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TMI Blog2021 (1) TMI 505X X X X Extracts X X X X X X X X Extracts X X X X ..... Cotspin P. Ltd., Pradeep Mehta, Kiran Mehta, Rajesh Mehta and Mr. Atual Gantara (SSCPL Consortium). 2. This Adjudicating Authority by an order dated May 8, 2019 in C. P. (IB) No. 241/MB/2018, admitted a petition against the corporate debtor, Maruti Cotex Ltd., under section 7 of the Code and the applicant herein was appointed as the interim resolution professional. The CoC in its first meeting held on June 7, 2019 appointed the applicant as resolution professional. 3. Pursuant to the admission order passed by this Bench, the interim resolution professional issued a public announcement as required under section 13 of the Code read with regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016), vide notice dated May 11, 2019. 4. In the first CoC meeting held on June 7, 2019 the applicant informed the CoC that she had received claims amounting to Rs. 574.98 crores from the financial creditors and claims amounting to Rs. 5.03 crores from the operational creditors. 5. On April 8, 2019 in terms of regulation 27 of the CIRP Regulations, the RP appointed two registered valuers, namely, B. K. C. Advisors P. Ltd., and GAA Advisory LLP to determine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the resolution plans had been received from the following three resolution applicants before the deadline declared for the submission of resolution plans : (1) Consortium formed by Shree Siddhivinayak Cotspin P. Ltd., Pradeep Mehta, Kiran Mehta and Rajesh Mehta and Mr. Atul Ganatra (SSCPL Consortium) ; (2) Consortium of Universal Cottex, Manibhadra Polycot and Star Oxochem P. Ltd. ; (3) Consortium formed by Suraksha Asset Reconstruction Co. Ltd., and Manjeet Cotton P. Ltd. 13. In the 14th CoC meeting held on January 27, 2020 the CoC approved the resolution plan submitted by SSCPL consortium with 100 per cent. vote and the following resolution was passed : "Resolved that the resolution plan submitted by the consortium of Shree Siddhivinayak Cotspin P. Ltd., Pradeep Mehta, Kiran Mehta and Rajesh Mehta and Atul Sadashiv Ganatra, which provides for the payment of a total of Rs. 77.11 crores, of which Rs. 1 crore is payable towards CIRP cost Rs. 75.61 crores to the secured financial creditors and Rs. 0.50 crore to the operational creditors, the entire amount being payable up front, i. e., within 50 days of the approval of the resolution plan by the Adjudicating Authority be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on plan ; (e) does not contravene any of the provisions of the law for the time being in force ; (f) conforms to such other requirements as may be specified by the Board. (3) The resolution professional shall present to the committee of creditors for its approval such resolution plans which confirm the conditions referred to in sub-section (2). (4) The committee of creditors may approve a resolution plan by a vote of not less than sixty six per cent. of voting share of the financial creditors. (5) The resolution applicant may attend the meeting of the committee of creditors in which the resolution plan of the applicant is considered : Provided that the resolution applicant shall not have a right to vote at the meeting of the committee of creditors unless such resolution applicant is also a financial creditor. (6) The resolution professional shall submit the resolution plan as approved by the committee of creditors to the Adjudicating Authority." 20. Section 31 of the Code provides as below : "(1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) of section 30 meets the requirements as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution plans ; . . . (c) an undertaking by the prospective resolution applicant that every information and records provided in connection with or in the resolution plan is true and correct and discovery of false information and record at any time will render the applicant ineligible to continue in the corporate insolvency resolution process, forfeit any refundable deposit, and attract penal action under the Code. (1A) A resolution plan which does not comply with the provisions of sub-regulation (1) shall be rejected. (2) The resolution professional shall submit to the committee all resolution plans which comply with the requirements of the Code and regulations made thereunder along with the details of following transactions, if any, observed, found or determined by him : (a) preferential transactions under section 43 ; (b) undervalued transactions under section 45 ; (c) extortionate credit transactions under section 50 ; and (d) fraudulent transactions under section 66. (3) The committee shall evaluate the resolution plans received under sub-regulation (1) strictly as per the evaluation matrix to identify the best resolution plan and may approve it with such modi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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