2018 (10) TMI 1952

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....ep Majumder, Advocate : For the Financial Creditor Mr. Susanta Datta, Advocate, Mr. Pradyut Kr. Das, Advocate : For DVC Mr. R.K.Maiti, Advocate, Mr. Sanjukta Gupta, Advocate : For the Central Excise Department Mr. Kuldip Mallik, Advocate : Jindal Stainless Ltd. Mr. Niladri Kanra, Advocate : Jindal Stainless (Hisar) Ltd. Mr. Joy Saha, Sr. Advocate, Mr. Siddhartha Dutta, Advocate, Mr. Suhani Dwivedi, Advocate, Mr. Anish N. Nanavaty, R.P. : For the R.P. ORDER The City Bank N.A. - Financial Creditor has initiated Corporate Insolvency Resolution Process (in short, CIRP) of the Corporate Debtor- M/s.Cosmic Ferrow Alloys Ltd. under section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code, 2016), as the Corporate Debtor wa....

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.... period for another 90 days. That application was allowed by this authority [CA(IB) No.578/KB/2018)]. 7th CoC meeting was held on 30.05.2018. RP put before the CoC all the three resolution plans for consideration of CoC. CoC after due deliberation and consideration approved the plan submitted by M/s. Consortium of United Tradeco FZC and QVC Exports Pvt. Limited by 95.86% of voting share. CoC instructed the RP to submit the same plan for approval of this authority as contemplated under section 31 of the I&B Code. 6. I have gone through the records. I have perused the Resolution Plan submitted for approval. I heard the Ld. Sr. Counsel, Mr. Joy Saha for the RP. 7. Section 31 of I&B Code requires that the Adjudicating Authority to approve....

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....ested for management of the affairs of the Corporate Debtor and it also provides mechanism for effective supervision and implementation of the plan. In view of this, I hold that the provisions of section 30(2)(b) and 30(2)(c) of I&B Code are complied with. One, Mr. Nitesh Kumar sworn an affidavit on behalf of the resolution applicant stating that the resolution applicant, Consortium of United Tradeco FZC and QVC Exports Pvt. Limited does not suffer from any disqualification as stated under section 29A of the I&B Code. The plan does not contravene any provisions of law and the same is in conformity with the provisions of I&B code. Resolution Professional has produced the certificate under Regulation 39(4) of the I&B Code in Form H stating th....