TaxTMI 
TaxTMI 
2018 (7) TMI 2107
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.... (in short, CIRP) under section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code, 2016), as the Corporate Debtor committed default in paying loan instalment granted and disbursed to them 2. By order dated 03.08.2017, this Adjudicating Authority admitted the CIRP against the Corporate Debtor under section 7 of I&B Code. Moratorium under section 14 of I&B Code was made applicable relating to assets and operation of Corporate Debtor. Mr. Sumit Binani was appointed as Interim Resolution Professional. His appointment as I.R.P. is later on confirmed as Resolution Professional by the COC in their meeting dated 4th September, 2017. Mr. Binani had issued public announcement of CIRP of the Corporate Debtor on 21 st September, 2017. In pursuant ....
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....se Group Pte Ltd. to be acceptable. The Resolution Application, Liberty House Group Pte Ltd. was to be declared as successful HI bidder. Meantime, the COC and the RP came across the news item stating that Liberty House Group Pte Limited was held to be ineligible applicant under section 29A of I&B Code in other proceeding pending before other Adjudicating Authority. They called upon the Resolution Applicant to explain about the news item. Liberty Hoysé Group Pte Limited explained the facts to the satisfaction of the RP and the COC stating that they are not ineligible under section 29A of the I&B Code, 2016 and as such they had been exonerated by thåt Adjudicating Authority. 6. By that time, the extended period of CIRP came to a....
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....plicant, Libert; House Group Pte Ltd. has made provisions for workmen due for the period;of 24 months proceeding to CIRP. Since the claim of workmen has been considered by the Resolution Applicant and that is the only plan came up for my consideration, which is approved by the COC by 100% voting share, I dispose of this application holding that the prayer therein became infructubus. 10. Now take up the resolution plan as submitted by the Resolution Brofessional for consideration. Section 30(2) of the I&B Code states the mandatory requirements to be complied by the plan. Keeping before me the provision of section 30(2) of the I&B Code, I have minutely gone through the Resolution Plan. 11. Part Il and Part IV of the plan deal with the manda....