TaxTMI 
TaxTMI 
2019 (7) TMI 1739
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....ulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process of Corporate Persons) Regulations, 2016 seeking approval of the Resolution Plan. The Resolution Plan duly approved by the Committee of Creditors (CoC) with the requisite majority has been placed on record. 2. The facts in brief that are necessary for disposal of the present application are as follows: - 3. One of the financial Creditor, namely, Shree Siyaram Automations Private Limited had preferred an application under section 7 of the Code for initiation of Corporate Insolvency & Resolution Process against M/s. Beans and More Hospitality Private Limited ("Corporate Debtor"). The application was admitted on 13th March, 2018 by order CP No IB.....
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....nrelated unsecured Financial Creditors. 8. Subsequently, the Resolution Professional under section 25(2)(h) of IBC, 2016 had invited prospective resolution applicants on 31-8-2018 vide Form G and published of Form G. The last date for inviting Resolutions plans was 23rd October, 2018. Three resolutions applicants had given Expression of Interest and they were given format of Non-disclosure agreement and information Memorandum and Evaluation Matrix. 9. It is stated in the application that in the CoC meeting held on 12th November, 2018 out of the three plans, one plan of Mr. Abhay Jain, Ex-director and promoter of the CD was found satisfactory out of the three Resolution plans received and discussed fully in the CoC meeting pursuant to ....
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....ebtor during the term of the plan and adequate means for supervising its implementation. Resolution Professional Mr. Prabhjit Singh Soni was appointed as Implementation and monitoring officer of the said plan for next 24 months at a quarterly remuneration of Rs. 30000/- and he will give quarterly reports to this Bench. 13. It is stated in the CA that the Resolution Plan envisages that the Financial Creditors arc proposed to be paid against the full and final settlement of their entire financial/operational debt against the Corporate Debtor including contingent liabilities), as tabulated on page 16 of the typed set of the CA. Sl. No Particulars Amount o/s as per claims admitted As on CIRP date INR Amount o/s in financial state....
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....mpany as going concern and continuity of the company will contribute significantly to the society and government by putting the natural resources to best use and contributing significant direct and indirect employment and income generation opportunities in the region and will wait for the decision of the court and acquisition. 15. It is also stated that in respect of the Resolution Applicant, the Resolution Professional has also obtained Affidavits as per eligibility provided under section 29A from the said Resolution Applicant and their connected persons about their eligibility in terms of Section 29A of the code. 16. It is asserted in the application that the said Resolution Plan has been duly approved by the Committee of Creditors ....
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....n is compliant to sub-sections (a) to (f) of Section 30(2) of the Code and also comply Regulation 38 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. He has further certified that it has dealt with the interests of all stakeholders. 21. Besides there is no objection from any stakeholders in respect of approval of the resolution Plan. In absence of any discrimination or perverse decision it is not open to the Adjudicating Authority to modify the Plan. As per the provisions of the Code, the CoC with the requisite super majority is the competent authority to decide on the rights of various stakeholders by approving a resolution Plan. Adjudicating Authority is not expected t....