TaxTMI 
TaxTMI 
2022 (1) TMI 617
X X X X Extracts X X X X
X X X X Extracts X X X X
....uchi Jain, both are the erstwhile Board of Directors of Capricorn Food Products India Limited with the following prayers. i) To set aside the decision taken by the Resolution Professional to disqualify the Applicants vide email dated 13.07.2021 and allow the Applicants a fair opportunity submit their Resolution Plan and participate in the CIRP; ii) To direct the Resolution Professional to consider that the Corporate Debtor comes within the classification of Micro Small and Medium Enterprise as per the provisions of the Micro, Small and Medium Enterprises (MSME) in the MSME Act, 2006; iii) To direct that Resolution Professional to consider the Expression of Interest and the Resolution Plan which will be submitted b....
X X X X Extracts X X X X
X X X X Extracts X X X X
....P). Subsequently, the first CoC meeting was held on 14.12.2020, the IRP was appointed as RP. 4. The definition of Micro Small and Medium Enterprise (MSME) as contained in the MSME Development Act, 2006 was modified vide Notification No. SO.2119(E) dated 26.02.2020. It is submitted that the Accounts Manager and General Manager has applied for MSME Certificate and provided the necessary details to the MSME authorities on behalf of the Corporate Debtor under the UDYAM Scheme. Due to certain technical difficulties, UDYAM registration Certificate was issued only on 02.12.2020 and initial attempt to register on the said portal were made as early as on June 2020. Placed at page No. 45 of the Application is UDYAM Registration Certificate bearing....
X X X X Extracts X X X X
X X X X Extracts X X X X
....h CoC meeting held on 28.05.2021, wherein the RP informed the CoC that she has asked all the prospective Resolution Applicants to submit notorised Confidentiality Undertaking and Declarations along with the Resolution Plan. 8. On 30.06.2021 the RP asked the Applicants to submit 29A undertaking and Confidentiality Undertaking along with the Resolution Plan. Thereafter on 13.07.2021, the RP informed the Applicants that Eol submitted by the Applicants is ineligible as the Applicants are disqualified under the provisions of Section 29A(h) of the Insolvency & Bankruptcy Code, 2016 as the Personal Guarantee given to the Corporate Debtor has been invoked by a member of the CoC, one RBL Bank Limited and had informed that it has invoked the Guara....
X X X X Extracts X X X X
X X X X Extracts X X X X
....l: dcdi- [email protected] Dear Sir, Re: Registration of Capricorn Food Products India Limited- CIN No. U15499TN1998PLC041231 under MSME. I am Resolution Professional of Capricorn Food Products India Limited appointed by the Hon'ble NCLT, Chennai vide its order dt. 13th November 2020. A copy of the order is attached for your reference. It is to bring to your kind notice that as per IBC, the Directors of the Company are suspended once Corporate Insolvency Resolution Process is started and I am entrusted with the powers to manage the affairs of the Corporate Debtor - Capricorn Food Products India Limited. It has come to my notice that the Corporate Debtor Capricorn Food Products In....
X X X X Extracts X X X X
X X X X Extracts X X X X
....D PRODUCTS INDIA LTD. Enclosed: NUT Order, MSME Certificate" 12. It is further categorically stated that she has not applied for any MSME registration and that MSME certification was obtained after the CIR proceedings commenced, behind her back. 13. We have gone through the contentions and rival contentions of both the parties, it is admitted that MSME Certification was obtained behind the back of the RP and the person who applied for the said registration was never authorised either of board of directors or by the RP. Nowhere in the response, the RP has questioned the basic criteria based on which an enterprise can be registered as an MSME unit and whether the Company is eligible to be registered as MSME Unit at all....