TaxTMI 
TaxTMI 
2020 (4) TMI 313
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....han Gupta, Mrs. Seema Gandhi, M/s. Kapivar Finlease Private Limited, Mr. Mukesh Desai and Mr. Iqbal Nabi (Resolution Applicant), and Mr. Brij Bhushan Gupta being the lead member. 3. The Resolution Professional Invited Expression of Interest (EoI) vide publication dated 17-4-2019 and also vide re-publication dated 13-5-2019 and the last date for submission of the EoI was extended till 28-5-2019. 4. The CIRP period for the Corporate Debtor was extended by 90 days vide order of this Tribunal dated 17-7-2019. Further, since the CIRP of the Corporate Debtor was not completed as per the time mentioned in the second proviso of section 12(3) of the I&B Code, therefore, the CIRP of the Corporate Debtor was to be completed within 90 days from the date of commencement of the Insolvency Code (Amendment) Act, 2019 i.e. from 16-8-2019, as per the third proviso of section 12(3) of the I&B Code. Therefore, the CIRP period, pursuant to third proviso of section 12(3) of the I&B Code, ended on 14-11-2019. 5. The Resolution Professional received two resolution plans, one from Kohinoor India Private Limited and another from the Resolution Applicant. However, Kohinoor India Private Limited fail....
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....rseas Bank 14.5% - 14.5% - 5. Park Chambers 5.59% 5.59% - - 6. ICICI Bank 0.21% - - 0.21% 7. TOTAL 100% 85.29% 14.5% 0.21% 10. The Resolution Professional has received Rs. 1,00,00,000/- from the Resolution Applicant as and by way of EMD. 11. The Resolution Professional has confirmed that he has received Performance Bank Guarantee of Rs. 5,00,00,000/- (Rupees Five Crore Only) from the Resolution Applicant as required and to the satisfaction of CoC. 12. The Resolution Plan includes a statement under regulation 38(1A) of the CIRP Regulations as to how it has dealt with the interests of all stakeholders in compliance with the I&B Code and Regulations made thereunder. 13. The Resolution Professional appointed two registered valuers as per the regulation 27 of the CIRP Regulations to determine fair value and liquidation value of the Corporate Debtor in accordance with regulation 35 of the CIRP Regulations. The liquidation value of the corporate debtor as arrived at by the registered valuers appointed by Resolution Professional is Rs. 28,76,87,233/- (Rupees Twenty Eight Crore Seventy Six Lakh Eighty Seven Thousa....
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....s in 10 equal quarterly instalments of INR 2.4 Crore each after the end of moratorium of 6 months from Completion date. Instalments to be paid at the end of each quarter State Bank of India 43,76,85,413 9,00,39,672 Bank of Baroda 40,41,05,637 8,31,28,043 Central Bank of India 37,54,03,448 7,72,21,743 Indian Overseas Bank 22,14,30,689 4,55,53,916 ICICI Bank 32,02,261 32,02,261 Unsecured Financial Creditors Park Chambers Limited 8,54,36,450 8,54,365 3. OPERATIONAL CREDITORS Operational Creditors (Other than workmen, employees and statutory dues) 24,91,70,355 1,89,901 Within 45 days from the effective date Government 12,85,60,01,155 97,97,986 Others 1,58,93,616 12,113 4. EMPLOYEES AND WORKMEN Workmen 1,69,02,142 1,69,00,000 Within 45 days from the effective date Employees 5,93,17,805 1,46,00,000 5. OTHER DEBTS AND DUES Provident Fund 69,36,509 70,00,000 Within 45 days from the Completion date. 17. The Resolution Plan proposes that on the effective date, the Resolution Professional shall provide a certified statement contai....
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.... otherwise and which are not identified as liabilities/contingent in financial statements provided in information memorandum. Such liabilities shall be called as "Unidentified Potential Liabilities". Without prejudice to the rights of the Corporate Debtor to challenge the validity of any claims relating to such Unidentified Potential Liabilities, such Unidentified Potential Liabilities shall stand extinguished and fully discharged without any monetary payment. Also, any remaining claims and debts and other dues from the Corporate Debtor to any person for the period prior to the Effective Date, that is not expressly provided for in the Resolution Plan, including any claims from third parties relating to any contract entered into by the Corporate Debtor including damages on account of termination of such contracts pursuant to this Resolution Plan or claims which are in the nature of recovery, disgorgement, penalty, fees or recoupment of loss, shall be deemed to have been extinguished upon approval of this Resolution Plan, without any liability whatsoever on the Corporate Debtor. 23. Upon approval of the Resolution Plan, the Resolution Applicant expects the ground breaking of the b....
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.... Further the persons nominated by the resolution applicant and the financial creditors including whole time director, if any, shall be appointed as the directors of the corporate debtor. Further, Resolution Applicant shall do necessary compliance with MCA and other concerned and applicable authorities as per applicable laws. 27. The Resolution Plan proposes to appoint a monitoring agency consisting of the three members of the CoC and two nominees of the resolution applicant. The monitoring agency shall manage the corporate debtor in trust and shall appoint the resolution professional to manage the day-to-day affairs of the corporate debtor under its supervision, until the full hand over of assets of the corporate debtor including business records. 28. The resolution applicant has sought certain reliefs and concessions in the resolution plan. The said relief and concessions are mentioned in Para Nos. 11 (i) to 11 (xii) of the Resolution Plan annexed to the application. This bench is not inclined to allow any of the said reliefs and concessions prayed by the Resolution Applicant. Therefore, the resolution applicant may apply to the relevant regulatory authorities for said relie....