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2020 (7) TMI 703
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.... the resolution professional under section 30(6) enclosing- (a) Copy of the order dated February 15, 2019, passed by this hon'ble Adjudicating Authority in C. P. (I. B.) No. 191 of 2017. (b) Copy of public announcement dated February 23, 2019, made by the applicant as published in local newspaper Free Press Journal (English) in Mumbai and Indore Edition, Navshakti (regional language in Mumbai) and Indore Samachar. (c) Copy of list of creditors as per regulation 13(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (d) Copy of the minutes of first meeting of the CoC (page Nos. 66 to 84 of the paper book). (e) Copy of the minutes of second meeting of the CoC dated April 3, 2019 (page Nos. 87 to 103 of the paper book). (f) Copy of the minutes of third meeting of the CoC dated April 24, 2019 (page Nos. 105 to 114 of the paper book). (g) Copy of the minutes of fourth meeting of the CoC dated May 10, 2019 (page Nos. 115 to 125 of the paper book). (h) Copy of the minutes of fifth meeting of the CoC dated June 12, 2019 along with amended Form ....
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.... in local newspaper made by the applicant as published in local newspaper. 6. It is stated that the applicant issued a public announcement on February 23, 2019 in daily newspaper, website and invited claims from the creditors of the corporate debtor. Accordingly, on receiving claims, the CoC was constituted on March 19, 2019 and first meeting was called on March 19, 2019, and the applicant was confirmed as the resolution professional of the corporate debtor thereon. Pursuant to the public announcement, the resolution professional received claims of Rs. 658,68,95,256.00 from two financial creditors. Further, the resolution professional received claims for Rs. 8,10,495.00 from two operational creditors. 7. During the second meeting of the CoC held on April 3, 2019, the applicant, namely, Mr. Sudip Bhattacharya was confirmed as the resolution professional for the corporate debtor, in accordance with section 22 of the Code by the committee of creditors of the corporate debtor. The applicant was authorized to take insurance cover for the two factory locations of corporate debtor under fire and other perils and burglary. The applicant also discussed the eligibility criteria for exp....
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....I. A. No. 378 of 2019 before this Tribunal on June 25, 2019, inter alia, praying to extend the period of CIRP further 90 days till November 12, 2019. 12. It is submitted that seventh meeting of CoC held on June 26, 2019, wherein the applicant appraised the member of CoC about the filing of application before this hon'ble Tribunal for extension of CIRP period further of 90 days, i. e., till November 12, 2019. In this meeting, the CoC resolved to appoint WIN Corporate Advisors Private Limited as process advisors for the CIRP of corporate debtor. Thereafter, this hon'ble Tribunal extended the further period for CIRP for another 90 days, i. e., till November 12, 2019. 13. It is submitted that in the eighth meeting of the CoC held on July 26, 2019, the applicant apprised the member of the CoC about the further extension of CIRP period of 90 days. In this meeting the fees of process advisor was also discussed. 14. It is submitted that the ninth meeting of the CoC held on September 18, 2019, wherein the authorized representative of process advisors submitted before the CoC that 4 EoIs have been received from prospective resolution applicants. 15. It is submitted that i....
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....n construction. This is a closely held venture which invests in real estate of different kinds. Mr. Vinay Chhajlani, the promoter director, is a serial entrepreneur with interest in real estate, software, digital media and other business platforms. The resolution applicant is supported by group companies where there are annual cash flow generations as EBITDA is in excess of Rs. 12 crores in financial year 2018-19. The resolution applicant has diversified interest, apart from construction, in the following area : * Digital media * Printing industry * Infrastructure industry * Information technology * Entertainment and media industry. (b) The net worth of the resolution applicant as on March 31, 2019, is Rs. 1316.16 lakhs. (c) After the implementation of the plan, the corporate debtor is expected to benefit from : (i) The expertise of the resolution applicant in the relevant sector ; (ii) The synergies from the brand presence and distribution network of the resolution applicant ; (iii) The investment in the corporate debtor by the resolution applicant pursuant to this plan ; and (iv) An....
