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TMI Blog2020 (2) TMI 1533X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Process (in short, "CIRP") of the Corporate Debtor on a ground that the Corporate Debtor committed default in paying the financial debt of Rs. 213,90,70,549/-. 2. This authority by order dated 13.03.2019 admitted the corporate debtor in CIRP. One, Mr. Kshitiz Chhawchharia having registration No. IBBI/IPA-001/IP-P00358/2017-18/10616 was appointed as the Interim Resolution Professional. On 18.03.2019, the IRP made public announcement of CIRP of the corporate debtor. He called upon the creditors of the corporate debtor to submit their claims with the proof. He received claims from 16 financial creditors and some of the operational creditors. He constituted the CoC consisting of all 16 financial creditors. 3. On 11.04.2019, 1st Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... meets the requirement, as referred to in section 30(2) of IBC. So, by keeping before our sight the provisions of section 30(2) of the IBC, we have examined the resolution plan, submitted for our approval. 7. Sub-section (2) of Section 30 of I&B Code states that the resolution plan must comply the following requirements: a) The resolution plan must provide for the payment of resolution process cost in priority to the payment of other debt of the operational creditor. b) It must have provision for payment of debt of operational creditor subject to provision of section 53 of IBC. c) The plan must state the modalities of the management of the affairs of the corporate debtor, after approval of the plan. d) The plan must provide mechani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nclusion of enquiry of sections 43, 45, 50 and 60 of IBC, that amount shall be paid to each creditor in proportionate of its dues. 10. In this case, the CoC has approved the plan. We do not wish to challenge CoC's commercial wisdom used while approving the plan. If we to do so, then we will be leaving with no option but to pass order of liquidation of the corporate debtor and such order would be in conflict with object of the Code, i.e. Resolution is the first and liquidation is later. 11. Resolution Professional has certified that the plan does not contravene any provisions of law. Upon our perusal of the resolution plan, we are also of the considered opinion that the plan does not contravene any provisions of law for the time being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 14 shall cease to have effect. 5. The Resolution Professional shall forward all records relating to the conduct of the Corporate Insolvency Resolution Process and the Resolution Plan to the Insolvency and Bankruptcy Board of India to be recorded on its database. 6. Before parting with, it appears to us that we have to endorse our appreciation to the work rendered by the Resolution Professional, Mr. Kshitiz Chhawchharia for seeing that the Resolution Plan is approved by the CoC so as to give a rebirth to the dying company. 7. Accordingly, CP (IB) No. 148/KB/2018 and CA(IB)1819/KB/19 stand disposed off. 8. CA(IB) No. 1840/KB/2019, I.A.No. 183/KB/2020 and IA(IB) 304/KB/2020 are to appear in the list on 24.03.2020. Certified ..... X X X X Extracts X X X X X X X X Extracts X X X X
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