TMI Blog2020 (12) TMI 1054X X X X Extracts X X X X X X X X Extracts X X X X ..... y liabilities has been made at ₹ 86,27,208/-. Thus, in sum and substance, the Resolution Plan provides for settlement of claim of various stakeholders. It is also noted that the Resolution Plan provides the background of successful Resolution Applicant and its associates. The revised 'Resolution Plan' filed with the Application meets the requirements of Section 30(2) of I B Code, 2016 and Regulations 37, 38, 38(1A) and 39 (4) of IBBI (CIRP) Regulations, 2016. The 'Resolution Plan' is also not in contravention of any of the provisions of Section 29A. The Resolution Professional has also certified that the 'Resolution Plan' approved by the CoC does not contravene any of the provisions of the law for the time being in force. The Compliance Certificate is placed on record. The 'Resolution Plan' has been approved by the CoC with 100% voting share - the revised 'Resolution Plan' is hereby approved, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan including Resolution Applicant. Resolution Plan stands modified to the extent of our direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itutional investors it was fixed at ₹ 50 Crores. Further, exclusion of 160 days was sought. The valuers were also appointed. 3. The 5th meeting of CoC was held on 10.07.2019 wherein, in view of the fact that four EOIs had been received and one more EOI was expected, hence, last date for submission of EOI was extended. In the 7th meeting of CoC dated 09.08.2019, four prospective Resolution Applicants were identified who submitted the Resolution Plan which were below the liquidation value, hence, CoC decided that plan above the liquidation value was to be submitted. In this meeting, RP informed CoC that there were substantial amount involved in preferential/undervalued transactions for which forensic auditors were appointed. It was also noted that tax liabilities of Excise Department were also pending, hence, goods could not be removed without paying the same. The CoC directed RP to take appropriate action. In 9th and final meeting of CoC dated 19.09.2019, two plans submitted by two Resolution Applicants, namely, Pep Cee Pack Industries and Aristo Flexi Pack (Joint Bidders) and Kankriya Enterprises Pvt. Ltd. were considered. However, CoC was not convinced with the Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. Learned Counsel for the successful Resolution Applicant appeared and narrated the basic facts. He drew our attention to the Resolution Plan in detail. Based upon the contents of the Plan, it was submitted that approved Resolution Plan complied with all the requirements of Section 30(2) of IBC, 2016 and r.w. relevant Regulations made thereunder. It was also submitted that Resolution Plan had been filed before the expiry period of CIRP as extended from time to time. He also pointed out that the extended time line of 180 days was also agreeable to the successful Resolution Applicant. Accordingly, he prayed for the approval of the plan. 7. We also noted that three IAs i.e. IA No. 88 of 2020, IA No. 89 of 2020 and IA 61 of 2020 were pending wherein issue of denial of input credit by the GST Department to the Applicant for the reason that Corporate Debtor had not deposited the tax nor it had uploaded the GST returns were also pending. We heard the learned counsel for the Applicant in these IAs. In some cases the claims were made before finalisation/approval of Resolution Plan which remained to be considered. In one case, the claim has been received after the approval of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Payment to CIRP Cost Within 60 days of the approval of by NCLT Order Payments to Financial Creditors Within 60 Days of the approval of by NCLT Order Payment to Statutory Dues and Operational Creditors Within 60 Days of the approval of by NCLT Order 9. It is provided that existing equity would be written down to zero and Resolution Applicant would infuse funds to the tune of ₹ 17,72,80,000/- by way of Equity and take control of 100% stake in the Corporate Debtor. For this purpose, following steps have been provided. 1. Capital Reduction 1.1 Nominal Face value of Equity Share of the Corporate Debtor held by the existing shareholders of the Corporate Debtor to be reduced to ZERO and completely written off without any consideration. 1.2 The proposed reduction of equity share capital neither involved diminution of any liability in respect of unpaid share capital nor the payment to any shareholder of any paid-up share capital. Accordingly, there is no outflow of/payout of funds from the Corporate Debtor and hence the interests of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicant may approach/have all liberty to approach the concerned statutory/competent authority for any concession, waiver or exemption as per prevailing law(s) of the land. It is needless to mention herein that approval of the Resolution Plan does not mean automatic waiver or abetment of legal proceedings, if any, which are pending by or against the Company/Corporate Debtor as those are the subject matter of the concerned Competent Authorities having their proper/own jurisdiction to pass any appropriate order as the case may be. 15. Resolution Plan stands modified to the extent of our direction given in this order and to be read along with such directions. Thus, not allowing of the above Reliefs, Concession, Relief and Dispensation, sought for in the Resolution Plan, is not going to make any hindrance for proper implementation of the Resolution Plan as those are the subject matter of jurisdiction of the concerned/appropriate Competent Authorities. The Resolution Applicant(s) has/have liberty to approach Competent Authorities for any concession, relief or dispensation as the case may be as when required for proper and effective implementation of the Plan. 16. Apart from the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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