TaxTMI 
TaxTMI 
2021 (11) TMI 180
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....tituted the Committee of Creditors (in short "CoC") comprising of State Bank of India and Phoenix ARC Private Limited, having voting share of 94.72% and 5.28% respectively. CoC in its 1st meeting held on 15.02.2020 resolved to confirm the IRP Mr. Abhishek Nagori as Resolution Professional. CoC in its 2nd meeting held on 17.03.2020 resolved to appoint valuers for valuation of the Corporate Debtor. In the 3rd CoC meeting held on 06.05.2020, on being informed by RP that due to lockdown it is most likely that the interested investors will not be able to make site visit and submit Expression of Interest ('EOI'), CoC agreed with RP to publish EOI in Form-G once lockdown period ends. Thus after 4th CoC meeting held on 29.06.2020, the RP made publication for the invitation for EOI in Form-G on 06.07.2020. CoC in 5th meeting held on 20.07.2020 agreed to extend the time to submit EOI by 15 days. Pursuant to which revised invitation for EOI was published on 21.07.2020. Thereafter, extension of 90 days beyond 180 days for completion of CIRP was granted by this Adjudicating Authority on 23.07.2020. In the 6th CoC meeting held on 13.08.2020 RP informed the CoC that two EOIs have been rec....
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....above facts. He drew our attention to the Resolution Plan in detail. Based upon the contents of the Plan, it was submitted that Resolution Plan approved by CoC complies with all the requirements of Section 30(2) of IBC, 2016 and relevant regulations made thereunder. 7. Learned counsel drew our attention to the relief and concession claimed in the Resolution Plan. However, the Bench in respect of such relief and concession made it clear that only such relief would be granted which this Adjudicating Authority is empowered to in view of the decision of the Hon'ble Supreme Court in the case of M/s. Embassy Property Developments Pvt. Ltd. and Gujarat Urja Vikas Nigam Limited. 8. The amount provided for various stakeholders under the Resolution Plain is reproduced hereunder: 9. We have considered the submissions made by learned counsel for the Applicant and perused the material available on record. It is noted that CoC in its 10th meeting held on 22.01.2021 with 100% voting right approved the Resolution Plan submitted by Resolution Applicant. It is also noted that Resolution Applicant is not a related party of the Corporate Debtor. There are no preferential undervalue or ext....
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....he said stakeholders shall stand permanently extinguished after the approval of the Resolution Plan. We further hold that other claims including Government/Statutory Authority, whether lodged during CIRP or not, shall stand extinguished after the approval of the Resolution Plan. We further hold that contingent/unconfirmed dues shall also stand extinguished; II. On the effective date, all claims of the suspended management, erstwhile directors, and erstwhile shareholders shall stand permanently extinguished; III. On the effective date and with effect from the appointed date, all encumbrances on the assets of the Corporate Debtor prior to the plan shall stand permanently extinguished on completion of procedural formalities as provided in Companies Act, 2013; IV. 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; V. 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 pr....
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....and revoked, cancelled and shall be void. XII. For reliefs and concessions sought in respect to payment of stamp duty, tax and/or other fees or duty to any government authority, we direct the resolution applicant to approach the concerned Authorities who shall decide the issues including waivers/exemption from such stamp duty, taxes and/or other fees or duty. XIII. All licenses, permits, leasehold rights, Trademark/copyright etc. belonging to the Corporate Debtor whether expired or expiring during process of implementation of the Resolution Plan shall remain vested with the Corporate Debtor and Corporate Debtor/Resolution Applicant shall approach relevant authorities for obtaining/renewal of such aforesaid rights i.e. licenses, permits, leasehold rights, Trademark/copyright etc. We further hold that monitoring committee and Resolution Professional shall provide necessary support and corporation in this regard. XIV. Personal Guarantee shall not stand released or extinguished and the financial creditors shall be at liberty to deal with such personal guarantee as per the applicable laws. XV. All other terms and conditions of the Resolution plan whic....