TaxTMI 
TaxTMI 
2022 (9) TMI 680
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....M/s NRS Projects Private Limited for approval of resolution plan submitted by Mr. Nimit Sangani, one of the Promoters of the Corporate Debtor. 2. The said resolution plan has been approved by the COC in its 9th meeting held on 07.09.2020 by 73.03% votes. The following facts are not in dispute: a) The Corporate Debtor has been admitted in CIRP by order dated 25.07.2019. The Applicant was appointed as the IRP. b) There is no record available to show that exactly when public announcement of the Corporate Debtor was made. The IRP was obliged to make it within three days from the date of order of admission of CIRP as per Section 13(b) of IBC. However, upon receipt of the claims from the two Financial Creditors and three Operational Credito....
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....sed resolution to get CIRP period extended and accordingly it was extended by this Adjudicating Authority. It appears to us that pending the CIRP of this Corporate Debtor a legislature amended Section 5(8) of IBC giving home buyer the status, as the Financial Creditor of the Real Estate project. Thereafter, the home buyers lodged their claims with the IRP. IP, Mr. Sushil Tewary was continued to be representative of the home buyers in the COC. 6. It is seen from the material on record that one of the Promoters of the Corporate Debtor, Mr. Nimit Sangani had submitted EOI but he did not submit the resolution plan. The COC thought it fit to pass resolution to recommend liquidation of the Corporate Debtor. But, it was not passed. In sixth COC m....
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....Creditors except the Home buyers opposed this plan. 9. Section 30(4) of IBC states that COC may approve the resolution plan by vote not less than 66% of voting share. This resolution plan is approved by 73.03% votes, hence, it cannot be rejected on this ground. 10. The COC had approved the resolution plan by requisite voting percentage after considering its commercial feasibility and viability and hence this Adjudicating Authority has no reason to go into the commercial aspect of the resolution plan. We now examine the resolution plan in view of Section 30(2) and 31 of IBC. r.w. Regulation 38 of IBBI (Corporate Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 11. There are three dissenting Financial Creditors, One ....
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.... 100% 195930176 100% 13. Despite payment of 100% of total debt amount is made, all three Financial Creditors opposed the resolution plan. We were curious about the fact as to by why they are opposing the resolution plan. Learned counsel, Mr. Kunal Vaishnav appearing for one of such Financial Creditor submitted that the Financial Creditors have security interest in some of the flats in this project. They do not wish to relinquish the security interest therein. It appears to us that the dissenting Financial Creditors may be opposing the plan because in case the Corporate Debtor goes in liquidation they may get some more amount. This resolution plan pertains to the home buyers who are trying hard to get homes for which t....
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....the provisions of Section 240A of the IBC and submit the resolution plan. Such resolution plan has to be rejected at it is in contravention of provisions of Section 29A of IBC. 18. As against this learned Sr. Counsel, Mr. Navin Pahwa for the RP submitted that promoter of the Corporate Debtor individually permitted to submit the resolution plan and he cannot be held to be disqualified under Section 29A of IBC in view of Section 240A of the IBC, as the Corporate Debtor is MSME. Learned Sr. Counsel relied on the order of Hon'ble NCLAT in case of Saravana Global Holdings Ltd. and Anr. Vs. Bafna Pharmaceuticals Ltd. and Ors. (Company Appeal No. 203 of 2019). 19. It is not in dispute that the Corporate Debtor is MSME. It is also not in disp....
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....igible to submit the resolution plan though he is a related party of the Corporate Debtor in view of the Section 240A of the IBC because he is paying debt of all the stakeholders in equitable manner. 23. The term of the plan is in between 180 days to 720 days. In view of material on record, we hold that the resolution plan as submitted for our approval complies the provisions of Section 30(2),Section 31 and Regulation 30 of IBBI (CIRP of Corporate Person) Regulations 2016. We approve this plan and proceed to pass the following order: ORDER I. Application is allowed. II. The resolution plan for Corporate Debtor i.e., M/s NRS Projects Private Limited stands allowed as per Section 30(6) of the IBC, 2016. III. The approved 'Resolution P....