TMI Blog2021 (10) TMI 1185X X X X Extracts X X X X X X X X Extracts X X X X ..... requirement of Regulation 39 has been satisfied, as the RP has submitted that the resolution plan of Resolution applicant, as approved by the Committee of Creditors, to this Tribunal along with the compliance certificate in Revised Form H, as per the requirements of Regulation 39(4) of the CIRP Regulations meets all the requirements of the Code and the CIRP Regulations and that the resolution plan has been duly approved by the Committee of Creditors. The resolution plan as approved by the COC satisfies all the requirements of the Code and Regulations made thereunder - application allowed. - IA No. 310/JPR/2020 in CP (IB) No. 157/7/JPR/2019 - - - Dated:- 13-10-2021 - Ajay Kumar Vatsavayi, Member (J) And Raghu Nayyar, Member (T) F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was published on 21.10.2019 and thereafter, CoC in its 5th meeting was informed that one resolution plan was received from Indian Potash Limited (IPL) and the Prospective Resolution Applicant has also submitted the bank guarantee of ₹ 1 crore with SBI, a CoC member. It was also informed by the applicant that the RP is yet to verify whether the Resolution Plan meets the requirements of the IBC Code and its regulations and accordingly, the CoC members deferred the consideration of the plan till the next meeting of CoC for modification/updating of plan by IPL and submission of plan by other Prospective Resolution Applicants. 6. It is stated in the 8th meeting of the CoC dated 16.03.2020, the applicant placed the IPL's final plan d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso stated that BPPL is also undergoing CIRP and further, STCI Finance Limited will file their claim in those proceedings and hence, are withdrawing their claim from the CIRP of Bohra Industries Limited with immediate effect. 10. It is submitted that RP on the receipt of the above information, immediately reconstituted the CoC and the new CoC only comprised of State Bank of India with 100% voting rights. Further, the CoC in its 13th meeting, took note of the reconstitution of CoC and accordingly, granted one more opportunity to the resolution applicants to revise their resolution plans (by way of addendum) after considering the exit of STCI. 11. It is further stated that CoC in its 14th meeting held on 06.10.2020, approved the Revised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovide for payments of the debts of operational creditors in such manner as may be specified by the Board which shall not be less than the amount to be paid to the operational creditors in the event of liquidation of the corporate debtor under Section 53 or the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority under Section 53(1) whichever is higher. It is stated in Part 7.3 of the Resolution Plan (Page 59 of the application) that the Operational Creditors shall be paid ₹ 10.50 lakh in lieu of their respective outstanding claims which amount is expected to be more than the amount to be paid to such creditors in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions, he has certified that the resolution plan did not contravene any of the provisions of the law for the time being in force and is in compliance with the provisions of the Code and the CIRP Regulations. 19. It is also certified by the RP that the Consortium has submitted an affidavit pursuant to Section 30(1) of the Code confirming its eligibility under Section 29A of the Code to submit its resolution plan (Page 8 of Diary No. 497/2021). The above mentioned affidavit by Mr. Krishna Agarwal, the Lead Member of the Consortium is attached at Page 151-152 of the application. 20. The Resolution Plan should conform to all such requirements which may be specified by the IBBI. A statement to this effect has been made by the RP in the Revi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en the requirement of Regulation 39 has been satisfied, as the RP has submitted that the resolution plan of Resolution applicant, as approved by the Committee of Creditors, to this Tribunal along with the compliance certificate in Revised Form H, as per the requirements of Regulation 39(4) of the CIRP Regulations meets all the requirements of the Code and the CIRP Regulations and that the resolution plan has been duly approved by the Committee of Creditors. 25. In view of our finding that the resolution plan dated 09.09.2020 along with addendum dated 19.09.2020, as approved by the COC satisfies all the requirements of the Code and Regulations made thereunder, we pass the following orders:- a. The Resolution Plan, as approved by the C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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