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TMI Blog2019 (7) TMI 1739X X X X Extracts X X X X X X X X Extracts X X X X ..... nkruptcy Board of India (Insolvency Resolution Process of Corporate Persons) Regulations, 2016 seeking approval of the Resolution Plan. The Resolution Plan duly approved by the Committee of Creditors (CoC) with the requisite majority has been placed on record. 2. The facts in brief that are necessary for disposal of the present application are as follows: - 3. One of the financial Creditor, namely, Shree Siyaram Automations Private Limited had preferred an application under section 7 of the Code for initiation of Corporate Insolvency & Resolution Process against M/s. Beans and More Hospitality Private Limited ("Corporate Debtor"). The application was admitted on 13th March, 2018 by order CP No IB. 512 (ND) of 2017 imposing moratorium unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uently, the Resolution Professional under section 25(2)(h) of IBC, 2016 had invited prospective resolution applicants on 31-8-2018 vide Form G and published of Form G. The last date for inviting Resolutions plans was 23rd October, 2018. Three resolutions applicants had given Expression of Interest and they were given format of Non-disclosure agreement and information Memorandum and Evaluation Matrix. 9. It is stated in the application that in the CoC meeting held on 12th November, 2018 out of the three plans, one plan of Mr. Abhay Jain, Ex-director and promoter of the CD was found satisfactory out of the three Resolution plans received and discussed fully in the CoC meeting pursuant to regulation 38. The RP examined the Resolution Plan sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Professional Mr. Prabhjit Singh Soni was appointed as Implementation and monitoring officer of the said plan for next 24 months at a quarterly remuneration of Rs. 30000/- and he will give quarterly reports to this Bench. 13. It is stated in the CA that the Resolution Plan envisages that the Financial Creditors arc proposed to be paid against the full and final settlement of their entire financial/operational debt against the Corporate Debtor including contingent liabilities), as tabulated on page 16 of the typed set of the CA. Sl. No Particulars Amount o/s as per claims admitted As on CIRP date INR Amount o/s in financial statement but no claim received/admitted INR Proposed liability post INR Remarks 1 CIRP Cost &nbs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd income generation opportunities in the region and will wait for the decision of the court and acquisition. 15. It is also stated that in respect of the Resolution Applicant, the Resolution Professional has also obtained Affidavits as per eligibility provided under section 29A from the said Resolution Applicant and their connected persons about their eligibility in terms of Section 29A of the code. 16. It is asserted in the application that the said Resolution Plan has been duly approved by the Committee of Creditors in the meeting held on 12-11-2018 and then by e-voting by 74.19% votes after doing full discussions and getting explanations and clarifications in the CoC meeting. The resolution applicant had placed copy of minutes of meet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r certified that it has dealt with the interests of all stakeholders. 21. Besides there is no objection from any stakeholders in respect of approval of the resolution Plan. In absence of any discrimination or perverse decision it is not open to the Adjudicating Authority to modify the Plan. As per the provisions of the Code, the CoC with the requisite super majority is the competent authority to decide on the rights of various stakeholders by approving a resolution Plan. Adjudicating Authority is not expected to substitute its view with the unanimous commercial wisdom of the CoC nor should deal with technical complexity and merits of Resolution Plan unless it is found contrary to the express Provisions of law and goes against the public in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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