TaxTMI 
TaxTMI 
2021 (12) TMI 1361
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....ferred to as "COC") with 95.23% voting. 2. The Corporate Debtor was admitted into CIRP vide order dated 16.03.2020 passed by this Authority in an application filed by the Operational Creditor u/s 9 of IB Code 2016, wherein the moratorium was declared and Mr. Pawan Kumar Ramdhan Agarwal was appointed as the Interim Resolution Professional (hereinafter referred to as "IRP"). 3. The Resolution Applicant submitted that the period of lockdown was excluded from CIRP period after the insertion of Regulation 40C of CIRP Regulations, 2016 and the commencement of CIRP was started on 09.06.2020 after the lockdown was lifted. 4. The public announcement was made by IRP for submission of claims by creditors on 10.06.2020 in "The Indian Express" English edition and "Financial Express" Gujarati edition. 5. It is submitted by the applicant that after receiving the claims from the creditors the IRP had constituted the COC which comprised of 5 (five) Financial Creditors namely: City Union Bank, Small Industries Development Bank of India, Mahindra Financial Services Limited, IDFC First Bank Limited (erstwhile Capital First Limited) and Magma Fincorp Limited. 6. In the first meeting date....
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....sp; (a) above: (i) Who did not vote in favour of resolution plan 583.27 583.27 203.31 34.85% (ii) who voted in favour of resolution plan 12598.09 12598.09 4589.39 36.42% Total (a + b) 13181.36 13181.36 4792.7 36.36% 2. Unsecured Financial Creditors a) Creditors not having right to vote under section 21(2) NA NA NA NA (b) Other than (a) above: (i) Who did not vote in favour of resolution plan 48.06 48.06 5.00 10.40% (ii) who voted in favour of resolution plan Nil Nil Nil Nil Total (a + b) 48.06 48.06 5.00 10.40% 3 Operational Creditors (a) Related Party of Corporate Debtor NA NA NA NA (b) Other than (a) above Government 1347.60 1024.46 10.00 0.74% Workmen Nil ....
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....r approval has been duly approved by the CoC in its meeting dated 07.05.2021 by 95.23% voting. The Resolution Professional has given the requisite certificate that the plan complies with all requirements of Section 30(2) of IBC, 2016 r.w. relevant CIRP Regulations, 2016. On perusal of the Resolution Plan it shows that the Unsecured Financial Creditors will get a sum of Rs. 5 Lakhs against their total claimed amount of Rs. 48.06 Lakhs which is not less than Liquidation value. The Operational Creditors will receive a sum of Rs. 20 Lakhs as against their total claim of Rs. 11,126.45 Lakhs. The-Secured Creditors Will receive a sum of Rs. 4792.7 Lakhs against their total claim of Rs. 13181.36 Lakhs. The expenditure relating to CIRP cost has been kept by the Resolution Applicant a Rs. 75 Lakhs. No claims are submitted by the workmen. Thus, no provision for any payment is proposed in the Resolution Plan for workmen. The amount of Rs. 526 Lakhs for performance security is proposed to be paid within 4 business days of issue of Letter of, Intent in CIRP account. The amount of Rs. 24.59 Lakhs payable to operational creditors, financial creditors, unsecured financial creditors, statutory autho....
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....ovisions of the IB Code, 2016. 25. The Resolution Applicant has claimed various reliefs and concessions in the resolution plan. However, we grant the reliefs in the following manner and to this extent; 1. After the payment of dues to the creditors, as per the resolution plan, all the liabilities of the said stakeholders shall stand permanently extinguished after the approval of the resolution plan. We further hold that other claims including claims of Government/Statutory Authorities, whether lodged during CIRP or not, shall stand extinguished after the approval of the resolution plan. We further hold that contingent/unconfirmed dues shall also stand extinguished. 2. On the effective date and with effect from the appointed date, all encumbrances on the assets of the Corporate Debtor prior to the plan shall stand permanently extinguished on completion of procedural formalities as provided in Companies Act, 2013. 3. For reliefs and concessions sought from the Government/Statutory. Authorities regarding status of business permit for lapsed, expired, suspended, cancelled, revoked, terminated business of the Corporate Debtor, the Successful Resolution Appli....