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2022 (9) TMI 1684
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.... TRIBUNAL, AHMEDABAD - Tri<br>Dated:- 20-9-2022<br>IA/616(AHM)2022 In CP(IB) No. 81 of 2019 - -<br>Insolvency & Bankruptcy<br>Dr. Madan B. Gosavi (Member Judicial) And Kaushalendra Kumar Singh (Member Technical) For the RP : Mr. Navin Pahwa, Ld. Sr. Adv. along with Mr. Mayur Jugtawat, Ld. Adv. For the RA : Mr. Tirth Nayak, Ld. Adv. For the CoC : Mr. Nipun Singhvi, Ld. Adv. For the Suspended Management : Mr. Jaimin R. Dave, Ld. Adv. ORDER [PER: MADAN. B. GOSAVI, MEMBER (J)] 1. This application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "IBC, 2016") is filed by Mr. Vijay P. Lulla - Resolution Professional (in short "RP") of the Corporate Debtor - M/s. H. M. Industrial Pvt. ....
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.... Debtor. In pursuant thereto, the RP had received one Resolution Plan submitted by M/s. Maxim Tubes Company Private Limited. It was presented before the CoC but the CoC rejected the same. The RP proceed to file an application for the liquidation of the Corporate Debtor (IA No. 409 of 2020). When that application was pending for consideration, the RP and Learned Counsel for the CoC requested this Adjudicating Authority not to pass the order of liquidation on the ground that the CoC had then received one more Resolution Plan and they may be allowed to consider the same. Even Suspended Management of the Corporate Debtor filed an application (IA/260(AHM) 2022) opposing the prayer of passing the order of liquidation of the Corporate Debtor on th....
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.... our consideration on merit. 10. In the plan, the RP stated that once the plan is approved, the Resolution Applicant is proposing the Composite Scheme of Arrangement whereby the steel division of Corporate Debtor would demerge into Mangalam Worldwide Limited (MWL) and amalgamation of the Corporate Debtor with its agro products division into Mangalam Global Enterprise Limited. We hold that the Successful Resolution Applicant is entitled to resolve the insolvency of the Corporate Debtor by way of Scheme of Arrangement, Amalgamation, Demerger etc. Explanation to section 5(26) of the IBC, 2016 makes it clear that "For removal of doubts, it is hereby clarified that a resolution plan may include provisions for the restructuring of the corporat....
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....following table shows the financial outlay as suggested by the Resolution Applicant:- Particulars Amount (Rs. lakh) Proposed under Resolution Plan Scheme of Rs. (lakhs) 60 days from NCLT approval 90 days from NCLT approval Unpaid CIRP Cost 100.00 100.00 0.00 Secured FC 3121.25 0.00 3121.25 Unsecured Financial Creditors 5.00 0.00 5.00 Non Related 15.00 15.00 0.00 Operational Creditors including statutory dues Due towards Workmen/Employee (Admitted amount) 10.00 10.00 0.00 Total 3251.25 125.00 3126.25 It shows that the interest of stakeholders is taken care of in an equitable ma....
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....lan value is more than the liquidation value of the assets of the Corporate Debtor. 18. As far as reliefs and concessions claimed by the Resolution Applicant, the law has been well settled by the Hon'ble Supreme Court in the case of Ghanashyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited and Ors. reported in MANU/SC/0273/2021 in the following words: I. "The legislative intent behind this is, to freeze all the claims so that the resolution applicant starts on a clean slate and is not flung with any surprise claims. If that is permitted, the very calculations on the basis of which the resolution applicant submits its plans, would go haywire and the plan would be unworkable. II. We....