2019 (2) TMI 1700

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....I&B Code, 2016'). 2. Initially, CP/682/(IB)/CB/2017 under Section 9 of I&B Code, 2016 read with Rule 6 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016, was filed by M/s. Aries (in short, 'Operational Creditor') against M/s. Bafna Pharmaceutical Limited (in short, 'Corporate Debtor'). CP/682/(IB)/CB/2017 has been admitted on 16.07.2018 under which CIR Process was initiated against the Corporate Debtor, moratorium was declared and Mr. Gopal Swamy Ganesh Babu was appointed as IRP. 3. The IRP took over the management and affairs of the Corporate Debtor and caused public announcement on 18.07.2018 under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate....

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.... powers of the Financial Creditors, voting in favour of the Resolution Plan". 7. The perusal of the 'Resolution Plan' shows that it provides for the Resolution for all the Financial Creditors, out of the total claim of Rs. 49.23 Crores, the payment proposed is Rs. 34.46 Crores. It further provides that 70% of the admitted claims of all the Financial Creditors shall be paid within three months from the 'Approval Date' as full and final settlement of the dues and personal guarantees. In relation to the Workmen dues, it provides for total payment of Rs. 0.24 Crores, as far as the Employees' dues are concerned, the Plan provides for total payment of Rs. 0.32 Crores. The Plan also provides for payment of Insolvency Resolution Process Costs, t....

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....efore, the Resolution Plan provides suitable arrangement for management of the Corporate Debtor and the implementation of the same (Plan). 10. Thus, the 'Resolution Plan' filed with the Application meets the requirements of Section 30(2) of the I&B Code, 2016 and Regulations 37, 38, 38(1A) and 39 (4) of IBBI (CIRP) Regulations, 2016. The 'Resolution Plan' is also not in contravention of any of the provisions of Section 29A. The Resolution Professional has also certified that the "Resolution Plan" approved by the CoCs does not contravene any of the provisions of the law for the time being in force. The Compliance Certificate is placed at pages 7 to 11 of the typed set filed with the Application. The 'Resolution Plan' stands approved by th....