TaxTMI 
TaxTMI 
TaxTMI 
2020 (7) TMI 203
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....vency and Bankruptcy (Application to Adjudicating Authority Rules, 2016 by M/S Langlai Tea and Industries Ltd. having its registered office at Housing Colony Road, Rukmini Nagar, Dispur, Guwahati - 781006, Assam against itself for initiating a Corporate Insolvency Resolution Process. On consideration of all the facts and circumstances of the issues at hand, this application seeking Corporate Insolvency Resolution Process was admitted by this bench vide its order dated 29th March, 2019 and Mr. Yogendra Pal Singhal was appointed as Interim Resolution Professional. Further, vide order dated 21st June 2019; Mr. Yogendra Pal Singhal was replaced by Mr. Sanjay Kumar Agarwal as the new RP in the Second COC meeting convened on 24.05.2019 by the members with 100% voting rights in favour of the resolution. 3. Learned RP Mr. Sanjay Kumar Agarwal filed an application praying for an exclusion of 34 (Thirty Four) days from 25.05.2019 to 27.06.2019 being the unutilized period of resolution process from computation of total period of 270 days of CIRP period on account of change in the Resolution Professional which was allowed by this Tribunal vide order dated 18.12.2019 by excluding the period of....
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.... yet. If the Resolution Applicant needs to bear this amount he has to make additional payment of approx Rs. 35 lakhs- 40 lakhs. 7. Subsequently some more Resolution Applicants have shown interest in the corporate resolution and, hence the COC in Its 8th meeting convened on 21.10,2019, further extended the last date for submission Of EOIs to 15/11.2019 and last date for submission of Resolution Plan to 30.11.2019. With the extension of last date Of submission of EOI, one new EOI was received from M/S Sabrang Steel Private Limited within the extended due date of 15.11.2019. RP further issued provisional list of eligible Resolution Applicants on 16.11.2019. As M/S Rangkoman Warisa has withdrawn his EOI after the issue of provisional list, the final list of prospective Resolution Applicants issued by the RP on 27th Nov, 2019 to the COC containing the following two as prospective eligible Resolution Applicants: i) M/S Sabrang Steel Pvt. Ltd. ii) M/S The Ananda Bag Tea Co. Ltd. 8. Subsequently, Resolution Professional had received only one Resolution Plan, M/S SABRANG STEEL PVT.LTD. before the stipulated deadline of 30.11.2019. The Resolution Plan was placed in the 11th COC meeting....
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....ore is received instantly in resolution whereas in Liquidation payment of Rs. 0.51 crore is received after 9 months. 3. If the liability for outstanding labour dues estimated at Rs. 35 to 40 lakhs is required to be paid out of the sale proceeds of Liquidation Estate, then the Financial Creditors will not be having any balance for distribution. 10. Committee of Creditors noted the feasibility and viability of the Resolution Plan submitted by M/S Sabrang Steels Pvt. Ltd. COC member also noted that the Resolution Applicant has the capability of implementation of the Resolution Plan. It was also noted that the Resolution Applicant was not ineligible to submit the Resolution Plan under Section 29 A of the Insolvency and Bankruptcy Code, 2016. It noted that specific sources of funds were Identified to pay CIRP Costs, Liquidation Value due to Operational Creditors and also noted that the interests of all the stakeholders of the Corporate Debtor have been safeguarded In the Resolution Plan. It was noted that the Resolution Plan does not contravene any pf the provisions of the law, The committee also noted that the approved Resolution Plan provided for the terms and implementation schedul....
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....an by Manisha Bidasaria 77,63,359 Copies of bank staternent certifying availability of fund is enclosed at page 104 and 105 of the Resolution Plan. 14. It is further seen from the Resolution Plan of M/S Sabrang Steel Pvt. Ltd. as submitted by the RP, that: "Resolution applicant further States that the plan demonstrates that it addresses the cause of default, it is feasible and viable, it has provisions for its effective implementation. It has provisions for approvals required and the timeline for the same and that the Resolution Applicant has the capability to implement the plan. The Resolution Applicant further declare that the plan is in compliance of Section 30(2)(b) and other applicable provisions of IBC Code, 2016 and regulations made there. Notwithstanding anything to the contrary contained in this Resolution Plan or any other documents Including any definitive documents, the Resolution Applicant [together with the co-applicants] agrees and confirms that there are no conditions, assumptions and/or qualifications for effectiveness Of the Resolution Plan by the Resolution Applicant and co-applicants]. Whether before approval by the Adjudicating Authority or thereafter u....
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....e Resolution Plan that a Monitoring Committee shall be formed comprising of the Resolution Professional, Members Of Financial Creditors/ Banks and representatives of the successful Resolution Applicant to monitor the progress and implementation of the plan at regular intervals, till the creditors are paid their dues as envisaged under the Resolution Plan. Cost or expenses of the monitoring committee including fees of Resolution Professional post approval of Resolution Plan by the NCLT shall be borne by the successful Resolution Applicant with a capping of Rs. 2 lakh (Rupees two lakh) only. 17. Therefore, and in view of the above, the Adjudicating Authority records its satisfaction for granting approval to the final Resolution Plan. It also believes that it would be in the best interest of the FCS, its employees, OC, and all stake holders to accept the final Resolution Plan. 18. It is seen that the Resolution Plan seeks several Dispensation, Concession and Waivers. In this regard, we are of the view that approval of the Resolution Plan does not mean automatic waiver or abetment Of legal proceedings, if any, which are pending by or against the Company/Corporate Debtor as those are ....