AI Drafter 
TaxTMI 
TaxTMI 
2022 (1) TMI 1292
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....il Tea limited, the Corporate Debtor. 1.3. The underlying Company Petition in C.P. (IB) No. 1911/KB/2019 was filed by Ajit Kumar against Hail Tea Limited, the Corporate Debtor, under section 9 of the Insolvency and Bankruptcy Code, 2016, which was admitted vide order dated21.01.2020. 1.4. Initially, the Resolution Professional Mr. Madhur Agarwal (IBBI Reg. No. IBBI/IPA-001/IP-P00653/2017-2018/11127) was appointed as the Interim Resolution Professional (IRP). The Interim Resolution Professional was later confirmed as the Resolution Professional ("RP") of the Corporate Debtor vide order dated 25.11.2020. 1.5. During the pendency of the I.A. (IB) No.290/KB/2021, it was noted that the payment made to the Operational Creditors was not in equal proportion. Therefore, the successful Resolution Applicant ("SRA") filed an affidavit dated 27.07.2021, wherein the SRA proposed to make equal proportionate payments to the Operational Creditors. 1.6. The Resolution Professional requested the SRA to file a revised Resolution Plan. The SRA filed a revised the Resolution Plan from Pages 21 to 30, incorporating the change in the payment schedule for the Operational Creditors. The Resoluti....
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....ion), The Assam Tribune (Guwahati Edition), English dailies and Nagabrata (Bengali newspaper of Guwahati edition). 4.2. It is submitted that in response to the 2nd invitation for EoI, five EoIs were received. Thereafter, till the extended last date of submission Resolution Plan i.e. 19.10.2020, the Resolution Professional submits that three resolution plans were received from viz. (i) Shubham Bidasaria; (ii) M Sharma and (iii) Giriraj Plantation (P) Ltd. 4.3. The Prospective Resolution Applicants were given time till 07.11.2020 to review and revise their resolution plans which was extended to 14.11.2020 at their requests and final Resolution Plans were submitted by all three Resolution Applicants. 4.4. On 05.12.2020, the Resolution Plans were discussed in the 8th CoC meeting. The Resolution Plans were put for evoting, the CoC upon due consideration approved the Resolution Plan of M. Sharma dated 03.11.2020, a partnership firm, with 100% voting share [Annexure F; Pages 63 to 65 of I.A] in the e-voting held on 09.12.2020 to 11.12.2020. 4.5. The RP issued the Letter of Intent [Annexure G; Pages 66 to 67 of I.A.] ("LoI") to the Resolution Applicant ("RA") on 15.12.202....
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....al creditor in the CoC. Hence, no question arises for provision of dissenting financial creditor in the Resolution Plan. c. Management of the affairs of the Corporate Debtor after approval of the Resolution Plan. Clause 3.6 at Page 27 of the Resolution Plan. d. Implementation and Supervision Clause 3.8 at Page 29 of the Resolution Plan. e. Plan does not contravene any of the provisions of the law for the time being in force. clause 4.5 at Page 35 of the Resolution Plan f. Conforms to such other requirements as may be specified by the Board. - II. Measures required for implementation of the Resolution Plan in terms of regulation 37 of CIRP Regulations: Particulars Relevant Page of the Revised Resolution Plan dealing with compliance with Regulation A resolution plan shall provide for the measures, as may be necessary, for insolvency resolution of the corporate debtor for maximization of value of its assets, including but not limited to the following: transfer of all or part of the assets of the corporate debtor to one or more persons; Not proposed by the Resolution Applicant. b. sale of all or part of the assets whether subject....
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.... including financial creditors and operational creditors of the corporate debtor. Clause 3.0 at Page 21 of the Resolution Plan. 38(1B) A resolution plan shall include a statement giving details if the resolution applicant or any of its related parties has failed to implement or contributed to the failure of implementation of any other resolution plan approved by the Adjudicating Authority at any time in the past. Clause 4.9 at Page 40 of the Resolution Plan. 38(2) A resolution plan shall provide: a) the term of the plan and its implementation schedule; Clauses 3.7; 3.8 at Pages 28-29 of the Resolution Plan. b) the management and control of the business of the corporate debtor during its term; and Clause 3.6 Page 27 of the Resolution Plan. c) Adequate means for supervising its implementation. Clause 3.8 Page 29 of the Resolution Plan. 38(3) A resolution plan shall demonstrate that- a) it addresses the cause of default; Page 13 of the Resolution Plan. b) it is feasible and viable; Clause 3.7 at Page 28 of the Resolution Plan. c) it has provisions for its effective implementation; Clause 3.9 at P....
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..../- 0.00 Rs.1,07,21,592/- Other Statutory Liabilities Rs.3,73,304/- Rs.1,14,280/- Rs.76,186/- 0.00 Rs.1,90,466/- Fresh Investment in CD for revival ---- ---- ---- Rs.2,50,00,000/- Rs.2,50,00,000/- Total Rs.26,86,50,579/- Rs.7,76,81,241/- Rs.94,54,161/- Rs.6,50,00,000/- Rs.15,21,35,402/- Details on Management/Implementation and Reliefs as per the Resolution Plan - Salient Features 9. The Resolution Plan provides for: 1. Management of Company after resolution in clause 3.4 at Page 27 of the Resolution Plan. 2. Term of resolution plan in clause 3.7 at Page 28 of the Resolution Plan.; and 3. Implementation and Supervision of the resolution plan in clause 3.8 at Page 29 of the Resolution Plan. 10. The Reliefs, Exemptions and Waivers sought by the Resolution Applicant from the Adjudicating Authority are set out below for the successful implementation of the Resolution Plan. The orders there on are indicated against each. Waivers, Reliefs, and Exemptions sought under Clause 4.1 the Resolution Plan at page 31 Sl. No. Relinquishment/Waiver of Liabilities Orders thereon 1. All Cor....
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.... resolution plan does not ipso fact od is charge a personal guarantor of her or his liabilities under the contract of guarantee, which arises out of an independent contract. However, in so far as the Corporate Debtor itself is concerned, the same is granted, since the object of the Code is to enable a fresh start for the Corporate Debtor. Further, the judgment of the Hon'ble Supreme Court in Ghanashyam Mishra &Sons Pvt Ltd v Edelweiss Asset Reconstruction Company Ltd. [2021 SCC OnLine SC 313 decided on 13.04.2021] lays down that when the resolution plan is approved by NCLT, the claims as provided in the resolution plan shall stand frozen and will be binding on the corporate debtor, and its employees, members, creditors, including the central and state government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the Adjudicating Authority, all such claims which are not a part of resolution plan shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim which is not part of the resolution plan. 11. On perusal of the documents, we find that the Public Announcement m....