AI Drafter 
TaxTMI 
TaxTMI 
2021 (6) TMI 786
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....tion Process (CIRP) of the CD and appointed Mr. Vinod Tarachand Agrawal as the Interim Resolution Professional (IRP). ii) Pursuant to Order of CIRP, the IRP issued a public announcement on 21.12.2019 in Business Standard, English and Lokmat, Marathi for calling of submission of proof of claim from the Creditors. iii) The IRP submits that the claims of three Financial Creditors namely 1) Narottambhai Swomabhai Patel with a claim amount of Rs. 73,36,110/-, 2) Kantilal Narayandas Patel HUF with a claim amount of Rs. 51,94,361/- and 3) Samir Patel with a claim amount of Rs. 12,10,285 were received by the IRP and CoC was constituted. iv) The first CoC meeting was held on 18.01.2020 after the constitution of the CoC and the status of the claim of the Creditors of the Corporate Debtor was apprised by the IRP to the CoC. v) The second meeting of the CoC was conducted on 29.02.2020 and points as to approve Evaluation Matrix, appointment of forensic auditor, publication of Form G etc. were considered and discussed. vi) The third CoC meeting was held on 07.05.2020, wherein the members of the CoC took status of the points discussed in the second CoC....
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....ll the above Financial Creditors. II) Operational Creditors Details:- 100% claim amount is admitted of all the above Operational Creditors Except M/s. Kinseed Private Limited (Being related party of CD and Mismatch of Claim amount with outstanding as per books. b) The existing Directors would be removed and nominee of the Resolution Applicant would be appointed as the Director of the Company. The Applicant further submits that entire dues of the Financial Creditor are been paid within 30 days from the effective date. The claims of the Operational Creditor is 100% being paid except for one Operational Creditor who is covered under related party definition as per the Code. c) That the Compliance Certificate of the Applicant as prescribed under Regulation 39 (4) of the CIRP Regulations. 3. The Applicant submitted that the Compliance Certificate in Form-H under Regulation 39(4) of the Regulations showing the compliances of the Plan as mandatorily required under the Code and Regulations and that the Plan had been approved by the CoC. 4. We have heard the Applicant and perused the Resolution Plan and related documents submitted along with Applica....
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....ecified 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. Explanation - For the purpose of this section- (i) it is hereby clarified that at each stage of the distribution of proceeds in respect of a class of recipients that rank equally, each of the debts will either be paid in full, or will be paid in equal proportion within the same class of recipients if the proceeds are insufficient to meet the debts in full; and (ii) the term "workmen's dues" shall have the same meaning as assigned to it in section 326 of the Companies Act, 2013 (18 of 2013). 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 requirements as may be specified by the Board. 7. Section 30 (4) of the Code reads as follows: "(4) The committee of creditors may approve a resolution plan ....
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..... On perusal the same is found to be in order. The Resolution Plan includes a statement under regulation 38(1A) of The Regulations as to how it has dealt with the interest of the stakeholders in compliance with the Code and the Regulations. 13. The Resolution Plan has been approved by the CoC in the 7th meeting held on 17.09.2020 with 100% votes. 14. In K Sashidhar v. Indian Overseas Bank & Others (in Civil Appeal No. 10673/2018 decided on 05.02.2019) the Hon'ble Apex Court held that if the CoC had approved the Resolution Plan by 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 to scrutiny of the Resolution Plan "as approved" by the requisite per....
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....and Articles of Association (AoA) shall accordingly be amended and filed with the Registrar of Companies (RoC), Mumbai, Maharashtra for information and record. The Resolution Applicant, for effective implementation of the Plan, shall obtain all necessary approvals, under any law for the time being in force, within such period as may be prescribed. iv. The moratorium under Section 14 of the Code shall cease to have effect from this date. v. The Applicant shall supervise the implementation of the Resolution Plan and file status of its implementation before this Authority from time to time, preferably every quarter. vi. The Applicant shall forward all records relating to the conduct of the CIRP and the Resolution Plan to the IBBI along with copy of this Order for information. vii. The Applicant shall forthwith send a certified copy of this Order to the CoC and the Resolution Applicant, respectively for necessary compliance. ============= Document 1 Sr. Name Amount % of No. Claimed Voting Share 1. Narottambhai 73,36,110/- 48.32% Swomabhai Patel 2. KantilalNarayandas 51,94,361/- 34.22% Patel HUF ....