2022 (1) TMI 770
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....lication filed by the Financial Creditor u/s. 7 of the IB Code, wherein the moratorium was declared and the Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") was initiated. Shri Ramchandra Dallaram Choudhary was appointed as Interim Resolution Professional (hereinafter referred to as "IRP"), who made public announcement in Form-A on 11.03.2021 and collated claims and constituted Committee of Creditors (hereinafter referred to as "CoC") comprising of 1 financial creditors, viz. Raajratna Metal Industries Limited, which was reconstituted on 21.04.2021, comprising of two financial creditors, viz. Raajratna Metal Industries Limited and Bavesh Tarachand Mahetaliya. 3. It is submitted by the applicant that the CoC in its 1st Meeting dated 08.04.2021 resolved to appoint IRP as RP (hereinafter referred to as "RP"). The RP, as resolved by the CoC made the public announcement in prescribed Form-G on 12.04.2021 for submission of EOI on or before 27.04.2021. Pursuant to publication of Form-G, one EOI was received from prospective resolution applicant who is also a Financial Creditor, viz. Raajratna Metal Industries Limited. 4. It is submitted by the applicant that a....
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....e scheme of amalgamation by this Adjudicating Authority. 10. It is submitted by the resolution applicant that upon approval of the Resolution Plan by the Adjudicating Authority, the resolution applicant shall not be liable for any liabilities which are neither appearing in the provisional balance sheet nor mentioned in the claim statement in response to the public notice under the IBC, except those which are admitted in the resolution plan. 11. It is submitted by the resolution applicant that upon approval of the Resolution Plan by the Adjudicating Authority, all licenses & consents to operate shall be available within 30 days of the completion date. 12. It is submitted by the resolution applicant that upon approval of the Resolution Plan by the Adjudicating Authority, all environmental business permits as required by the corporate debtor be granted by the Ministry of Environment, Central Pollution Control Board, and Pollution Control Board of Gujarat, and all other concerned Government Authorities. 13. It is submitted by the resolution applicant that upon approval of the Resolution Plan by the Adjudicating Authority, full waiver of other contingent dues/charges/interest/penalt....
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....ed to be granted/restored/renewed/reinstated as the case may be (by the concerned competent authority of State/Central Government/any other competent authority) at no additional cost to the Resolution Applicant. 18. It is submitted by the resolution applicant that upon approval of the Resolution Plan (including Scheme of Amalgamation) by the Adjudicating Authority, no further proceedings and/or formalities shall be required to be undertaken under the Companies Act and/or SEBI Regulations and the respective authority shall take cognizance of it on receipt of the copy of Order of Adjudicating Authority. 19. It is submitted by the resolution applicant that upon approval of the Resolution Plan (including Scheme of Amalgamation) by the Adjudicating Authority, no other payments or settlements (of any kind) shall be made to any other person in respect of claims filed under the CIRP (including, for the avoidance of doubt, any unverified portion of their claims) and all claims against the Corporate Debtor along with any related legal proceedings, including criminal proceedings and other penal proceedings, shall stand irrevocably and unconditionally abated, settled and extinguished with ef....
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....(including Scheme of Amalgamation) by the Adjudicating Authority, all pending proceedings of income tax department including but not limited to issue of notices or subsequent notices of assessment, re-assessment etc under Section, 143, 147, 148, 263 or any other provisions of Income Tax Act, 1961 for the period prior to the effective date shall stand extinguished on approval of the resolution plan by the Adjudicating Authority. No demand shall be raised against the Corporate Debtor for any period prior to the effective date of the resolution plan. 24. It is further submitted by the resolution applicant that upon approval of the Scheme of Amalgamation by the Adjudicating Authority, the Resolution Applicant be permitted to carry out necessary write off of assets, creation of additional liability or expenses, or write back of liability or provision (as the case may be) in the books of accounts of the Corporate Debtor or in the books of the Resolution Applicant as per the applicable provisions under the Companies Act, 2013. 25. It is further submitted by the resolution applicant that permission be granted to the applicant for drawing up the financial statements of the company for the....
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....ions, 2016 has been complied with. We further noted that the resolution plan complies with all requirements under Section 30(2)(b) of IBC, 2016. We also find that the resolution plan addresses the cause for failure and also contains measures to run the Corporate Debtor in future and that the resolution plan is both feasible and viable as held by CoC and it also contains provisions for its effective implementation. Accordingly, we being satisfied, approve the resolution plan and pass the following order: I. The approved 'Resolution Plan' shall become effective from the date of passing of this order. II. The order of moratorium dated 09.03.2021 passed by this Adjudicating Authority under Section 14 of IBC, 2016 shall cease to have effect from the date of this order. III. The Resolution Plan so approved shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors, and other stakeholders involved in the Resolution Plan. IV. The monitoring committee as proposed in Part R of the resolution plan shall be constituted for supervising the effective implementation of the Resolution Plan. V. The Resolution Professional, Shri Ramchandra Dallaram C....