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TMI Blog2020 (9) TMI 262X X X X Extracts X X X X X X X X Extracts X X X X ..... es., Mr. Jitendra Malkan, Advocate For the Respondent : Mr. T.Ravichandran with Mr. K.V.Balakrishnan, Advocate, Mr. P.V.Dinesh Advocate for SBI. Mr. NPS Chawla and Mr.Suresh K Baxy, Advocate JUDGMENT PER : DR. ASHOK KUMAR MISHRA, TECHNICAL MEMBER These Appeals have been filed under Section 32 and 61(3) of the Insolvency & Bankruptcy Code, 2016 ('for short I&B Code, 2016') to set aside the impugned order passed by National Company Law Tribunal, Chennai Bench ('Adjudicating Authority') in MA/515/2018 in CP/689/IB/2017 dated 23.01.2019. The Adjudicating Authority vide above stated Miscellaneous Application has approved the Resolution Plan and has made it effective from the date of passing of order and has directed to the Resolution Profess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his Appeal i.e. the Resolution Professional has submitted that the Appellant had resigned much before the commencement of CIRP and has left the services of Corporate Debtor on 19.09.2017 while CIRP has been initiated on 15.01.2018. Resolution Professional has also stated that there is a collusion between the Appellant and the Promoter. He has also stated that he is the person being ex-employee of the Corporate Debtor has triggered the CIRP, Corporate Debtor does not appear before the Adjudicating Authority and the petition proceeded ex-parte and gets admitted on 15.01.2018. d) Resolution Professional has also submitted that the Resolution Plan is inconsonance with the provisions of I&B Code, 2016 and the principles laid down by Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor on 01.10.2011 and the Corporate Debtor has agreed to pay a sum of Rupees towards licence fee payable either a lump sum or such other instalments being Rs. 16,50,000/- towards building and Rs. 38,58,000/- towards plant and machinery. He is aggrieved that the Licence fee for the CIRP period forms part of IRP costs and should have been paid in full while this has not been considered and similarly the financial debt has not been paid. The Appellant is insisting that the Resolution Applicant has handed over the building and other apartments only on 17.06.2019 and his dues of Rs. 82,65,000/- along with additional 5 months licence fee at the rate of Rs. 5 Lakhs per month has yet to be paid. a) However, the Resolution Professional stated t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ancial Creditor and Operational Creditor. He has also stated that he has the reservations over the viability and feasibility of Resolution Plan approved. a)He has also stated that the Resolution Applicant has sought several concession and exemption like allowing setting up off of brought forwarded losses and unabsorbed depreciation for computation of Taxable Profits as per Income Tax Act, 1961, directing to provide reasonable opportunity to the jurisdiction principal Commissioner of Income tax for allowing this set off and also claiming certain other benefits apart from exemption under Stamp Duty Act, waival by the Gujarat Government/ Gujarat Industrial Corporate from compliance related to drawal of water, approval from Environment and For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent - (Resolution Professional). Mr. R.S.Lakshman, advocate accepts on behalf of 2nd Respondent. No further notice need be issued to them. They may file reply along with vakalatnama within two weeks. Rejoinder, if any, be filed by the Appellants within two weeks thereof. Let notice be issued on rest of the Respondents by speed post. Requisite along with process fee, if not filed, be filed by 1st April, 2019. If the Appellant provides the e-mail address of the rest of the Respondents, let notice be also issued through e-mail. Post the case 'for admission' on 3rd May, 2019. In the meantime, the Resolution Plan may be implemented at the risk of the 'Resolution Applicant', which shall be subject to the decision of these appeals. Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,000/- he is getting Rs. 34,862/-. He has also stated that he is a fabrication contractors and not getting at least a reasonable amounts, his business is also in a bad shape. (a)While the Resolution Applicant has submitted that the Appellant is sole proprietorship concern and is not being eligible under Section 61 of the IBC, 2016 to Appeal. He has also stated that the instant appeal has been filed on 16.05.2019 after implementation of the Resolution Plan by 18.03.2019. He has also raised an issue that whatever amount he has got at that time he has not protested. In any case Section 61 of the IBC, 2016 provides for the terminology "person" which is defined in Section 3(23) of the IBC, 2016 and accordingly, any entity established under a st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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