2020 (6) TMI 256

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.... (in short, CoC) at the 7th CoC meeting held on 06/03/2020. 2. The applicant prayed for an urgent hearing because the 180 days CIRP period has already expired on 24/02/2020 and the extended period of 90 days will expire soon on 24/05/2020. The urgency set out in the application being found satisfactory this application was listed for hearing on today through video conference (VC), by giving advance notice from the Registry of Kolkata Bench to the Resolution Professional. 3. The Allahabad Bank has filed the CP(IB) No. 13/GB/2019 before the Guwahati Bench of National Company Law Tribunal u/s. 7 of the Insolvency and Bankruptcy Code, 2016 (In short, I & B Code, 2016) for initiating Corporate Insolvency Resolution Process (In short, CIRP)....

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....lution Process for Corporate Persons) Regulations, 2016 were invited to submit their respective resolution plans by 24/01/2020. In response to that Four(4) resolutions plans were received from the Four (4) prospective resolution applicants. 5. At the 5th CoC meeting held on 12/02/2020 CoC has decided to follow swiss challenge method of bidding for resolution plan and after deliberation and negotiation with the resolution applicants present at the meeting Mr. Ngaitlang Dhar has been declared as H-1 and Mr. Abhishek Agarwal as H-2 by the CoC. 6. Finally at the 7th CoC meeting held on 06/03/2020 the CoC with a 100% voting share has approved the Resolution Plan of H-1 bidder. 7. It is stated that based on the affidavits received from t....

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....yment in priority to any financial creditor which shall in any event be made before the expiry of thirty days after the approval of the resolution plan by the Adjudicating Authority; and (c) liquidation value due to dissenting financial creditors and provide that such payment is made before any recoveries are made by the financial creditors who voted in favour of the resolution plan. (2) A resolution plan shall provide : (a) the term of the plan and its implementation schedule; (b) The management and control of the business of the corporate debtor during the term; and (c) Adequate means for supervising its implementation. 11. The Resolution Professional states that he has verified the contents....

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....or are going to rest in a safer hand who is engaged in the very same kind of business as the Corporate Debtor. The RP Mr. Amit Pareek deserves special appreciation for finding out a resolution applicant whose plan has been approved by the CoC by 100% vote share even in these difficult time of pandemic due to COVID-19. All the provisions of mandatory requirements are seen complied by the resolution applicant as per Form H submitted by the RP. It provides provision for the payment of insolvency resolution process, payment of the debts of operational creditors, management of the affairs of the Corporate Debtor, and provides provision for implementation and supervision of the resolution plan. It also provides term of the plan and its implementa....