Tribunal Approves Resolution Plan for Corporate Debtor with Compliance and Relief Orders

The Tribunal approved the Resolution Plan for the Corporate Debtor, noting compliance with relevant provisions and regulations. The plan, deemed viable and feasible, included provisions for payment schedules, management, and implementation timelines. The Resolution Applicant was granted reliefs, including waivers and exemptions, in line with legal precedent. The RP was directed to fulfill obligations, hand over records, and was discharged from duties. The moratorium ceased, allowing the Applicant to proceed with implementation. The detailed order provided a clear pathway for revival and compliance, ensuring the Resolution Plan's successful execution.

---

---

Issues Involved:
1. Approval of the Resolution Plan under section 30(6) read with section 31(1) of the Insolvency and Bankruptcy Code, 2016.
2. Constitution and reconstitution of the Committee of Creditors (CoC).
3. Collation and admission of claims.
4. Compliance with statutory provisions and regulations.
5. Implementation and management of the Resolution Plan.
6. Reliefs, exemptions, and waivers sought by the Resolution Applicant.

Detailed Analysis:

1. Approval of the Resolution Plan:
The application was filed by the Resolution Professional (RP) for approval of the Resolution Plan for the Corporate Debtor, Ambient Computronics Private Limited. The original petition was filed under section 9 of the Insolvency and Bankruptcy Code, 2016, and was admitted on 10.12.2020. The RP was confirmed in his role on 11.04.2021. Due to the nationwide lockdown, an extension of the CIRP period by 90 days was granted on 14.06.2021.

2. Constitution and Reconstitution of CoC:
The CoC was initially constituted with one Financial Creditor and one Operational Creditor. It was reconstituted twice, with the sole financial creditor withdrawing its claim, leaving two Operational Creditors. Fourteen CoC meetings were held during the CIRP period.

3. Collation and Admission of Claims:
Claims from operational creditors, workers, and statutory authorities were collated. The admitted claims amounted to Rs. 46,18,270/- against the claimed amount of Rs. 62,47,256/-. The claims were verified and admitted as per the regulations.

4. Compliance with Statutory Provisions and Regulations:
The RP complied with the provisions of section 25(2)(h) of the Code and regulation 36A(1) of CIRP Regulations. Invitations for Expressions of Interest (EoI) were published, and a single EoI was received from a suspended Board member. The Resolution Plan was vetted and revised as per the CoC's feedback and was approved with a 99.10% voting share.

5. Implementation and Management of the Resolution Plan:
The Resolution Plan included detailed provisions for payment schedules, management of the Corporate Debtor, and implementation timelines. The plan proposed to pay Rs. 7,00,000/- as CIRP costs and Rs. 46,18,270/- to Operational Creditors. An additional Rs. 10,00,000/- was allocated for CAPEX and working capital. The plan defined the "Effective Date" as thirty days from the approval order.

6. Reliefs, Exemptions, and Waivers Sought:
The Resolution Applicant sought several reliefs, including waivers of financial penalties, continuation of licenses, and exemptions from tax liabilities. These were granted in line with the Supreme Court's ruling in Ghanashyam Mishra and Sons Pvt Ltd v Edelweiss Asset Reconstruction Company Ltd, which stated that all claims not part of the resolution plan stand extinguished upon approval. Specific reliefs were granted for the continuation of licenses, tax credits, and the abatement of disputes and liabilities.

Orders Passed:
The Tribunal approved the Resolution Plan, noting its compliance with sections 30 and 31 of the Code and regulations 38 and 39 of CIRP Regulations. The plan was deemed viable and feasible for the revival of the Corporate Debtor. The RP was directed to comply with statutory obligations within one year and hand over all records to the Resolution Applicant. The moratorium under section 14 ceased, and the RP was discharged from duties. The Resolution Applicant was granted liberty to move applications for implementation, and the order was to be filed with the Registrar of Companies, Bihar.

Conclusion:
The application for approval of the Resolution Plan was granted, ensuring the revival of the Corporate Debtor and compliance with all statutory requirements. The Tribunal's detailed order provided a clear pathway for the implementation of the Resolution Plan, addressing all claims, reliefs, and compliance issues comprehensively.

---