TaxTMI 
TaxTMI 
2021 (6) TMI 188
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....e Resolution Professional shall continue to conduct his role as Resolution Professional of the Corporate Debtor and during such period shah have all power, duties and protections as available to him as a Resolution Professional under the Code and regulations thereunder; c) Pass an order directing the Resolution Applicants to implement the Resolution Plan in the manner set out in the resolution plan; d) Pass an order approving the appointment of Monitoring Agent (MA) and Monitoring Committee (MC) from the date of approval of resolution plan by this Hon'ble Tribunal until the date on which the Resolution Applicants acquire control of the Corporate Debtor i.e., closing date under the Resolution plan, and during such period extend protection to the MC (including extension of the protection of the moratorium against any suit, legal proceedings and investigations or have any liability with respect to anything which is done or intended to be done or omitted in good faith and in compliance with the Code, CIRP Regulations or any other applicable law) to enable it to monitor the Corporate Debtor as a going concern. e) Pass an appropriate order in relation to th....
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....licants (was 30.07.2019. g) That the Applicant has placed list of PRAs before the CoC in the meeting held on 21.08.2019 and the CoC had approved list of PRAs. The Applicant had received expressions of interest from four entities i.e.,: i. Vedanta Group (through Electrosteel Steels); ii. Triterras Holdings Pte. Limited (THPL), Singapore jointly with Invent Assets Securitisation & Reconstruction Pvt. Ltd. (IARC); iii. Prudent ARC Limited and iv. Apies Ventures Pte. Ltd. ("Apies"). h) That in the 5th Meeting held on 09.09.2019, the CoC approved resolution for extending timelines for submission of resolution plan from 53.09.2019 to 30.09.2019 as requested by the PRA's. in the 6th meeting held on 05.10.2019, resolution plans received from THPL jointly with IARC (received on 30.09.2019) and Apies (received on 27.09.2019) were opened in front of the CoC and Applicant herein had sought time of two weeks for due diligence of the resolution plans. It was further decided to call next meeting on 23.10.2019 for discussion and presentation of the plans received. i) That Resolution Applicants viz., THPL jointly with IARC and Apies had pres....
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....ting which was held on 15.10.2020. The said resolution plan was approved by 91.1% of the voting share of CoC. The findings of the CoC on the feasibility and viability of the Resolution plan, along with distribution summary and details of payouts proposed to Financial Creditors and details of CIRP costs incurred till 08.10.2020. n) That the Applicant hereby submits the Compliance Certificate in Form-H under Regulation 39(4) containing details of the compliances of the Resolution plan with mandatory requirements under the Code and CFRP regulations. o) That the ARC Agreement between THPL and INVENT along with the financial capability undertaking and Business information report of Resolution Applicant. p) That the Applicant on 09.11.2020 filed memo stating that the payment of the amounts of the Performance Bank Guarantee (Bank Guarantee No. 04621GP2G0025383 dated 21.10.2020 of Rs. 2 Crores) on behalf of the Resolution Applicants) in relation to the Resolution Plan of splendid Metal Products Limited. q) That the Applicant filed additional affidavit on 03.02.2021 stating that post filing of the Application SASF, the Respondent herein was impleaded purs....
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....anner as may be specified by the Board which shah not be less than- i. the amount to be paid to such creditors in the event of a liquidation of the corporate debtor under section 53; or ii. the amount that would have been paid 10 such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in sub-section (1) of section 53, whichever is higher, and provides for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount TO be paid to such creditors in accordance with sub-section (1) of section 53 in the event of a liquidation of the Corporate Debtor. 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) Conforms to such other requirements as may be specified by the Board. 6. Section 30(4) of She Code as it stands at present after t....
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....and Regulations 38(1), 38(1)(a), 38(2)(a), 38(2)(b), 38(2)(e) & 38(3) of CIRP regulations. 12. The identity of the Resolution Applicants have been duly verified by the RP and affidavit as per section 30(1) of the Code has been obtained from the Resolution Applicants stating that it is not ineligible U/s. 29A of the IB Code, 2016. 13. The Plan also provides for keeping the Company as a going concern and operate in its normal course of business upon implementation of Resolution Plan, There is no objection filed by any other person in this regard. 14. Copy of Form-H (Compliance Certificate) filed by the RP along with the Plan has been perused and considered. The RP inter-alia has certified as under, I. The said Resolution Plan complies with all the provisions of the Insolvency and Bankruptcy Code (Code), the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) and does not contravene any of the provisions of the law for the time being in force. II The Resolution Application has submitted an affidavit pursuant to section 30(1) of the Code confirming its eligibility under section 29....
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....(2) of the I&B Code, 2016 and Regulations 37, 38, 38(1 A) and 39(4) of TBBI (CMP) Regulations, 2016. The 'Resolution Plan" is also not in contravention of any of the provisions of Section 29A Hence, this Adjudicating Authority is satisfied that the Resolution Plan is in accordance with Law, Therefore, the 'Resolution Plan' annexed with Application bearing IA No. 981 of 2020 filed in CP (IB) No. 666/7/HDB/2018 is hereby approved, which forms part of this Order and which shall be binding on the corporate debtor and its employees, members, 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, such as authorities 'to whom statutory dues are owed, guarantors and other stakeholders involved in the resolution plan. 20. However, the Resolution Plan approved shall not construe any waiver to any statutory obligations/liabilities arising out of the approved Resolution Plan and same shah be dealt in accordance with the appropriate Authorities as per relevant Laws. We are of the considered view that if any waiver is sought in the Resolution Pl....