2019 (10) TMI 52

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.... Commissioner, Excise Department And Mr. Arun Gupta and Mr. Arik Banerjee, Advocates for R.P. JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. In the 'Corporate Insolvency Resolution Process' against 'Sunil Ispat & Power Limited'- ('Corporate Debtor'), the Appellant- 'M/s. Maruti Ferrous Private Limited' (hereinafter referred to as "Successful Resolution Applicant") submitted 'Resolution Plan' which was approved by the 'Committee of Creditors' with 100% voting shares. 2. By impugned order dated 8th February, 2019, as corrected by order dated 11th February, 2019, the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, approved the plan under Section 31 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" fo....

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....who are similarly situated. 6. In "Swiss Ribbons Pvt. Ltd. & Anr. vs. Union of India & Ors.─ 2019 SCC OnLine SC 73", wherein the Hon'ble Supreme Court held: "71. The NCLAT has, while looking into viability and feasibility of resolution plans that are approved by the committee of creditors, always gone into whether operational creditors are given roughly the same treatment as financial creditors, and if they are not, such plans are either rejected or modified so that the operational creditors' rights are safeguarded. It may be seen that a resolution plan cannot pass muster under Section 30(2)(b) read with Section 31 unless a minimum payment is made to operational creditors, being not less than liquidation value. Further....

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....nner as suggested by the Adjudicating Authority by directing to pay 100% to the 'Operational Creditors' who otherwise do not contribute in operation of the Company but are entitled under the existing laws. 8. In the aforesaid background to provide same treatment to the 'Financial Creditors' and the 'Operational Creditors', we asked the Appellant to propose modified 'Resolution Plan', which has been submitted. 9. In terms of the approved 'Resolution Plan' by the 'Committee of Creditors', as held in its meeting dated 10th January, 2019, the distribution was as follows: S. No. Particulars Outstanding as per Claim Form (Dues as on 31.07.2018) Payment Proposed Total Amount Percentage of Total Claim   COST TO BE IN....

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....sp;       SUB-TOTAL 3,587,232,819 308,500,000       4. Cost to be incurred under the normal course of business             a. Up gradation and Modernization of Unit N.A 115,000,000       b. Add: Working Capital N.A 195,000,000 N.A     TOTAL 3,587,232,819 618,500,000         Means of Finance Total Amt Rs. in Cr. Fresh Equity to be infused by the Resolution Applicant 10.00 Unsecured Loans by Applicant/Associates 20.85 TERM LOAN (not from existing secured financial creditors of company) 15.00 Cash Cred....

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.... NIL NIL     C. Government/Statutory Dues             a. Commercial Taxes Department, Government of Chhattisgarh 52,713,896 4,744,250 9%     b. Central Excise Duty, Government of Chhattisgarh 136,452,329 12,280,710       c. Income Tax Department DCIT C Circle 3(1), Government of India 9,121,554 821,000     Total Payable to Operational Creditor** 19,82,87,779 17,845,960         SUB-TOTAL 3,587,232,819 327,345,960       4. Cost to be incurred under the normal course of business    ....