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.... chairman, II. Managing director of the restructured company, III. One nominee of Asset Reconstruction Company (India) Ltd., and IV. One nominee of ASREC (India) Ltd. (v) Resolution Professional praying for following reliefs (A) That this hon'ble Adjudicating Authority may be pleased to allow this application and grant approval to the resolution plan as approved by the CoC, in the interest of justice ; (B) That this hon'ble Adjudicating Authority may be pleased to grant any ancillary or consequential directions or such other and further reliefs as may be deemed fit and proper by this hon'ble Tribunal, in the interest of justice ; 21. It is submitted that resolutions decisions taken through e-voting with 100 per cent. and it was unanimously decided during the eleventh meeting of the CoC. 22. The resolution professional has also submitted compliance certificate in Form "H" attached before the Adjudicating Authority on February 5, 2020. The highlights of the resolution plan, attached at annexure H at page No. 154 of the paper book as under : 2. The details of the "CIRP" are as under : Sl. No. Partic....
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....nd other requirements specified by the CIRP Regulations. (iv) The voting was held in the meeting of the CoC on November 1, 2019, where present members of the CoC were present. 5. The list of the financial creditors of the Dhar Textile Mills Ltd., being members of the CoC and distribution of voting share amount them is as under : Sl. No. Name of creditor Voting share Voting for resolution plan (voted for/dissented/abstained) 1. Asset Reconstruction Company (India) Ltd. (ARCIL) 60.15% Voted for -60.15% 2. ASREC India Ltd. (ASREC) 39.85% Voted for -39.85 6. The resolution plan includes a statement under regulations 38(1A) of the CIRP Regulations as to how it has dealt with the interests of all stakeholders in compliance with the Code and regulations made there under. 7. The amounts provided for the stakeholders under the resolution plan is as under : Sl. No. Category of stakeholders Amount claimed Amount admitted Amount provided under the plan# Amount provided to the amount claimed (%) 1. Dissenting secured financial creditors There are no dissenting secured financial creditor N....
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....Yes (e) contravenes any of the provisions of the law for the time being in force. 10.3 Yes Section 30(4) Whether the resolution plan : (a) is feasible and viable, according to the CoC ? Yes Yes (b) has been approved by the CoC with 66 per cent. voting share ? Yes Yes Section 31(1) Whether the resolution plan has provisions for its effective implementation plan, according to the CoC ? Yes Yes Regulation 35A Where the resolution professional made a determination if the corporate debtor has been subject to any transaction of the nature covered under section 43, 45, 50 or 66 before the one hundred and fifteen day of the insolvency commencement date, under intimation to the Board ? Yes Yes Regulation 38(1) Whether the resolution plan identifies specific sources of funds that will be used to pay the- (a) insolvency resolution process costs ? Yes Yes (b) liquidation value due to operational creditors ? N.A. Yes (c) liquidation value due to dissenting financial creditors ? N.A. Yes Regulation 38(1A) ....
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....ompliances were observed, please state that the details and reasons for the same : Sl. No. Deviation/non-compliance observed Section of the code/regulation No./circular No. Reasons Whether rectified or not 1. Non-compliance under Companies Act relating the RoC filing for annual returns, conducting AGM, employing a company secretary in the roll off CD. Section 25 and regulations. No employees are in employment of CD. Since the company is not generating any revenue CoC not will to fund to meet these expense. RP tried at his best and all humanly possible in view to meet these non-compliance. 2. Pending audit for the financial year 2018-19. Do The statutory auditor has resigned in August 2019. A statutory auditor has appointed to conduct the audit and comply. A statutory auditor has to be appointed to conduct the audit and comply. 14. The resolution plan is being filed one day before the expiry of the period of CIRP provided in section 12 of the Code. 15. Provided details of section 66 or avoidance application filed/pending. Sl. No. Type of transaction Date of filing with Adjudicating Authority Date of or....
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....s employees, members, creditors, guarantors and other stakeholders involved in the resolution plan from today. 31. The moratorium order passed by this Adjudicating Authority on February 15, 2019 shall cease to have effect from today. 32. The resolution plan is approved with such observations that the resolution applicant shall follow the provisions of section 31(4) of the Insolvency and Bankruptcy Code, 2016, to obtain necessary approval required under any law for the time being in force within the period one year from the date of approval of the resolution plan by this Adjudicating Authority under sub-section (1) of section 31 of the Insolvency and Bankruptcy Code. 33. Further, our approval of this resolution plan shall not be purported nor can be construed to have given any exemption under law or granted statutory concession, because in our view such issue lies within the domain of the appropriate Government Authority and the resolution applicant can seek appropriate relief and concession in accordance with law, from the appropriate Government/competent authority concerned. This will suffice the purpose of the resolution applicant for seeking necessary exemption from app....