TaxTMI 
TaxTMI 
2021 (4) TMI 1128
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....sional (IRP). b. The IRP published a public announcement on 09.03.2019 inviting claims from the creditors of the Corporate Debtor. After receipt of claims the IRP constituted the Committee of Creditors (CoC) of the Corporate Debtor on 01.04.2019,State Bank of India being its sole member. The IRP conducted the first meeting of the CoC on 08.04.2019. c. The CoC in its second meeting held on 17.05.2019 passed the resolution to appoint Mr. Nimit Kalsi as Resolution Professional (the erstwhile RP) and the same was confirmed by this Bench vide order dated 15.07.2019. 3. The CoC in its fifth meeting held on 06.08.2019 passed the resolution to extend the period of CIRP by 90 days and exclude 69 days therefrom. The erstwhile RP filed MA No.2778 of 2019 for extension and was allowed by this Bench vide orders dated 12.09.2019 accordingly the CIRP period end on 12.12.2019. Further he filed MA No.3936 of 2019 for exclusion and the same was Allowed by this Bench vide orders dated 20.02.2020. 4. The CoC filed an application MA No. 461 of 2020 to replace the erstwhile RP and to appoint Mr. Vijendra Kumar Jain (Applicant herein) as RP. The same was allowed by this Bench vide....
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.... lakhs) Amount of pay- outs ( INR in lakhs) Schedule of fund infusion from the date of approval of Resolution Plan 1 Unpaid CIRP cost as on date of RFRP 135.97 To be paid in priority on actual basis 2 Employees (Note 1) 666.62 349.59 • 155.04 Lakhs in 0-6 Months • 21.62 Lakhs in 6-12 Months • 21.62 Lakhs in 12-18 Months • 10.81 Lakhs in 18-24 Months • 32.42 Lakhs in 24-30 Months • 108.08 Lakhs in 30-36 Months 3 Operational Creditors who have filed their claims (Admitted Claims) 2964.84 236.26 • 23.63 Lakhs in 0-6 Months • 23.63 Lakhs in 6-12 Months • 23.63 Lakhs in 12-18 Months • 11.81 Lakhs in 18-24 Months • 35.44 Lakhs in 24-30 Months • 118.13Lakhs in 30-36 Months 4 Operational Creditors who did not file their claims 354.01 47.94 • 4.79 Lakhs in 0-6 Months • 4.79 Lakhs in 6-12 Months • 4.79 Lakhs in 12-18 Months • 2.40 Lakhs in 18-24 Months • 7.19 ....
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....hane Office 50.00 12-18 months Group Gratuity Fund (Note 2) 65.00 0-6 months Total 2,273.52 Note 2: The amount of Rs.. 65 Lakhs available in the form of Group Gratuity Fund (held in LIC of India in the name of a trust formed by the Corporate Debtor) will be used entirely for payment of Gratuity amount. The balance amount of Rs.. 19.42 Lakhs (84.42 - 65 Lakhs) will be made available for Gratuity payment from the funds available in the bank account of Corporate Debtor with SBl. The SRA provided the alternate source of fund i.e. through infusion of funds, funding through Debts and sale of factory in Shirwal, Maharashtra. d. REDUCTION OF SHARE CAPITAL: The estimate of valuation of assets and enterprise of Corporate Debtor as assessed by SRA does not cover the full claim of FC i.e. SBI, and there is therefore, no amount available for Equity and Preference Share Capital holders of Corporate Debtor. Also, the holders of issued share capital (equity shareholders and preference shareholders) of Corporate Debtor have no amount available to them in the event of its liquidation. In view of the above circumstances, the SRA proposes....
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....urity of Rs.. 40,00,000/-in the form of Bank Deposit. Copy of the said LoI, cheque dated 22.06.2020 towards EMD of Rs.. 10,00,000/- and Demand Draft dated 20.11.2020 of Rs.. 30,00,000/- has been submitted as proof. 10. The Applicant submits that the Resolution Plan meets the requirement of Section 30 (2) of the Code in the following manner: A. Plan provides for the payment of CIRP cost in full and in priority from the fund to be infused by the Resolution Applicant [Section 30(2)(a)]. B. Proposes to pay the Operational Creditors of the Corporate Debtor as stated above in Para 9(c) in priority over the Financial Creditor. [Section 30(2)(b)]. C. The Management of the affairs of the Corporate Debtor after approval of the Resolution Plan would be with the Resolution Applicant [Section 30(2)(c)]. D. The Plan also provides for implementation and supervision of the Resolution Plan as stated above [Section 30(2)(d)]. E. 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)]. 11. The Resolution Plan is in compliance of the Regulati....
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....tor. This the successful resolution Applicant does on a fresh slate, as has been pointed out by us hereinabove." 14. In view of the above ruling of the Apex Court, the Resolution Applicant takes over the Corporate Debtor with all its assets and liabilities as specified in the Resolution Plan subject to orders passed herein. As already indicated the Resolution Plan has been approved by the CoC in its meeting held on 20.11.2020 with 100% votes. 15. In K. Sashidhar v. Indian Overseas Bank & Others: 2019 SCC Online SC 257 (2019) 12 SCC 150) the Hon'ble Apex Court held that if the CoC had approved the Resolution Plan with requisite percent of voting share, then as per section 30(6) of the Code, it is imperative for the Resolution Professional to submit the same to the Adjudicating Authority (NCLT). On receipt of such a proposal, the Adjudicating Authority is required to satisfy itself that the Resolution Plan as approved by CoC meets the requirements specified in Section 30(2). The Hon'ble Court observed that the role of the NCLT is 'no more and no less'. The Hon'ble Court further held that the discretion of the Adjudicating Authority is circumscribed by Section 31 and is limited ....