TaxTMI 
TaxTMI 
2021 (1) TMI 1139
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....s (CoC) later resolved to appoint Mr. C. A. Jasin Jose as the Resolution Professional from 16.01.2020. The applicant Resolution Professional submits that the CIRP ordered by this Tribunal was conducted in compliance with the terms of the Code and the relevant Rules and Regulations. 3. The Resolution Professional submits that advertisements inviting claims from the creditors were issued, advertisement inviting Expression of Interest (EOI) was published in two newspapers and on publishing of Form G, Resolution Professional has received Expression of Interest from 2 prospective Resolution Applicants. 4. As per Section 36A (8) of IBC, 2016 the Resolution Professional shall conduct due diligence based on the material on record in order to satisfy that the prospective Resolution Applicant complies with the following: - a) The provisions of clause (h) of Sub-Section (2) of Section 25. b) The applicable provisions of Section 29A. c) Other requirements as specified in the invitation for Expression of Interest. 5. On verification of the Resolution Applications received, it was found that one of the applicant's history was not satisfactory to include in....
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....13/09/2020 so as to consider and evaluate the revised Resolution Plan 9. In view of the above, the Resolution Applicant filed an application before this Tribunal and requested for time extension of 30 days. Vide order dated 25.09.2020 in IA/142/KOB/2020, this Tribunal allowed the prayer and extended the time up to 12/10/2020. 10. The seventh CoC was held on 28/09/2020 to consider the Revised Plan but the Plan was not finalized and put-on negotiation for final consideration. 11. The eighth CoC was held on 09/10/2020 and the counsel to the Resolution Applicant appeared in that meeting and informed that the Resolution Applicant is tested with COVID positive and is under hospitalization in Renai Medicity Hospital, Ernakulam. Hence, he requires additional two weeks' time to discuss with the Resolution Applicant to finalize the plan. The Eighth CoC allowed two weeks' time to the Resolution Professional unanimously with 100% voting to file an application for extension of CIRP period for further 45 days. This Tribunal allowed further extension of 45 days from 12/10/2020 to 26/11/2020 to complete the Corporate Insolvency Process. 12. On 29/10/2020 Resolution Applicant has submit....
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....id on or before 30 November, 2021 or 30 days from the date of approval of the Resolution Plan by AA, whichever is later. ii. Rs. 13.89 Crores to be paid on or before 31 January, 2021 or 90 days from the date of approval of the Resolution Plan by AA, whichever is later. b) An amount of Rs. 1.72 Crores will be paid to Stancash Chits Private Limited towards the entire claim amount of Rs. 1.72 Crores as follows: i. Rs. 17.20 Lakhs to be paid on or before 30 November, 2021 or 30 days from the date of approval of the Resolution Plan by AA whichever is later. ii. Rs. 1.54 Crores to be paid on or before 31 January, 2021 or 90 days from the date of approval of the Resolution Plan by AA whichever is later. c) An amount of Rs. 15.43 Lakhs will be paid to Financial Excellence towards the entire claim amount of Rs. 25.63 Lakhs as follows: i. Rs. 1.54 Lakhs to be paid on or before 30 November, 2021 or 30 days from the date of approval of the Resolution Plan by AA whichever is later. ii. Rs. 13.89 Lakhs to be paid on or before 31 January, 2021 or 90 days from the date of approval of the Resolution Plan by AA whichever is later. ....
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....tion Plan shall include a statement as to how it has dealt with the interests of all stakeholders, including Financial Creditors and Operational Creditors, of the Corporate Debtor. Yes (2) A Resolution Plan shall provide: (a) The term of the plan and its implementation schedule Yes-Implementation schedule is from approval of plan to 31.01.2021 or 90 days from the date of approval of the Resolution Plan by AA which ever later. (b) The management and control of the business of the Corporate Debtor during its term; and Yes The Resolution Applicant propose to join the board of the Company and induct two Ex SBI Bankers Mr. Ashokan N. and Mr. Prem Kumar Varma till the repayment completes as per the plan (c) Adequate means for supervising its implementation Yes Resolution Applicant propose to bring Rs. 26.75 Crores within 31.01.2021 or 90 days from the date of approval of the Resolution Plan by AA which ever later A Resolution Plan shall demonstrate that (a) It addresses the cause of default; (b....
