TaxTMI 
TaxTMI 
2019 (12) TMI 1595
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....on to Shares, Immovable and Movable properties of the Corporate Debtor in favor of Resolution Applicant; d. To pass such other order(s) as this Hon'ble Tribunal may deem fit and proper in the facts and circumstance of the case. 2. Brief contents of the Resolution Plan are as follows:- a. The amounts provided for the stakeholders under the Resolution Plan are as under: S.No. Description of the payment Amount in Rs. 1 Insolvency Resolution Process Costs 28,00,000 2 Workmen dues Nil 3 CREDITORS 1. Operational Creditors 6,00,000 2. Secured Financial Creditors 5,50,55,000 3. Unsecured Financial Creditors Nil 4. Other Creditors Nil 4. Statutory Dues Nil TOTAL RESOLUTION PLAN AMOUNT 5,84,55,000 b. TERM OF PLAN AND IMPLEMENTATION SCHEDULE 38(2)(a): The indicative implementation schedule for this Resolution Plan is Set out below: S. No. Activity Timeline 1 Effective date Approval of this Resolution Plan by the Adjudicating Authority 2 Completion Date 45 days from the date of the approval o....
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....r any other creditors shall be entertained. 3. Resolution Applicant confirms and declared that all the provisions of any law for the time being in force have been complied and not contravened any of the provisions of the law for the time being in force as required under Section 30(2)(e) & 30(2)(f) of the Insolvency and Bankruptcy Code, 2016. 4. The details of the Resolution Applicant and the compliances as per code are enumerated in table as under: 1 Name of the Resolution Applicant M/s. Amarsons Pearls & Jewels 2 Corporate Structure Proprietary Concern, an ISO 9001:200 Certified Company. 3 Reg. Office Address Shop No. 1-7-395, Ground Floor, Opp. Nan King Restaurant, S.D Road, Park Lane, Secunderabad - 500003, Telangana. 4 Contact Person name and Phone No, email address Vijay Proprietor Phone No. 040 27816095, 6461317 Email id: [email protected] Website: amarsonspearl.com 5 Brief Description about the Applicant Applicant is one of the leading pearl jewelry suppliers and offers wide range of genuine pearls of the highest quality, value and designs and have experience over a period of two decades. 6 Compliances under the IBC an....
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.... as ascertained by the RP are as below: S.No. Item Fair Market value Realizable value Distress sale Value 1 * The property is situated at Survey No.394, Raikal Village, Farooqnagar Mandal, Ranga Reddy District, Telangana, The Factory premises is located on a piece of land admeasuring Ac 4-24guntas or say 4.60 acres 413.60 353.05 300.15 2 This property is situated adjacent to the factory site on the northern side with Land admeasuring Ac. 1.31 Guntas or say 1.78acres along with 2nos lean to roof sheds situated at Survey No.49/E & 50/E, Annaram Village, Farooqnagar Mandal, Ranga Reddy Dist, (formerly Maboobnagar Dist) Telangana. 65.75 55.90 47.70 3 This is an Agricultural dry Land admeasuring 8.00 Acres after road affected 7.50 acres. The property is situated Sy. Nos. 412 & 413, Aregudem H/o. Panthangi Village, Choutuppal Mandal, Yadadri-Bhongir Dist surrounded by a few industries on the southern side. 202.50 172.13 146.25 4 The Plant & Machinery relating to the factory situated at Survey No.394, Raikal Village, Farooqnagar Mandal, Ranga Reddy District, Telangana 106.85 88.05 67.00 Total Amount ....
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.... publication on 24th July, 2019 in two newspapers i.e., Financial Express for English and Nava Telangana for regional language to serve the notice to the Respondents in the matter of Shree Raghav Ispat (India) Private Limited in the application under section 30(6) & 31(1) of Insolvency and Bankruptcy Code, 2016 r/w Regulation 39 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016 to the Corporate Debtor i.e., Shree Raghav Ispat (India) Private Limited. 10. RP filed a memo dated 21.10.2019 wherein it is stated that the Resolution Applicant M/s. Amarson Pearls & Jewels submitted the Demand Draft for Rs.25,00,000/- drawn in favor of Shree Raghav Ispat India Pvt Ltd, dated 15th October, 2019 to the Resolution Professional on 16th October, 2019 and further vide memo dated 25.10.2019, RP stated that the members of CoC submitted their letter of acceptance of the Performance Guarantee submitted by the Resolution Applicant M/s. Amarsons Pearls & Jewels in the form of Demand Draft for an amount of Rs.25,00,000/- 11. RP filed a memo dated 01.10.2019, wherein it is stated that the Resolution Plan submitted by the Resolution A....
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....s may be specified by the Board. 14. Section 30(4) of the Code as it stands at present after the amendment reads as follows: - "(4) The committee of creditors may approve a resolution plan by a vote of not less than sixty-six percent, of voting share of the financial creditors, after considering its feasibility and viability, the manner of distribution proposed, which may take into account the order of priority amongst creditors as laid down in subsection (1) of section 53, including the priority and value of the security interest of a secured creditor and such other requirements as may be specified by the Board." 15. Section 30(6) of the Code enjoins the resolution professional to submit the resolution plan as approved by the committee of creditors to the Adjudicating Authority. Section 31 of the Code deals with the approval of the resolution plan by the Adjudicating Authority, if it is satisfied that the resolution plan as approved by the committee of creditors under section 30(4) meets the requirements as referred to in section 30(2). 16. Thus, before approving the Resolution plan, it is the duty of the Adjudicating Authority that it should satisfy itself that ....
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....ons Pearls and Jewels has submitted an affidavit pursuant to section 30(l) of the Code confirming its eligibility under section 29A of the Code to submit resolution plan. The contents of the said affidavit are in order. iii. The said Resolution Plan has been approved by the CoC in accordance with the provisions of the Code and the CIRP Regulations made thereunder. The Resolution Plan has been approved by two votes i.e., 100% of voting share of financial creditors after considering its feasibility and viability and other requirements specified by the CIRP Regulations. iv. The voting was held in the meeting of the 10th CoC on 28th June, 2019 where all the members of the CoC were present. 23. The Resolution Plan includes a statement under regulation 38(lA) of the CIRP Regulations as to how it has dealt with the interest of the stakeholders in compliance with the Code and Regulations thereunder. 24. It is also evident that the Resolution Plan placed before this Adjudicating Authority, was approved by the Committee of Creditors in its 10th CoC meeting dated 28.06.2019 with 100% votes cast in favour of Approval of Resolution Plan. 25. In K Sashidhar Vs. Indian ....