TMI Blog2021 (2) TMI 255X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Plan is not in contravention of any of the provisions of Section 29A of the Code and is in accordance with law - Application allowed. - IA No. 1048 of 2020 in C. P. (IB) No. 2045/MB/2018 - - - Dated:- 2-2-2021 - Hon ble Janab Mohammed Ajmal, Member (Judicial) And Hon ble Shri V. Nallasenapathy, Member (Technical) For the RP : Adv. Shikha Bhura a/w Adv. Naman Gadhia i/b TAP Legal For CoC : None Present For Resolution Applicants : Mr. Sailesh Jalan ORDER Per : V. Nallasenapathy, Member (Technical) 1. This is an Application filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (the Code), seeking approval of the Resolution Plan submitted by Constantia Corporate Shared Services Private Limited and Alfa Buildhome Private Limited (Collectively referred to as Resolution Applicants). 2. The facts leading to the Application are as under. i. Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was ordered by this Bench on 07.06.2019 and the Applicant was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) in its first meeting held on 09.07.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate Debtor. The CoC considered the said Resolution Plan in the 5th CoC meeting held on 20.11.2019. After due verification of the eligibility of the Resolution Applicants in terms of Section 29A of the Code, the revised and final Resolution Plan was considered by the CoC in the 6th CoC meeting held on 01.02.2020 and the CoC approved the Resolution Plan of the Resolution Applicant with voting share of 92.46%. The manner of voting by the CoC is as below: Sr. No Name of Financial Creditor Voting Share (%) Voted Assent (%) Voted Dissent (%) Abstained (%) 1 SASF 27.20 27.20 - - 2 IFCI 20.80 20.80 - - 3 Unit Trust of India 19.64 19.64 - - 4 New India Assurance 3.41 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 34,52,906/- 34,52,906/- 2 Operational Creditors (Statutory Dues) 1,83,81,847/- 1,83,818/- 3 Operational Creditors (Suppliers- M/S Rajlakshmi Chemical Industries) 81,79,685/- 81,797/- 4 Financial Creditors 18,16,17,47,662/- 11,03,24,869/- Sub Total 18,19,17,62,100/- 11,40,43,390/- B. Stakeholders whose claims not submitted but acknowledged by RA: Sr. No. Particulars Amount Due Payment Proposed 1 Operational Creditors (Workmen and Employees) 2,00,00,000/- 2,00,000/- 2 Operation Creditor (Other Charges) 6,56,61,014/- 7,56,610/- Sub Total 8,56,61,014/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icant submits that the plan is in compliance with the provisions of the Code and the Regulations. It is further submitted that the Resolution Applicant is not hit by the provisions of Section 29A of the Code. h. PERFORMANCE SECURITY: The Resolution Professional has confirmed that the Resolution Applicants have provided a Bank Guarantee dated 25.02.2020 for ₹ 1,00,00,000/- (Rupees One Crore Only) issued by State Bank of India. Copy of the same has been submitted in proof separately. 7. The Applicant submits that the Resolution Plan meets the requirement of Section 30(2) of the Code in the following manner: A. Plan provides for the payment of CIRP cost in full and in priority from the fund to be infused by the Resolution Applicant [Section 30(2)(a)]. B. Proposes to pay the Operational Creditors of the Corporate Debtor as stated above in Para 6(c) [Section 30(2)(b)]. C. It is submitted that One Financial Creditor i.e. Invent ARC having 2.87% of voting share in the CoC abstained from voting and the said Creditor is treated as dissenting Financial Creditor and payment is provided to the dissenting Financial Creditor as per Regulation 38(1)(b) and the same will be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n is hereby approved. It shall become effective from this date and shall form part of this order. It shall be binding on the Corporate Debtor, its employees, members, creditors, including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force is due, guarantors and other stakeholders involved in the Resolution Plan. b. The approval of the Resolution Plan shall not be construed as waiver of any statutory obligations of the Corporate Debtor and shall be dealt by the appropriate Authorities in accordance with law. Any waiver sought in the Resolution Plan, shall be subject to approval by the Authorities concerned. c. The Memorandum of Association (MoA) and Articles of Association (AoA) shall accordingly be amended and filed with the Registrar of Companies (RoC), concerned for information and record. The Resolution Applicant, for effective implementation of the Plan, shall obtain all necessary approvals, under any law for the time being in force, within such period as may be prescribed. d. Henceforth, no creditors of the erstwhile Corporate Debtor can claim anything o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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