9911796707
TMI Blog2021 (12) TMI 1154X X X X Extracts X X X X X X X X Extracts X X X X ..... ee of Creditors (in short "CoC") comprising of Reliance ARC and Bank of Maharashtra, having voting share of 58.74% and 41.26% respectively. CoC in its 2nd meeting held on 14.05.2020 unanimously appointed the IRP Mr. Jitendra Kumar Jain as Resolution Professional. CoC in its 3rd meeting held on 02.06.2020 approved the valuation criteria and networth criteria of INR 25 Crores for Resolution applicant and resolved to appoint valuers for valuation of the Corporate Debtor. In the 4th CoC meeting invitation for Expression of Interest ('EOF) in Form G was discussed on 16.06.2020, uploaded on website so First Form G was published in Financial Express (Gujarati & English) Ahmedabad Editions, only one "EOI" was received which did not meet the net worth criteria of INR 25 Crores so it was brought down to 10 Crores and the Second Form G was uploaded on the website of IBBI and published in the newspapers as per section 35A of the (CIRP Regulations) RP informed IBBI his opinion that the Corporate Debtor has been subjected to transactions covered under sections 43, 45, 50, or 66 of IBC. In Second Form G, four EOIs were received and in 6th CoC meeting held on 3rd of August of 2020, CoC approve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... members, members agreed to adjourn the CoC meeting to the next day. (270th day of CIRP). On 13th of January, in the 18(tm) meeting both CoC members agreed to approve the revised resolution plan of Shreenath ji Rasayan Pvt. Ltd. and for this e-voting was held and it was approved in e-voting. The Resolution Professional then asked them to provide the performance Bank Guarantee of INR 1,00,00,000 Indian Rupees One Crore Only as per Second RFRP (Performance Bank Guarantee). Shreenathji Rasayan Pvt. Ltd. provided Performance Bank Guarantee and RP issued the letter of intent in format approved by the CoC. 3. The Applicant has received valuation reports from the registered valuers wherein the average Fair Value and Liquidation Value is estimated at Rs. 11,57,14,166 (Eleven Crores Fifty Seven Lakhs Fourteen Thousand One hundred and Sixty six only and Rs. 7,98,94,922 (Seven Crores ninety eight lakhs ninety four Thousand nine hundred and twenty two), respectively. 4. An affidavit dated 04.01.2021 from one Mr. Ashokbhai B. Lakhani, acting Director and authorized representative of the Successful Resolution Applicant (Shreenathji Rasayan Private Limited), clarifying the eligibility of the Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... read with Regulations 36 to 39 of CIRP Regulations, 2016 which have been placed on record. The Resolution Plan complies with all these provisions. The total outstanding debt claims by all stakeholders stand at Rs. 11, 209.74 Lakhs and Resolution Applicant has admitted claims totalling Rs. 10,927.29 Lakhs and amount provided under the plan is 1,019.40 which amounts to 9.09%of total outstanding debt. The Resolution Plan also contains provisions for its effective implementation and we as Adjudicating Authority are satisfied that the Resolution Plan so approved can be successfully implemented. The monitoring committee and supervisory committee as mentioned in the Resolution Plan shall be formed for effective implementation of the Resolution Plan. Accordingly, we approve the Resolution Plan as proposed by Shreenathji Rasayan Pvt. Ltd. and approved by CoC and in terms of relief and concessions ordered by this Adjudicating Authority as per clause 5 hereinafter and pass following order: 1) The approved 'Resolution Plan' shall become effective from the date of passing of this order. 2) The order of moratorium dated 19.02.2020 passed by this Adjudicating Authority under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... licant shall, pursuant to the Resolution Plan approved under Section 31(1) of the Code, obtain the necessary approvals required under any law for the time being in force within a period of one year from the date of approval of the Resolution Plan by the Adjudicating Authority under Section 31 or within such period as provided for in such law, whichever is later, as the case may be; IX. All the approvals of shareholders/members of the Corporate Debtor shall be deemed to have been obtained and the provisions made in the Resolution Plan as regard to the reduction of share capital and issuance of Compulsory Convertible Preference Shares (CCPS) to the Financial Creditor shall be binding on them. This order shall be treated as evidence of compliances of all formalities as may be required in this regard under the provisions of the Companies Act, 2013; X. On approval of Resolution Plan, the relevant approvals by the ROC and other statutory authorities with respect to the reduction of capital and issuance of fresh capital etc. as may be required to implement the provision of the Resolution Plan will be deemed to have been granted. However, any procedures, if required, would be complied ..... X X X X Extracts X X X X X X X X Extracts X X X X
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