of approval by the Committee of Creditors. Payment to TJSB 8.80 Payments to Operational Creditors 1.28 These payments to operational creditors as admitted and disclosed in the Information Memorandum. For repairs & renovation of Hotel Kohinoor Asiana 4.56 These expenses will enable the company to resume its operations in the Hotel Kohinoor Asiana Payment of License Fees 0.43 This payment will be made towards obtaining/renewing various licenses to commence the hotel o erations. Contingencies 4.63 This amount of Rs. 4.63 crores will be utilized to fill in any shortfall that may occur in any of the above mentioned end uses. Total 45.00 7) From the perusal of the Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aring 0.001% p.a. coupon and shall be redeemable at the end of 6 years or immediately upon liquidity event arising, whichever occurs earlier. The redemption amount after 6 years will be 2.50 times of the existing capital. However, if redeemed earlier by the company at its sole discretion, then commensurable NPV at a discount rate of 10% will be redeemed. Such loan amount will be converted into one preference share of Rs. 1 face value. in the event that the Companyfails, to redeem RPS- Series B as stipulated herein, the redemption value of RPS-Series B shall be converted into Equity Share Capital at that point of time. For clarification, for every I RPS-Series B, 2.50 Equity Shares of the Company shall be issued. 8) Upon the aforesaid restr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... waiver of interest/damages/penalties etc. against the statutory dues and condonation for delay in submission of returns. In this regard, the Tribunal directs the Resolution Applicant to settle all the statutory dues and unpaid license fee along with dues of Operational Creditors as no specific time limit has been specified in this regard in the resolution plan. 11) It is observed that as per the Resolution Plan, the board approves the restructuring of share capital can be carried out without being subject to the shareholders special resolution or the board resolution of the existing board for appointing the nominee(s) of the Board of Directors of the Resolution Applicant. 12) The Tribunal vide its earlier order dated 08.03.2018 has made ..... X X X X Extracts X X X X X X X X Extracts X X X X
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