TMI Blog2022 (1) TMI 667X X X X Extracts X X X X X X X X Extracts X X X X ..... t ₹ 10,02,28,812 and in percentage terms has also been mentioned as 100 per cent. Thus the figure of ₹ 9,18,24,508 is inadvertently mentioned wrong - This factual position gets clarified from resolution plan itself wherein total payment to unsecured financial creditor stated as ₹ 10.02 crores which is the total of unsecured financial creditor not having a right to vote and who voted in favour of the resolution plan. There are no preferential undervalued or extortionate transaction. On perusal of contents of the resolution plan and it is found that the requirement of regulations 36 to 39 of the CIRP Regulations, 2016 have been complied with. Further it is noted that resolution applicant complies with the requirement under section 30(2)(b) of the IBC, 2016. Also, the resolution plan addresses the cause for failure and also contains measures to run the corporate debtor in future. The resolution plan is both feasible and viable as held by the CoC and it also contains provision for its effective implementation. The Resolution plan is approved. - I. A. Nos. 58 and 145 of 2021 in C. P. (IB) No. 268 /7/NCLT/AHM/ 2018. - - - Dated:- 5-10-2021 - Madan B. Gosavi J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icant choose not to raise any objection and the final list was approved and also been claimed that the applicant was made aware of the facts that the suspended management was not ineligible under section 29A of the IBC, 2016. It has also been claimed that due diligence was done by resolution professional as per the process and provision prescribed under the IBC, 2016 read with regulations made thereunder. It has also been claimed that there was no personal guarantee given by the suspended management of the corporate debtor at any point of time to the applicant and claimed that personal guarantee has not been honoured is without any evidence or material on record. It has also been claimed that the letter dated June 3, 2015 relied on by the applicant being of the nature of personal guarantee was considered by the CoC in its 6th meeting dated August 26, 2020 and it was held that such letter did not fall into the category of guarantee. It was also observed that it was merely a letter of assurance that was issued on letterhead and therefore, the same could not be considered as of the nature of the personal guarantee. It has also been claimed that the applicants are having mala fide inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plan. A claim of guarantee not being honoured by the suspended management has also not been proved as such letter, in our view, cannot be considered as a guarantee. 6. Accordingly, I. A. No. 145 of 2021 is rejected and disposed of in terms indicated above. 7. Now, we shall take up I. A. No. 58 of 2021 filed for approval of the resolution plan. 8. The facts, in brief, are that the corporate debtor was admitted into CIRP by order of this Adjudicating Authority dated January 22, 2020. IRP was appointed which was replaced by the applicant herein. The IRP appointed two valuers and conducted the CIRP as per the provision of the IBC, 2016 and regulations made thereunder. Form G was published on June 18, 2020 and two EoIs were received. The resolution professional prepared an information memorandum which was circulated to the CoC as well as prospective resolution applicant. The CoC in its 8th meeting discussed the resolution plan and requested the resolution applicant to increase the value of their proposal. It was also informed that as there were modifications of certain conditions and revised resolution plan was submitted. The CIRP period including the extension of 90 day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 44,14,62,054 Principal 44,14,62,054 Interest 11,25,72,823 100% Total (a) + (b) 44,14,62,054 44,14,62,054 44,14,62,054 100% 2. Unsecured financial creditors (a) Creditors not having a right to vote under sub-section (2) of section 21 5,00,53,807 5,00,53,807 5,00,53,807 100% (b) Other than (a) above (i) Who did not vote in favour of the resolution plan 5,01,75,005 4,17,70,704 5,01,75,005 100% (ii) Who voted in favour of the resolution plan Total (a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 10.02 crores which is the total of unsecured financial creditor not having a right to vote and who voted in favour of the resolution plan. 11. It is further noted that form H has been filed by resolution professional wherein all informations/details as regard to conduct of the CIRP as well as process adopted for resolution plan have been given. It is further noted that certificate as regard to eligibility of the resolution applicant under section 29A along with undertaking of the resolution applicant to this effect has already been given. There are no preferential undervalued or extortionate transaction. We have also perused the contents of the resolution plan and requirement of regulations 36 to 39 of the CIRP Regulations, 2016 have been complied with. We further note that resolution applicant complies with the requirement under section 30(2)(b) of the IBC, 2016. We also find that the resolution plan addresses the cause for failure and also contains measures to run the corporate debtor in future. We also find that resolution plan is both feasible and viable as held by the CoC and it also contains provision for its effective implementation. Accordingly, we approve the resol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed from the list of defaulters/black list of RBI. We further hold that contingent/unconfirmed dues shall also stand extinguished. (II) On the effective date, all claims of the suspended management, erstwhile directors, and erstwhile shareholders shall stand permanently extinguished. (III) On the effective date and with effect from the appointed date, all encumbrances on the assets of the corporate debtor prior to the plan shall stand permanently extinguished on satisfaction of liabilities due to creditors and completion of procedural formalities as provided in the Companies Act, 2013. (IV) For reliefs and concessions sought from the concerned Income-Tax Authority/GST Authority, we direct the resolution applicant to approach the concerned Authorities who shall decide the issues including waivers/exemption from taxes as per the provision of respective statute. (V) Also for reliefs and concessions in regard to direction to Government of Gujarat and waiver from applicability of requirements for acquisition and transfer of land/assets, we direct the resolution applicant to approach the concerned Authorities who shall decide the issues including waivers/exemption as p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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