TaxTMI 
TaxTMI 
2021 (7) TMI 1292
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....For the Respondents : Abhinav Vasisht, Sr. Advocate, Anoop Rawat, Saurav Panda, Vajiayant Paliwal, Zeeshan Khan, Moulshree Shukla, Prabh Simran Kaur, Bishwajit Dubey, Madhav Kanoria, Diwakar Maheshwari and Shreyas E., Advocates. ORDER 1. Heard. 2. Both these Appeals are challenging Impugned Order dated 08th June, 2021 passed by the Adjudicating Authority (NCLT, Mumbai Bench, Court No. - II) in I.A. 196/2021 in CP(IB) 02/MB/C-II/2018 & 12 other Company Petitions. 13 Group of Companies (as Videocon Group)-Corporate Debtors which were undergoing a consolidated CIRP. By the Impugned Order Resolution Plan has been approved. 3. The Learned Sr. Counsel in Company Appeal (AT) (Ins.) No. 503 of 2021 has referred to the contents of the Impugned O....
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....peal (AT) (Ins.) No. 503 of 2021 and it is stated that the Resolution Plan provided (See Page 33) a haircut of almost 90 to 96%. The Plan provided meagre amount of Rs. 2900 Crores for admitting liability of Rs. 65,000 Crores and the waiver itself was Rs. 62,100 crores whereby public money has been lost and the Financial Creditor have been settled for merely 5 to 10%. It is argued that no upfront payment let alone to the extent to meet compliance of Section 30 read with Section 53 are provided; that Non-Convertible Debentures have been adopted as modality to pay/discharge Appellant's debt. For such and other reasons and grounds raised in the Appeal filed by IFCI Ltd. Learned Counsel is finding fault with the Impugned Order. 6. Against ....
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....ount and Operational Creditors would also get a very meagre amount of only 0.72%. Out of total claim amount of Rs. 71,433.75 Crores, claims admitted are for Rs. 64,838.63 Crores and the plan is approved for an amount of only Rs. 2962.02 Crores which is only 4.15% of the total outstanding claim amount and the total hair cut to all the creditors is 95.85 %. Therefore, the Successful Resolution Applicant is paying almost nothing and 99.28% hair cut is provided for Operational Creditors (Hair cut or Tonsure, Total Shave). During the Course of hearing it is also submitted that voluminous number of Operational Creditors are also MSME and if they are paid only 0.72% of their admitted claim amount, in the near future many of these Operational Credi....
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.... Resolution Applicant with a suggestion, request to both CoC and the Successful Resolution Applicant to increase the pay-out amount to these Operational Creditors especially MSMEs." (Emphasis Supplied) 12. Further in paragraphs 9 and 10, it was observed by the Adjudicating Authority as under: "9. The registered valuers have valued the assets of the 13 companies situated throughout the country and the 13 companies have varied business interests, products, segments viz oil and gas assets, Consumer Electronics and Home Appliances such as manufacturing Air Conditioners, Refrigerators, LED/LCD TVs, Washing Machines, Air Coolers, providing Telecom Services, digital solutions, Real Estate, Electronic Retail Chain, Owner of Two Premium Brands e....
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....t's Authorized Representative from Deloitte Touche Thmastsu India LLP were 22, 20 & 20 representatives respectively in addition to the Applicant's Legal Counsel. Such a large number of Authorized Representative for the Applicant indicates either he is not fully prepared or monitory benefit (fees) to these Representatives. Therefore, we request IBBI to examine this issue as well and appropriate guidelines may be issued." (Emphasis Supplied) 13. It is argued that it is matter of concern that the Corporate Debtors in the consolidated proceedings had cash of Rs. 200 Crores and the SRA would bring in just 262 Crores and from that also first payment of Rs. 200 Crores will be brought in 25 Months. Beyond Rs. 262 Crores the rest was being....