2021 (8) TMI 158

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....rd. 2. The Company Application bearing C.P. No. IB-1205(ND)/2019 was filed by M/s. Azad Impex Private Limited Operational Creditor under Section 9 of the Code for initiating Corporate Insolvency Resolution Process of Surya Manufacturing Private Limited/Corporate Debtor. This Tribunal vide order dated 12.11.2019 admitted the application and appointed Mr. Manoharlal Vij as the Interim Resolution Professional (IRP) with necessary directions and to file regular reports of events. The Resolution Professional made a public announcement in Form A as prescribed under Regulation 6(1) of the Regulations in Financial Express (English) and Jansatta (Hindi Edition) on 08.02.2020 of intimation of commencement of Corporate Insolvency Resolution Process of the Corporate Debtor and for calling the creditors to submit their claims along with the proof in the prescribed format. After publication dated 08.02.2020 the Applicant found that one unit of the Corporate Debtor exists at Araria, Bihar and accordingly publication was also made on 16.02.2020 in Morning India (English Patna Edition) and Dainik Jagran (Hindi) Araria Edition. 3. The appointment of Interim Resolution Professional was confirme....

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....pplication bearing I.A. No. 3990 of 2020 under Section 12(2) of the Code seeking extension of CIRP period by 90 days beyond 180 days. The Adjudicating Authority was pleased to allow the application and granted extension of 90 days of CIRP vide order dated 23.09.2020. The Applicant republished Invitation for Expression of Interest in FORM-G as approved by the CoC in the third meeting held on 31.08.2020 in Business Standard (English) and Business Standard (Hindi) on 09.09.2020 the last date of submission of the Expression of Interest was stipulated as 24.09.2020 and the last date of Resolution Plan was stipulated as 08.11.2020. 5. In the 4th meeting of the CoC convened on 07.11.2020 wherein, the Applicant apprised the members of CoC that the Applicant has received the Expression of Interest from four prospective resolution applicants ("PRA"). The Applicant prepared the provisional list of eligible PRA's on 04.10.2020 as under:-     a. Alankit Finsec Limited     b. Cambell Advertising Private Limited     c. Giriraj Coated Fab Private Limited     d. One City Infrastructure Private Limited 6. The Applicant....

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.... therefore, no Evaluation Matrix was prepared and discussed by the member of CoC. Accordingly, the Resolution Plans were put for voting before the members of the CoC 9. After perusing the resolution plans and the requirements of Section 31 of the Code read with Regulation 39 of the Regulation being satisfied the resolution plan submitted by M/s. Alankit Finsec Limited without any condition was approved by the CoC with 100% of voting in its favor vide ballot paper voting on 07.01.2021. The resolution being passed as on 07.01.2021. 10. The Resolution Applicant has submitted undertaking and affidavits dated 06.11.2020, stating that the Resolution Applicant is eligible under Section 29A of the Code with the Applicant, the copy of the undertaking and affidavit submitted by the Resolution Applicant under Section 29A of the Code and Regulation 39(1) of CIRP Regulation, 2016 are annexed. 11. The Compliance Certificate in Form H as prescribed under Regulation 39(4) as amended by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018, is also filed by the RP. 12. Pursuant to approval of the Resolution....

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....b) of the IBC, 2016      And      Regulation 38(2)(c) of IBBI (Insolvency Process for Corporate Persons) Regulations, 2016            Schedule 4 Clause 1.5 (Proposal for the Operational Creditors) read with Schedule 3 (Implementation schedule supervision and term) of the resolution plan provides for the treatment of the operational creditor      Adequate means for supervising the resolution plan implementation has been provided in Schedule 3 (Implementation schedule supervision and term) of the resolution plan       Section 30(2)(c) and Section 30(2)(d) of the IBC, 2016            As per Schedule 3(Implementation schedule supervision and term) of the resolution plan a committee consisting of Resolution applicant and 1 Representative of the Secured Financial Creditors and Resolution Professional shall manage the Corporate Debtor during the implementation of Resolution Plan.       Section 30(2)(e) of the IBC, 2016          ....