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TMI Blog2019 (6) TMI 1631X X X X Extracts X X X X X X X X Extracts X X X X ..... ution Process for Corporate Persons), R/w Rule 11 of NCLT rules, 2016 by Resolution Professional, seeking directions to approve the resolution plan. Averments in the Application in brief 2.1 The Corporate Debtor is a Private Limited Company registered under the Companies Act, 1956 bearing CIN No. U45400TG2008PTC059204 incorporated on 16.05.2008 having its registered office at Plot No. 141/1, Phase-II, IDA, Cherlapally Hyderabad TG 500051. 2.2 This Tribunal vide orders passed in CP (IB) No. 37/9/HDB/2018 dated 23.03.2018 admitted the Petition filed under Section 9 of Insolvency & Bankruptcy Code, 2016 by M/s. Harindera Cargo Carriers Pvt. Ltd and Corporate Insolvency Resolution Process started against the Corporate Debtor on 10.07.2018. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eliberated upon with the Resolution Applicant M/s. YAP Trading Private Ltd., jointly with M/s. Pollent Ecosmart Buildsys Private Ltd for further improvements in Terms of financial payments. 2.6 The Resolution Professional avers in the 10th Meeting of CoC held on 29.03.2019, the Resolution Plan of M/s. YAP Trading Private Limited jointly with M/s. Pollent Ecosmart Buildsys Private Ltd was put for voting for approval and the same was approved by the members of COC with 100% voting. The CoC comprised of two Banks i.e. IDBI Bank Limited and Axis Bank Ltd. 2.7 The Applicant/Resolution Professional further avers that the Resolution Plan which is approved by the CoC confirms to the requirement specified U/s 30(2) of IBC, 2016 and the Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the plan and its implementation schedule; 2) The resolution plan to include a statement giving details, if the resolution applicant or any of its related parties has failed to implement or contributed to the failure of implementation of any other resolution plan approved by the Adjudicating Authority at any time in the past; and 3) Amounts to be provided for the stakeholders under the Resolution Plan as per the Format in Form H, under paragraph 7. 2.9 The Applicant further avers that M/s. YAP Trading Private Limited jointly with M/s. Pollent Ecosmart Buildsys Private Ltd/Resolution Applicants, meets all the requirements of the Insolvency & Bankruptcy Code, 2016 and CIRP Regulations and does not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment to various stake holders as follows:- S.No. Details of Stake holder Amount proposed under Resolution Plan in crores 01. Financial Creditors 56.25 02. Operational Creditors 0.45 03 Related parties 0.05 04. Other dues 0.25 Total 57.00 The Resolution Applicants over and above the amount of Rs. 57 crores, proposed to infuse funds as required for payment of unpaid Insolvency Resolution Process Cost and Workmen Employee cost on actual basis. Further Resolution Applicants have also provided for the infusion of Working Capital for the revival of Company to the tune of Rs. 20 crores. 6. The Resolution Plan would be implemented within a period of 3 months from the Effective Date and the consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d attendance sheet is shown at page No.100. 10. The Corporate Debtor represented by Resolution Professional is seeking the relief for the approval of the Resolution Plan under Section 31(1) of the Code. 11. The CoC approved the Resolution Plan as per Section 30 (4) of the Code with 100% voting in favour of the Plan. The Resolution Professional also filed a certificate that Resolution Plan is in conformity with the provisions of Section 30 of the Code. The plan meets all the requirements contained in Section 30 of the Code. Therefore, the Resolution Plan is to be approved by the Tribunal in pursuance of Section 31 (1) of the Code. 12. The Resolution Applicant sought certain waivers in the Plan. This Tribunal cannot waive the same. Such po ..... X X X X Extracts X X X X X X X X Extracts X X X X
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