TMI Blog2020 (9) TMI 1082X X X X Extracts X X X X X X X X Extracts X X X X ..... he Code. Even according to the applicant he was unable to place all the documents relating to disqualification as the bank has not given proof proving that the bank has removed the Ind Synergy Ltd. (ISL) from the RBI defaulters list and an email dated 22.06.2020, issued by Indian Overseas Bank, placed before us at the time of hearing that the bank has removed the said company from the list of defaulters. So as on 18.6.2020 the applicant was a defaulter as per the list. In view of the above said circumstances we do not find any merit in the application. Application dismissed. - IA(IB) No. /CTB/2020 in T.P. No. 203/CTB/2019 Arising out of CP(IB) No. 1411/MB/2018 - - - Dated:- 1-7-2020 - Jinan K.R., Member (J) For the Appellant/Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efaults in another company, namely ISL wherein a Director of Applicant, is a Director there also. The RP asked for clarification on status of defaults. It was clarified immediately. Then RP intimated that Banks have declared ISL as wilful defaulters to obtain clarification from all Banks within just 3 working days. The Applicant was denied further time. Then it was categorically clarified with available documents that all defaults of Banks prior to 31.3.2018 by ISL have been taken over by an asset reconstruction company EARCL , which is also a member of the CoC all Banks have assigned their loans to EARCL by executing assignment deeds. ISL's Management has also changed due to which aforesaid Director was made Addl. Director of IS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t plan was not placed before the CoC by the RP and hence the RP contravened the provisions of the Code and regulations. He further attempted to convince us that at the time of consideration of the applicant plan by the RP the Ind Synergy Ltd. (ISL) wherein one of the Directors of the Applicant Company is also a Director of that company, was not a wilful defaulter. According to him, since 2014 onwards the debt of ISL has been assigned to Edelweiss Asset Reconstruction Company Ltd. (Edelweiss) and deed of assignment has been executed. Hence, no default stands at present and to stress the said submission he relied upon an email copy not placed before us. He submitted that the Bank replied to its letter informing that ISL at present is not a wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ir, We have received your revised resolution plan, vide appended mail, in the matter of CIRP process of Salasar Steel and Power Limited. However, we regret to inform that your company is disqualified under Sec 29A clause (b) read with clause (j) of Insolvency and Bankruptcy Code, 2016 and as such you are not eligible to submit a resolution plan. The disqualification is in terms of clause (b) read with clause (j) of Sec 29A which reads as follows:- A person shall not be eligible to submit a resolution plan, if such person, or any other, acting jointly or in concert with such person - (b) is a willful defaulter in accordance with guidelines of Reserve Bank of India issued under the Banking Regulation Act, 1949. (j) has a con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion No. IBBI/IPA-001/IP-P00647/2017-2018/11102 Regd. Email: jhunjhunwala.rajesh@gmail.com Registered Address: A51, Aashit Chs. Azad Road, H B Gawde Marg, Stanburg Estate, Juhu Koliwada, Mumbai City, Maharashtra 400049 From: raigarhiaispat@rediffmail.com [mailto: rajgarhiaispat@rediffmail.com] Sent: 17 June 2020 11:39 To: ip.r.sspl@in.pwc.com; cirp.sspl@gmail.com C.c: dpatelasso@gmail.com Subject: Salasar Steel and Power Limited - Revised Resolution Plan -2 Dear Sir, Please find enclosed herewith revised resolution plan-2 of Salasar Steel and Power Limited in searchable PDFs with final as well as red marked together with reply to check list pointwise. We hope you will find the above in order. Thanking you, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e applicant and the Plan before the CoC and from the available document as on 18.06.2020, the applicant was found ineligible as one of the directors of the applicant who is also a director of ISL was in the list of defaulter, fall under section 29-A(b) of the Code. Even according to the applicant he was unable to place all the documents relating to disqualification as the bank has not given proof proving that the bank has removed the Ind Synergy Ltd. (ISL) from the RBI defaulters list and an email dated 22.06.2020, issued by Indian Overseas Bank, placed before us at the time of hearing that the bank has removed the said company from the list of defaulters. So as on 18.6.2020 the applicant was a defaulter as per the list. In view of the abov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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