TMI Blog2018 (10) TMI 1952X X X X Extracts X X X X X X X X Extracts X X X X ..... btor after the approval of the resolution plan; (d) provide mechanism of implementation and supervision of the resolution plan. The Authority has also to be satisfied with the fact that the plan does not contravene any provisions of law and it is in conformity with all the requirements of law. In Part-A of the Resolution Plan, it is found that the provision is made for payment of insolvency resolution process costs. It appears to be somewhat at higher side because provision of amount of Rs.12.20 crores is made to incur resolution costs, which includes fees of resolution professional amounting to Rs.6.33 crores (page 29). However, since it is approved by the CoC and this authority has no reason to doubt wisdom of CoC, it is held that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te : For the Financial Creditor Mr. Susanta Datta, Advocate, Mr. Pradyut Kr. Das, Advocate : For DVC Mr. R.K.Maiti, Advocate, Mr. Sanjukta Gupta, Advocate : For the Central Excise Department Mr. Kuldip Mallik, Advocate : Jindal Stainless Ltd. Mr. Niladri Kanra, Advocate : Jindal Stainless (Hisar) Ltd. Mr. Joy Saha, Sr. Advocate, Mr. Siddhartha Dutta, Advocate, Mr. Suhani Dwivedi, Advocate, Mr. Anish N. Nanavaty, R.P. : For the R.P. ORDER The City Bank N.A. - Financial Creditor has initiated Corporate Insolvency Resolution Process (in short, CIRP) of the Corporate Debtor- M/s.Cosmic Ferrow Alloys Ltd. under section 7 of the Insolvency Bankruptcy Code, 2016 (I B Code, 2016), as the Corporate Debtor was unab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d for another 90 days. That application was allowed by this authority [CA(IB) No.578/KB/2018)]. 7th CoC meeting was held on 30.05.2018. RP put before the CoC all the three resolution plans for consideration of CoC. CoC after due deliberation and consideration approved the plan submitted by M/s. Consortium of United Tradeco FZC and QVC Exports Pvt. Limited by 95.86% of voting share. CoC instructed the RP to submit the same plan for approval of this authority as contemplated under section 31 of the I B Code. 6. I have gone through the records. I have perused the Resolution Plan submitted for approval. I heard the Ld. Sr. Counsel, Mr. Joy Saha for the RP. 7. Section 31 of I B Code requires that the Adjudicating Authority to approve the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for management of the affairs of the Corporate Debtor and it also provides mechanism for effective supervision and implementation of the plan. In view of this, I hold that the provisions of section 30(2)(b) and 30(2)(c) of I B Code are complied with. One, Mr. Nitesh Kumar sworn an affidavit on behalf of the resolution applicant stating that the resolution applicant, Consortium of United Tradeco FZC and QVC Exports Pvt. Limited does not suffer from any disqualification as stated under section 29A of the I B Code. The plan does not contravene any provisions of law and the same is in conformity with the provisions of I B code. Resolution Professional has produced the certificate under Regulation 39(4) of the I B Code in Form H stating that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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