TaxTMI 
TaxTMI 
2019 (3) TMI 1287
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.... Mr. S.N. Mukherjee, Senior Advocate with Mr. Krishnendu Datta JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. In the 'Corporate Insolvency Resolution Process' initiated against 'M/s. Adhunik Metalliks Ltd.'- ('Corporate Debtor'), the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, by impugned order dated 17th July, 2018 approved the 'Resolution Plan' under Section 31 (1) of the Insolvency and Bankruptcy Code, 2016 ('I&B Code" for short) submitted by 'Liberty House Group Pte. Ltd.' ("Liberty House Group" for short), which was approved by the 'Committee of Creditors' with 99.94% voting shares. 2. By the same very impugned order, the claim of 'MSTC Limited'- ('Operational Creditor'), a Public Sector Undertaking u....
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....have been challenged by 'Liberty Group House'. Case of 'Liberty Group House' 7. Learned counsel appearing on behalf of the 'Liberty House Group' submitted that the 'Resolution Plan' not only contemplated corresponding obligations of the parties who were required to take necessary steps for implementation of the 'Resolution Plan', it also contemplated certain material assumptions on the basis of which the Appellant prepared and structured the 'Resolution Plan'. 8. It was submitted that the 'Liberty House Group' made best efforts to perform its part of the obligations for implementation of 'Resolution Plan' and is continuing to do so, however, the implementation of the 'Resolution Plan' suffered road block due to multiple factors which we....
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....ion Plan' is subject to receipt of requisite approval from the Competition Commission of India ("CCI" for short), if so required. Therefore, the 'effective date' of implementation of the 'Resolution Plan' should be the date of receipt of 'CCI's approval, if required. It was submitted that at the time of submission of the 'Resolution Plan', the Appellant- 'Liberty House Group' had no knowledge of assessing requirement of 'CCI's approval, which is dependent on financial position of the previous year. The Appellant was under the bona fide assumption that 'CCI's approval would be required for its 'Resolution Plan', as a deminimus exemption was not available. The Appellant had anticipated that the 'CCI' approval would be received within a month-....
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....gainst any of the provisions of the existing law. 16. Whether the 'Resolution Plan' is against Section 6(1) of the Competition Act, 2002 can be decided only by the 'CCI'. Pursuant to the 'Resolution Plan' as the 'Liberty House Group' will acquire 'Adhunik Metalliks Ltd.' - ('Corporate Debtor') being 'Successful Resolution Applicant' is required to intimate the 'CCI' in terms of Section 6(2) of the Competition Act, 2002. Therefore, the submission made on behalf of the 'Liberty House Group' that the 'effective date' of plan is date of approval by 'CCI' cannot be accepted. The prayer is rejected. Case of 'MSTC Limited' 17. The Appellant - 'MSTC Limited' was doing business with the 'Adhunik Metaliks Ltd.'- ('Corporate Debtor') of facilitati....
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....orate Debtor' is required to pay the amount only in respect of the materials lifted from the possession of the 'MSTC Limited'. 20. It was submitted that 'MSTC Limited' as 'Operational Creditor' had submitted its claim for an amount of Rs. 172.15 Crores along with proof of claim on 9th January, 2018. The 'Resolution Professional' collated the claim and admitted a sum of Rs. 165.09 Crores payable as on the 'Insolvency Commencement Date'. The 'Corporate Debtor' was availing raw material procurement facility from 'MSTC Limited' from abroad. 21. Further, according to the 'Resolution Professional' a sum of Rs. 165.09 Crores as on the 'Insolvency Commencement Date' less an amount of Rs. 18.5 Crores was disbursed to 'MSTC Limited', after which th....