9911796707
TMI Blog2022 (5) TMI 1139X X X X Extracts X X X X X X X X Extracts X X X X ..... l India Limited v. Satish Kumar Gupta & Ors; [B] Such other and further reliefs that this Hon'ble Court maydeem fit and proper in the interest of justice be granted. 2. The applicant herein ArcelorMittal Nippon Steel India Ltd., formerly known as Essar Steel India Ltd., (ESIL) is the writ-applicant in the Special Civil Application No.8741 of 2006. The name of the applicant was changed from Essar Steel India Ltd., to ArcelorMittal Nippon Steel India Ltd., with effect from 8.1.2020. The said certificate of information dated 8.1.2020 is duly produced at Annexure-A. 3. Pursuant to an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 the State Bank of India vs. Essar Steel India Ltd., (C. P. No.(IB) 40/7/NCLT/AHM/2017 the NCLT by order dated 2.8.2017 admitted the application and thereby initiated CIRP in respect of ESIL as per the provision of the Insolvency and Bankruptcy Code, 2016. Mr. Satish Kumar Gupta was appointed as Interim Resolution Professional of ESIL under the provision of the Code and was subsequently confirmed as the Resolution Professional (RP) by ESIL's Committee of Creditors. 4. Following the commencement of the CIRP, the management of ES ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt in the present Special Civil Application i.e. Special Civil Application No.8741 of 2006. 8. Heard Mr. Navin Pahwa, the learned Senior Advocate appearing for Gandhi Law Associates and Mr. Ishan Joshi, the learned AGP appearing for the respondents - opponents No.1 and 2. The opponent No.3 though served has not appeared. 9. Mr. Navin Pahwa, the learned Senior Advocatesubmitted that the water charges as claimed by the opponents No.1 and 2 stand extinguished pursuant to the successful conclusion of the corporate insolvency resolution process and the approval of the Resolution Plan by the Hon'ble Supreme Court of India in Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta & Ors., reported in SCC 2019 OnLine SC 1478. 9.1 Mr. Navin Pahwa, the learned Senior Advocatesubmitted that admittedly, the respondent No.2 had filed its claim of Rs.60,65,56,812/- (Rupees Sixty Crore Sixty Five Lakh Fifty six thousand eight hundred and twelve only) in its capacity as an operational creditor ("Claim Amount") including its alleged claim of Rs. 2.29 Cr (Rupees Two Crore Twenty Nine Lakh only) under dispute in the present Special Civil Application at Annexure- B/1 at page ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to all stakeholders, including the respondents herein. Section 31 of the IBC, 2016 reads thus :- "31. Approval of resolution plan .- (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) of Section 30 meets the requirements as referred to in sub-section (2) of Section 30, it shall by order approve the resolution plan which shall be binding on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force, such as authorities to whom statutory dues are owed, guarantors and other stakeholders involved in the resolution plan. Provided that the Adjudicating Authority shall, before passing an order for approval of resolution plan under this subsection, satisfy that the resolution plan has provisions for its effective implementation." 11.2 Further the Resolution Plan came to be finally approved by the Hon'ble Supreme Court in the aforesaid judgment, wherein in view of the aforesaid judgment and Section 31 of the Code all the past d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from those decided on merits by the resolution professional and by the Adjudicating Authority/ Appellate Tribunal can now be decided by an appropriate forum in terms of Section 60(6) of the Code, also militates against the rationale of Section 31 of the Code. A successful resolution applicant cannot suddenly be faced with "undecided" claims after the resolution plan submitted by him has been accepted as this would amount to a hydra head popping up which would throw into uncertainty amounts payable by a prospective resolution applicant who would successfully take over the business of the corporate debtor. All claims must be submitted to and decided by the resolution professional so that a prospective resolution applicant knows exactly what has to be paid in order that it may then take over and run the business of the corporate debtor. This the successful resolution applicant does on a fresh slate, as has been pointed out by us hereinabove. For these reasons, NCLAT judgment must also be set aside on this count." 11.3 Further the Resolution Plan provides that all the claims alongwith related proceedings shall stand irrevocably and unconditionally stand abated, discharged, settled an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proval of the Resolution Plan by the Adjudicating Authority, except for payments/settlements under this Resolution Plan, no other payments or settlements (of any kind) will have to be made to any other Person in respect of the Claims filed under the Resolution Process and all Claims (including, for the avoidance of doubt, Rejected Claims Amount and Verification Pending Amounts) against the Corporate Debtor till or as of the Insolvency Commencement Date along with any related Proceedings, including Proceedings for enforcement of any security interest, to the extent approved by the Adjudicating Authority, (other than in respect of invocation of corporate guarantees and personal guarantees issued for and on behalf of the Corporate Debtor by the Existing Promoter Group or their respective affiliates), shall stand irrevocably and unconditionally abated, discharged, settled and extinguished in perpetuity and if required, the Resolution Applicant, Corporate Debtor and its Stakeholders shall make necessary filings and take all necessary steps for the same. b. Upon approval of the Resolution Plan by the Adjudicating Authority, the payments contemplated in this Resolution Plan shall be the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubject: Payment under the resolution plan for Essar Steel India Limited The Hon'ble Supreme Court of India, through its judgment dated November 15, 2019 ("Supreme Court Order"), has approved the resolution plan submitted by ArcelorMittal India Private Limited (AMPIL") in respect of the corporate insolvency resolution process of ESIL, after considering the order of the Hon'ble National Company Law Tribunal, Ahmedabad bench dated March 8, 2019 and the order of the Hon'ble National Company Law Appellate Tribunal dated July 4, 2019 (the resolution plan, as modified, amended and approved by the Supreme Court Order, the "Resolution Plan"). In accordance with the terms of the Resolution Plan, below are the details of the payment to you as an operational creditor of ESIL: 1 Name of the Operation Creditor EXECUTIVE ENGINEERS, KRBC SURAT, GOVERNMENT OF GUJARAT. 2 Amount of distribution under the Resolution Plan Rs.1,06,502,083/- In words : Rs Ten Crores Sixty Five lacs two thousand and eighty three only. 3 Details of Demand Draft (DD) issued for the eligible amount under the Resolution Plan DD No.: 626895 DD Date : December 16,2019 DD Issuing Bank : State Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
