TaxTMI 
TaxTMI 
2020 (10) TMI 1305
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....mitted the Resolution Plan approved by the Committee of Creditors (hereinafter referred as "COC") and prayed for approval of the same under Sections 31 (1), 60 (5), of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as hereinafter referred as "IBC, 2016"), R/w Regulation 39 of the Insolvency and Bankruptcy Board of India (CIRP) Regulations, 2016. 2. The Financial Creditor viz., Stressed Assets Stabilization Fund had filed an Application, CP No. IB - 324/ND/2019 for initiating Corporate Insolvency Resolution Process (hereinafter referred as "CIRP") under the provisions of IBC, 2016 against the Corporate Debtor viz., Shree Bhomika International Limited (hereinafter referred as "Corporate Debtor"). This Authority vide Orde....
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....re placed before the CoC for discussion. The CoC sought modifications and asked the Resolution Applicant viz., M/s. Commodities Trading (hereinafter referred as "Resolution Applicant") to revise the Resolution Plan. The Resolution Applicant agreed to file revised resolution Plan of Rs. 4.5 Crore, the details of payments are as follows: a. Financial Creditors SASF - IDBI Bank Ltd will get Rs. 4 Crore b. Operational Creditor Noida SEZ will get Rs. 50 Lacs. 6. In the 4th meeting of the COC, convened on 06.01.2020, the Resolution Plan was approved by 100 % voting share by the Committee through E-voting mode that concluded on 07.01.2020 and the following resolution was passed: "RESOLVED THAT, the Resolution Plan sub....
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....d in the Resolution Plan is Rs. 4.50 Crore. The Average Fair Value of the Corporate Debtor as per the valuation Reports is Rs. 6.10 Crores. The Liquidation Value of the Corporate Debtor as per the valuation Reports is Rs. 4.25 Crores. • It is observed that the amount offered in the Resolution Plan is more than the Liquidation value. CIRP Cost: The Resolution Plan provides that the CIRP costs will be paid in full to the Resolution Professional as per the actual incurred in priority to payments to all other creditors (secured or unsecured), operational creditors, workmen and employees on approval of the Plan by the CoC. The CIRP Cost shall be included in the price offered for the other stakehol....
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....he CoC fall within the parameters of I&B Code, 2016, and other applicable laws. Therefore, from the plan approval date, all inquiries, investigation and proceedings, whether civil or criminal, suits, claims, disputes, interests and damages in connection with the Corporate Debtor or the affairs of the Corporate Debtor, pending or threatened, present or future in relation to any period prior to the plan approval date, or arising on account of implementation of this resolution plan shall stand withdrawn, satisfied and discharged. From the date of approval of the 'Resolution Plan' the Resolution Applicant shall be legally authorised to seek appropriate orders from respective authorities/courts/tribunals for renewal of licences/withdrawa....
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.... in case of the Resolution Applicant, even if he has been holding the position of the Managing Director or CFO in the Corporate Debtor. Form-H as required under Regulation 39 (4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution process for corporate persons) Regulation, 2016 and the evidence of receipt of performance security required under sub-regulation (4A) of Regulation 36B has also been filed by the Resolution Professional. Form-H, filed by the Resolution Professional indicates that the Fair value of the assets of the Corporate Debtor is Rs. and the Liquidation value is Rs. The offer made under the Resolution Plan is for Rs. 4.5 Crores that is accepted and approved by the COC, which is more than the Li....
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....n priority in payments. Section 30(2)(c) and Section 30(2)(d) of the IBC, 2016, And Regulation 38(2) of IBBI (Insolvency Process for Corporate persons) Regulations, 2016 There is no dissenting Financial Creditor. The Resolution Plan provides for reconstitution of the board of the Corporate Debtor for managing its affairs. The Resolution Plan provides that within 30 days of the approval of the Resolution Plan by this Authority, the Resolution Applicant will bring in total money from the existing liquidity of the Resolution Applicant. Section 30(2)(e) of the I & B code, 2016 The Resolution Plan provides that the implementation of the plan shall be jointly supervised by the Monitoring Committee. Section 30(4) of I&B Cod....