TaxTMI 
TaxTMI 
2021 (3) TMI 667
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....016. (b) To set aside the Resolution Plan submitted by the 3rd respondent and direct the respondent to consider the resolution plan of the applicant. 2. The brief facts are as under: (a) The applicant is a federal co-operative society registered under the Kerala Cooperative Societies Act, 1969, situated at Thriuvananthapuram, Kerala. The objective of the society is to provide equitable socio-economic financial security, infrastructural through the togetherness of Non-Residents and Residents of the country to provide a quality life to all its members. (b) The applicant received information regarding the initiation of resolution process in the Corporate Insolvency Resolution Process (for short CIRP) when the invitation for prospective Resolution Applicants had been published. The applicant had only received such information after the due date of submission of Expression of Interest had lapsed. (c ) Due to Covid 19 pandemic the applicant could not gather funds to submit a Resolution Plan and deposit the performance guarantee even though the CIRP was put on hold at that time. (d) The suspended directors contacted the Resolution Professional vide email dated 23.12.2020 and st....
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....the solemn acts. (l) The applicant is willing to settle all debts of the Corporate Debtor as admitted by the Resolution Professional. 3. The Resolution Professional has filed a counter denying all the contentions raised in the application stating that they are baseless, frivolous, devoid of any merit and without any legal tenability. Since the Resolution Plan has already been approved by the CoC, instead of approaching the appellate authority, the applicants wrongly prayed to declare the Resolution Plan approved by the Committee of Creditors is illegal. The violation of Section 61(3) stated in the application is not correct because under that Section only an appeal can be filed against an order of the adjudicating authority approving the Resolution Plan and this Tribunal have no jurisdiction to consider an application under Section 61(3) of the IBC 2016. The applicants had neither sent an email or letter to the Respondent No.1 stating their interest to participate in the Resolution Plan submission process nor placed any request to condone the delay in submission of Expression of Interest. But, they approached the suspended directors of the CD whose powers are suspended upon init....
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.... their eligibility regarding the submission of Resolution Plan, the relevant text of which is as follows: a. Annexure B is required to be submitted in proper format as specified in the Detailed Invitation for Expression of Interest to Submit resolution plan b. "Tangible Net worth Statement" of the prospective resolution applicants duly certified by a Chartered Accountant, in original to be submitted. The schedules forming part of the Tangible Net worth Statement is required to be attached as it is an integral part of the statement. c. Kindly submit the latest CIBIL Report of the prospective resolution applicants and connected persons, as defined under Explanation [1] 1o Section 29A of the Insolvency and Bankruptcy Code, 2016, to affirm that they are not wilful defaulters in accordance with the guidelines of the Reserve Bank of India issued under Banking Regulation Act, 1949. d. Demand Draft of Rs. 5,00,00,000 (Rupees Five Crore Only) to be deposited as refundable deposit with the Bank account No: 0525073000000455 opened in the name of PVS Memorial Hospital Private Limited with South Indian Bank, Kaloor Branch to consider and participate in the Expression of Interest to s....
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....andards, after physical verification of the inventory and fixed assets of the Corporate Debtor. The fair value and the liquidation value of the Corporate Debtor arrived at by both groups of Registered Valuers were not significantly different and, therefore, there was no requirement to appoint another Registered Valuer by the Respondent to submit an estimate of the value computed in the same manner. The Registered Valuers are independent professionals and valuation of the Corporate Debtor was arrived at by adopting the most appropriate method with reference to the nature of the asset and the data available to arrive at the fair value and the liquidation value on the valuation date. The value arrived at by the Registered Valuers are only 'estimates' and the same cannot be construed as the accurate value of the Corporate Debtor. Regulation 27 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 clearly provides for the criteria of independence of the Registered Valuers and the said appointments are made in accordance with the said Regulations. The respondent referred to a judgment of the Hon'ble Supreme court in Maharashtra Seamless Limited vs. Padma....
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....cants in the present application? 10. First of all, this application has been filed by the applicants at the 12th hour of approval of Resolution Plan by this Adjudicating Authority. The application MA/13/KOB/2021 for approval of Resolution Plan was heard and reserved for orders to be pronounced on 22.2.2021. This application has been filed on 22.2.2021 (after curing the defects) after the Resolution Plan has been approved by this Tribunal. Hence the first prayer to place the Resolution Plan of the applicants before the Committee of Creditors for consideration is not possible. Since the application has been presented after curing the defects only on 22.2.2021, the question of keeping in abeyance of the application MA/13/KOB/2021 by which the Resolution Plan has been approved is also not possible. Hence both the interim prayers cannot be granted by this Tribunal. 11. Coming to the main reliefs "to direct the respondent to declare that the Resolution Plan submitted by the 3rd respondent is illegal and is in violation of Section 60(5) of I&B Code and Regulation 35(2) of IBBI (Insolvency Resolution Process for Corporate persons) Regulations, 2016", it is too late to carry out such an ....