TMI Blog2021 (8) TMI 158X X X X Extracts X X X X X X X X Extracts X X X X ..... 019 - - - Dated:- 28-7-2021 - Dr. Deepti Mukesh , Member ( J ) And Sumita Purkayastha , Member ( T ) For Appearing Parties : Shantanu Chaturvedi, Abhishek Anand, Kunal Godhwani, Viren Sharma, Mohak Sharma and Naveen Kumar, Advs. ORDER Sumita Purkayastha, Member (T) 1. The instant application has been filed by the Resolution Professional, Mr. Manoharlal Vij for approval of Resolution Plan under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016 (hereafter referred to as Code) read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereafter referred to as Regulations) seeking approval of the Resolution Plan. The Resolution Plan was duly approved in the seventh meeting of committee of creditors (CoC), which has been placed on record. 2. The Company Application bearing C.P. No. IB-1205(ND)/2019 was filed by M/s. Azad Impex Private Limited Operational Creditor under Section 9 of the Code for initiating Corporate Insolvency Resolution Process of Surya Manufacturing Private Limited/Corporate Debtor. This Tribunal vide order dated 12.11.2019 admitted the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plan, one resolution applicant being Prudent ARC limited had submitted his interest however, the prospective resolution applicant failed to submit the resolution plan before the last date of submission of the resolution plan as stipulated in Form-G. The Applicant informed the CoC that fresh Form-G can be published immediately. Upon discussion and deliberation, the members of the CoC decided to republish Form G and revised the eligibility criteria for maximization of the value of the Corporate Debtor. The members of the CoC in the 3rd meeting were of the opinion that the Applicant should seek extension of CIRP period since the period of 180 days CIRP was expiring on 10.10.2020 and as the fresh FORM-G i.e. Invitation for submission of resolution plan was proposed to be republished. According to the decision of the CoC in the 3rd meeting the Applicant filed an application bearing I.A. No. 3990 of 2020 under Section 12(2) of the Code seeking extension of CIRP period by 90 days beyond 180 days. The Adjudicating Authority was pleased to allow the application and granted extension of 90 days of CIRP vide order dated 23.09.2020. The Applicant republished Invitation for Expression of Intere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.12.2020. The Applicant further informed that M/s. Alankit Finsec Limited has submitted two alternative resolution plans one with condition (i.e. refund of upfront amount in the event ED does not release the property within 6 months) and other being unconditional with different amounts offered under each plan. The amount offered under conditional plan was ₹ 7.25 Crore and amount offered under unconditional Plan was ₹ 6.75 Crore. Upon discussion and deliberation, the members of the CoC requested the PRA's to increase the amount offered under the plan and submit their plan by 21.12.2020. 8. Further M/s. Alankit Finsec Limited increased their amount from 6.75 Crore to 7.01 Crore for unconditional plan. Since CoC was not inclined to accept the conditional plan of M/s. Campbell Advertising Private Limited therefore, no Evaluation Matrix was prepared and discussed by the member of CoC. Accordingly, the Resolution Plans were put for voting before the members of the CoC 9. After perusing the resolution plans and the requirements of Section 31 of the Code read with Regulation 39 of the Regulation being satisfied the resolution plan submitted by M/s. Alankit Finsec Lim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0(2) (a) of the IBC, 2016 And Regulation 38(1A) of IBBI (Insolvency Process for Corporate Persons) Regulations, 2016 As per Schedule 4 Clause 1.2 the Resolution applicant CIRP cost as provided by the Resolution professional, approved by the CoC as on approval by the NCLT will be paid in full and in priority to the payment to any other debts of the Company. The following shall be implemented as per Schedule 3(Implementation schedule supervision and term) of the resolution plan. The As per Schedule 4 Clause 1.9 (Statement in relation to dealing with all stakeholders) Resolution Plan provides for the interest of all stakeholder, including Financial Creditors and Operational Creditors, of the Corporate Debtor. Section 30(2)(b) of the IBC, 2016 And Regulation 38(2)(c) of IBBI (Insolvency Process for Corporate Persons) Regulations, 2016 Schedule 4 Clause 1.5 (Proposal for the Operational Creditors) read with Schedule 3 (Implementation schedule supervision and term) of the resolution plan provides for the treatment of the operational creditor Adequate means for supervising t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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