9911796707
TMI Blog2019 (10) TMI 1459X X X X Extracts X X X X X X X X Extracts X X X X ..... upon order of admission, the IRP has issued Public Announcement inviting the claims on 07.10.2018 and pursuant to receipt of claims, constituted Committee of Creditors on 29.10.2018. c) That the 1st COC meeting was held on 02.11.2018 and COC has resolved to appoint the Applicant herein as Resolution Professional of the Corporate Debtor. Subsequently, this Adjudicating Authority vide its order dated 19.11.2018, upon recommendation of COC appointed the present Applicant herein as Resolution Professional of the Corporate Debtor. d) That there were total 11 COC meetings, one conducted by IRP and subsequently upon change of RP, the Resolution professional has called upon total 10 COC meeting as stated under: i) 2nd Meeting of the COC held on 05.12.2018; ii) 3rd Meeting of the COC held on 16.01.2019; iii) 4th Meeting of the COC held on 28.02.2019; iv) 5th Meeting of the COC held on 13.03.2019 v) 6th Meeting of the COC held on 02.04.2019 vi) 7th Meeting of the COC held on 16.04.2019 vii) 8th Meeting of the COC held on 08.05.2019 viii) 9th Meeting of the COC held on 14.05.2019 ix) 10111 Meeting of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... schedule along with the amount to be paid to different categories of stakeholders is as follows: Stakeholder Estimated Admitted Claims (INR in Crores) Total Payment (INR in Crores) Upfront Payment (INR in Crores) Balance Payment (INR in Crores) CIRP Costs CIRP Costs 24.90 24.90 24.90 (Within 60 days of the NCLT Approval Date, prior to any other payments). CIRP costs will be paid at actuals. Financial Creditors Financial Creditors 1907.97 603.52 130 (Within 60 days of the NCLT Approval Date, towards the fund-based claims of the Financial Creditors, as mentioned in the Resolution Plan.) i. 30 (Within a period of 3 months from the Effective Date, towards the fund-based claims of the Financial Creditors, as mentioned in the Resolution Plan.) ii. 30 (Within a period of 6 months from the Effective Date, towards the fund-based claims of the Financial Creditors, as mentioned in the Resolution Plan.) ii. 413.52 (On and from the Effective Date, Stakeholder Estimated Admitted Claims (INR in Crores) Total Payment (INR in Crores) Upfront Payment (INR in Crores) Balance Payment (INR in Crores) towa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Resolution Plan was filed immediately on the expiry of the period of CIRP as provided under section 12 of the Code 14. It is stated by the RP that, under Regulation 39 (4) of the CIRP Regulations, the RP was required to submit a compliance certificate in Form H at the time of filing the present application and he has filed the same. 15. It is further stated by the RP that the Final Resolution Plan has been prepared in compliance with the provisions of the Code and all regulations thereunder and thereafter approved by majority of the COC. Further, the Resolution Applicant had not furnished a Performance Bank Guarantee as of date of submission of the Plan, but has undertaken to furnish a Performance Bank Guarantee on or before 03.07.2019. 16. Reiterating above, the Counsel for Resolution Applicant prayed to approve the Resolution plan as approved by COC. 17. Heard Resolution Professional and perused the Resolution Plan and other documents submitted along with Application. 18. Section 30(2) of the Code as amended w.e.f. 06.08.2019 enjoins upon the resolution professional to examine each resolution plan received by him to confirm that such plan - a) provides for the paym ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore approving the Resolution plan, it is the duty of the Adjudicating Authority that it should satisfy itself that the Resolution plan as approved by the COC meets the requirements as referred to in sub-section (2) of Section 30. 22. On perusal of the Resolution Plan, this Adjudicating Authority has observed that the Resolution plan placed for consideration provides for the following; a) Payment of CIRP Cost as specified U/s 30(2)(a) of IBC, 2016. b) Repayment of Debts of Operational Creditors as specified U/s 30(2)(b) of IBC, 2016. c) Provides for management of the affairs of the Corporate Debtor, after the approval of Resolution Plan, as specified U/s 30(2)(c) of IBC, 2016. d) The implementation and supervision of Resolution Plan shall be done by Insolvency Resolution Professional and by the COC as specified U/s 30(2)(d) of IBC, 2016. e) The Resolution Plan is not in contravention to any of the provisions of Law, for the time being in force, as specified U/s 30(2)(e) of IBC, 2016. f) The Resolution plan conforms to such other requirements specified by the Board. 23. In terms of Regulation 27 of CIRP Regulations, Liquidation Valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thers, decided on 05.02.2019 in Civil Appeal No. 10673/2018 with CA Nos.10719/2018, 10971/ 2018 and SLP(C) No. 29181/2018, the Hon'ble Supreme Court, noticing the provisions of section 30(4), 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 (NCLT). On receipt of such a 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. 32. In the said judgment, in para 35, the Hon'ble Supreme Court held that the discretion of the Adjudicating Authority is circumscribed by Section 31 and is 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. 33. In view of the aforesaid, it is observed t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
