9911796707
TMI Blog2021 (11) TMI 251X X X X Extracts X X X X X X X X Extracts X X X X ..... rief, are that the Corporate Debtor was admitted into CIRP vide order dated 08.01.2020 in CP(IB) 497 of 2019. Mr. Raj Kumar Poddar, having Registration No. IBBI/IPA-001/IP-P00339/2017-2018/10610 was appointed as IRP who collated the claims and constituted the COC comprising of State Bank of India, Punjab National Bank and Union Bank, having voting share of 41.35%, 35.18% and 23.47% respectively. In the 1st meeting of COC held on 13.02.2020, the COC resolved to appoint IRP as RP. The RP followed all the procedure in accordance with provisions of IBC, 2016 and Regulations made there-under. Form-G was published on 22.10.2020 wherein the last date of submission was 06.11.2020. Four EOIs were received out of which one was not eligible, being an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C of meeting held on 11.01.2021, RP informed that one EOI was received from prospective Resolution Applicant i.e., Alpha Alternatives Holding Pvt. Ltd. jointly with Algebra Endeavour Pvt. Ltd. to extend the timeline for submission of resolution plan. After extending the timeline, Resolution Plan was submitted by prospective Resolution Applicant but the same was rejected by the COC on some technical grounds. Being aggrieved by the decision of COC, the Resolution Applicant filed an application before this Adjudicating Authority wherein the Adjudicating Authority vide its order dated 12.07.2021 directed the RP/COC to call the Resolution Applicant and allow him to re-submit resolution plan and also directed to not proceed with liquidation on te ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor -wherein Fair Value and Liquidation Value stand at Rs. 50,11,45,192/- and Rs. 34,22,46,797/- respectively. 6. It is submitted that the Successful Resolution Applicant has also filed an affidavit dated 15.12.2020 clarifying his status that he is not a related party of the Corporate Debtor and is eligibility to submit a resolution plan under Section 29A of IBC, 2016. The RP has also filed Form-H in compliance of Regulation 39(4) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 7. Learned PCS drew our attention to the Resolution Plan in detail. Based upon the contents of the Plan, it was submitted that Resolution Plan approved by COC complies with all the provisions of Section 30 of IBC, 2016 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... successfully implemented. The monitoring committee and supervisory committee as mentioned in the resolution plan shall be formed for effective implementation of the resolution plan. 10. As far as relief and concessions are concerned, the applicants have sought various reliefs, however, we grant relief and concessions in the following manner and to this extent only: I. After the payment of the dues to the all stakeholders as per the resolution plan all the liabilities of the said stakeholders shall stand permanently extinguished after the approval of the resolution plan. We further hold that other claims including Government/Statutory Authority, whether lodged during CIRP or not, shall stand extinguished after the approval of the resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ow and therefore, stands rejected. VII. Prayer regarding assignment of land owned by Vadraj Cement Limited, we hold that it is not connected with the Corporate Debtor and it can be pursued independently by the owner of the land, holding company of the Corporate Debtor. Accordingly, we reject this prayer and decline to express any opinion on this prayer. VIII. The Resolution Applicant shall be entitled to review, revise or terminate any appointments/agreements entered into by or on behalf of the Corporate Debtor in accordance with the terms and conditions of such agreements/MoUs/contracts; IX. The RP shall complete the accounting entries to give effect to the resolution plan in the Books of Account as per the applicable Accounting Stan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor holding such existing share capital. The Resolution Applicant would be entitled to issue new equity share capital in accordance with the provisions of Companies Act, 2013 r.w. rules and regulations made there-under. XV. We further hold that avoidable transactions in the form of preferential or undervalued or extortionate credit and fraudulent transactions pending on the date of approval of plan shall be pursued by the Resolution Applicant and recovery proceeds, if any, shall be distributed among all stakeholders in terms of provisions of Section 53 of IBC, 2016. 11. Apart from the above observations and directions, it is further directed that: I. The approved 'Resolution Plan' shall become effective from the date of pas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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