TMI Blog2020 (7) TMI 703X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency and Bankruptcy Code, 2016, to obtain necessary approval required under any law for the time being in force within the period one year from the date of approval of the resolution plan by this Adjudicating Authority under sub-section (1) of section 31 of the Insolvency and Bankruptcy Code - Moratorium shall cease to have effect. - I. A. No. 730 of 2019 in C. P. (I. B.) No. 191/7/NCLT/AHM/2017. - - - Dated:- 4-6-2020 - Harihar Prakash Chaturvedi (Judicial Member) And Prasanta Kumar Mohanty (Technical Member) For the RP/Applicant : Navin Pahwa, Senior Advocate, Ravi Pahwa, Yuvraj Thakore, Vijay Assudani, Pratik Tripathi and Sawrin A. Mehta For the Suspendend Management : Yogesh Hemnani, Advocate ORDER PRASANTA KUMAR MOHANTY (TECHNICAL MEMBER). - 1. This I. A. No. 730 of 2019 has been filed under section 30(6) of the Insolvency and Bankruptcy Code, 2016 by the resolution professional/applicant, namely, Mr. Sudip Bhattacharya, before this Tribunal seeking approval of resolution plan (which has been duly approved by 100 per cent. voting of CoC) from this Adjudicating Authority under section 31(1) of the Insolvency and Bankruptcy Code, 2016. 2. As o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e applicant, Mr. Sudip Bhattacharya, Resolution Professional (hereinafter referred as the RP ) was appointed as interim resolution professional vide order of this Bench in C. P. (I. B.) No. 191/7/NCLT/ AHM/2017, dated February 15, 2019. 4. It is stated that the application is within the jurisdiction of this Bench. It is further stated that the application is within time as provided under section 12 of the Insolvency and Bankruptcy Code, 2016, as the last date of completion of the corporate insolvency resolution process is 180 days from February 15, 2019, as mentioned in Order No. C. P. (I. B.) No. 191/7/NCLT/ AHM/2017 hence, August 20, 2019 was the last date. 5. It is stated that the corporate debtor was incorporated under the Companies Act, 1956 on June 15, 1984, having its identification No. L17121MP1984PLC002484. It is stated that the applicant/IRP issued a public announcement of the corporate insolvency resolution process (CIRP) on February 23, 2019, by inviting all stakeholders including financial creditors of the corporate debtor to submit their claims by March 12, 2019 and the public announcement was published in local newspaper made by the applicant as published in l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtive documents. Hence, the applicant revised the voting share of CoC to the following extent : Sl. No. Name of the financial creditor Voting share (%) 1. M/s. Asset Reconstruction Co. (India) Ltd. 60.18 2. ASREC (India) Ltd. 39.82 Total 100.00 The applicant also informed the CoC that MPAKVN, one of the operational creditor has also filed revised Form-B with all supportive documents and accordingly, the applicant revised its voting share to the following extent : Sl. No. Name of the operational creditors Provisional admitted amount 1. MPAKVN 4,19,718.00 2. ESIC-INDORE 3,90,780.00 Total 8,10,498.00 The applicant also informed the CoC that he has published the amended Form-G on May 31, 2019. It was resolved in this meeting to extend the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion plan was discussed by the members of the CoC along with the resolution applicant and after discussion, the resolution applicant was advised to submit its final plan with all legal regulatory compliances latest by November 4, 2019, after which the plan would be placed for internal approval and e-voting. It was decided to keep the electronic voting platform during the defined dated. 18. It is submitted that e-voting held from November 5, 2019 from 17.00 hours to November 8, 2019 till 22.00 hours (i. e., for 77 hours), the resolution plan of the resolution applicant, viz., Shardha Buildcon P. Ltd. was unanimously approved. The resolution with regard to CIRP cost also came to be unanimously approved. 19. It is submitted that the average liquidation value of the corporate debtor is INR 15.99 crores as evidenced from the summary valuation sheet a copy of which is annexed herewith and marked as annexure S, whereas the financial bid of the resolution applicant amounts to INR 23.27 crore. In the light of the same, it is submitted that the CoC is of the opinion that the final approved resolution plan is suitable and viable and deserves approval from this hon'ble Tribunal. 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 715 50% of amount admitted-₹ 2,09,858 2,09,858 30 days from approval from AA ESIC Indore 3,90,780 50% of amount admitted-₹ 1,95,390 1,95,390 30 days from approval from AA Total 8,10,495 4,05,248 4,05,248 3. Financial creditors ARCIL-60.15% 396,38,05,715 13,99,73,039 12,66,01,320 As per below schedule ASREC-39.85% 262,30,89,541 9,27,33,593 8,38,74,690 As per below schedule Total-100% 658,68,95,256 23,27,06,632 21,53,38,179 Total outstanding proposed to be 24,11,00,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15-2-2019 Date of appointment of IRP 22-2-2019 Date of publication of public announcement 23-2-2019 Date of constitution of CoC 18-3-2019 Date of first meeting of CoC 22-3-2019 Date of appointment of RP 3-4-2019 Date of appointment of registered valuers 6-4-2019 Date of issue of invitation for EoI 10-4-2019 Date of final list of eligible prospective resolution applicants. 