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....Applicant, the Company, all the stakeholders, creditors, members, erstwhile promoters and employees and all other parties in interest and each of their respective successors and assign in accordance with Section 31(1) and 238 of IBC Code. f) The Resolution Applicant reserves right to apply to Adjudicating Authority for appropriate modification of such provisions of the Resolution Plan, to satisfaction of the Adjudicating Authority, to cure such invalidity or unenforceability of the provisions of the Resolution Plan shall not render the whole Resolution Plan ineffective, unless otherwise directed by the Adjudicating Authority by an order. g) The Resolution Applicant reserves and retains the right to modify the proposed Resolution in the event of amount proposed in this plan for settling the dues to the Financial Creditor and other Creditors is revised based on the discussions between members of the CoC and the Resolution Applicant. h) The Resolution Applicant has made every possible effort to prepare and submit the Resolution Plan strictly in accordance with the various provisions of the Code. However, if there is any inadvertent inadequacy/shortcoming/def....
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....(f) conforms to such other requirements as may be specified by the Board. [Explanation-For the purpose of clause EUR, if any approval od shareholders is required under the Companies Act, 2013 (18 of 2013) or any other law for the time being in force for the implementation of actions under the resolution plan, such approval shall be deemed to have been given and it shall not be a contravention of that Act or law.] (3) The resolution professional shall present to the committee of creditors for its approval such resolution plans which confirm the conditions referred to in subsection (2). (4) The committee of creditors may approve a resolution plan by a vote of not less than [sixty-six] percent of voting share of the financial creditors, after considering the feasibility and viability, and such other requirements as may be specified by the Board: Provided that the Committee of Creditors shall not approve a resolution plan, submitted before the commencement of the Insolvency and Bankruptcy Code, (Amendment) Ordinance, 2017 (Ord. 7 of 2017), where the resolution applicant is ineligible under Section 29A and may require the resolution professional to in....
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....ection (1), it may, by an order, reject the resolution plan. (3) After the order of approval under sub-section (1), - (a) the moratorium order passed by the Adjudicating Authority under section 14 shall cease to have effect; and (b) the resolution professional shall forward all records relating to the conduct of the corporate insolvency resolution process and the resolution plan to the Board to be recorded on its database." [(4) The resolution applicant shall, pursuant to the resolution plan approved under Sub-Section (1), obtain necessary approval required under any law for the time being in force within a period of one year from the date of approval of the resolution plan by the Adjudicating Authority under Sub-Section (1) or within such period as provided for in such law, whichever is later: Provided that where the resolution plan contains a provision for combination as referred to in Section 5 of the Competition Act, 2002 (12 of 2003), the resolution applicant shall obtain the approval of the Competition Commission of India under that Act prior to the approval of such resolution plan by the Committee of Creditors.] 23. It is also necessary....
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....thereunder along with the details of following transactions, if any, observed, found or determined by him: - a. preferential transactions under section 43; b. undervalued transactions under section 45; c. extortionate credit transactions under section 50; and d. fraudulent transactions under section 66, (3) The committee shall evaluate the resolution plans received under sub-regulation (1) strictly as per the evaluation matrix to identify the best resolution plan and may approve it with such modifications as it deems fit: Provided that the committee shall record the reasons for approving or rejecting a resolution plan. [(4) The resolution professional shall endeavour to submit the resolution plan approved by the committee to the Adjudicating Authority at least fifteen days before the maximum period for completion of corporate insolvency resolution process under section 12, along with a compliance certificate in Form H of the Schedule and the evidence of receipt of performance security required under Sub- Regulation (4A) of Regulation 36B]. (5) The resolution professional shall forthwith send a copy of the order....
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.... creditors, guarantors, Resolution Applicant and other stakeholders involved in the Resolution Plan. 30. On-going through the relief sought by the Resolution Professional, it is seen that the reliefs sought for under reliefs (f), (g) and (h) (see page no. ____) cannot be granted, as once the Resolution Plan is approved the Resolution Applicant cannot seek any alternation or modification of the Resolution Plan from this Tribunal. 31. On approval of the Resolution Plan as sought by the Resolution Professional, this Bench hereby discharges the Resolution Professional from duties of the RP by submitting all the records maintained by him to the Insolvency and Bankruptcy Board of India as provided under the Insolvency and Bankruptcy Code, 2016 and the Regulations thereunder. 32. The Resolution Applicant shall, pursuant to the Resolution Plan approved under Sub-Section (1) of Section 31, obtain necessary approval required under any law for the time being in force within a period of one year from the date of approval of the Resolution Plan by this Tribunal under Sub-Section (1) of Section 31 or within such period as provided for in such law, whichever is later. 33. Subject to t....