TaxTMI 
TaxTMI 
2018 (9) TMI 2028
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....on plan ; d) Upon approval by the Hon'ble Tribunal as mentioned in prayer (a) above, declare that the moratorium order passed by the Hon'ble Tribunal under Section 14 of the Code vide its order dated 17th August 2017 shall cease to have effect; e) For such other orders as this Hon'ble Tribunal deems fit in the facts and circumstances of the case. 2) The Tribunal vide its order dated 17.08.2017 admitted an application initiating the corporate insolvency resolution process ("CIRP") in respect of the Corporate Debtor and declared moratorium under Section 14 of the Code and appointed Mr.CMA CS Rajasekaran as the Interim Resolution Professional (IRP). 3) The committee of creditors (CoC) constituted by the IRP at its first meeting held on 03.10.2017 resolved to recommend the appointment of the Applicant as the resolution professional (RP) vide order dated 26.10.2017. As the IRP suffered a stroke and was hospitalized and was unable to continue to function as an IRP even on the date of the order due to his health condition. The Tribunal vide its order dated 15.01.2018 extended the period of moratorium by 90 (ninety) days i.e., till 14.05.2018. 4) A print publication w....
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....he revised Form G was 10.04.2018 to allow for a period of 15 days from the date of the revised Form G. 9) In the 8th CoC Meeting held on 17.04.2018 the CoC agreed that the resolutions plans of Ingen Capital and Fidelity were not compliant with the provisions of the Code and/or the Process Memorandum. Accordingly, the resolution plan submitted by Uquifa Spain, being the only resolution plan compliant with the Code and the Process Memorandum was taken up for discussion by the CoC. The members of the CoC were of the view that the financial proposal in the resolution plan submitted by Uquifa Spain was low. Accordingly, a vote was taken on whether the bids submitted by the resolution applicants on 10.04.2018 be rejected and a rebid be initiated. The resolution was approved by 98.84 % by value of the financial creditors. The CoC decided that the resolution plan of Uquifa Spain would be rejected on grounds of it being low and lack of clarity on other terms and to initiate a rebidding process, with last date for submission of bids being 25.04.2018. 10) In the third round of submission of resolution plans, four resolution applications were received on 25.04.2018. Ingen Capital, Fidelity a....
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....lication MA/105/IB/2018 in CP/540/IB/2017 before the Tribunal. In the Application, Ingen Capital has inter alia sought for waiver of submission of EMD of Rupees Five Crores citing restrictions arising out of the requirements of the laws of the United States of America. 14) At the 12th Meeting of the CoC on 04.06.2018 meeting the resolution plan dated 24.04.2018 and the resolution plan dated 01.05.2018 submitted by Ingen Capital were presented before the CoC. This Tribunal has instructed this Applicant to place the resolution plan dated 16.05.2018, before CoC for their consideration further the applicant has stated that the final signed resolution plan in respect of the resolution plan dated 24.04.2018 had not been received. The CoC had taken the following decisions: "To accept the resolution plan provided by Ingen Capital (resolution plan submitted as per mail dated 1st Jun 2018 from Mr. Umesh Bhatia) for total consideration of INR 1490 Cr, as against the proposal forwarded by the NCLT, since Ingen has improved its offer. To declare Ingen Capital as the successful bidder and issue Letter of Intent with the condition that the entire amount offered as per resolution plan shall ....
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....tion Results (i) Acceptance of resolution plan with total consideration of Rs. 1490 Crores submitted by Ingen Capital Group LLC and declare them as successful bidder; 78.64% votes in favour of the resolution (ii) Waiver of Earnest Money Deposit (INR 5 crore) requirement to be given by the Resolution Applicant; 71.83% votes cast in favour of the resolution (iii) Waiver of Performance Guarantee (INR 50 Crore) requirement to be given within 7 days of issuance of Letter of Intent to Successful Resolution Applicant 71.32% votes cast in favour of the resolution 18) The resolution plan submitted by Ingen Capital was approved by 78.64% of the votes cast in respect of the resolution having serial no. (i) (Approved Resolution Plan). All the other resolutions approved and were above the 66% prescribed in this regard. 19) The resolution plan submitted by Ingen Capital provides for the following: A. Terms of Settlement of Admitted Claims and Sources of Funds - The terms of settlement as proposed by the Resolution Applicant include upfront payment of Rs. 1000 Crores to the secured financial creditors in the manner set out in Section 2 of the Approved Resolution Plan read with Sched....