Tribunal approves Resolution Plan under Insolvency Code, benefiting stakeholders and ensuring debtor's operation.

The Tribunal approved the Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016, as it met all statutory requirements and received overwhelming support from the Committee of Creditors. The plan was deemed advantageous to stakeholders, promoting asset maximization and ensuring the corporate debtor's continued operation. The moratorium order ceased, and the Resolution Professional was directed to forward records to the Insolvency and Bankruptcy Board of India. Application IA. 324/2022 was allowed, while IA. 572/2022 was dismissed.

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Issues Involved:
1. Approval of the Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016.
2. Compliance with procedural requirements under the Code and CIRP Regulations.
3. Objections raised by dissenting homebuyers regarding the voting process and preliminary views.
4. Reliefs and concessions sought by the Resolution Applicant.

Detailed Analysis:

1. Approval of the Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016:
The application was filed by the Resolution Professional seeking approval of the Resolution Plan submitted by M/s. Adani Infrastructure and Developers Pvt. Ltd. (AIDPL) under Section 31 of the Code. The Resolution Plan was approved by the Committee of Creditors (CoC) with a 98.58% voting share. The Tribunal emphasized that the commercial wisdom of the CoC should not be interfered with unless the plan is contrary to the provisions of law or public interest, citing the Supreme Court's decision in Kalparaj Dhraramshi v. Kotak Investment Advisors Ltd.

2. Compliance with procedural requirements under the Code and CIRP Regulations:
The Tribunal examined the compliance of the Resolution Plan with Section 30(2) of the Code. The Resolution Professional confirmed that the plan provided for the payment of Insolvency Resolution Process costs, debts of operational creditors, management of the corporate debtor's affairs, implementation, and supervision of the plan. The plan did not contravene any provisions of law and complied with all applicable regulations. The Resolution Professional also submitted a compliance certificate in Form H.

3. Objections raised by dissenting homebuyers regarding the voting process and preliminary views:
Three homebuyers raised objections alleging procedural irregularities, including the failure to seek preliminary views and the use of email for voting instead of an electronic voting portal. The Tribunal found that the objections lacked merit as the voting by email satisfied the requirements of Regulation 26 and no prejudice was caused to the objectors. The Tribunal noted that the process was carried out within the framework of the Code and all requirements of Section 30(2) were fulfilled.

4. Reliefs and concessions sought by the Resolution Applicant:
The Resolution Applicant sought various reliefs and concessions, including exemptions from registration charges, stamp duty, taxes, and fees. The Tribunal declined these exemptions but granted reliefs related to offenses committed prior to the commencement of CIRP as stipulated under Section 32A of the Code. Other reliefs and concessions were either subsumed within the granted reliefs or not granted if they violated any law in force.

Conclusion:
The Tribunal approved the Resolution Plan under Section 31(1) of the Code, noting that it met all statutory requirements and received overwhelming support from the CoC. The plan was deemed advantageous to stakeholders, promoting asset maximization and ensuring the corporate debtor's continued operation as a going concern. The moratorium order ceased to have effect from the date of the order, and the Resolution Professional was directed to forward all records to the Insolvency and Bankruptcy Board of India (IBBI). The application IA. 324/2022 was allowed, and IA. 572/2022 was dismissed.

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