Tribunal Approves Resolution Plan for New Ram Traders

The Tribunal approved the resolution plan submitted by M/s New Ram Traders, as it met all legal requirements and was approved by the CoC with 100% voting share. The plan is binding on all stakeholders, and the moratorium order ceased to have effect. The RP was directed to forward all records to the Board.

---

---

Issues Involved:
1. Approval of the resolution plan under Section 30(6) of the Insolvency and Bankruptcy Code, 2016.
2. Compliance with Section 30(2) of the Insolvency and Bankruptcy Code, 2016.
3. Directions from the National Company Law Appellate Tribunal (NCLAT) and reconstitution of the Committee of Creditors (CoC).
4. Evaluation and approval process of the resolution plan by the CoC.
5. Compliance with the provisions of the Insolvency and Bankruptcy Code and associated regulations.
6. Binding nature and implementation of the approved resolution plan.

Issue-wise Detailed Analysis:

1. Approval of the Resolution Plan under Section 30(6) of the Insolvency and Bankruptcy Code, 2016:
The Resolution Professional (RP) filed CA No. 893/2019 seeking approval of the resolution plan dated 25-1-2018, as amended on 18-9-2019, submitted by M/s New Ram Traders. The resolution plan was approved by the CoC with 100% voting share in favor of it, and the RP sought the Tribunal's approval under Section 31(1) of the Code.

2. Compliance with Section 30(2) of the Insolvency and Bankruptcy Code, 2016:
The RP confirmed that the resolution plan complied with all provisions of the Code and CIRP Regulations. The plan provided for the payment of insolvency resolution process costs, management of the corporate debtor's affairs, and did not contravene any law. The plan also proposed to pay 2.5% of the admitted amount to operational creditors and 0.1% of the total admitted claim of the Corporate Guarantee.

3. Directions from the National Company Law Appellate Tribunal (NCLAT) and Reconstitution of the Committee of Creditors (CoC):
The NCLAT directed the Tribunal not to pass any orders under Section 31 until the final adjudication of Andhra Bank's appeal. The NCLAT reconstituted the CoC to include Andhra Bank and directed the RP to place the approved resolution plan before the reconstituted CoC.

4. Evaluation and Approval Process of the Resolution Plan by the CoC:
The CoC initially approved the resolution plan dated 25-1-2018 but rejected it later. After several revisions and deliberations, the final revised resolution plan was submitted on 30-8-2018 and approved by the CoC in its 16th meeting held on 23-9-2019 with 100% voting share.

5. Compliance with the Provisions of the Insolvency and Bankruptcy Code and Associated Regulations:
The RP filed compliance certificates and affidavits confirming that the resolution plan met all legal requirements. The RP certified that the plan was feasible, viable, and did not contravene any law. The resolution plan included provisions for its effective implementation, as required under Section 31(1) of the Code.

6. Binding Nature and Implementation of the Approved Resolution Plan:
The Tribunal approved the resolution plan submitted by M/s New Ram Traders, making it binding on the corporate debtor and all stakeholders. The moratorium order ceased to have effect, and the RP was directed to forward all records related to the CIRP and resolution plan to the Board.

Conclusion:
The Tribunal approved the resolution plan submitted by M/s New Ram Traders, as it met all legal requirements and was approved by the CoC with 100% voting share. The plan is binding on all stakeholders, and the moratorium order ceased to have effect. The RP was directed to forward all records to the Board.

---