TMI Blog2020 (10) TMI 1234X X X X Extracts X X X X X X X X Extracts X X X X ..... ebts of Operational Creditors, Management of the affairs of the Corporate Debtor, and also provision for implementation and supervision of the Resolution Plan. It also provides terms of the Plan and its implementation schedule. So it is a feasible and viable Plan. A judicious distribution of the financial bids by the COC to the stakeholders according to their entitlements can be inferred from the Plan under consideration. The COC has very well deliberated with the Plans received by it and decided the viability, feasibility and financial matrix of each Plan and approved one with 95.35% vote shares of the members of the Committee of Creditors. The Resolution Plan of M/s. Amit Metaliks Limited, which is approved by the Committee of Creditors with 95.35% voting shares, is hereby approved under provisions of sub-section (1) of Section 31 of the Insolvency and Bankruptcy Code, 2016, which shall be binding on the Corporate Debtor, M/s.VSP Udyog Private Limited, its employees, members, creditors, guarantors, the Central Government, any State Government or any local authority and other stakeholders involved in the Resolution Plan - Petition allowed. - IA(IB) No. 805/KB/2020, CP(IB) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der, determined strictly, in accordance with the Evaluation matrix shared with RFRP. The successful H1 bidder submitted its revised Resolution Plan on 27th July, 2020 with the Resolution Professional, incorporating the changes/modifications suggested by the RP/COC and also revising the financial bids. 5. The said revised Resolution Plan of M/s. Amit Metaliks Limited, was put for voting in the 14th COC meeting held on 31st July, 2020 for approval, which had fulfilled the requirements, as prescribed in Sub-Section 2 of Section 30 of the Insolvency Bankruptcy Code, 2016. The final Resolution Plan, submitted by M/s. Amit Metaliks Limited, incorporating the amendments proposed by it in the Addendum, was approved by the COC through e-voting on 13th August, 2020, with 95.35% voting share, being found feasible and viable. 6. It is stated that the Resolution Professional has satisfied himself with the contents of the Resolution Plan as contemplated under the Code and its Resolution and has submitted the compliance certificate in Form H as prescribed. 7. It would be seen from Form H, Compliance Certificate, submitted by Mr. Raj Singhania, Chartered Accountant, appointed as RP in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of ₹ 29.57 Crores of deferred payment to the Financial Creditors within a period of six months from the date of approval of the Resolution Plan, viz., the effective date, the RA shall be liable to pay interest at 8% per annum, on the balance amount due to the Financial Creditors, at the end of sixth month. In any event, the balance amount, together with interest, shall have to be positively paid within a year from the effective date. B. CIRP COST : The entire CIRP cost would be paid first, as and when communicated by the RP, post approval of the Resolution Plan, in priority to payment of any other debt of the Corporate Debtor, out of funds proposed to be introduced by the Resolution Applicant as new Equity Share Capital in the Corporate Debtor, Company. In the event of final IRP costs, as on the effective date, exceeds or decreases than that of the estimated cost of ₹ 1.00 Crore, the amounts payable to the Financial Creditors under this Resolution Plan, shall be adjusted, accordingly. 11. The Ld. Counsel for the Resolution Professional further submitted that in compliance of Regulation 39(4), a Certificate in Form H of the Schedule, as laid down in Regula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cant, as per Form H, submitted by the RP. It makes provision for the payment of the Insolvency Resolution Process, payment of the debts of Operational Creditors, Management of the affairs of the Corporate Debtor, and also provision for implementation and supervision of the Resolution Plan. It also provides terms of the Plan and its implementation schedule. So it is a feasible and viable Plan. A judicious distribution of the financial bids by the COC to the stakeholders according to their entitlements can be inferred from the Plan under consideration. No waiver of extinguishments in contravention of the provisions of the Code or in violation of existing laws seen not brought out and therefore, there is nothing in the Plan, so as to disapprove it. This CP was admitted on 7th August, 2019. However, upon expiry of 180 days, the period of CIRP was extended, excluding the days lost during the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak, not to be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in relation to a Corporate Insolvency Resolution Process and thereby, approval of the Plan by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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