TaxTMI 
TaxTMI 
TaxTMI 
2021 (10) TMI 1034
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....atorium was declared, Corporate Insolvency Resolution Process was initiated and Mr. Kailash T. Shah was appointed as Interim Resolution Professional (hereinafter referred to as "IRP"). 3. It is submitted by the applicant that after receiving the claim from the creditors the IRP had constituted the Committee of Creditors (hereinafter referred to as "COC") comprises of 1 (one) Financial Creditor and one operational creditor i.e. Garden Silk Milk without voting right as the operational debt of this creditor is more than 10% (ten). In the first meeting dated 27.06.2020 COC resolved to appoint Interim Resolution Professional as a Resolution Professional subject to approval from this Authority. The COC has also resolved to appoint two registered valuers and a Chartered Accountant for the valuation of the Financial assets of the Corporate Debtor. The registered valuers have submitted the valuation report wherein the assets of the Corporate Debtor were valued for Rs. 4,16,763/- as a fair value and Rs. 4,08,031/- as a liquidation value. The COC, in its third meeting dated 06.11.2020 has rejected the proposal to conduct the transaction audit of the Balance Sheet of the Corporate Debtor as t....
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....depreciation and accumulation losses under Income Tax and minimum alternate Tax and to utilize such amount to set off against future tax obligation. 10. It is submitted by the RA that upon approval of the Resolution Plan it is deemed to have been given all the claims raised by the Central excise, Customs, GST, Textiles, committees, and PCBs and acknowledge by the management of the corporate debtor be write off and waiver off. It is also submitted that all the cases pending against the company shall be discontinued which has either been initiated by Central excise, Customs, GST, Textiles, committees, and PCBs. 11. It is prayed by the resolution applicant that the direction is given to the concerned ROC and State Government to waive stamp duty and fees applicable to the implementation of the Resolution Plan. 12. It is submitted by the RA that the name of the Company shall be changed from GSL Nova Petrochemicals Limited to Kataria Tradecon Private Limited or Kataria Comtrade Private Limited or such other name as may be approved by the Registrar of the Company. The resolution applicant further wants to change the address of the registered office of the company to any other place wit....
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....sed to infuse the fund of Rs. 100,00,000/- (one Crore), the said amount which will be infused by the Resolution Applicant in two installment amounts of Rs. 50,00,000/- once the takeover is complete and an additional Rs. 50,00,000/- to maintain working capital. Thereafter no claim is submitted by the workmen. Thus, in sum and substance, the Resolution Plan provides for the settlement of the claims of various stakeholders. The Resolution Plan also provides the background of the successful Resolution Applicant and its associates, and the financial capabilities of the successful Resolution Applicant. Hereafter, Resolution Plan is both feasible and viable, Resolution Plan also contains the procedure for its effective implementation of the Resolution Plan. 17. The Resolution plan also provides for the appointment of RP as the person in charge to look after the implementation of the Resolution Plan. The Resolution Plan has also addressed the issues which resulted in the Insolvency of the Corporate Debtor and future business plan so as to such a situation does not arise again. 18. Thus, the Resolution Plan' filed with the Application meets the requirements of Section 30 of IB Code, 2....
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....ions sought from the Government/Statutory Authorities, we direct the Resolution Applicant to approach the concerned Authorities who shall decide the issues. V. As regard to relief prayed under various provisions of Income Tax Act, 1961, the corporate Debtor/Resolution Applicant may approach the Income Tax Authorities who shall take a decision on relief and concessions sought by the Resolution Applicant in accordance with the provions of Income Tax Act, 1961. VI. The Resolution Applicant shall be entitled to review, revise or terminate any appointments/agreements entered into by or on behalf of the Corporate Debtor in accordance with the terms and conditions of such agreements/MoUs/contracts; VII. The RP shall complete the accounting entries to give effect to the resolution plan in the Books of Account as per the applicable Accounting Standards and provisions of the Companies Act, 2013; VIII. The management of the Corporate Debtor shall be handed over to the Board of Directors as may be nominated by the Resolution Applicant for proper running operations of the business of the Corporate Debtor; IX. The Board of Directors of the Corporate Debtor shall also be reconstituted a....