TaxTMI 
TaxTMI 
2020 (9) TMI 1224
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...., 2016 (in short "IBC, 2016") for approval of Resolution Plan by this Authority u/s 31 of IBC, 2016. Another IA 398 of 2020 was filed by the Successful Resolution Applicant for granting extension of time for implementation of plan which was granted by Committee of Creditors (in short "CoC") for 180 days. This extension has been accepted by the Resolution Applicant. IA No. 398 of 2020 filed by Resolution Applicant in this regard was disposed of by this Authority vide its order dated 06.08.2020 by directing the Successful Resolution Applicant to submit amended Resolution Plan within two days from the date of our order. Such amended Resolution Plan has been submitted. 2. The facts, in brief, are that the Corporate Debtor was admitted in CIRP by allowing the application filed by the Operational Creditor u/s 9 of IBC, 2016. Order of admission was passed by this Authority on 12.11.2018 under which moratorium was declared. Corporate Insolvency Resolution Process was initiated and Mr. Narayan Gajanan Vidvans was appointed as Interim Resolution Professional ( "IRP" in shot). IRP published public announcement, collated claims received from the creditors and constituted CoC. The CoC was co....
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....der: 6. Learned Counsel for the successful Resolution Applicant appeared and narrated the basic facts. He drew our attention to the Resolution Plan in detail. Based upon the contents of the Plan, it was submitted that approved Resolution Plan complied with all the requirements of Section 30(2) of IBC, 2016 and r.w. relevant Regulations made thereunder. It was also submitted that Resolution Plan had been filed before the expiry period of CIRP as extended from time to time. He also pointed out that the extended time line of 180 days was also agreeable to the successful Resolution Applicant. Accordingly, he prayed for the approval of the plan. 7. We also noted that three IAs i.e. IA No. 88 of 2020, IA No. 89 of 2020 and IA 61 of 2020 were pending wherein issue of denial of input credit by the GST Department to the Applicant for the reason that Corporate Debtor had not deposited the tax nor it had uploaded the GST returns were also pending. We heard the learned counsel for the Applicant in these IAs. In some cases the claims were made before finalisation/approval of Resolution Plan which remained to be considered. In one case, the claim has been received after the approval of Res....
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....nd Operational Creditors Within 60 Days of the approval of by NCLT Order 9. It is provided that existing equity would be written down to zero and Resolution Applicant would infuse funds to the tune of Rs. 17,72,80,000/- by way of Equity and take control of 100% stake in the Corporate Debtor. For this purpose, following steps have been provided. 1. Capital Reduction 1.1 Nominal Face value of Equity Share of the Corporate Debtor held by the existing shareholders of the Corporate Debtor to be reduced to ZERO and completely written off without any consideration. 1.2 The proposed reduction of equity share capital neither involved diminution of any liability in respect of unpaid share capital nor the payment to any shareholder of any paid-up share capital. Accordingly, there is no outflow of/payout of funds from the Corporate Debtor and hence the interests of creditors are not adversely affected. Further, the reduction of the equity share capital and consolidation thereof would not impact the rights of the creditors in any manner whatsoever. 1.3 The requirement of adding "add reduced" in the name of hate Company to be dispensed with under the pro....
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...., if any, which are pending by or against the Company/ Corporate Debtor as those are the subject matter of the concerned Competent Authorities having their proper/own jurisdiction to pass any appropriate order as the case may be. 15. Resolution Plan stands modified to the extent of our direction given in this order and to be read along with such directions. Thus, not allowing of the above Reliefs, Concession, Relief and Dispensation, sought for in the Resolution Plan, is not going to make any hindrance for proper implementation of the Resolution Plan as those are the subject matter of jurisdiction of the concerned/appropriate Competent Authorities. The Resolution Applicant(s) has/have liberty to approach Competent Authorities for any concession, relief or dispensation as the case may be as when required for proper and effective implementation of the Plan. 16. 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 12.11.2018 passed by this Adjudicating Authority under Section 14 of I&B Code, 2016 s....