TMI Blog2020 (9) TMI 1243X X X X Extracts X X X X X X X X Extracts X X X X ..... s the requirements, as referred to under Sub-Section (2) of Section 30 of the Code - the resolution plan is approved - application allowed. - IA(IB) No. 680/KB/2020 In CP(IB) NO. 1440/KB/2018 - - - Dated:- 21-9-2020 - Shri M.B. Gosavi, Hon ble Member (Judicial) And Shri Harish Chander Suri, Hon ble Member (Technical) Mr. Utsav Mukherjee, Advocate For the Applicant Mr. Uday Narayan Mitra Resolution Professional ORDER Per Shri Harish Chander Suri, Member (Technical): 1. This is an Application filed by the Resolution Professional Mr. Uday Narayan Mitraunder Section 60(5) and Sec 30 of the Insolvency and Bankruptcy Code, 2016 for approval of the Resolution Plan of M/s. Amritvani Exim Private Limited which has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Corporate Debtor. In the 4 th Progress Report submitted by the RP on 12.03.2020, it is mentioned that on the request of the members the RAagreed to make payment for the CIRP cost separately and not to include it in the amount of ₹ 33.66 crores that has been proposed in the Plan from their end. It has been noted that the actual CIRP cost incurred till date is ₹ 23,90,413 and considering the projected cost that will be incurred during the CIRP period, it will go up to ₹ 30.00 lacs. Hence, on the request of members, a revised Plan has been sent by the RA increasing the total amount as per the Resolution Plan to ₹ 33.964 crores, the revised plan is annexed as Annexure E to the application. 4. It is further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s submitted that the CoC in its meeting dated 05.03.2020 passed resolution within 87.9% votes for extension of CIRP period, and the application was allowed and CIRP period was extended for 90 days from 18.03.2020 by this Tribunal vide order dated 12th March, 2020. In the meanwhile lockdown was imposed due to Covid-19 pandemic with effect from 25.03.2020 and continues till date. However, as per notification dated 29th March, 2020, the period of lockdown imposed by the Central Government in the wake of Covid-19 outbreak shall not be counted due to such lockdown and has to be excluded, in relation to a corporate insolvency resolution process, and thereby approval of the Plan by the CoC is within the period of 270 days. 8. The Ld. Counsel fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s:- ORDERS i) The Resolution Plan of M/s. Amritvani Exim Private Limited, which is approved by the CoC with 82.75% voting share, is hereby approved under provisions of sub-section(1) of Section 31 of the Insolvency and Bankruptcy Code, 2016, which shall be binding on the Corporate Debtor, M/s. Kharkia Steels Private Limited along with all its employees, members, secured, unsecured, financial and operational creditors creditors, guarantors, and the central Government, any State Government or any local authority and other stakeholders involved in the Resolution Plan. ii) The Resolution Plan, shall come into force from the date of pronouncement of this order. iii) The moratorium order passed under Section 14 shall cease to have e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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