TaxTMI 
TaxTMI 
2021 (2) TMI 255
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....Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (the Code), seeking approval of the Resolution Plan submitted by Constantia Corporate Shared Services Private Limited and Alfa Buildhome Private Limited (Collectively referred to as Resolution Applicants). 2. The facts leading to the Application are as under. i. Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was ordered by this Bench on 07.06.2019 and the Applicant was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) in its first meeting held on 09.07.2019 confirmed the Applicant as the Resolution Professional (RP). ii. The Applicant published a public Announcement on 11.06.2019 in....
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....for the Corporate Debtor. Accordingly, EOIs were received from two PRAs. 5. It is submitted that M/s. Alfa Buildhome Private Limited and Constantia Corporate Shared Services Private Limited, jointly submitted one Resolution Plan for the Corporate Debtor. The CoC considered the said Resolution Plan in the 5th CoC meeting held on 20.11.2019. After due verification of the eligibility of the Resolution Applicants in terms of Section 29A of the Code, the revised and final Resolution Plan was considered by the CoC in the 6th CoC meeting held on 01.02.2020 and the CoC approved the Resolution Plan of the Resolution Applicant with voting share of 92.46%. The manner of voting by the CoC is as below: Sr. No Name of Financial Creditor Vo....
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....tional Company Law Appellate Tribunal (NCLAT) or the Hon'ble Supreme Court. c. FINANCIAL TERMS: A. Stakeholders whose claims admitted by RP: Sr. No. Particulars Amount Due Payment Proposed 1 CIRP Cost 34,52,906/- 34,52,906/- 2 Operational Creditors (Statutory Dues) 1,83,81,847/- 1,83,818/- 3 Operational Creditors (Suppliers- M/S Rajlakshmi Chemical Industries) 81,79,685/- 81,797/- 4 Financial Creditors 18,16,17,47,662/- 11,03,24,869/- Sub Total 18,19,17,62,100/- 11,40,43,390/- B. Stakeholders whose claims not submitted but acknowledged by RA: Sr. No. Particulars Amount Due Payment Proposed 1 Operational Creditors (Workmen and Empl....
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....nt appointed by the Resolution Applicants. f. SUPERVISION OF THE RESOLUTION PLAN: A Monitoring Committee is proposed to be constituted comprising of one representative of the RA, one representative of the CoC and the Resolution Professional, which shall monitor the implementation of the Plan after the effective date until the closing date. g. COMPLIANCE OF MANDATORY CONTENTS OF RESOLUTION PLAN UNDER THE CODE AND CIRP REGULATIONS: The Applicant submits that he has conducted a thorough compliance check of the Resolution Plan in terms of the Code as well as Regulations 38 and 39 of the CIRP Regulations and has submitted his Form H under Regulation 39(4). The Applicant submits that the plan is in compliance w....
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.... above [Section 30(2)(d)]. The Resolution Applicant has given a declaration that the Resolution Plan does not contravene any provisions of the law for the time being in force [Section 30(2)(e)]. The Resolution Plan is in compliance of the Regulation 38 [Section 30(2)(f)] in following manner: a) the payment to operational creditor will be made in priority over financial creditor (Regulation 38(1)(a)). b) Payment to dissenting financial creditor will be paid in priority over the other financial creditors (Regulation 38(1)(b)). c) Declaration by the Resolution Applicant that the Resolution Plan has considered the interest of all the stakeholders of the Corporate Debtor, keeping in view the objectives of the Code (Reg....
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....ers, creditors, including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force is due, guarantors and other stakeholders involved in the Resolution Plan. b. The approval of the Resolution Plan shall not be construed as waiver of any statutory obligations of the Corporate Debtor and shall be dealt by the appropriate Authorities in accordance with law. Any waiver sought in the Resolution Plan, shall be subject to approval by the Authorities concerned. c. The Memorandum of Association (MoA) and Articles of Association (AoA) shall accordingly be amended and filed with the Registrar of Companies (RoC), concerned for information....