TMI Blog2024 (4) TMI 562X X X X Extracts X X X X X X X X Extracts X X X X ..... ent Plan submitted by the Personal Guarantor - HELD THAT:- The repayment plan placed before the 3rd creditors meeting held on 12.10.2023 was rejected by the Creditors with 88.52% and the remaining 11.48% did not exercise their vote - Considering the report of the Resolution Professional filed u/s. 112 and rejection of the Repayment Plan by the creditors, the creditors shall be entitled to file an application for Bankruptcy under Chapter IV consequent to the rejection of the Repayment Plan. The RP stands discharged. Since the Creditors have approved the payment of Resolution Professional fee and expenses with 64.01% voting share, the Resolution Professional fee and expenses of Rs.6,75,000/- as already approved by the creditors shall be paid. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 55 and the total amount of claims admitted was Rs.2185,84,33,967.56. 4. It is averred that on 05.08.2023 with the consultation of Personal Guarantor (PG), RP has prepared and submitted the repayment plan envisaging the repayment of Rs.20,00,000/- to creditors and Rs.5,00,000/- towards insolvency resolution process costs, payable in one installment in the month of February, 2024. On 09.08.2023, RP filed his report under Section 106(1) of IBC, 2016, vide IA (IBC)/1371/2023, which was taken on record by this Authority on 22.08.2023. 5. It is averred that as the repayment plan submitted by the RP does not have reasonable prospect of being approved, hence, a necessity for summoning the meeting of creditors to consider the repayment plan arose. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry, 2024 0 88.52 11.48 2 Applicable only if Agenda Item No. 5 (a) Resolved to approve the Resolution Professional s fee at Rs. 50,000/- per month with effect from 06.02.2023 plus out of pocket expenses. The RP s fee and out of pocket expenses are estimated to be Rs. 6,75,000/-till completion of 180 days of insolvency commencement i.e., till 24.12.2023. 64.02 24.50 11.48 9. The Resolution Professional has prayed for condoning the delay of 34 days under Section 112(1) in view of the delay in approval of the repayment plan as the creditors of the company have requested the Resolution Professional to extend voting time as they were yet to obtain approvals from their respective competent authority. At the request of the creditors, the voting tim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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