2019 (12) TMI 629

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....indhu, Mr. Ashwini Kumar Singh and Mr. R.S. Lakshman, Mr. Ramji Srinivasan, Senior Advocate with Mr. Sanjay Kapur, Mr. Bharathi Gangadharan and Mr. Nikhil Ramdev, Mr. NPS Chawla, Mr. Suresh Baxy,  Mr. Satvinder Singh, JUDGMENT   Sudhansu Jyoti Mukhopadhaya,  In the 'Corporate Insolvency Resolution Process' against M/s. Orchid Pharma Limited one Mrs. J. Srinisha, one of the unsuccessful Resolution Applicant filed application for direction on the 'Resolution Professional' to reconsider the 'Resolution Plan' submitted by M/s. Dhanuka Laboratories Ltd. having been rejected by the 'Committee of Creditors'.  The Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai by impugned order dated 25t....

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....equently, they voted in favour.  However, as the 'Plan' was approved with voting share of 67%, we are not inclined to accept the submission.   5. The question arises for consideration is whether the approved 'Resolution Plan' submitted by M/s. Dhanuka Laboratories Ltd. is viable and feasible or not? 6. Learned Counsel for the Appellant submitted that actual 'Resolution Value' proposed by M/s. Dhanuka Laboratories Ltd. is Rs. 570 crores as against 'Liquidation Value' of Rs. 1309 crores.  A tabular statement has been submitted by the Appellant, comparing the 'Liquidation Value' and the approved 'Resolution Plan' submitted by M/s. Dhanuka Laboratories Ltd., is quoted below: -   Liquidation Value (Amount in Crores) ....

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.... illegal by this Appellate Tribunal in its decision in Standard Chartered Bank v. Satish Kumar Gupta, R.P. of Essar Steel Ltd. & Ors. - Company Appeal (AT) (Ins.) No.242 of 2019  etc. decided on 4th July, 2019.  It was further submitted that the impugned order is non-speaking one and the Adjudicating Authority has not said as to how the 'Resolution Plan' satisfies Section 30(2) of the I&B Code, which is mandatory.  9. Learned Counsel appearing on behalf of M/s. Dhanuka Laboratories Ltd. ('Successful Resolution Applicant') submitted that second round of negotiations began on the basis of the order passed by this Appellate Tribunal on 1st February, 2019 in Company Appeal (AT) (Insolvency) No.795/2018.  It was submitted ....

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....ce of the I&B Code.  Section 30(2)(b) of the I&B Code, as latest amended and applicable, reads as follows: -   "30. Submission of resolution plan.-(1)   A resolution applicant may submit a resolution plan along with an affidavit stating that he is eligible under section 29A to the resolution professional prepared on the basis of the information memorandum. (2) The resolution professional shall examine each resolution plan received by him to confirm that each resolution plan-   xxx      xxx      xxx   (b)  provides for the payment of debts of operational creditors in such manner as may be specified by the Board which ....