TaxTMI 
TaxTMI 
2020 (1) TMI 1183
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....te Counsel for Applicant : Shri. T. K. Bhaskar, Advocate, Shri S.R Raghunnthan, Advocate, Shri. D. Teack Advocate Counsel R1 (RP) : Shri. N P Vijay Kumar, advocate, Ms. M. Savitha Devi, Advocate , Ms. R V Yaiurn Devi, Advocate Counsel for R2 (UBI) : Shri Muthupariasmny, Advocate , Ms. Geethapriya, Advocate Counsel for R3 (AB) : Shri l. Hnrikrishnn, Advocate Counsel for R7 ARC): Shri. Rnjmahesh, Advocate COMMON ORDER Per: B. S.V. PRAKASH KUMAR, ACTING PRESIDENT It is an MA/780/2019 filed u/s 30 (6) of the Insolvency & Bankruptcy Code, 2016(the Code) by the Resolution Professional (RP) for this Bench approval of the Resolution Plan already approved by the Committee of Creditors on 22.07.2019 with requisite majority u/s 30 (4) o....
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....iod for another 90 days. Again on receipt of Resolution Plan application, the RP, after scrutiny of the same, placed before the COC in the meeting held on In the said meeting, for the COC having considered that SNJ Distilleries Private Limited and Kals Distilleries Limited Resolution Plans values were more than other plans, they were given final opportunity for providing and amending the Resolution Plans on the suggestions made by the COC and for submission of improvised plan as 12.07.2019. 5. After improvising their plans, finally on 17.07.2019, the Resolution Applicants submitted their revised Resolution Plans to the COC in sealed covers. Whereupon the COC decided HI Bid after scrutinising them based on the evaluation matrix agreed by th....
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....icating Authority. 8. Operational Creditors - Statutory du es admitted claim amount is Rs. 136,77,35,373 for which, 100% provision LS made in the Resolution Plan. This payment is split into two paynwnts as Rs. 36,77,35,573 and Rs. 90,00,00,000 out of Rs. 36,77,35,573, 78% would be paid within 20 days and remaining 22% would be paid within 60 days from the date of approving the Resolution Plan by the Adjudicating Authority. As far as Rs. 90,00,00,000 is concerned, the amount would be paid over 12 months from the date of approval of the Resolution Plan by the Adjudicating Authority. Provision for contingent liability is made for about Rs. 7,00,00,000 9. On approval of this Plan by the Adjudicating Authority, a Monitoring Committee is propos....
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....ed plea that he would settle the dues of the Secured Creditor (Union Bank of India), the Hon'ble Supreme Court of India disposed of the said appeal granting liberty to move an application to NCLT within two weeks i.e. 14.062019. Based on the order of Hon'ble Supreme Court of India, instead of filing an application within two weeks from 14.062019, MT. Purushothaman on 02.08.2019, after 40 days from the date of Hon'ble Supreme Court order, filed an MA for implementation of the order of the Hon'ble Supreme Court of India. For Purushothaman filed this MA after expiry of the time given by the Honorable Supreme Court, this Bench has dismissed that application on the ground that he filed it after 40 days stating that the COC did not ap....
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....ia. The Applicant (RP) has further stated that the ex. promoters filed draft settlement plan with Union Bank of India (original Applicant who had filed the application u/s 7 of IBC) on 30.10.2019. Since that settlement plan of the ex-promoters is based on the order of Hon'ble NCLÄT dated 06.092019, it has to be Section12 (A) application for withdrawal of the company petition on 90% approval of the COC as envisaged u/s 129(A) of the Code r/w Regulation 30 (A) of CIRP Regulations. According to the mandate of the Code, the FC needs to file Form-FA by Union Bank of India along with bank guarantee for meeting the expenses incurred for the purpose of CIRP till the date of filing Sec. 12(A) application to the RP,. Thereafter, RP shall pla....
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....s and 20% in 120 days; (iv) State VAT dues of 126.77Crores would be paid in 12 months' time, wherein 90Crores would be paid in 12 equated monthly instalments and 36.77Crores would be paid in 60 days, out of which 78% would be paid in 20 days and balance 22% in 60 days; (v) Workmen would be paid their dues; (vi) The operations of the company would remain as a going concern; (vii) There are concessions sought for delisting of company as it would remain private limited company and for carrying forward of losses despite change in management under Section 79 read with Section 2(18) of the Income Tax Act and that MAT to be not made applicable similar to SICA rehabilitated company until net worth becomes positive. As to concessions, no concess....