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TMI Blog2021 (1) TMI 1230X X X X Extracts X X X X X X X X Extracts X X X X ..... cess of Corporate Persons) Regulations, 2016 (hereinafter referred to as "CIRP Regulations") after approving the plan by COC with 100% percent vote. 2. The Corporate Debtor was admitted in CIRP vide order dated 25.04.2019 passed by this Authority in application filed by the Financial Creditor u/s 7 of IB Code, wherein, moratorium was declared, Corporate Insolvency Resolution Process was initiated and Mr. Parwincharan P. Dwari was appointed as Interim Resolution Professional (hereinafter referred to as "IRP"). 3. It is submitted by the applicant that after, receiving the claim from the creditors the IRP had constituted the Committee of Creditors (hereinafter referred to as "COC") comprises of 7 (seven) Financial Creditor on 07.12.2018. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Applicant. The amount of short fall shall be paid within 15 days from the date of approval by the Adjudicating Authority. II. The Corporate Debtor has seven Financial Creditors for claim amount as well as admitted amount of Rs. 1,24,49,127/- wherein, the resolution applicant shall pay Rs. 10,00,000/- for the said admitted claim. The details of the payment which is to be made to financial creditors are as under; III. Only one operational Creditor namely G. Rabinathan who had claimed of Rs. 10,33,415/- and Resolution Applicant Propose to pay 0.5% i.e. Rs. 5200/-. IV. The amount of Rs. 3,65,00,000/- is payable to the Apex Enterprises, no claim was received, however, Resolution Applicant has proposed to pay 0.5% i.e. Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution Applicant shall pay 0.5% of amount subject to maximum Rs. 1,00,000/- and remaining all the liabilities over and above 0.5% subject to maximum Rs. 1,00,000/- shall extend extinguished. No, further amount shall be paid by Resolution Applicant once the Resolution Plan approved by this Authority apart from the amount proposed to pay under the Resolution Plan. 7. The Resolution applicant submitted that M/s. Twenty First Century Wire Rods Limited has filed a claim in the Court of Principal Judge, Harihar claiming the share of 9 Acre and 22 Ghuntas land situated at Mysore Kirloskar Limited, Harihar and claimed Rs. 5,51,00,000/- against the corporate debtor, if the demand is raised in future after the order of the said court such claim shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with all the requirements of Section 30(2) of IBC, 2016 and r.w. relevant Regulations made there-under. It was also submitted that Resolution Plan had been filed before the expiry period of CIRP. 12 . Now, we consider the facts and submissions made on behalf of the Resolution Applicant. It is noted that the Resolution Plan, submitted for our approval, has been duly approved by the CoC in its meeting dated 19.10.2019 by 100% votes. The Resolution Professional has given requisite certificate that plan complies with all requirements Section 30(2) of IBC, 2016 r.w. relevant CIRP Regulations. The perusal of the Resolution Plan shows that the Financial Creditor will get a sum of Rs. 10,00,000/- against the their total claimed amount of Rs. 12,44 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Applicant. The Resolution Professional has also certified that the 'Resolution Plan' approved by the CoC does not contravene any of the provisions of the law for the time being in force. The Compliance Certificate is placed on record. The 'Resolution Plan' has been approved by the CoC with 100% voting share. 15. In view of the above, the revised 'Resolution Plan' annexed with IA 794 of 2019 filed in CP (IB) No. 120 of 2018 is hereby approved, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan including Resolution Applicant. 16 . The Resolution Applicant has liberty to approach Competent Authorities for any concess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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