Tribunal Approves Resolution Plan by G.P. Global Energy, Upholds Statutory Compliance

The Tribunal approved the resolution plan submitted by G.P. Global Energy P. Ltd., meeting all statutory requirements under Sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016. The plan was accepted, binding on all stakeholders. Regarding the "reliefs and concessions" sought by G.P. Global, the Tribunal allowed the applicant to pursue these claims with relevant authorities, clarifying that these were not conditions for plan acceptance or implementation.

---

---

Issues Involved:
1. Approval of the resolution plan submitted by G.P. Global Energy P. Ltd.
2. Granting of "reliefs and concessions" as mentioned in Appendix-II of the resolution plan.

Issue-wise Detailed Analysis:

1. Approval of the Resolution Plan Submitted by G.P. Global Energy P. Ltd.
Facts and Proceedings:
- The resolution professional (RP) filed C.A. No. 62(PB) of 2019 under sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of the resolution plan submitted by G.P. Global Energy P. Ltd. (G.P. Global) and approved by the Committee of Creditors (CoC).
- Oriental Bank of Commerce initiated the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, M/s. Allied Strips Ltd., leading to the admission of the petition and the imposition of a moratorium on March 16, 2018.
- The RP received claims from various creditors and convened 12 meetings of the CoC. Advertisements were issued to invite resolution plans, resulting in the submission of two plans.
- After extensive negotiations, G.P. Global was designated as the H1 resolution applicant, and their revised plan was approved by the CoC with a 99.84% affirmative vote.

Legal Provisions and Compliance:
- Sections 30 and 31 of the Code: The resolution plan must meet specific statutory requirements, including the payment of insolvency resolution process costs, operational creditors' debts, management of the corporate debtor, and compliance with existing laws.
- Regulation 27 and 35 of the IBBI Regulations: The RP appointed registered valuers to ascertain the fair and liquidation value of the corporate debtor.
- Regulation 36: An information memorandum was prepared and furnished to the CoC and the Tribunal.
- Section 30(2) Compliance:
- Payment of Insolvency Resolution Process Costs: The plan provides for the payment of these costs within 30 days of the approval date.
- Payment to Operational Creditors: The plan ensures that operational creditors receive payments not less than the liquidation value, with priority over financial creditors.
- Management of Corporate Debtor: The plan includes detailed provisions for the management and control of the corporate debtor post-approval.
- Implementation and Supervision: The plan outlines a clear implementation schedule and supervision mechanisms.
- Compliance with Laws: The RP confirmed that the plan does not contravene any existing laws.
- Other Requirements: The plan meets all additional requirements specified by the Insolvency and Bankruptcy Board of India (IBBI).

Tribunal's Conclusion:
- The Tribunal found that the resolution plan met all statutory requirements and approved it, making it binding on all stakeholders involved.

2. Granting of "Reliefs and Concessions" as Mentioned in Appendix-II of the Resolution Plan
Facts and Proceedings:
- G.P. Global filed C.A. No. 742(PB) of 2019, seeking certain "reliefs and concessions" as outlined in Appendix-II of their resolution plan.

Tribunal's Conclusion:
- The Tribunal stated that it could not issue directions regarding the reliefs and concessions but allowed the resolution applicant to make claims before the relevant authorities, which should be considered in accordance with the law.
- These reliefs and concessions were not deemed a condition precedent for the acceptance or implementation of the resolution plan.

Final Directions:
1. C.A. No. 62(PB) of 2019: The application for the approval of the resolution plan submitted by G.P. Global is accepted, with the clarification that reliefs and concessions must be pursued with the relevant authorities.
2. C.A. No. 742(PB) of 2019: The application for reliefs and concessions is disposed of, with instructions to pursue claims before public authorities as per the law.
3. No Pending Issues: No further issues were identified for consideration by the CoC during the hearing.

---