TaxTMI 
TaxTMI 
TaxTMI 
2018 (9) TMI 850
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....ed by Sreeply Industries Limited, the Operational Creditor under Section 9 of I & B Code for initiating CIRP process as against the Corporate Debtor, Southern Cooling Tower Pvt. Limited. (c) Vide Order dated 07-02-2018, the Application filed by the Operational Creditor was admitted and Mr. Prabhajit Singh Soni had been appointed as the Interim Resolution Professinal (In short, IRP). The IRP has continued the process as per the provisions of the Code and Regulations and completed the Corporate Insolvency Resolution Process (In short, CIRP) within 180 days and submitted the Resolution Plan on 16-07-2018. The CIRP period of 180 days fixed will expire on 05-08-2018. The IRP has submitted that during the CIRP process, the Resolution Professional (In short, RP) has got five claims, one claim was from the Financial Creditor, namely, Bank of Baroda with whom the Committee of Creditors (In short CoC) was formed and thereafter meetings have been held regularly. After thorough verification of all the claims submitted by the Creditors and upon verification of the claim, the Information Memorandum was prepared and has been published calling for Expression of Interest (In short, Eol) and the l....
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....ubmission of her claim before the Resolution Professional. 5. The brief facts for the consideration of the Application is the following : (a) The Applicant lent several temporary financial accommodations /loans to Southern Cooling Towers Pvt. Ltd. in its name or in the name of its any other Directors on different dates to the tune of Rs. 2,47,26,460/-. The Applicant is the widow of Sankhanil Mitra, who was one of the Directors of Southern Cooling Tower Pvt. Ltd. Annexure "A" deals with the claim of the Applicant. She submitted her proof of claim in Form "F" before the Resolution Professional on 23-02-2018. The Applicant came to know from another Creditor of the Corporate Debtor about the order of admission of the Company Petition C.P. (LB) No.699/KB/2017 and she learnt from him on 23-02-2018 that the Resolution Professional has been appointed. The newspapers in which the publication has been made are not widely circulated in Kolkata. Since the Form "F" had already been rejected by the RP she submitted another claim in Form "C" to the RP on 14/03/2018. On 15/03/2018 she was in receipt of an E-mail from the RP that he could not accept or receive the claims of the Applicant. The cl....
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....018 calling for claims of the Creditors of the Corporate Debtor up to 21-02-2018. Both newspapers are widely circulated in Kolkata. Business standard is a newspaper published all over India. All the claims received upto 21/02/2018 has been considered by the RP. The RP is not the authority to extend the period beyond the last date for submission of the claims. In the meanwhile, after the expiry of last date for settlement of the claim on 23-02-2018, the Applicant filed Form "C". The RP did not get any E-mail dated 23-02-2018 from the Applicant. Form "F" in physical form was received by the IRP on 27-02-2018. (b) As the Applicant is not a Financial Creditor she was not permitted to attend the meeting of the CoC convened at the instance of the RP under Section 21(2) of the Code. The CoC consists of only Financial Creditors. On submission of Form "F", the RP verified her claim but no records of the Corporate Debtor enabled the RP to prove that the claim of the Applicant is true and correct. The Statutory Auditors' reports, Financial Statements of the Corporate Debtor not at all include the amount claimed by the Applicant as a debt due from the Corporate Debtor. The Applicant hers....
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....018 is admittedly a widow of a Director of the Corporate Debtor. A reading of her claim in the Application itself is found that she is not certain to whom the money was lent, whether to the Corporate Debtor or to any one of the Directors of the Corporate Debtor, she is not certain. Her pleadings regarding granting of loan in favour of Corporate Debtor reads as follows : "Loan was taken as temporary financial accommodations/loans by Southern Cooling Towers Pvt. Ltd. in its name or in the name of its other Directors on different dates." 13. To substantiate her claim what is mainly relied in the Application is the statement of accounts showing certain vouchers issued in the name of Southern Cooling Towers Pvt. Ltd., i.e., a copy of an account maintained in her name. No proof of payment of the amount claimed by the Applicant in favour of the Corporate Debtor or in favour of any one of the Directors stands proved in the case in hand. She is not sure about whether temporary financial accommodations/loan was taken by the Corporate Debtor in its name or in the name of its any other Directors as mentioned in Form "F" too. The name of the Director to whom the money was given is also not m....
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....uring units, two in Kolkata, one in Baroda, Gujarat and other near Bangkok, Thailand and that Mr. Mitra had 42 years experience in cooling tower industry that includes his working experience of around 14 years under the influence of Marley, USA. From the applicant description in the Resolution Plan it is highlighted that the Company managed by professional team headed by Mr. Subhranil Mitra, Managing Director of the Company. Promoters hold 87.94% stake in the company and rest of holding is public. The Compliance Certificate annexed by the Resolution Professional shows that Resolution Applicant Mr. S. K. Mitra as a promoter of the Southern Cooling Towers Pvt. Ltd. And his plan was approved by the CoC and he certify that the plan meets all requirements and that the promoter is eligible under section 29A of the Code and that the Resolution Plan has been approved by vote share of 100% of financial creditor and, therefore, it is liable to be approved. 16. On verification of the Resolution Plan and the affidavit of the resolution applicant filed under section 29A I am satisfied the plan submitted meets all the requirement as per the provisions of the Code and Regulation 38(l)(a) of the ....