Tribunal Approves Resolution Plan for Unnati Fortune Private Limited

The Tribunal approved the Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code for the corporate debtor M/s. Unnati Fortune Private Limited. The Plan, submitted by M/s. One City Infrastructure Private Limited, was modified and unanimously approved by the Committee of Creditors. It prioritized payment of CIRP costs and operational creditors' debts, outlined post-approval management, and compliance measures. The Resolution Applicant's eligibility under Section 29A was confirmed, and after thorough review, the Tribunal found no issues, granting approval and directing effective implementation by the Monitoring Committee within specified timelines.

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Issues:
Approval of Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016.

Analysis:
1. The Resolution Professional filed an application seeking approval of the Resolution Plan under Section 31 of the Code for the corporate debtor M/s. Unnati Fortune Private Limited.
2. The Corporate Insolvency Resolution Process was initiated against the Corporate Debtor, and the Interim Resolution Professional was appointed.
3. The Interim Resolution Professional made a public announcement for the submission of claims of the creditors.
4. The Committee of Creditors was constituted, and subsequent meetings were held to discuss and approve the Resolution Plan.
5. Prospective Resolution Applicants submitted their plans, and after evaluation, M/s. One City Infrastructure Private Limited was selected as the successful resolution applicant.
6. The Resolution Plan was modified multiple times and finally approved unanimously by the Committee of Creditors.
7. The Resolution Professional confirmed compliance with the Code and Regulations and submitted the Resolution Plan for approval under Section 31.
8. The Resolution Plan prioritized payment of CIRP costs and operational creditors' debts as per the Code's requirements.
9. The Resolution Plan provided for the management and control of the corporate debtor post-approval.
10. Adequate means for supervising the plan's implementation were outlined, satisfying the Code's requirements.
11. The Resolution Applicant's eligibility and compliance with Section 29A of the Code were confirmed.
12. The Resolution Plan fulfilled all requirements of Section 30(2) and did not contravene any provisions of the law.
13. The Resolution Applicant submitted the required performance security as per Regulation 39(4).
14. The Resolution Professional ensured compliance with Section 38(2) and (3) in the application.
15. Clarifications were sought regarding payment to the Custom Department, and the Resolution Applicant provided the necessary undertakings.
16. After thorough review and finding no infirmities, the Tribunal approved the Resolution Plan.
17. The Monitoring Committee was granted liberty to seek further directions for effective plan implementation.
18. Any reliefs sought beyond the Tribunal's jurisdiction were advised to be pursued before relevant authorities.
19. The Resolution Applicant was mandated to obtain necessary approvals within the specified timeline and adhere to all applicable laws.
20. Records related to the CIR Process and Resolution Plan were to be forwarded to IBBI for documentation.
21. The approved Resolution Plan was deemed effective from the date of the order, and related cases were disposed of accordingly.

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