TMI Blog2022 (7) TMI 1036X X X X Extracts X X X X X X X X Extracts X X X X ..... ghts, the Resolution Applicant has to approach the concerned statutory authorities under relevant laws. Application allowed. - IA No. 18 of 2022 in CP (IB) No. 247 of 2020 - - - Dated:- 1-7-2022 - M. B. Gosavi , Member ( J ) And Kaushalendra Kumar Singh , Member ( T ) For the Appellant : Navin Pahwa , Learned Senior Counsel For the Income Tax Department : Maithili Mehta , Learned Counsel ORDER 1. This application under section 30(6) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as IBC, 2016 ) is filed by Mr. Sunil Kumar Kabra - Resolution Professional (hereinafter referred to as RP ) of the Corporate Debtor - M/s. Surya Exim Limited for approval of the Resolution Plan submitted by M/s. Agarwal Coal Corporation Private Limited. 2. On 03.02.2021, the Corporate Debtor was admitted in the Corporate Insolvency Resolution Process (hereinafter referred to as CIRP ). Mr. Sunil Kumar Kabra was appointed as the Interim Resolution Professional (hereinafter referred to as IRP ). On 05.02.2021 the IRP made a public announcement of the CIRP of the Corporate Debtor and called upon its creditors to submit claims with requisite proofs in Busi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and non-responsive as the conditions in request for Resolution Plan were not complied. In this meeting, other three prospective Resolution Applicants were requested to improve their offer. 7. In the tenth CoC meeting held on 18.10.2021, members of CoC resolved to file an application before this Adjudicating Authority for exclusion of 90 days period due to pandemic of Covid-19. On 20.10.2021, the exclusion of only 60 days was granted by this Adjudicating Authority in (IA 699 of 2021). 8. In the fourteenth CoC meeting, completed on 14.12.2021, members of CoC approved the Resolution Plan of M/s. Agarwal Coal Corporation Private Limited with 93.27% voting rights. Accordingly, the RP had filed an application, bearing no. IA No. 18 of 2022 for approval of that Resolution Plan. 9. The Resolution Applicant- M/s. Agarwal Coal Corporation Private Limited has proposed to pay a sum of Rs. 43,32,90,000/- against the total admitted claim of Rs. 378,17,27,890/-. The total haircut under the proposed plan is 88.66%. The details are as follows: Sl. Description Amount (in Lakhs) 1 CIRP Cost ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chanism provided under section 53 of IBC, 2016. Hence, though in the Resolution Plan no provision is made for payment of claims of Operational Creditor, the Resolution Plan does not suffer any illegality under section 30(2)(b) of IBC, 2016. Learned Senior Counsel for the Resolution Applicant made a statement that the Resolution Applicant will pay some amount to Operational Creditors also against their claim of Rs. 123,22,03,603/-. We noted the fact. The Workmen and Employees will get a sum of Rs. 25,64,704/- against their total claimed amount of Rs. 69,39,652/-. The CIRP cost has been kept by the Resolution Applicant of Rs. 47,25,000/-. The amount of Rs. 10,47,25,000/- will be paid within 30 days from the receipt of the order. The remaining amount of Rs. 32,85,65,000/- will be paid within 90 days from the receipt of the order. The RP will return Performance Bank Guarantee of Rs. 10,00,00,000/- within 30 days of full implementation of Resolution Plan. In view thereof we hold that this complies with provisions of section 30(2)(b) of the IBC, 2016. 14. In the Resolution Plan (at page-47) proposal for management and control of the business of the Corporate Debtor is given. The busin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said mischief.... 17. In view of the above, we hold that the Resolution Applicant cannot be saddled with any previous claim against the Corporate Debtor prior to initiation of its CIRP. For the permits, licenses, leases, or any other statutory right vested in the Corporate Debtor shall remain with the Corporate Debtor and for the continuation of such statutory rights, the Resolution Applicant has to approach the concerned statutory authorities under relevant laws. 18. With these directions, we approve the Resolution Plan submitted by M/s. Agarwal Coal Corporation Private Limited and proceed to pass the following orders: ORDER I. Application is allowed. II. The Resolution Plan of M/s. Agarwal Coal Corporation Private Limited for Corporate Debtor i.e. M/s. Surya Exim Limited, stands allowed as per section 30(6) of the IBC, 2016. III. The Resolution Applicant claimed various reliefs and concessions in the resolution plan. However, we grant the reliefs in the following manner and to this extent; a. After the payment of the dues to the creditors, as per the resolution plan, all the liabilities of the said stakeholders prior to CIRP against the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne year from the date of approval of the resolution plan by the Adjudicating Authority under Section 31 or within such period as provided for in such law, whichever is later, as the case may be; k. All the approvals of shareholders/members of the Corporate Debtor shall be deemed to have been obtained and the provisions made in the resolution plan as regard to the restructuring of capital shall be binding on them. This order shall be treated as evidence of compliances of all formalities as may be required in this regard under the provisions of the Companies Act, 2013. l. For changing of name and address of the Corporate Debtor the consent of the member/shareholders is deemed to have been obtained and the resolution applicant shall approach the concerned authorities under provisions of the Companies Act, 2013 for complying with the procedural aspects. m. On the effective date and with effect from the appointed date, the entire equity shares held by the existing shareholders shall stand fully extinguished as a part of this Resolution Plan (standalone capital reduction). The face value of the equity shares so cancelled shall stand transferred to the capital reserve of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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