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TMI Blog2022 (10) TMI 288X X X X Extracts X X X X X X X X Extracts X X X X ..... the Committee of Creditors (CoC). 2. The Applicant submits that the Pentaaleon Packaging LLP, the Operational Creditor initiated the Corporate Insolvency Resolution process (CIRP) against the Corporate Debtor under Section 9 of the Code on 09.12.2020 and appointed Mr. Ramchandra Dallaram Choudhary as the Interim Resolution Professional (IRP) of the Corporate Debtor. The Public announcement regarding the initiation of CIRP was made on 06.01.2021. 3. Pursuant to receipt of claims, IRP constituted a Committee of Creditors (CoC) . the first CoC meeting was held on 03.02.2021. The second CoC meeting was held on 22.02.2021 wherein the name of the Applicant was proposed for the appointment of the Resolution Professional (RP) and the same was put to vote. Consequently, the CoC approved the name of the Applicant as RP and vide Order dated 31.05.2021 passed by this Tribunal and the Applicant was appointed as the RP. 4. The Applicants submits that Expression of Interest (EoI) was called from potential resolution applicants for the submission of the Resolution Plans for the Corporate Debtor. The advertisement (Form - G) was published on 13.05.2021 in Business Standard and Loksatta inviting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11. A Consortium Agreement dated 26.10.2021 is executed between Viraki Brothers, Anish Shah and Dipen Shah. 12. The final Resolution Plan meets the requirements of the Code and is in accordance with Regulation 39(4) of the CIRP Regulations. SALIENT FEATURES OF THE APPROVED RESOLUTION PLAN 13. The summary of the Resolution Plan is as under ;- Sr. No . Parameters Amounts Payable Source of Funds 1. Payment to all Stakeholders within T + 90 days 35.61 Crores 25 Crores shall be infused through Bank Treatment of all Stakeholders out of the above Payment/Outflow 1. Operational Creditors, excluding employees and workmen along with Statutory Dues Timelines : Within T+60 days - Rs. 0.20 Crores 0.20 Crores Infusion through Resolution Applicant 2. CIRP Cost Timelines : Within T +60 days - Rs. 1.71 Crores 1.71 Crores Infusion through Resolution Applicant 3. Employees and Workmen Within T+ 60 days - Rs. 0.10 Crores 0.10 Crores Infusion through Resolution Applicant 4. Operational Creditors ( Statutory dues) Within T + 60 days _ Rs. 0.05 Crores 0.05 Crores Infusion through Resolution Applicant 5. Financial Creditors Secured Timelines : Upfront ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oard in priority to the payment of other debts of the corporate debtor; b) provides for the payment of debts of operational creditors in such manner as may be specified by the Board which shall not be less than, i. the amount to be paid to such creditors in the event of a liquidation of the corporate debtor under section 53; or ii. the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in sub - section (1) of section 53, whichever is higher, and provides for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with subsection (1) of section 53 in the event of a liquidation of the corporate debtor. Explanation - For the purpose of this section - (i) it is hereby clarified that at each stage of the distribution of proceeds in respect of a class of recipients that rank equally, each of the debts will either be paid in full, or will be paid in equal proportion within the same class of r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alue was ascertained through two registered valuers. The aggregate of the average of Fair Value of all the assets is Rs. 3244.42 Lakhs and that of the Liquidation Value of all the assets is Rs. 2472.82 Lakhs. 26. One of the justifications for approval of this resolution plan is that the amount proposed under the plan is higher than liquidation value of the Corporate Debtor. 27. The RP has complied with the requirement of the Code in terms of Section 30(2)(a) to 30(2)(f) and Regulations 38(1), 38(1)(a), 38(2)(a),38(2)(b), 38(2)(c) & 38(3) of the Regulations. 28. The RP has filed Compliance Certificate in Form-H along with the Plan. On perusal the same is found to be in order. The Resolution Plan includes a statement under regulation 38(1A) of The Regulations as to how it has dealt with the interest of the stakeholders in compliance with the Code and the Regulations. 29. The Resolution Plan has been approved by the CoC in the with 87.15% votes in terms of Section 30(4) of the Code. 30. In K Sashidhar v. Indian Overseas Bank & Others (in Civil Appeal No.10673/2018 decided on 05.02.2019) the Hon'ble Apex Court held that if the CoC had approved the Resolution Plan by requisite perc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... embers, 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 is due, guarantors and other stakeholders involved in the Resolution Plan. (ii) Further in terms of the Judgment of Hon'ble Supreme Court in the matter of Ghanshyam Mishra and Sons Private Limited v/s Edelweiss Asset Reconstruction Company Limited, on the date of approval of the 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 a part of the Resolution Plan. (iii) The Memorandum of Association (MoA) and Articles of Association (AoA) shall accordingly be amended and filed with the Registrar of Companies (RoC), Mumbai, Maharashtra for information and record. The Resolution Applicant, for effective implementation of the Plan, shall obtain all necessary approvals, under any law for the time being in force, within such period as may be prescribed. (iv) The moratorium under Section 14 of the Code shall cease to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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