TaxTMI 
TaxTMI 
2021 (11) TMI 251
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....t meeting of COC held on 13.02.2020, the COC resolved to appoint IRP as RP. The RP followed all the procedure in accordance with provisions of IBC, 2016 and Regulations made there-under. Form-G was published on 22.10.2020 wherein the last date of submission was 06.11.2020. Four EOIs were received out of which one was not eligible, being an NPA account as on the date of signing of the affidavit. The applicant has also sought extension of CIRP period of further 90 days beyond 180 days and exclusion of 314 days from this Adjudicating Authority. In 7th meeting of COC held on 11.01.2021, RP informed the COC that he received a request from prospective Resolution Applicant i.e., Alpha Alternatives Holding Pvt. Ltd. jointly with Algebra Endeavour Pvt. Ltd. to extend the last date for submission of plan. Thereafter, the prospective Resolution Applicant filed resolution plan but the same was not approved by the COC on some technical grounds. After rejection of Plan by COC, prospective Resolution Applicant filed an application before this Adjudicating Authority for non-consideration of plan by the COC. The Adjudicating Authority vide its order dated 12.07.2021, directed the RP/COC to not proc....
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.... common computer system and all the aforesaid documents were under the custody of Liquidator of holding company who did not allow the RP to proceed for the Transaction Audit. It is also submitted by the Applicant that the valuation of the all assets of the Corporate Debtor were made on the direction of the Hon'ble high Court of Bombay due to obstruction by the Liquidator of holding company. Valuers made the valuation of all land, plant & Machinery and security and financial assets of the Corporate Debtor -wherein Fair Value and Liquidation Value stand at Rs. 50,11,45,192/- and Rs. 34,22,46,797/- respectively. 6. It is submitted that the Successful Resolution Applicant has also filed an affidavit dated 15.12.2020 clarifying his status that he is not a related party of the Corporate Debtor and is eligibility to submit a resolution plan under Section 29A of IBC, 2016. The RP has also filed Form-H in compliance of Regulation 39(4) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 7. Learned PCS 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 ....
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....ed. 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, security, liens 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. For reliefs and concessions sought from the Government/Statutory Authorities, we direct the Resolution Applicant to approach the concerned Authorities who shall decide the issues under the respective statutes. 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 provisions of Income Tax Act, 1961. VI. Prayer as regard to exemption for ineligibility to the Resolution Applicant or its affiliates or connected person under Section 29A of IBC, 2016 which may arise on account of implementation of this res....
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....shall stand extinguished without any payment (including any cancelled value of the said equity shares or preference shares) to shareholders of the Corporate Debtor holding such existing share capital. The Resolution Applicant would be entitled to issue new equity share capital in accordance with the provisions of Companies Act, 2013 r.w. rules and regulations made there-under. XV. We further hold that avoidable transactions in the form of preferential or undervalued or extortionate credit and fraudulent transactions pending on the date of approval of plan shall be pursued by the Resolution Applicant and recovery proceeds, if any, shall be distributed among all stakeholders in terms of provisions of Section 53 of IBC, 2016. 11. Apart from the above observations and directions, it is further directed that: I. The approved 'Resolution Plan' shall become effective from the date of passing of this order. II. The order of moratorium dated 08.01.2020 passed by this Adjudicating Authority under Section 14 of I&B Code, 2016 shall cease to have effect from the date of passing of this order. III. The Resolution Professional shall forthwith send a....