TaxTMI 
TaxTMI 
TaxTMI 
2020 (3) TMI 1363
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....age no.32 to 36 of the paper book) c) Copy of Minutes of the third meeting of CoC (Page no.37 to 40 of the paper book) d) Copy of Minutes of the fourth meeting of CoC (Page no.41 to 46 of the paper book) e) Copy of Minutes of the fifth meeting of CoC (Page no.47 to 54 of the paper book) f) Copy of Minutes of the sixth meeting of CoC (Page no.57 to 69 of the paper book) g) Copy of Minutes of the seventh meeting of CoC (Page no.70 to 81 of the paper book) h) Copy of Minutes of the eight meeting of CoC (Page no.82 to 97 of the paper book) i) Copy of Minutes of the ninth meeting of CoC (Page no.98 to 112 of the paper book) J) Copy of Minutes of the tenth meeting of CoC (Page no.113 to 123 of the paper book) k) Copy of the final resolution plan approved by the CoC in the meeting dated 06.03.2019 (Page no.125 to 192 of the paper book) l) Compliance Certificate of the RP in Form H along with affidavit in support of the same (Page no.194 to 202 of the paper book) m) Further, Affidavit of Form-H_ dated 04.03.2020 also submitted by the RP. 3. It is stated that the Applicant, Mr.Jagdish Kumar, Resolution Professional (hereinafter referred as 'RP') was appointed as In....
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....orate Debtor. 8. It is further stated that as per the requirements of Section 25(2)(h) of the Code, during the fourth meeting conducted on 23.11.2018, it was decided that the Form G shall be published by the IRP along with the websites of the Corporate Debtor and the IBBI with no minimum eligibility criteria for prospective resolution applicants. Subsequently, IRP conducted the fifth meeting of the CoC on 15.12.2018, draft evaluation matric presented by the IRP was considered and modifications suggested. 9. Thereafter, the Applicant was appointed as the Resolution Professional vide orders dtd:20.12.2018 passed by this Tribunal and subsequently in the sixth meeting of CoC held on 04.01.2019, wherein the date for submission of the expression of interest and the resolution plan was extended to 27.01.2019. Pursuant to the said decisions, a fresh Form G was published on 05.01.2019 providing the last date for submission of Resolution Plan as 27.01.2019. Further, the Applicant conducted the seventh meeting of CoC on 25.01.2019, wherein it was resolved that an extension of 20 days shall be granted for the submission of their Resolution Plan and the last date for submission of Resolution ....
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....rected the CoC to relook the Resolution Plan in conformity with the decisions of the Hon'ble Apex Court and to take appropriate decision and apprise this Adjudicating Authority. Accordingly, in due compliance of the orders of this Adjudicating Authority, the CoC on 04.12.2019 conducted its 12thmeeting and resolved by way of an affidavit filed before this Adjudicating Authority dtd:17.12.2019 that the Resolution Plan duly approved by the CoC is in conformity with the latest decision of Hon'ble Supreme Court. 13. The final revised Resolution Plan approved by the Committee of Creditors dated 23.02.2019 and reconfirmed on 04.12.2019 in its 12th CoC meeting in the present application is as under - 13.1 The priority of payments as per the Resolution Plan has been set as under - Priority No. Head Amount (INR. in crore) 1. CIRP cost 0.25 2.1 Workmen Dues 0.00 2.2. Government dues/ statutory liabilities (including direct and indirect taxes) and other Operational Creditors and Settlement of ex-workmen claims 0.62 3 Payments to secured Financial Creditor 18.15 Total 19.02 13.2 Sources of funding - SPCFL is a debt free cash rich company and as of 31.03.2018 SP....
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.... CIRP 11.09.2018 3. Date of Appointment of IRP 11.09.2018 4 Date of Publication of Public Announcement 14.09.2018 5 Date of Constitution of CoC 11.10.2018 6 Date of First Meeting of CoC 14.10.2018 7 Date of Appointment of RP 20.12.2019 8 Date of Appointment of Registered Valuers 02.11.2018 9 Date of Issue of Invitation for EOI 05.01.2019 10 Date of Final List of Eligible Prospective Resolution Applicants 12.01.2019 11 Date of Invitation of Resolution Plan 05.01.2019 12 Last Date of submission of Resolution Plan 16.02.2019 13 Date of Approval of Resolution Plan by CoC 06.03.2019 14 Date of filing of Resolution Plan with Adjudicating Authority 08.03.2019 15 Date of Expiry of 180 days of CIRP 10.03.2019 16 Date of Order extending the Period of CIRP N.A. 17 Date of Expiry of Extended Period of CIRP N.A. 18 Fair Value 17.50 Crs.(Average of Both the Valuers) 19 Liquidation Value 11.62 Crs (Average of Both the Valuers) 20 Number of Meetings of CoC held. 12(Twelve) It is hereby certify by the RP that- (i) The said Resolution Plan complies with all the provisions of the Insolvency and Bankruptcy Code 2016, the Insolvency and Ban upt....
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....; Totalf)a)+(b)] 3. Operational Creditors (a) Related party of Corporate Debtor (b) other than (a) above 5 50 5 50 0.40 7.27% (i)Government 0.10 NA (ii)Workmen 0.12 NA (iii) Employees TOTAL|(a)+(b)] | 5.50 5.50 0.62 4. Other debts and dues GRAND TOTAL 45.24 45.24 18.77 List of Financial Creditor: Sr. No. Name of Creditors Amount Claimed Amount Admitted Share 1 Punjab National National 319862548 319862548 80.51% 2 SIDBI 77952965 77451127 19.49% TOTAL 77952965 100.00 DCM Shriram Limited: Amount Claimed as Financial creditor Rs:68860514.00. Claim Rejected. 15. It is submitted that IA 83 of 2019 in CP(IB) No.131 of 2018 has been preferred by one DCM Shriram Limited claiming " a Financial Creditor against the IRP for Corporate Debtor on 04.02.2019 and seeking for the reliefs on the basis of such claim under Section 60(5) of the IBC, 2016. Further, an IA 220 of 2019 in IA 83 of 2019 in CP(IB) N....
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..../NCLT/AHM/2018, without any Conditions. Hence, this I.A. No.83 of 2019 in CP(IB)No.131/9/NCLT/AHM/2018, is dismissed as withdrawn. Further, the Applicant has filed the 1.A.No.220 of 2019 in CP(IB)No.131/9/NCLT/AHM/2018 before this Adjudicating Authority under section 60(5) and section 29(2) of the Insolvency and Bankruptcy Code, 2016 read with regulation 35(2) of IBBI (CIRP) Regulations, 2016 for seeking permission of this Adjudicatng Authority: (i) To implead the Applicant as a party in IA. CP (IB)No.83 with CP(IB)131/9/NCLT/AHM/2018. (ii) To allow the Applicant to submit its reply/rejoinder in IA CP(IB)No.83 with CP (IB) No.131/9/NCLT/AHM/2018 and without the same the said IA should not be disposed off. We do not find any merit in this IA. Hence, the prayer sought for in this present I.A. No.220 of 2019 in CP(IB) No.131/9/NCLT/AHM/2018 are rejected. Further, the Applicant has filed the I.A. No.291 of 2019 in CP(IB)No.131/9/NCLT/AHM/2018 before this Adjudicating Authority under section 60(5) of the IBC,2016 seeking permission of _ this Adjudicating Authority: (i) To dispose of the present application before the final adjudication of I.A No.83 of 2019; (ii) To direct the....