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TMI Blog2020 (9) TMI 1081X X X X Extracts X X X X X X X X Extracts X X X X ..... the Resolution Plan under Section 31 of the Code read with regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 in respect of the corporate debtor M/s. Unnati Fortune Private Limited. 2. The facts in brief necessary for disposal of the present application are that one of the Financial Creditors, M/s. Nupur Finvest Private Limited, had preferred an application under Section 7 of the Code, for initiation of Corporate Insolvency Resolution Process against M/s. Unnati Fortune Private Limited ("Corporate Debtor"). The said Company Petition (IB)-452 (PB) / 2018 was admitted on 11.06.2019 imposing moratorium under Section 14 of the Code and the applicant Mr. Pradeep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was 26.09.2019 and a further Form-G was published after approval of CoC in third meeting held on 11.10.2019, wherein the last date of submission of Eol was 22.10.2019. 8. Thereafter in fourth meeting of CoC held on 16.11.2019'' the RP placed before CoC that he has received 2 Prospective Resolution Applicants, namely: a. One City Infrastructure Private Limited b. OESPL Private Limited 9. Thereafter in fifth meeting of CoC held on 28.11.2019, the resolution plans submitted by both the Prospective Resolution Applicants were discussed. Subsequently, in sixth meeting of CoC held on 04.12.2019 the RP invited both the Resolution Applicants for bidding process and M/s. One City Infrastructure Private Limited was proclaimed as a higher ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the resolution professional has submitted the Resolution Plan for seeking an order under Section 31(1) of the Code for approval of the resolution plan unanimously passed by the committee of creditors under sub-section (4) of Section 30. 15. It has been submitted in the application and in Form H duly certified by Resolution Professional, that the Resolution Plan unanimously approved by the Committee of Creditors, meets the requirements as laid down in various clauses of sub-section (2) of Section 30 of the Code. 16. In respect of compliance of Section 30(2)(a) of the Code, it is seen that there is a provision in the resolution plan clause 10.1 and 18.2 provides for payment of CIRP costs in priority over payments to any other creditors. Be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Plan provides for management of affairs of the corporate debtor after approval of the Resolution Plan. The management of the affairs and control of the business of the corporate debtor after approval of the Resolution Plan has been provided at clause 10.3 of the Resolution plan which inter alia provides that the Company shall continue as a going concern and operate in its normal course of business upon implementation of the Resolution Plan. The Resolution Professional has confirmed in the compliance certificate given in Form H that the Resolution Plan provides for the management and control of the business of the corporate debtor. 21. Clause 10.4 of the Resolution Plan provides for adequate means for supervising its implementation tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank Guarantee of Rs. 2 Crores issued by DCB Bank cover from 29.02.2020 to 28.11.2020 has been submitted by resolution applicant. 26. The Resolution Professional has confirmed compliance of Section 38(2) and (3) in the compliance filed alongwith the application. 27. It is pertinent to mention here that in the resolution plan it is mentioned that Rs. 1 lac is to be paid to the Custom Department, however during hearing the resolution applicant has stated that Rs. 34 lacs have to be given to the custom department. For clarity in this regard the resolution applicant was directed to file an affidavit vide order dated 13.03.2020 passed by this Bench. 28. In compliance of the aforementioned order the Resolution applicant has filed affidavit date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 32. In terms of sub-section (4) of Section 31 of the Code the resolution applicant shall obtain the necessary approval required under any law for the time being in force within a period of one year from the date of this order or within such period as provided for in such law, whichever is later. 33. It is clarified that Section 30(2)(f) of the Code mandates that the resolution plan should not be against any provisions of the existing law. The Resolution applicant therefore, shall adhere to all the applicable laws for the time being in force under the proposed Resolution Plan, whether or not specifically provided therein. 34. The Resolution Professional shall forward all records relating to the CIR Process and the Resolution Plan to IBB ..... X X X X Extracts X X X X X X X X Extracts X X X X
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