TMI Blog2021 (6) TMI 482X X X X Extracts X X X X X X X X Extracts X X X X ..... tions. The 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. 1025 of 2020 in CP (IB) No. 351/9/HDB/2019 - - - Dated:- 1-3-2021 - Bhaskar Pantula Mohan, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : V.K. Sajith, Advocate ORDER Bhaskar Pantula Mohan, Member (J) 1. This is an Application under 30 (6) of the Insolvency Bankruptcy Code, 2016 (the Code) by the Resolution professional seeking approval of the Resolution Plan submitted by Resolution Applicant i.e. Mikata Industries and Tech Services LLP. 2. The facts leading to filing the Application in brief are:- 2.1 The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by this Bench by an order on 20.08.2019 and the Applicant was appointed as Interim Resolution Professional [IRP]. The Committee of Creditors [CoC] comprising the following Financial Creditors, in its 1st meeting had confirmed the Applicant as Resolution Professional (RP). The Applicant in compliance of the provisions of the Code and Rules framed there under conducted the CIRP of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Plan, the suspended Board of Directors shall stand dissolved and the Directors of the Corporate Debtor immediately prior to the completion date, shall be deemed to have resigned and shall vacate their office. Further the persons nominated by the Resolution Applicant shall be appointed as the Directors of the Corporate Debtor. The Resolution Plan proposes to appoint a Monitoring Committee consisting of one nominee of the Financial Creditors, one nominee of Resolution Applicant and one Director from the Board of Directors of the Corporate Debtor and the said Committee shall monitor the implementation of the Resolution Plan and will continue to operate until all the dues to the Financial Creditors are settled in terms of the Resolution Plan. F. Compliance of mandatory contents of Resolution Plan under the Code and CIRP Regulations:- The Applicant has conducted a thorough compliance heck of the Resolution Plan in terms of the Code as well as Regulations 38 39 of the Insolvency and Bankruptcy Board of India (Corporate Insolvency Resolution Process) Regulations, 2016 (herein after referred to as Regulation) and has submitted his Form H under Regulation 39 (4). It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... classification of the Revenue Land of 30.15 Acres as Forest Land in terms of the GR issued on 24.04.1980 for which full occupancy price at market rates had been paid to the Forest Department as conversion fee. c) A direction that upon the Corporate Debtor offering alternative land(s) in the same condition (without forest cover) as when leased land was handed over to Corporate Debtor, located adjoining an existing reserve forest(s) under the Compensatory Afforestation Scheme of the Government of India, MOEF CC, the same will be not unduly delayed or denied, and upon acceptance of such land, to de-notify the existing 30.15 Acres land save for the representation B above by permitting conversion of the same to Revenue Land for being put to use as per the Resolution Plan. d) The Resolution Applicant has sought directions to local administration to provide assistance as required in implementing the terms of the Resolution plan, against any threats, obstructions or interference from any persons/parties at any stage. 6. The Applicant/Resolution Professional has submitted that, the Resolution Applicant has sought certain reliefs and concessions in the Resolution Plan relati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an Overseas Bank Others (in Civil Appeal No. 10673/2018) the Hon'ble Apex Court held that if the CoC had approved the Resolution Plan by requisite percent of voting share, then as per Section 30 (6) of the Code, it is imperative for the Resolution Professional to submit the same to the Adjudicating Authority. On receipt of such proposal, the Adjudicating Authority (NCLT) is required to satisfy itself that the resolution plan as approved by CoC meets the requirements specified in Section 30(2). No more and no less. 11. Further, the Hon'ble Court has further held at para 35 of the said judgement that the discretion of the adjudicating authority (NCLT) is circumscribed by Section 31 limited to scrutiny of the resolution plan as approved by the requisite percent of voting share of financial creditors. Even in that enquiry, the grounds on which the adjudicating authority can reject the resolution plan is in reference to matters specified in Section 30(2), when the resolution plan does not conform to the stated requirements. 12. As held by Hon'ble Supreme Court in Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta Ors the limited judicial ..... X X X X Extracts X X X X X X X X Extracts X X X X
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