2022 (8) TMI 763

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.... M/s. Manojkumar & Company) u/s 9 of the IBC, 2016 wherein the moratorium was declared, under section 14 of the Code. Mr. Satyendra Prasad Khorania was appointed as Interim Resolution Professional (hereinafter referred to as "IRP"), who made a public announcement in Form- A on 10.10.2020 and constituted a Committee of Creditors (hereinafter referred to as CoC) comprising of 2 Financial Creditors namely, Punjab National Bank and Hero Fincorp Ltd. 3. It is submitted by the applicant that the CoC in its 2nd Meeting held on 23.11.2020 resolved to replace the IRP, Mr. Satyendra Prasad Khorania, by the resolution professional (hereinafter referred to as "RP"), Ms. Neelam Modi and replacement was confirmed vide order dated 15.01.2021. The registered valuer was appointed as per 3rd CoC meeting held 04.06.2021 and invitation for Expression of Interest (EOI) through Form-G was published on 20.12.2020. The resolution professional received 5 EOIs and only 3 were eligible to submit the resolution plan as per the criteria decided by the CoC in its 4th meeting. The final list of eligible resolution applicants was issued on 29.01.2021 and the last date of submission of the Resolution Plan was f....

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....n Applicant, viz Padam Shree Fabric and obtain the performance guarantee as per the resolution plan. The LOI has issued by the resolution professional on 13.05.2021 in favor of the successful resolution applicant and the copy of LOI and copy of the 9th CoC meeting are annexed with the present application. 9. It is further submitted by the Applicant RP that the resolution plan is in compliance with provisions of Section 30(2) of IBC, 2016 and Regulation 38 (3A) of the CIRP Regulations. 10. The amount provided for the stakeholders under the Resolution Plan is as under: (Amount in Rs.) Sl. No.  Category of Stakeholder*  Amount Claimed  Amount Admitted Amount Provided under the Plan#  Amount Provided to the Amount Claimed (%)  1 Secured Financial Creditors  9,82,46,479/-  9,54,82,394/-  6,11,08,732/-  64%  2 Unsecured Financial Creditors  25,16,514/-  23,19,726/-  4,63,945/-  20%  3 Operational Creditors- Amount for services/work  94,18,834/-  75,49,882/-  3,77,494/-  5%   Operational Creditors- Intere....

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....t of term loan issued by the Punjab National Bank dated 13.05.2022. ii. Fixed Deposit Receipts already made by the Resolution Applicant for Rs. 246.44/- lakhs as is mentioned in the letter issued by the Punjab National Bank dated 13.05.2022. iii. The net worth of the Resolution Applicant proprietory firm and his family is to the tune of Rs. 175/- lakhs as on March 31st, 2020. Copy of the net worth certificate is also annexed. 15. Vide order dated 31.05.2022, the Bench directed to the resolution applicant and resolution professional to file a statements/details describing the raising of the funds for the implementation of the resolution plan. In the compliance of the order, the learned counsel for the applicant filed the affidavit on 17.06.2022 providing the details and sources of the funds, which shall be used by the resolution applicant to fulfill the commitments under the resolution plan. The details of the infusion of funds are as under: S. No. Amount to be infused (INR) Timeline Source 1. 1,53,52,861 30 days Approved Term Loan vide letter dated 08.06.2022 for an amount of Rs. 542.75 Lakhs 2. 2,40,33,344  75 days Appr....

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....ation schedule and monitoring of the resolution plan and also contains measures to run the Corporate Debtor in future. Accordingly, we are satisfied to approve and allow the application. The Resolution Plan is approved with following order: I. The approved 'Resolution Plan' shall become effective from the date of passing of this order. II. The order of moratorium dated 07.10.2020 passed by this Adjudicating Authority under Section 14 of IBC, 2016 shall cease to have effect from the date of this order. III. The Resolution Plan so approved shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan. IV. The monitoring committee as proposed in point IX page 17(page No. 108 of the application) of the resolution plan shall be constituted for supervising the effective implementation of the Resolution Plan. V. The Resolution Professional, Ms. Neelam Modi, shall be released from the duties of the resolution professional of the Corporate Debtor as per the provisions of the IBC, 2016 and rules/regulations made thereunder. VI. The Resolution Professional ....