TaxTMI 
TaxTMI 
2019 (7) TMI 1129
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....ainst Sunil Ispat and Power Ltd.-the corporate debtor to start corporate insolvency resolution process (in short, the "CIRP") of the corporate debtor as they committed default in paying the financial debt of Rs. 25,75,25,402, i. e., the debt assigned to them by the State Bank of India. 2. This authority vide order dated July 31, 2018 admitted the corporate debtor in CIRP. Mr. A. K. Gupta was appointed as IRP. On August 2, 2018 the IRP made public announcement by publishing notice in English Financial Express and in Bengali Ekdin newspaper declaring that CIRP of the corporate debtor is initiated and called from its creditors their claim with the proof. He received total eight claims from the creditors. Out of them, five were financial credi....
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....decided to adopt open bidding process to finalise one plan. That open bidding process was held in the sixth CoC meeting dated February 20, 2018. After lot of deliberations, the CoC accepted the resolution plan submitted by M/s. Maruti Ferrous P. Ltd., declaring the same to be H-1 bidder. However, H-1 bidder was directed to revise the plan without changing the final amount. In the seventh CoC meeting dated January 10, 2019 revised plan as submitted by M/s. Maruti Ferrous P. Ltd., is approved by the CoC by 100 per cent. voting shares. The CoC directed the RP to submit that resolution plan for approval of this authority. Accordingly, the RP filed this application (C. A. (IB) No. 111/KB/19) under section 13(6) read with section 31 of the I and ....
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....he compliance certificate of the RP under regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 setting out the details of the CIRP in a nutshell and certifying that the plan does not contravene provisions of any law. At page 233 of the application, the successful resolution applicant's affidavit is produced affirming the fact that the successful resolution applicant does not suffer in disqualification as stated under section 29A of the I and B Code, 2016. 7. The learned RP pointed out at page 61 of the plan the provision is made to incur the CIRP cost of Rs. 35 lakhs. At page 64 of the plan, it is mentioned that during CIRP, the RP did not receive any claim from employees and workmen of t....
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.... its employees, members, creditors, co-ordinators and other stakeholders involved in the resolution plan. 2. The revival plan of the company in accordance with approved res olution plan shall come into force with immediate effect subject to payment of Government dues and taxes. 3. The moratorium order passed under section 14 shall cease to have effect. 4. The resolution professional shall forward all records relating to the conduct of the corporate insolvency resolution process and the resolution plan to the Insolvency and Bankruptcy Board of India to be recorded on its database. 5. Before parting with, it appears to me that we have to endorse my appreciation to the work rendered by the resolution professional, Mr. Arun Kumar Gupta, FCA....