TaxTMI 
TaxTMI 
2019 (6) TMI 522
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....with Mr. Ranjan Kumar Pandey, Mr. Sandeep Bisht, Mr. Anuj Tiwari and Mr. Aditya Dhar, Advocates for C. P. Ispat, Mr. Harsh Jain, Mr. Puneet Jain and Mr. Arijit Mazumdar, Advocates for IDBI JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. All these appeals arise out of two different orders dated 13th March, 2018 and 11th July, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, passed in common proceeding, and as such they were heard together and are being disposed of by this common judgment. 2. The Contempt application arises out of one of our order dated 24th April, 2018 which is alleged to have been violated by the Contemnors. 3. In the 'Corporate Insolvency Resolution Process' against 'Divya Jyoti Sponge Iron Private Limited'- ('Corporate Debtor'), the Adjudicating Authority by impugned order dated 13th March, 2018, approved the 'Resolution Plan' submitted by 'CP Ispat Private Limited'- ('Successful Resolution Applicant'). The same is under challenge by the Appellants- Mr. Sunil Jain and Mr. Prakash Chand Jain, two of the Shareholders/ Promoters. 4. 'M/s. MV Projects'- Appellant, in the other appeal one of the 'Operational....
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....med that he would not be able to pay the full claim amount to the 'Financial Creditors', as required in terms of Section 29A (c) of the 'I&B Code'. In this background, the 'Resolution Plan' has not been considered. 10. Learned counsel appearing on behalf of the 'Interim Resolution Professional' also submitted that the 'Corporate Debtor' is a closely held Private Limited Company and as such the entire shareholding of the 'Corporate Debtor' is distributed amongst the members of the Jain family and/or their associates. The shareholders of the 'Corporate Debtor' and their relationship with Mr. Sunil Jain are as follows: Name of shareholder Percentage of shareholding Relationship with Shri Sunil Jain Gouri Shankar Jain 0.02% Father Anil Jain 7.46% Brother Gouri Shankar Jain (HUF) 43.44% Father is Karta Renu Jain 10.74% Relative Rashmi Jain 7.09% Brother's wife Sweta Jain 3.87% Relative Parasnath Crushers Pvt. Ltd. 8.28% Family controlled enterprise 11. It was further submitted by learned counsel for the 'Resolution Professional' that as on the date of admission, the 'Corporate Debtor' had only thr....
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....nowing details of the Information Memorandum, including the liabilities and assets of the 'Corporate Debtor', which makes it clear that he acted in concert with the other Applicant, who is related party of the erstwhile management of the 'Corporate Debtor'. 18. However, we are not deciding the aforesaid issue. In the present case, as we find that the 'Committee of Creditors' found that the 'Resolution Plan' submitted by the 'Successful Resolution Applicant' is superior than the 'Resolution Plan' as submitted by the Appellant- 'Mr. Prakash Chand' while evaluating the suitability, feasibility and commercial viability of the 'Corporate Debtor', we find no ground to interfere with the impugned order. Company Appeal (AT) (Insol.) No. 481 of 2018 19. Learned counsel for the Appellant- 'M/s. MV Projects' submitted that it is a sole proprietorship concern, which is a 'supplier of coal' for the business of the 'Divya Jyoti Sponge Iron Pvt. Ltd.'- ('Corporate Debtor'). The supply of coal has been made to the 'Corporate Debtor' even after the initiation of the 'Corporate Insolvency Resolution Process' on 23rd August 2017 i.e. during the 'Insolvency Resolution Process' to keep the com....
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....002); (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period......." 23. As per Section 30(2), the 'Resolution Professional' is required to examine that each of the 'Resolution Plan' confirm the provisions as made therein. Relevant portion of sub-clause (a) of sub-section (2) of Section 30 reads as follows: "30. Submission of resolution plan─ (2) The resolution professional shall examine each resolution plan received by him to confirm that each resolution plan- (a) provides for the payment of insolvency resolution process costs in a manner specified by the Board in priority to the repayment of other debts of the corporate debtor;" 24. Regulation 31 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 deals with 'Insolvency Resolution Process Costs' and reads as follows: "31. Insolvency resolution process costs. γ....