TMI Blog2020 (8) TMI 897X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate debtor under Section 53. There appears to be no discrimination in the resolution plan in respective class of creditors, as same treatment is provided to similarly situated each class of creditors. So long as the provisions of the Code and the Regulations have been met, it is the commercial wisdom of the requisite majority of the Committee of Creditors which is to negotiate and accept a resolution plan, which may involve differential payment to different classes of creditors. Needless to say, that the ultimate discretion of what to pay and how much to pay each class or subclass of creditors is with the Committee of Creditors. Equitable treatment has been accorded to each creditor depending upon the class to which it belongs. It is seen that clause (b) of sub-section (2) of Section 30 of the Code stands satisfied. In terms of Section 30(2)(c), the Resolution Plan provides for management of affairs of the corporate debtor after approval of the Resolution Plan. The management of the affairs and control of the business of the corporate debtor after approval of the Resolution Plan has been provided at clause 10.3 of the Resolution plan which, inter alia, provides that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor, M/ s. JNC Constructions Private Limited. 3. Thereafter, in terms of Regulation 6 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ( CIRP Regulations ), the Interim Resolution Professional made a public announcement in FORM-A on 02.06.2019, inter alia, calling for the submission of claims of the creditors. 4. In terms of the provisions of Section 18(1) (c) of the Code, the Interim Resolution Professional constituted the Committee of Creditors. For representation of Home Buyer class of Financial Creditors, in the Committee of Creditors, IRP shortlisted names of three Insolvency Professionals to act as Authorized Representative to represent the Financial Creditors - [Home Buyer class under section 21 (6A)(b)] 5. That an application bearing number CA-1805 (PB)/ 2019, was filed by the IRP for exclusion of 62 (Sixty Two) days, from the total period of CIRP, on account of time taken in legal proceedings during the said process. Considering the facts, the AA vide its order dated 16.09.2019, directed that 38 (thirty eight) days be excluded from the CIRP. 6. The second meeting of the Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lution Plan by the CoC, the Applicant issued a Letter of Intent to the Resolution Applicant, inter-alia, informing that the revised resolution plan, as submitted before the CoC, was approved. The Copies of Letter of Intent and the Performance guarantee have been placed on record. 13. The resolution professional has placed the compliance certificate under Section 30(2), of the Code, and has confirmed that the resolution plan submitted is in compliance with Section 30, of the Code, read with Regulation 38 and 39 of the Regulations. Resolution professional has also placed a copy of the resolution plan as approved by CoC, stated to have been signed by the authorised representative of the resolution applicant. 14. In terms of Section 30 (6), of the Code, read with Regulation 39, of the CIRP Regulations, 2016 the resolution professional has submitted the Resolution Plan for seeking an order under Section 31 (1), of the Code, for approval of the resolution plan, passed by the committee of creditors under sub-section (4) of Section 30. 15. It has been submitted in the application, and in Form H duly certified by Resolution Professional, that the Resolution Plan approved by the Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1G Payment to Employees - (Claim Filed) 5,85,288 60% 3,51,173 Within 90 days from Effective Date 1H Payment to Employees - (Claim Filed) 37,11,961 60% 22,27,177 Nil 1I Payment to avas vikas 1,23,07,52,746 10% 12,30,75,275 Dues shall be converted into sq. feet of area to be completed and payment shall be made on sq feet basis at the time of Registration of each of the units. Payment to Greater Noida Authority (Claim not filed) 13,47,40,819 10% 1,34,74,082 Dues shall be converted into sq. feet of area to be completed and payment shall be made on sq. feet basis at the time of Registration of each of the units. 1J Payment of statutory dues taxes 1,14,24,757 10% 11,42,7 46 Payment shall be made in line with the payment made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the Effective Date; the first tranche funding shall be upfront Amount of ₹ 10 Crores which shall be brought in by the Resolution Applicant from their own sources. There are clear funds available to the extent of ₹ 6 crores by way of FD in the account of Deepak Kumar Gautam and an unutilized amount of ₹ 7 crores towards unutilized credit limits and ₹ 6 crores unutilized Non fund Based Limits in Rapid Contractors Pvt ltd. The amount shall be utilized for payment towards unpaid CIRP costs and employee cost as per the Resolution Plan. Under this Resolution Plan, the Resolution Applicant shall infuse any shortfall into COMPANY immediately either from its own resources to meet the requirements of the COMPANY and mobilize the resources to revive the commercial operations of the COMPANY. 4 Discount/Late penalty payments/interest by RA as per BBA to HB Delay penalty amount to be paid to every home buyers, irrespective mentioned in their BBA, @ ₹ 5.10 PSF per month for total delay in possession from scheduled date of possession as mentioned in original BBA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case may be, in the interest of home buyers, which are not expressly superseded by terms and conditions mentioned in this Letter of Intent shall remain the same. Construction work of the projects shall not be halted or delayed at any point of time due to fund deficiency after resumption of construction or cutoff date, whichever is earlier. Regarding the obligation of the company to construct flats for EWS category, we do not intend to include any such scheme in the existing projects, and would be applying for necessary waiver from the competent authority accordingly. In case such waiver may require any additional financial commitment over and above proposed in our resolution plan, we are agreeable to bring in such funds from our own sources, without any burden to home buyers. We confirm to make a functional club in Green Woods project as per the provisions of original plans Without demanding additional cost from the Home Buyers, the Resolution Applicant proposes to provide the following benefits/ facilities to them over and above all the facilities mentioned in the BBA:- Home Automation program for all fiats. Hybrid (Solar/Electrical) powered street ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b-section (2) of Section 30 of the Code stands satisfied. In terms of Section 30(2)(c), the Resolution Plan provides for management of affairs of the corporate debtor after approval of the Resolution Plan. The management of the affairs and control of the business of the corporate debtor after approval of the Resolution Plan has been provided at clause 10.3 of the Resolution plan which, inter alia, provides that the Company shall continue as a going concern and operate in its normal course of business upon implementation of the Resolution Plan. The Resolution Professional has confirmed in the compliance certificate given in Form H that the Resolution Plan provides for the management and control of the business of the corporate debtor. 21. Chapter 10 clause IV of the Resolution Plan provides for adequate means for supervising its implementation that fulfills the requirement envisaged by Section 32(2)(d) of the Code. It has been stated that one representative of Lenders alongwith two representatives of resolution applicant shall act as the monitoring agency. 22. In short, the resolution professional has certified that the said Resolution Plan complies with all the provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with requisite majority, now the Suspended-Director cannot raise all these objections. A set procedure is devised under the Code for withdrawal of the CP, as long as such proposal has not come forth, this Bench cannot go by the untenable objections raised by the Suspended-Director, therefore we have not found any merit in the application filed by the Suspended-Director. 29. In view of the aforesaid discussions and as no infirmity have been brought out upon screening of the Resolution Plan; we hereby approve the Resolution Plan submitted by M/s Gautam Builders in consortium with Rapid Contracts Pvt. Ltd. under sub-section (1) of Section 31 of the Code. 30. We also grant Liberty to the monitoring Committee to apply to the Tribunal for any further direction in order to ensure effective implementation of the plan, if such a necessity arises. 31. In respect of reliefs and concession sought for in the Plan which are beyond the jurisdiction of this Tribunal, liberty is accorded to the Monitoring Committee to pursue such matters before the relevant authorities which shall be considered in accordance with law. 32. In terms of sub-section (4) of Section 31 of the Code the res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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