TMI Blog2022 (5) TMI 1311X X X X Extracts X X X X X X X X Extracts X X X X ..... d pleadings as noted above, it is clear that the publication was made not only at the registered and corporate office of the Corporate Debtor, but several other places at Kolkata, Guwahati, Shilong and Itanagar etc. In regional newspaper, publication was made at Guwahati, Jorhat and Lakhimpur where registered office and factory premises of the Corporate Debtor was situated. The publication, thus, was not only confined to registered office and corporate office of the Corporate Debtor, but publication was made at other locations also, where in the opinion of IRP, Corporate Debtor conducts material business operations - The statutory requirement cannot be stretched to mean that publication has to be made from all places where the Corporate Debtor is receiving goods and supplies. The mandatory requirement is to publish in one English and one regional newspaper with wide circulation at the location of the registered and corporate office of the Corporate Debtor and any other location, where in the opinion of the IRP the Corporate Debtor conducts material business operations. The IRP has made publication at other places as noted above, which indicates that there is compliance of requireme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er clearance is given by the BIFR. (iii) IDBI Financial Creditor filed an Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code ) against the Corporate Debtor in NCLT Guwahati. On 01.05.2018, NCLT Guwahati Bench admitted Section 7 Application and appointed Respondent No.1 - Shri Bijay Murmuria as Interim Resolution Professional ( IRP ). The IRP issued a public announcement in prescribed Form-A on 04.05.2018 in compliance of Section 15 of the code read with Regulation 6(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ( 2016 Regulations ) in two newspapers. Notices have also been put on the website of the Corporate Debtor as well as on the website of the Board. The Adjudicating Authority also passed an order on 18.07.2018 noticing the public announcement made by the IRP. (iv) In pursuance of public announcement, five Financial Creditors and nine Operational Creditors filed their claim before the IRP. Invitation for Expression of Interest to submit the Resolution Plan was issued and published on 13.07.2018 and the last date for submission of Resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arrying on its business, no claim could be filed by the Appellant before the IRP. Although, the Appellant had initiated winding up proceeding against the Corporate Debtor in the year 2011 itself, which proceeding was kept in abeyance at the instance of Corporate Debtor on the ground of registration of reference before the BIFR. It is only during winding up proceeding in the year 2019, the Appellant came to know from the statement of Counsel for the Corporate Debtor made before the High Court that Corporate Debtor has already been wound up by order of the NCLT Guwahati and claim of all creditors have been sorted. Thereafter, I.A. No.46 of 2020 has been filed before the Adjudicating Authority by the Appellant. 5. The learned Counsel for the Appellant further submits that the Resolution Plan is not in accordance with Section 30(2)(e) of the Code. The filing of the winding up petition were certainly in the business record of the Corporate Debtor Respondent No.4, but the Resolution Professional neither considered the claim of the Appellant nor considered the winding up proceedings pending before the High Court. 6. The learned Counsel for Respondent No.1 refuting the submissions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he one hundred and eightieth day from the date of the admission of the application under sections 7, 9 or section 10, as the case may be. (2) The public announcement under this section shall be made in such manner as may be specified. 9. The Regulations have been framed namely the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and under Chapter-III, which deals with Public Announcement containing Regulation 6, which is relevant in the present is as follows: 6. Public announcement. (1) An insolvency professional shall make a public announcement immediately on his appointment as an interim resolution professional. Explanation: Immediately means not later than three days from the date of his appointment. (2) The public announcement referred to in sub-regulation (1) shall: (a) be in Form A of the Schedule; (b) be published- (i) in one English and one regional language newspaper with wide circulation at the location of the registered office and principal office, if any, of the corporate debtor and any other location where in the opinion of the interim resolution professional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is situated and (2) The Sentinel (English) at Guwahati, Shillong and Itanagar and Amar Asom (Regional Language) at Guwahati, Jorhat Lakhimpur where the Registered Office factory premises of Kitply Industries Limited, the Corporate Debtor is situated inviting claims from the creditors of the Corporate Debtor which are reproduced herein below for the convenience of this Hon ble Tribunal. 11. The copy of the public announcement as well as publication in the newspaper have been annexed as Annexure A-2 to the Reply. In paragraph 3(iv) and (v) of the reply, further submissions made by Respondent No.1 are as follows: (iv) It is pertinent herein to mention that the Respondent No.1 further uploaded the Public Announcement on the official website of Kitply Industries Limited, the Corporate Debtor on 09.05.2018 in pursuance of Regulation. Further the Respondent No.1 had put up the Order dated 01.05.2018 for initiation of the CIRP of the Corporate Debtor on the notice board of all the regional and corporate offices and the factory premises of the Corporate Debtor. (v) Further, since the Corporate Debtor is a public limited company and its shares were traded on National Stoc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eiving the claim. The learned Counsel for Respondent No.1 has correctly relied on the judgment of Hon ble Supreme Court in Ghanashyam Mishra and Sons Private Limited (supra), where it has been held that on the date of approval of Resolution Plan by the Adjudicating Authority, all claims, which are not part of the Resolution Plan shall stand extinguished. In paragraph 102.1 of the judgment, following has been held by the Hon ble Supreme Court: 102.1. That once a resolution plan is duly approved by the adjudicating authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the adjudicating authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan. 14. We may further notice that there was compliance of Regulation 6(2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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