15-9-2019 Date of invitation of resolution plan 10-9-2019 Late date of submission of resolution plan 10-10-2019 Date of approval of resolution plan by CoC 1-11-2019, passed by e-voting on 8-11-2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for -60.15% 2. ASREC India Ltd. (ASREC) 39.85% Voted for -39.85 6. The resolution plan includes a statement under regulations 38(1A) of the CIRP Regulations as to how it has dealt with the interests of all stakeholders in compliance with the Code and regulations made there under. 7. The amounts provided for the stakeholders under the resolution plan is as under : Sl. No. Category of stakeholders Amount claimed Amount admitted Amount provided under the plan# Amount provided to the amount claimed (%) 1. Dissenting secured financial creditors There are no dissenting secured financial creditor N.A. N.A. N.A. 2. Other secured financial creditors (assenting) 658,68,95,256 658,68,95,256 23,27,06,632 3.55 % 3. Dissenting unsecured financial creditors There are no d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 29A Whether the resolution applicant is eligible to submit resolution plan as per final list of resolution professional or order, if any, of the Adjudicating Authority ? 10.5 Yes Section 30(1) Whether the resolution applicant has submitted an affidavit stating that it is eligible Form XII Yes Section 30(2) Whether the resolution plan : (a) provides for the payment of insolvency resolution process costs ? 6.1 Yes (b) provides for the payment of the debts of operational creditors ? 5.3 Yes (c) provides for the management of the affairs of the corporate debtor ? 4.2.1.1 Yes (d) provides for the implementation and supervision of the resolution plan ? 6.1 and 4.3 Yes (e) contraven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Yes Regulation 38(3) Whether the resolution plan demonstrates that- 4.3 Yes (a) it addresses the cause of default ? (b) it is feasible and viable ? (c) it has provisions for its effective implementation ? (d) it has provisions for approvals required and the time-line for the same ? (e) the resolution applicant has the capability to implement the resolution plan ? Regulation 39(2) Whether the RP has filed applications in respect of transactions observed, found or determined by him ? CD ceased operation in past 2 financial years from the date of commencement of the CIRP, virtually no transaction Yes 11. The time framed proposed for obtaining relevant approvals is as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14. The resolution plan is being filed one day before the expiry of the period of CIRP provided in section 12 of the Code. 15. Provided details of section 66 or avoidance application filed/pending. Sl. No. Type of transaction Date of filing with Adjudicating Authority Date of order of the Adjudicating Authority Brief of the order 1. Preferential transaction under section 43 10-11-2019 N.A. N.A. 2. Undervalued transactions under section 45 10-11-2019 N.A. N.A. 3. Extortionate credit transactions under section 50 N.A. N.A. N.A. 4. Fraudulent transactions under section 66 N.A. N.A. N.A. Observation 23. The said application filed by the applicant on November 11, 2019, under section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking for approval of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution plan by this Adjudicating Authority under sub-section (1) of section 31 of the Insolvency and Bankruptcy Code. 33. Further, our approval of this resolution plan shall not be purported nor can be construed to have given any exemption under law or granted statutory concession, because in our view such issue lies within the domain of the appropriate Government Authority and the resolution applicant can seek appropriate relief and concession in accordance with law, from the appropriate Government/competent authority concerned. This will suffice the purpose of the resolution applicant for seeking necessary exemption from appropriate Government Authority and from other competent authority. 34. The resolution professional shall handover the charge of the corporate debtor to Shradha Buildcon P. Ltd. resolution applicant of the corporate debtor immediately. All the records, books of account, assets, documents and agreements shall be handover to Shradha Buildcon P. Ltd., the resolution applicant for the corporate debtor. 35. The resolution professional is directed to forward all records relating to the conduct of the corporate insolvency resolution process and the resolution p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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