TaxTMI 
TaxTMI 
2019 (7) TMI 1984
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..... Zaid Mansuri. ORDER PER V. P. SINGH, MEMBER (JUDICIAL) 1. The applicant has filed this application seeking certain modification and clarification in our order dated 03.07.2019 in MA 689/2017 in CP 66/2017. 2. The Applicant has stated that the conditions forming part of schedule 2 of the Successful Resolution Plan are fundamental and essential for the successful implementation of the Resolution Plan and that it is not seeking any directions from this Tribunal to any authority to grant any concessions or reliefs or reinstatement of any leases but merely to allow the Successful Resolution Applicant to make these conditions as a part of the Successful Resolution Plan. It is stated that the Applicant will approach the relevant auth....
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....ification and modification in our order dated 03.07.2019 and the same are allowed to the extent provided below: a. In Para 80, we have held as below: "80. The plan also envisages that the Directorate of Geology and Mining, Government of Maharashtra having issued letter(s) granting its in-principle approval, without imposing any onerous conditions, for the reinstatement (together with the surface rights as applicable) of all mining leases ( and related licenses) of the Corporate Debtor that have lapsed, expired being cancelled, terminated or repossessed after having compounded, rectified, waived or dispensed with all non-compliances relating to such mining leases. Such a wider approval cannot be granted by this Adjudicating....
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....ative of the Committee of Creditors to control the Corporate Debtor till the time the Successful Resolution Plan is being implemented by the Successful Resolution Applicant, in consultation with and in trust for the Successful Resolution Applicant. c. In paragraph 86 and 87 of our order dated 03.07.2019, we have held as follows: "86. Clause 6 titled 'Pre-effective Date Conditions and obligations', absolving the Resolution Applicant of any obligation if the conditions outlined in Schedule 2 (Conditions to implementation of the plan) are not met to the satisfaction of the Resolution Applicant, cannot be accepted for being in contravention of IBC. 87. The resolution plan is conditional to the fulfilment of various co....
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....d extinguished on the approval of this resolution plan. The contingent liabilities shall exist, and no waiver can be provided for them." The paragraph 93 shall be read as follows: "The Resolution Applicant has sought extinguishment of all claims. However, it is clarified that only crystallised liabilities of the Corporate Debtor shall stand extinguished on the approval of this resolution plan. All claims that were either not filed or not admitted during CIRP in terms of the provisions of the Insolvency and Bankruptcy Code, 2016 shall stand extinguished. Further, claims admitted/verified by the Resolution Professional shall stand settled and extinguished as per the Resolution Plan." e. In paragraph 94 of our order ....
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....ercial bank. The Resolution Applicant had obtained as in-principal approval from the State Bank of India. The Resolution Applicant has also stated that the Bank Guarantee of Rs.50 crores would be forfeited if the Resolution Applicant fails to give effect to the Resolution Plan after its approval by this Tribunal. 9. We are satisfied by the information provided by the Resolution Applicant about its capability to implement the Resolution Plan and the information sought in paragraph 76 and 78 of our order dated 03.07.2019 is held as duly provided by the Resolution Applicant vide its Additional Affidavit. 10. In our order dated 03.07.2019, we have directed the Successful Resolution Applicant to file its acceptance report accepting the mod....