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TMI Blog2019 (12) TMI 1595X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor in favor of Resolution Applicant; d. To pass such other order(s) as this Hon'ble Tribunal may deem fit and proper in the facts and circumstance of the case. 2. Brief contents of the Resolution Plan are as follows:- a. The amounts provided for the stakeholders under the Resolution Plan are as under: S.No. Description of the payment Amount in Rs. 1 Insolvency Resolution Process Costs 28,00,000 2 Workmen dues Nil 3 CREDITORS 1. Operational Creditors 6,00,000 2. Secured Financial Creditors 5,50,55,000 3. Unsecured Financial Creditors Nil 4. Other Creditors Nil 4. Statutory Dues Nil TOTAL RESOLUTION PLAN AMOUNT 5,84,55,000 b. TERM OF PLAN AND IMPLEMENTATION SCHEDULE 38(2)(a): The indicative implementation schedule for this Resolution Plan is Set out below: S. No. Activity Timeline 1 Effective date Approval of this Resolution Plan by the Adjudicating Authority 2 Completion Date 45 days from the date of the approval of the Adjudicating Authority c. The said consideration will be paid in phased manner as follows: a) 25% of the agreed Resolution Plan amount will be paid within 7 day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eing in force as required under Section 30(2)(e) & 30(2)(f) of the Insolvency and Bankruptcy Code, 2016. 4. The details of the Resolution Applicant and the compliances as per code are enumerated in table as under: 1 Name of the Resolution Applicant M/s. Amarsons Pearls & Jewels 2 Corporate Structure Proprietary Concern, an ISO 9001:200 Certified Company. 3 Reg. Office Address Shop No. 1-7-395, Ground Floor, Opp. Nan King Restaurant, S.D Road, Park Lane, Secunderabad - 500003, Telangana. 4 Contact Person name and Phone No, email address Vijay Proprietor Phone No. 040 27816095, 6461317 Email id: [email protected] Website: amarsonspearl.com 5 Brief Description about the Applicant Applicant is one of the leading pearl jewelry suppliers and offers wide range of genuine pearls of the highest quality, value and designs and have experience over a period of two decades. 6 Compliances under the IBC and RFRP document Fulfilled 1. Section 30(1) Affidavit under Section 29A stating that he is eligible to submit Resolution Plan - Submitted 2. Section 30(2)(a) Payment of Insolvency Resolution Process Costs - provided in priority over other debts of the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty is situated adjacent to the factory site on the northern side with Land admeasuring Ac. 1.31 Guntas or say 1.78acres along with 2nos lean to roof sheds situated at Survey No.49/E & 50/E, Annaram Village, Farooqnagar Mandal, Ranga Reddy Dist, (formerly Maboobnagar Dist) Telangana. 65.75 55.90 47.70 3 This is an Agricultural dry Land admeasuring 8.00 Acres after road affected 7.50 acres. The property is situated Sy. Nos. 412 & 413, Aregudem H/o. Panthangi Village, Choutuppal Mandal, Yadadri-Bhongir Dist surrounded by a few industries on the southern side. 202.50 172.13 146.25 4 The Plant & Machinery relating to the factory situated at Survey No.394, Raikal Village, Farooqnagar Mandal, Ranga Reddy District, Telangana 106.85 88.05 67.00 Total Amount 788.70 669.13 561.10 7. The RP/Applicant stated that as per Regulation 39 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 the Committee of Creditors shall record the reasons for approving or rejecting a Resolution Plan. As per the amendment to the Regulation 39 dated 25.07.2019 the Committee shall record its deliberations on feasibility and via ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ghav Ispat (India) Private Limited. 10. RP filed a memo dated 21.10.2019 wherein it is stated that the Resolution Applicant M/s. Amarson Pearls & Jewels submitted the Demand Draft for Rs.25,00,000/- drawn in favor of Shree Raghav Ispat India Pvt Ltd, dated 15th October, 2019 to the Resolution Professional on 16th October, 2019 and further vide memo dated 25.10.2019, RP stated that the members of CoC submitted their letter of acceptance of the Performance Guarantee submitted by the Resolution Applicant M/s. Amarsons Pearls & Jewels in the form of Demand Draft for an amount of Rs.25,00,000/- 11. RP filed a memo dated 01.10.2019, wherein it is stated that the Resolution Plan submitted by the Resolution Applicant is in compliance with the provisions laid down in the latest Amendment to Insolvency and Bankruptcy Code, 2016 and Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. It is further stated in the memo dated 01.10.2019 that as per the provisions of Section 30(2)(a) of IBC, 2016 the Resolution Plan provides for the payment of insolvency resolution process costs in a manner specified by the Board in priority to the pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ured creditor and such other requirements as may be specified by the Board." 15. Section 30(6) of the Code enjoins the resolution professional to submit the resolution plan as approved by the committee of creditors to the Adjudicating Authority. Section 31 of the Code deals with the approval of the resolution plan by the Adjudicating Authority, if it is satisfied that the resolution plan as approved by the committee of creditors under section 30(4) meets the requirements as referred to in section 30(2). 16. Thus, before approving the Resolution plan, it is the duty of the Adjudicating Authority that it should satisfy itself that the Resolution plan as approved by the COC meets the requirements as referred to in subsection (2) of Section 30. 17. On perusal of the Resolution Plan, this Adjudicating Authority has observed that the Resolution plan placed for consideration provides for the following: a) Payment of CIRP Cost as specified U/s 30(2)(a) of IBC, 2016. b) Repayment of Debts of Operational Creditors as specified U/s 30(2)(b) of IBC, 2016. c) Provides for management of the affairs of the Corporate Debtor, after the approval of Resolution Plan, as specified U/s 30(2)(c) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CoC on 28th June, 2019 where all the members of the CoC were present. 23. The Resolution Plan includes a statement under regulation 38(lA) of the CIRP Regulations as to how it has dealt with the interest of the stakeholders in compliance with the Code and Regulations thereunder. 24. It is also evident that the Resolution Plan placed before this Adjudicating Authority, was approved by the Committee of Creditors in its 10th CoC meeting dated 28.06.2019 with 100% votes cast in favour of Approval of Resolution Plan. 25. In K Sashidhar Vs. Indian Overseas Bank & Others, decided on 05.02.2019 in Civil Appeal No. 10673/2018 with CA Nos.10719/2018, 10971/ 2018 and SLP(C) No.29181/2018, the Hon'ble Supreme Court, noticing the provisions of section 30(4), held that if the CoC had approved the resolution plan by requisite percent of voting share, then as per section 30(6) of the Code, it is imperative for the resolution professional to submit the same to the adjudicating authority (NCLT). On receipt of such a proposal, the adjudicating authority (NCLT) is required to satisfy itself that the resolution plan as approved by CoC meets the requirements specified in Section 30(2). No more an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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