TaxTMI 
TaxTMI 
2021 (3) TMI 503
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....9 upon admission of an application filed by the financial creditor under section 7 of the Code and Mr. Manish Agarwal was appointed as the IRP who was later confirmed as RP during the first CoC meeting dated October 11, 2019. 3. Accordingly, the RP published form G in The Pioneer in English newspaper in English language dated September 15, 2019 and Shah Times in Hindi newspaper in Hindi language dated September 15, 2019. After verification of claims received pursuant to the public announcement within 7 days from the last date of receipt of the claims and made list of creditors available for inspection and flied the list of creditors with this Tribunal on October 5, 2019. 4. Further, the resolution professional issued form G inviting expression of interest to put forward resolution plan for the corporate debtor on October 31, 2019. In response to form G the RP received e-mails from 3 persons seeking expression of interest to which RP has provided the document to the aforesaid persons. 5. Further, in pursuance to form G for invitation of expression of interest, the resolution professional received one resolution plan from M/s. Marinaindia Traexim P. Ltd. Which was being nego....
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....er alia, certifying eligibility of the resolution applicant under sec tion 29A of the Code and feasibility and viability of the resolution plan. 10. Sub-section (2) of section 30 of the Code reads as under : "The resolution professional shall examine each resolution plan received by him to confirm that each resolution plan- (a) provides for the payment of insolvency resolution process costs in a manner specified by the Board in priority to the repayment of other debts of the corporate debtor ; (b) provides for the repayment of the debts of operational creditors in such manner as may be specified by the Board which shall not be less than the amount to be paid to the operational creditors in the event of a liquidation of the corporate debtor under section 53 ; (c) provides for the management of the affairs of the corporate debtor after approval of the resolution plan ; (d) the implementation and supervision of the resolution plan ; (e) does not contravene any of the provisions of the law for the time being in force ; (f) confirms to such other requirement as may be specified by the Board." Further, regulations 38 an....
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....e or an advisor of the financial creditor (CoC) (other than the relative party). -A representative of the resolution applicant and the resolution professional (an IBBI registered insolvency professional). (Point 7 at page 15). (e) Plan does not contravene any of the provisions of the law for the time being in force. Resolution plan has been prepared in terms of the provisions of the IBC, 2016 and amendments thereon and does not contravene any provisions of the Act. 12. The following table shows that the requirements of regulations 38 and 39(2) of the CIRP Regulations are met by the approved plan : 37(1) Obtaining necessary approvals from the Central and State Governments and other authorities. Notwithstanding anything contained in this plan, the performance of the obligations of the resolution applicant under the plan is subject to the prior completion (unless waived in writing by the resolution applicant) of the conditions set out in the plan, to the satisfaction of the resolution applicant on the effective date, if the conditions set forth in this plan are not met to the satisfaction of the resolution applicant, this plan shall not be effectiv....
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....e past. The resolution applicant has also submitted resolution plan in Multiwal Pulp and Board Mills P. Ltd. But still pending for approval of the National Company Law Tribunal. By virtue of the same, no plan submitted by the resolution applicant has been approved by the National Company Law Tribunal and neither resulted in failure of implementation (Point 2.6 at page 8). 38(2)(a) Plan shall provide the term of the plan and its implementation schedule. On and with effect from the closing date and all encumbrances, security interest, liens and/or attachments (including pursuant to applicable law and particularly section 281 of the IT Act, 1961 and section 81 of the Central Goods and Services tax Act, 2017) created or suffered to exist over the assets of the corporate debtor or over the securities of the corporate debtor, whether by contract or by applicable law, whether or not in favour of persons receiving settlements under this plan or those who have provided debt to any third party, shall stands unconditionally and irrevocably released and all enforcement proceedings commenced by any person over any of the assets of the corporate debtor or any subsidiary or over any s....
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....e effective date, if the conditions set forth in this plan are not met to the satisfaction of the resolution applicant, this plan shall not be effective or operative and the resolution applicant shall have no obligations whatsoever under this plan or otherwise to any, including having no obligation with respect to any bid bond guarantee, or any other obligation and each such guarantee shall be promptly returned to the resolution applicant. (e) The resolution applicant has the capability to implement the resolution plan The plan envisages the following relieves and concessions from various statutory authorities (Point 10 at page 16 to 27). The upfront payment of Rs. 3.20 crores (Rs. 5 lakhs given already as earnest money) say 24.39 per cent. of the total payment shall be brought within 30 days of approval of resolution plan by this Adjudicating Authority and rest of the payment of Rs. 9.75 crores shall be paid within 90 days of approval of resolution plan by the Adjudicating Authority from existing liquidity of resolution plan is attached herewith (Point 5 at page 13). 13. As per the list of the company as mentioned in information memorandum....