TMI Blog2019 (4) TMI 2044X X X X Extracts X X X X X X X X Extracts X X X X ..... impediment in confirming the same by this Adjudicating Authority - The resolution plan is approved which shall be binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan - moratorium imposed upon the assets of the Corporate Debtor shall cease to have any effect in terms of Section 31(3)(a) of the Code. Application allowed. - CA 371/C-I/ND/2018 (IB)-334(ND)/2017 - - - Dated:- 2-4-2019 - Smt. Ina Malhotra, Hon'ble Member (J) And Dr. V.K. Subburaj, Hon'ble Member (T) ORDER PER SMT. INA MALHOTRA, MEMBER (J) The present application has been filed under Sections 30(6) and Section 31 of the Insolvency and Bankruptcy Code 2016, read with regulation 39(4) of the IBBI (Insolvency Regulation Process for Corporate Persons) Regulation 2016 for sanction of the Resolution Plan which has been accepted by the Committee of Creditors on 21.07.2018. 2. Briefly adverting to the facts of the case, a petition filled by an Operational Creditor, Mr. Nitin Gupta, was admitted by this adjudicating authority vide its order dated 26.10.2017, initiating the Corporate Insolvency Resolution Process ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nufacture of Ghee and Skimmed Milk powder. It has a consolidated turnover of approx. ₹ 70.68 crores and its net worth is ₹ 18.31 crore as per its audited balance sheet as on 3191 March, 2017. The group is headed by Mr. Sharad Maheshwari who has almost 4 decades of active business experience. Under his patronage, the group companies have diversified from Cold Storage to Hydro power projects, Renewal Energy Sector including windmills, and construction of commercial complexes etc. The Resolution Applicant submits that it has an experienced and proficient management team and is confident of investing in necessary human resources and infusing financial capital to revive the operation of the Corporate Debtor. The Resolution Applicant wishes to acquire AEM which is already in the electronics and communications domain to go into production of Smart Energy Meters. (3) The liabilities of the Corporate Debtor have been collated and verified by the Resolution Professional as under:- Particulars Verified Amount (In INR Lakhs) 1. Claims ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of ₹ 10 each. The first paid up value of ₹ 4 shall be made by the aforesaid payment. The balance amount shall be brought in as and when required and shall be used to make these shares fully paid up or towards subscription of new equity shares in accordance with the plan. (c) The entire equity of the present shareholders shall be acquired by the nominees of the Resolution Applicant and transferred in their favour by issuance of new share certificates for a consideration of ₹ 1,86,129/- for its 18,61,290 shares. The disbursement of the amount of ₹ 12.99 crores shall be as under. 6. A summary of the Corporate Insolvency Plan has been given as 4.1 in the plan which has also been detailed in Schedule 8 (Financial Plan). It is submitted that the Resolution Applicant has, to the extent possible, taken into account the interests of all stakeholders of the Corporate Debtor. For the avoidance of doubt, it has also been clarified that the provisions of Schedule 8 (Financial Plan) shall prevail in case of any inconsistency with Clause 4.1 of the plan for the purpose of any interpretation. a. IRP Costs: The IRP Costs will be paid in full and in priority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntation of the plan till the effective date. Further, i. The Resolution Professional shall hold all such payments (except for the Operational creditors payments) in trust for the benefit of the respective class of creditors on whose behalf it has received such payments; ii. The Resolution Professional shall promptly make all distributions to such class of creditors; iii. The Resolution Professional alone shall be responsible for the allocation and distribution of such amounts to such class of creditors; and iv. The obligation of the Resolution Applicant shall stand satisfied upon payment of such amounts to the previously notified account of Resolution Professional. v. In relation to any payments/settlements to be made by the Resolution Applicant directly to any class of creditors as provided for in Schedule 8 (Financial Plan), the Resolution Applicant or the Corporate Debtor, as the case may be, shall make payments within any such class of creditors on the basis of the verified amounts. The obligations of the Corporate Debtor and the Resolution Applicant shall stand satisfied upon payment of such amounts in accordance with Schedule 8 (Financial Plan) and the Resol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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