TaxTMI 
TaxTMI 
2019 (10) TMI 1393
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....ate Debtor submitted by the Kamla Industrial Park Limited(KIPL)as approved by the members of Committee of Creditors (CoC). 3. After the initiation of the CIRP, the Interim Resolution Professional (IRP) published Public Announcement on 18-5-2018 calling upon the creditors of the Corporate Debtor for submission of claims by 30-5-2018. The RP under review and verification of the proof of claims filed by creditors of the Corporate Debtor constituted CoC by Section 21 of the Code. 4. The first CoC meeting was held on 14-6-2018 wherein the IRP was appointed as RP. On 21-6-2018 the RP appointed two valuers to determine the fair value and liquidation value of the corporate debtor, namely M/s Kanti Karamsey& Co. and Thite Valuers & Engineers Private Limited. As per Insolvency and Bankruptcy Board of India(Insolvency Resolution Process for Corporate Persons) Regulations, 2016(CIRP Regulations) the RP arrived at fair value of Rs. 1,90,20,326/- and liquidation Value of Rs. 1,53,52,196/-. 5. The RP published Expression of Interest (EOI), as approved by CoC, on 14-8-2018 for inviting EOI. Under such publication, 5 EOIs were received. 6. Incidentally, CIRP Regulations were amended add....
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....an. 13. The Resolution Applicant has proposed to acquire 100% equity ownership of the Corporate Debtor and to extinguish all shareholding interest of the existing shareholders of the Corporate Debtor. The Resolution Plan proposes to cancel the shareholding of the existing shareholders and issue fresh share capital of Rs. 1,05,000/- through fresh issue of 10,500 Eq. shares of Rs. 10/- each to the Resolution Applicant. The Plan further proposes to include all the gala owners as Equity Shareholders of Corporate Debtor within six months from the approval of the Resolution Plan by Adjudicating Authority. The number of shareholders in the Corporate Debtor would, therefore, be more than 50. Since there is no general public issue or open offer, therefore, the Resolution Plan seeks exemption from SEBI Regulations, upon approval of the Resolution Plan by the Adjudicating Authority.We are not inclined to allow such relief under SEBI Act. The Resolution Applicant is at liberty to file Application for the same before the appropriate Authority under relevant law. 14. The Resolution Plan proposes the payment of to various stakeholders as per the following tabulation: Category of Creditor....
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....g 5% of the amount received from them as sales consideration in the period of 10 to 12 months from the order of approval of the resolution plan. 16. As per the Resolution Plan, no claim was received concerning employee/workmen dues either from employees/workers or any statutory authority. Further, no money is payable to operational creditors, or another creditor as the liquidation value allocable to them is zero. It is directed that the Resolution Applicant shall ensure the payment of operational dues of the Corporate Debtor is in compliance of the amended section 30(2) of the I&B Code as the amendment expressly provides that it would apply to all applications pending for approval of the resolution plan. 17. The Resolution Plan further proposes to pay all outstanding dues of BMC towards Property Tax including dues of Rs. 1,21,13,467/- as on CIRP commencement date. 18. The term of the resolution plan is proposed as ten months from the date of order of approval of the resolution plan by the Adjudicating Authority. 19. The Resolution Plan proposes to appoint a monitoring agency as per the provisions of the I&B Code that will be approved by the CoC. It is submitted by the L....
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....1. Balance Contribution by existing Gala owners 9,34,38,826 9,34,38,826 18,68,77,652 2 Amounts to be contributed towards electricity, society charges, legal charges, etc. 39,264,000 3,92,64,000 3 Sale consideration from unsold galas - 21 units 2,68,92,000 6,72,30,000 2,01,69,000 2,01,69,000 13,44,60,000 4 Additional contribution from Gala owners for CIRP cost, repayment of SBI, payment to Gala owners whose gala is not in MCGM approved plan as full and final settlement, and BMC Assessment Tax. 1,91,00,000 30,00,000 30,13,467 25,90,300 - 2,77,03,767 5. Additional Contribution from Gala owners for construction and regularization after receipt of above amounts - 37,92,03,803 31,49,78,745 14,23,31,000 25,19,68,413 1,08,84,81,961 Total 11,25,38,826 50,25,34,6 29 38,52,22,2 12 16,50,90,3 00 31,14,01,4 13 1,47,67,87,3 80 25. The Resolution Applicant undertakes that as on the date of submission of this Resolution Plan, the Resolution Applicant and the person acting in concert with the Re....
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....approve the resolution plan with modifications, as mentioned above, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors, Resolution Applicant and other stakeholders involved in the resolution plan. 34. The resolution professional shall forward all records relating to the conduct of the corporate insolvency resolution process and the resolution plan to the IBBI to be recorded on its database. 35. The Resolution Plan is at this moment approved under section 31(1) of I&B Code with observations above. The MA 660/2019 is accordingly allowed and disposed of. 36. Mr. Kaushal R. Mehta and Mr. Pratik R. Mehta (Claimants) have filed separate applications being MA 500/2019, MA 855/2019 and MA 853/2019 challenging the rejection of their claim as a secured financial creditor by the Resolution Professional and opposing the approval, by Adjudicating Authority, of the Resolution Plan approved by the COC. Admittedly, both the claimants are brothers and have granted loan to a sister concern of the Corporate Debtor, who in turn offered repayment in terms of allotment of Gala in the project of the Corporate Debtor. The grievance of claimants have a....
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.... the Corporate Debtor has not filed its Income-tax Returns for the F.Y. 2013-14, and the said fact of TDS submission by the Claimants cannot be, thus, verified. There are other irregularities in the agreement of sale such as the date of possession in agreement is blank, the receipt attached to the agreement is dated 29-11-2011 whereas the loan was assigned in the year 2014. 40. In light of the above facts and circumstances, we find that the documents submitted by the Claimants, do not prove the existence of debt or allotment of Gala to the Claimants. Further, there is no privity of the Corporate Debtor to the loan agreement between the Claimant and the sister concern of the Corporate Debtor. Therefore, the Claim of the Claimants is not maintainable and at this moment Rejected. In light of the rejection of claim of the Claimants, they do not have any locus to challenge the Resolution Plan, and therefore, the objections to the resolution filed by the claimants are also not maintainable and at this moment Rejected. The MA 500/2019, MA 853/2019 and MA 855/2019 are dismissed. 41. Mr. Saurav Vashisth suspended Director and Guarantor for the Corporate Debtor has filed its objection ....