TaxTMI 
TaxTMI 
2022 (4) TMI 654
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....e Committee of Creditors of the 1 Corporate Debtor to consider the Resolution Plan dated December 29, 2020 submitted by the Applicant herein; iv) To pass any other relief as may deem fit and proper by the Hon'ble Tribunal; 2. IA(IBC)/508(CHE)/2021 is an Application which is again moved by the Applicant under Section 60(5) of IBC, 2016 seeking relief as follows; i) Grant an interim stay on the ongoing voting process of the Resolution Plan which had commenced on 17.05.2021 and which is scheduled to end on 24.05.2021 in order to facilitate the negotiations between the instant Applicant I RA and the CoC such that the Applicant's/RA Resolution Plan is also given a fair chance; or ii) Keep in abeyance any hearing and decision on any application filed by the RP under 30(6) for approval of resolution plan until the pendency of this Application; iii) To pass any other relief as may deem fit and proper by the Hon'ble Tribunal. 3. The Learned Counsel for the Applicant submitted that the Corporate Insolvency Resolution Process in respect of the Corporate Debtor viz. Bhatia Coke and Energy Limited was initiated by this Tribunal vide order dated 22.05.2019. The 1st Responde....
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..... Consequent to the same, it was submitted that the Applicant herein was declared to be one of the Final prospective Resolution Applicants along with 2 other Resolution Applicants vide e-mail dated 15.09.2020. 7. It was submitted that vide email dated 24.09.2020, the RP has sought for the password for the Resolution Plan submitted by the Applicant herein much before the CoC meeting was held and the Applicant wrote a mail to the RP requesting to ascertain if the settled process was that the opening of plans would have to be in the presence of the CoC and thereafter the RP is required to evaluate the Resolution Plan and submit the same to the CoC. In response to the same, it was submitted that the RP vide email dated 24.09.2020 stated that there is no settled process for presenting the plans to the CoC and that if the Applicant herein does not provide the passwords for the plan, the said plan would be rejected. However, the Applicant had thereafter immediately shared the password. 8. The Learned Counsel for the Applicant submitted that with regard to the Resolution Plan submitted by the Applicant, the RP responded vide email dated 27.09.2020 stating that the members of the CoC have....
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.... beyond the scope of RP. 12. The Learned Counsel for the Applicant submitted that the RP apart from raising numerous extraneous issues, has made a couple of observations with regard to the Resolution Plan submitted by the Applicant and the said observation pertain to the transactions between the Applicant herein and one M/s. Green Gold Global Resources LLP on the ground that the said Company is a related party and therefore the transaction debars the Applicant herein to provide the Resolution Plan for the Corporate Debtor. In this regard, it was submitted that to the best knowledge of the applicant neither the directors nor the promoters of M/s. Green Gold Global Resources LLP and that of the Corporate Debtor are same. 13. The Learned Counsel for the Applicant submitted that there is absolutely no bar for the applicant to provide the Resolution Plan in respect of the Corporate Debtor as the applicant is not in violation of any of the provisions of the IBC, 2016. Further, it was submitted that the aforementioned purported Related party is not a joint applicant/investor in the impugned Resolution Plan and it was submitted that when the applicant herein is not related party the RP h....
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....easons for rejecting it, that too after having sought various details and information. 16. The Learned Counsel for the Applicant submitted that the Applicant vide email dated 06.01.2021 requested the RP to provide further details of the purported violations of the RFRP and the response provided by the RP vide email dated 06.01.2021 is as follows; "The Non Compliance has been shared with CoC. By this Trick you are trying to stall the Resolution Plan at the instance of Ex-promoters Bhatia. Besides you are not H1" 17. The Learned Counsel for the Applicant submitted that the above said response of the RP is untenable and unsustainable as the Resolution Plan submitted by the Applicant has no association with the erstwhile promoters and management of the Corporate Debtor and therefore there is no question of playing any kind of trick to stall the CIRP of the Corporate Debtor. It was submitted that the RP is the one, who for the reasons best known to him has been creating multiple obstacles and hurdles in the path of the Applicant, who wishes to have the Resolution Plan submitted before the CoC and have the same deliberated and appropriately decided upon by them. 18. The Learned ....
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....med the members that RARE ARC was requested to provide details of transactions with GGGRL which was not provided despite several remainders as on 12th April 21. RP apprised the members on 1. Legal and financial experts opinion, which he relied upon 2. Legal opinion obtained from Adv Vikram Hedge (Adv on Record Supreme Court of India) 3. RBI Circular which disqualify the ARC and RARE ARC sell confession in Jeypore Sugars Limited case. 4. Judgments of Hon'ble Supreme Court in Anurag Jagatram in connection with Section 29A ineligibility. Also the Hon'ble Supreme Court has asked the provision of 29A has to be looked upon the principles of "See Though" 5. Fraudulent diversion of funds report confirmed by the forensic audit experts and the matter pending before Hon'ble NCLT. 6. Transaction with gold green which clearly establishes the disqualification. 7. The other RA may use this as a shield and take the dispute to a prolonged litigation which may adversely affect the assets of the CD and greater interest of stakeholders. A discussion then took place among the members and the RP, after which the Members were of the unanimous opinion that the Resolution Plan....
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....vt. Ltd. (ATPL), which is a part of an Indian multinational group engaged in manufacturing/trading of coke, coal and iron ore. The group has the following companies. a. Aqua Terra Logistics Pvt. Ltd. b. Rawmet Resources Pvt. Ltd. c. Terramin Resources Pvt. Ltd. d. Avani Resources Pte. Ltd. In the 11th CoC meeting dated 19.11.2020, while the erstwhile promoters were presenting their proposal to the members, they stated that their investor was Avani Resources Pte Ltd., which is a part of the same group company as Aqua Terra, who is the proposed investor of Rare ARC. It is inferred that both the ex-directors and promoters and Rare ARC are proposing the same investor as their source of fund. Hence there may be conflict of interest in the participation of Rare ARC through Aqua Terra Logistics Pvt. Ltd. 4. As per clause (h), the Resolution Applicant makes any misrepresentation. Rare ARC vide their email dated 24.11.2020 stated that their sponsor investor would be Mr. P.K. Jain, a NRI based in Singapore and his company. However, in the plan submitted on 29.12.2020, they changed their sponsor investor to M/s. Aqua Terra Logistics Pvt. Ltd. The 29A dues diligence for both ....
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.... Section 25(2)(h) of IBC, 2016. At this juncture, it is relevant to refer to Regulations 36A(8) and (9) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, which is extracted hereunder; 36A. Invitation for expression of interest. (8) The resolution professional shall conduct due diligence based on the material on record in order to satisfy that the prospective resolution applicant complies with (a) the provisions of clause (h) of sub-section (2) of section 25; (b) the applicable provisions of section 29A, and (c) other requirements, as specified in the invitation for expression of interest. (9) The resolution professional may seek any clarification or additional information or document from the prospective resolution applicant for conducting due diligence under sub-regulation (8). 27. Thus, it is seen that as per Regulation 36A(9) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the RP is at liberty to seek any additional clarification or additional information or document from the prospective Resolution Applicants for conducting due diligence under Sub - Regulation 8 of Regulation 36A in relation to ....