TaxTMI 
TaxTMI 
2021 (1) TMI 610
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....admitted for CIRP on 13.04.2018 and Mr. CS Ahalada Roa Vummenathala was appointed as IRP. Subsequently upon recommendation by CoC and order of the Adjudicating Authority dated 01.06.2018, Mr. TSN Raja was appointed as RP. b. That the Resolution Professional published invitation for EOI on 12.09.2018 and received 8 EOI's and one enquiry. c. That three Resolution proposals were received from the following PRAs: i. M/s. Raaga Mayuri Builders Pvt Ltd ii. M/s. Amaravathi Textiles Pvt Ltd & iii. M/s. Kamini Metalliks Pvt Ltd. d. That after discussions, Resolution Applicants were advised by CoC to submit revised plans. e. That M/s. Raaga Mayuri Builders Pvt Ltd dropped out on business reasons. Further, the CoC analyzed and ranked the other two proposals and declared M/s. Kamini Metalliks Pvt Ltd as H1 and held discussions with them. f. That M/s. Kamini Metalliks Pvt Ltd have improved their offer after discussion to Rs. 98.15 Crores f....
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....p; 5.00 Total 26839.53 26244.74 5715.00 21.29% b. The details of payment as proposed in the Resolution Plan are as under:- Sl.No. Details Final Plan in Rs. Crores) COST FOR THE ASSET 1 CIRP COST 0.05 2 F C SECURED PHONIX 20.50 3 F C UNSECURED IFCI 28.00 SHRIRAM 8.50 4 OPERATIONAL CREDITORS 0.10 SUB TOTAL 57.15 FUND INFUSION 5 REPAIRS AND REFRUBISHING 12.00 6 WORKING CAPITAL MARGIN 5.00 7 WORKING CAPITAL BORROWING 24.00 SUB TOTAL 41.00 TOTAL 98.15 Reiterating above, counsel for the Applicant prayed to allow the Application as prayed for. 4. Heard and perused the record. 5. Section 30(2) of the Code as amended w.e.f. 06.08.2019 enjoins upon the resolution professional to examine each resolution plan received by him to confirm that such....
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....approved by the committee of creditors under section 30(4) meets the requirements as referred to in section 30(2). 8. Thus, before approving the Resolution plan, it is the duty of the Adjudicating Authority that it should satisfy itself that the Resolution plan as approved by the CoC meets the requirements as referred to in sub-section (2) of Section 30. 9. On perusal of the Resolution Plan, this Adjudicating Authority has observed that the Resolution plan placed for consideration provides for the following: a) Payment of CIRP Cost as specified U/s 30(2)(a) of IBC, 2016. b) Repayment of Debts of Operational Creditors as specified U/s of IBC, 2016. c) Provides for management of the affairs of the Corporate Debtor, after the approval of Resolution Plan, as specified U/s 30(2)(c) of IBC, 2016. d) Provides for appointment of a Monitoring Committee for implementation and supervision of the Resolution Plan consisting the Insolvency Resolution Professional and nominees of the CoC as specified U/s of IBC, 2016. e) The Resolution Plan is not in contravention to any of the pro....
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....rs after considering its feasibility and viability and other requirements specified by the CIRP Regulations. iv. The voting was held in the meeting of the CoC on 21.02.2019 where all the members of the CoC were present. " 15. The Resolution Plan includes a statement under regulation 38(1A) of the CIRP Regulations as to how it has dealt with the interest of the stakeholders in compliance with the Code and Regulations thereunder. 16. It is also evident that the Resolution Plan placed before this Adjudicating Authority, was approved by the Committee of Creditors in its 15th CoC meeting dated 21.02.2019 with 100% votes cast in favour of Approval of the Resolution Plan. 17. In K Sashidhar Vs. Indian Overseas Bank & Others, decided on 05.02.2019 in Civil Appeal No.10673/2018 with CA Nos.10719/2018, 10971/ 2018 and SLP(C) No.29181/2018, the Hon'ble Supreme court, noticing the provisions of section 30(4), held that if the CoC had approved the resolution plan by requisite percent of voting share, then as per section 30(6) of the Code, it is imperative for the resolution professional to submit the same to the adjudicating ....