2020 (9) TMI 1243

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....r approval of the Resolution Plan of M/s. Amritvani Exim Private Limited which has been approved by the Committee of Creditors by a voting share of 82.75%. 2. The Financial Creditor M/s. Dena Bank (Now Bank of Baroda) had filed the CP(IB) No. 1440/KB/2018 for initiating Corporate Insolvency Resolution Process (in short CIRP) against M/s. Kharkia Steels Private Limited. The Application was admitted vide Order dated 20th September, 2019 by appointing Mr. Uday Narayan Mitra, as the Interim Resolution Professional. In the meeting convened on 19.10.2019, the name of IRP was confirmed as RP with95% voting share of the creditors. It was also approved by this Bench vide order dated 30.10.2019. Upon appointment of the Resolution Professional, the C....

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.... Annexure 'E' to the application. 4. It is further stated that the CoC in its 8thmeeting held on 6th March, 2020, has approved the Resolution Plan of M/s. Amritvani Exim Private Limited by a voting share of 82.75% and the applicant has already submitted Fourth progress report on 12.03.2020 before this Bench for approval of the Resolution Plan under Section 31(1) of the Code. The Committee of Creditors has exercised its commercial wisdom and voted on a resolution to approve the Resolution Plan. The matter was fixed for hearing on 24.04.2020, but due to closure of all offices in West Bengal from 22.03.2020 and thereafter due to a nationwide lockdown, from 25.03.2020 onwards,the matter could not be taken up. 5. Heard the Ld. Counsel Mr. Utsa....

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....e period of 270 days. 8. The Ld. Counsel for the Resolution Professional further submits that in compliance of Regulation 39(4), a Certificate in Form H of the Schedule as laid down in Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations 2016 has been annexed along with the resolution plan. With regard to Regulation 38, it was discussed that the plan addressed the interests of all stakeholders, provided for payment to Operational Creditors in priority over Financial creditors, addressed the causes of default, was feasible and viable, had provisions for its effective implementation and the resolution applicant had the capacity and experience to revive the operatio....