2018 (11) TMI 249

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.... Estates Private Limited/corporate debtor. 2. Vide order dated 12/12/2017 the application was admitted and upon admitting the application one Mr. Chhedi Rajbhar was appointed as the Interim Resolution Professional. Though his name has been confirmed by the Committee of Creditors (In short, CoC) he was replaced with a new Resolution Professional Mr. Surendra Kumar Agarwal by the CoC. However, Mr. Surendra Kumar Agarwal subsequently resigned from the post of Resolution Professional and thereby CoC has appointed Mr. Samya Sengupta as the Resolution Professional to continue the CIRP process. His appointment was confirmed vide order dated 18/5/2018 and he filed the final report along with the Resolution Plan submitting that in the 11th CoC meet....

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....an has been submitted by the Resolution Applicant, namely, Fortune Chemicals Limited and after deliberating with the Resolution Applicant the CoC has approved the Resolution Plan unanimously. According to the Resolution Professional the Resolution Applicant is not dis-qualified under section 29A of the I & B Code, 2016 and an affidavit to that effect submitted by the Resolution Professional is annexed with the Resolution Plan. 5. On going through the Final Progress Report it is understood that the Resolution Professional has certified to the effect that he has complied with all the provisions of the I & B Code, 2016 and the Regulations and does not contravene any of the provisions for the time being in force. According to him the Resolutio....

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....he Resolution Plan. Upon hearing the resolution professional this Bench directed the Resolution Professional to modify the Resolution Plan, if the Resolution Applicant agrees with the modification suggested at the time of hearing. A modified Resolution Plan was filed on 17/9/2018 along with the original affidavit under section 29A of the I & B Code, 2016 of the Resolution Applicant and Form 'H'. On a screening of Form H it is understood that the Resolution Applicant has complied with the direction, and submitted the modified Resolution Plan. The modified Resolution Plan is in compliance of the provisions of the Code and Regulations which provides provisions for implementation and supervision of the Resolution Plan as well as provisi....