2022 (10) TMI 288

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....pproved by the requisite majority of the Committee of Creditors (CoC). 2. The Applicant submits that the Pentaaleon Packaging LLP, the Operational Creditor initiated the Corporate Insolvency Resolution process (CIRP) against the Corporate Debtor under Section 9 of the Code on 09.12.2020 and appointed Mr. Ramchandra Dallaram Choudhary as the Interim Resolution Professional (IRP) of the Corporate Debtor. The Public announcement regarding the initiation of CIRP was made on 06.01.2021. 3. Pursuant to receipt of claims, IRP constituted a Committee of Creditors (CoC) . the first CoC meeting was held on 03.02.2021. The second CoC meeting was held on 22.02.2021 wherein the name of the Applicant was proposed for the appointment of the Resolution Professional (RP) and the same was put to vote. Consequently, the CoC approved the name of the Applicant as RP and vide Order dated 31.05.2021 passed by this Tribunal and the Applicant was appointed as the RP. 4. The Applicants submits that Expression of Interest (EoI) was called from potential resolution applicants for the submission of the Resolution Plans for the Corporate Debtor. The advertisement (Form - G) was published on 13.05.2021 ....

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....ers of the CoC with 87.15% votes in favour of the Plan. 11. A Consortium Agreement dated 26.10.2021 is executed between Viraki Brothers, Anish Shah and Dipen Shah. 12. The final Resolution Plan meets the requirements of the Code and is in accordance with Regulation 39(4) of the CIRP Regulations. SALIENT FEATURES OF THE APPROVED RESOLUTION PLAN 13. The summary of the Resolution Plan is as under ;- Sr. No . Parameters Amounts Payable Source of Funds 1. Payment to all Stakeholders within T + 90 days 35.61 Crores 25 Crores shall be infused through Bank Treatment of all Stakeholders out of the above Payment/Outflow 1. Operational Creditors, excluding employees and workmen along with Statutory Dues Timelines : Within T+60 days - Rs. 0.20 Crores 0.20 Crores Infusion through Resolution Applicant 2. CIRP Cost Timelines : Within T +60 days - Rs. 1.71 Crores 1.71 Crores Infusion through Resolution Applicant 3. Employees and Workmen Within T+ 60 days - Rs. 0.10 Crores 0.10 Crores Infusion through Resolution Applicant 4. Operational Creditors ( Statutory dues) Within T + 60 days _ Rs. 0.05 Crores 0.05 Crores ....

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.... him to confirm that such plan, a) provides for the payment of insolvency resolution process costs in a manner specified by the Board in priority to the payment of other debts of the corporate debtor; b) provides for the payment of debts of operational creditors in such manner as may be specified by the Board which shall not be less than, i. the amount to be paid to such creditors in the event of a liquidation of the corporate debtor under section 53; or ii. the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in sub - section (1) of section 53, whichever is higher, and provides for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with subsection (1) of section 53 in the event of a liquidation of the corporate debtor. Explanation - For the purpose of this section - (i) it is hereby clarified that at each stage of the distribution of ....

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.... RP has certified through affidavit that the Resolution Plan is not in contravention to any of the provisions of law, for the time being in force, as specified u/s 30(2)(e) of the Code. In terms of Regulation 27 of the Regulations, Liquidation value was ascertained through two registered valuers. The aggregate of the average of Fair Value of all the assets is Rs. 3244.42 Lakhs and that of the Liquidation Value of all the assets is Rs. 2472.82 Lakhs. 26. One of the justifications for approval of this resolution plan is that the amount proposed under the plan is higher than liquidation value of the Corporate Debtor. 27. The RP has complied with the requirement of the Code in terms of Section 30(2)(a) to 30(2)(f) and Regulations 38(1), 38(1)(a), 38(2)(a),38(2)(b), 38(2)(c) & 38(3) of the Regulations. 28. The RP has filed Compliance Certificate in Form-H along with the Plan. On perusal the same is found to be in order. The Resolution Plan includes a statement under regulation 38(1A) of The Regulations as to how it has dealt with the interest of the stakeholders in compliance with the Code and the Regulations. 29. The Resolution Plan has been approved by the CoC in the with ....