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TMI Blog2021 (11) TMI 1037X X X X Extracts X X X X X X X X Extracts X X X X ..... 31 of the Insolvency, and Bankruptcy Code, 2016 (the Code in short) read with Regulation 39 (4) of the IBBI (Insolvency Resolution Process for. Corporate Persons) Regulations, 2016 (the Regulations in short). 2. After his appointment the RP has visited Bishnupur (West. Bengal), manufacturing plant and the office of the Corporate Debtor, located at Jodhpur extension area Kolkata, on 5th and 6th November, 2019 to take charge of the entire management and control of the Corporate Debtor. On 25.11.2019, he was appointed as Resolution Professional in the first meeting of the Committee of Creditors (in short CoC) and publication in Form-G, inviting Expression of Interest (EoI) from Prospective Resolution Applicants (in short PRA) was made in 3 ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are. The Resolution Applicant thereafter submitted a Resolution Plan dated 25.12.2020 on 28.12.2020 based on the modified RFRP. 6. The 15th CoC meeting was convened to consider and evaluate the Resolution Plan submitted by the Resolution Applicant, which was held on 31.12.2020. One of the CoC member's suggested to have an independent person as part of the Monitoring Committee in place of the RP which was accepted by the CoC. The Resolution Plan was approved in the 15th CoC meeting by majority of 74.47% of the voting share of the Financial Creditors and in accordance with Section 30 (4) of the IBC Code. 7. The RP apprised the CoC members about the requirements of Regulation 39B and 39C of CIRP Regulations, regarding meeting the Liquida ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solution Plan further contemplates the following terms: (a) All the Shares held by the Promoters shall get cancelled or transferred to the Resolution Applicant based on the appropriate value as per the provisions of the IBC norms. (b) The management & control of all assets of the Corporate Debtor including land, building, P&M, etc., will be vested with the new management headed by Mr. Bodugu Sudhakar from the date of making the initial payment. (c) All liabilities/claims arising out of dispute with (i) National Spot Exchange Limited (NSEL); (ii) All or any attachments by the Enforcement Directorate (ED), Maharashtra Protection of Interest of Depositors (In Financial Establishments) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such a proposal, the Adjudicating Authority is required to satisfy itself that the Resolution Plan as approved by CoC meets the requirements specified in Section 30(2). The Hon'ble Court observed that the role of the NCLT is 'no more and no less'. The Hon'ble Court further held that the discretion of the Adjudicating Authority is circumscribed by Section 31 and is limited to scrutiny of the Resolution Plan "as approved" by the requisite percent of voting share of financial creditors. Even in that enquiry, the grounds on which the Adjudicating Authority can reject the Resolution Plan is in reference to matters specified in Section 30(2) when the Resolution Plan does not conform to the stated requirements. 15. In CoC of Essa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force is due, guarantors and other stakeholders involved in the Resolution Plan. ii. The Memorandum of Association (MoA) and Articles of Association (AoA) shall accordingly be amended and filed with the Registrar of Companies (RoC), Andhra Pradesh for information and record. The Resolution Applicant, for effective implementation of the Plan, shall obtain all necessary approvals, under any law for the time being in force, within such period as may be prescribed. iii. The moratorium under Section 14 of the Code shall cease to have effect from this date. iv. The Applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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