2022 (7) TMI 1036

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssional (hereinafter referred to as "IRP"). On 05.02.2021 the IRP made a public announcement of the CIRP of the Corporate Debtor and called upon its creditors to submit claims with requisite proofs in "Business Standard" English edition and "Sandesh" Gujarati edition. He collated the claims. On 26.02.2021 the IRP formed the Committee of Creditors (hereinafter referred to as "CoC") consisting of the following Financial Creditors having voting percentage right stated below: i. State Bank of India having 37.38% voting share ii. Canara Bank having 18.47% voting share iii. Bank of Baroda (includes Dena Bank) having 18.34% voting share iv. Union Bank of India (includes Andhra Bank) having 10.13% voting share v. IDBI Bank Limited having 7.29% voting share vi. HDFC Bank Limited having 6.29% voting share vii. Tata Capital Financial Services Limited having 1.62% voting share viii. Nirmal Hospital Private Limited having 0.22% voting share ix. Rishiroop Management Private Limited having 0.22% voting share x. Countwell Management Services Private Limited having 0.05% voting share 3. On 21.04.2021, the R....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 378,17,27,890/-. The total haircut under the proposed plan is 88.66%. The details are as follows: Sl. Description Amount (in Lakhs) 1 CIRP Cost 47.25 2 Proposal for Secured Financial Creditors 4255.00 3 Proposal for Unsecured Financial Creditors 5.00 4 Proposal for Operational Creditors 0.00 5 Proposal for Employees and Workmen 25.65 6 Statutory/Government Dues 0.00 7 Contingent Liabilities 0.00 8 Payment to Promoters 0.00   Total discharge 4332.90 10. The liquidation value and the fair value of the Corporate Debtor are reported at Rs. 33,21,17,358/- and Rs. 47,32,97,681/- respectively. The Resolution Applicant of M/s. Agarwal Coal Corporation Private Limited has proposed to pay a sum of Rs. 43,32,90,000/- within 90 days from the effective date against full and final payment for all the liabilities of a Corporate Debtor. 11. We now take up the Resolution Plan of M/s. Agarwal Coal Corporation Private Limited for examining the same in view of provisions of section 30(2) of the IBC, 2016. 12. Section 30(2)(a) requires that the Resolution Plan shall provide for the payment of the CI....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Committee, with reporting responsibility to the Managing Committee on regular basis. The operation of the day-to-day affairs of the Corporate Debtor shall be planned and executed in collaboration with all concerned departments of the Corporate Debtor, under the supervision and control of the managerial personnel of the Resolution Applicant, reporting directly to the Management Committee. With this, we hold that the provisions of section 30(2)(c) and section 32(2)(d) of the IBC, 2016 are complied with. 15. The RP has certified that the Resolution Plan does not contravene any provisions of law for the time being in force. On examination of the Resolution Plan, we also find that the Resolution Plan does not contravene any provisions of law. We also hold that the Resolution Plan is in compliance with the provisions stated in Regulations 38 and 39 of the IBBI (CIRP of the Corporate Person) Regulations, 2016, and the interests of all stakeholders are taken care of. The term of the plan is also stated. Hence, we see no reason to reject this Resolution Plan on any grounds. 16. As far as reliefs and concessions claimed by the resolution applicant, the law has been well settled by the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r the approval of the resolution plan. We further hold that contingent/unconfirmed dues shall also stand extinguished; b. On the effective date, all claims, except provided in the plan, of the suspended management, erstwhile directors, and erstwhile shareholders shall stand permanently extinguished; c. 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; and laws time in force as applicable; d. For reliefs and concessions sought from the Government/Statutory Authorities, we direct the Resolution Applicant to approach the concerned Authorities who shall decide the issues. e. As regard to relief prayed under various provisions of Income Tax Act, 1961, the corporate Debtor/Resolution Applicant may approach the Income Tax Authorities who shall take a decision on relief and concessions sought by the Resolution Applicant in accordance with the provisions of Income Tax Act, 1961. f. The Resolution Applicant shall be entitled to review, revise or termin....