2019 (6) TMI 1552

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....A 512/2019 filed by the Resolution Professional (RP) for approval of the Resolution Plan and on MA 527/2019 moved by the unsuccessful Resolution Applicant seeking a direction against the RP to place its revised Resolution Plan dated 07.05.2019 before R2 (CoC) to go through the viability, feasibility and financial matrix of the resolution plan taking into consideration revised financial matrix and to decide the same in accordance with law. 2. As to the Resolution Plan approved by the CoC on 29.05.2019, the Resolution Professional says that in the evaluation matrix, the successful bidder namely M/s. Linux Laboratories Private Limited has attained 86 marks, whereas the Resolution Applicant (M/s. Arabella Onco Care Private Limited), whose plan....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., it filed revised plan valuing Rs. 7.81 Crores and again on 29.04.2019 revised its plan for Rs. 9.95 Crores. 6. This unsuccessful Resolution Applicant did not stop there, by looking at the resolution plan given by the successful bidder proposing to pay money to stake holders within fifteen days, this unsuccessful Resolution Applicant has again come out with another plan on 07.05.2019 stating that it would pay to the stake holders within 90 days. 7. But the difference between the successful resolution plan and this plan not approved by the CoC is, this unsuccessful bidder has not placed any material along with plan reflecting source of funds. 8. As to successful Resolution Applicant company, it was incorporated eleven years before, today....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....proof showing cash is available to pay it immediately -statutory liabilities within 96 hours; Operational Creditor dues within five days and dues to the Financial Creditors within 15 days. As against this, unsuccessful bidder says it would pay to the Operational Creditors within 150 days from the date of approval of this plan by NCLT and Government dues in part within five days and remaining balance within 45 days. 13. The Resolution Professional has mentioned that Regulation 38 of CIRP Regulations says that the Operational Creditor liquidation value has to be paid before paying the Financial Creditor dues, therefore, since this unsuccessful bidder mentioned that it would pay the Operational Creditors within 150 days, i.e., after paying Fi....