9911796707
TMI Blog2020 (10) TMI 1234X X X X Extracts X X X X X X X X Extracts X X X X ..... Singhania was appointed as Insolvency Resolution Professional, in replacement of the Interim Resolution Professional. 2. Mr. Raj Singhania, Resolution Professional, filed this Application, praying for approval of the Resolution Plan of M/s. VSP Udyog Private Limited (Corporate Debtor), under Section 30(6), read with Section 31 of the Insolvency and Bankruptcy Code, 2016, along with Regulation 39(4) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. for the reason that the Resolution Plan of M/s. Amit Metaliks Limited, was approved by the Committee of Creditors with 95.35% voting shares. 3. The Committee of Creditors was constituted which held 15 (Fifteen) meetings. The R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted) 1.00(Apx.) 1.00 (Apx.) 1.00(Apx.) - Employees, Workmen 4.16 0.60 0.60 Operational Creditors, including Government dues 950.91 0.24 0.24 Financial Creditors 339.76 50.90 21.33 29.57 Total 1295.83 52.74 23.17 29.57 The payment of upfront amount shall be made within 30 days of the approval of the Resolution Plan by the Adjudicating Authority. If the RA is unable to disburse the entire amount of Rs. 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 Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and the Resolution Applicant had the capacity and experience to revive the operations of the Corporate Debtor, in accordance with the timeline stated in the Plan. The Resolution Professional has also certified that he has not found any transaction falling within the purview of Sections 43, 45 or 50 of the Insolvency and Bankruptcy Code and accordingly, there were no requirements of filing any Application with the Adjudicating Authority in that regard and/or to consider the same while approving the Resolution Plan by the Committee of Creditors. Therefore, the Resolution Plan has fulfilled all the requirements to be meted out under Section 31(1) of the Code. 12. It is also stated that the average Fair Value and the Liquidation Value, obt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... keholders 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 the COC within ..... X X X X Extracts X X X X X X X X Extracts X X X X
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