TaxTMI 
TaxTMI 
2023 (5) TMI 1489
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.... The Plan was duly approved by 100% of the Committee of Creditors (CoC). 2. The Applicant submits that the Financial Creditor, Piramal Capital and Housing Finance Limited initiated the Corporate Insolvency Resolution process (CIRP) against the Corporate Debtor under Section 7 of the Code on 07.05.20201 and appointed the Mr. Arun Kapoor as the Interim Resolution Professional (IRP) of the Corporate Debtor. The Public announcement regarding the initiation of CIRP was made on 11.05.2021. 3. In the first CoC meeting held on 08.06.2021, CoC approved the replacement of the IRP and the Applicant herein was appointed as the RP of the Corporate Debtor vide Order dated 30.06.2021. Pursuant to the appointment of the Applicant as RP, the Applicant convened 19 CoC meetings. 4. In response to Form G published on 28.08.2021, RP received EOI from three PRA's and CoC approved the draft of RFRP and Evaluation Matrix. Since no resolution plan was received from any of the PRA's, the timeline for submission of the Resolution Plan was extended up to 27.11.2021. 5. In the 12th CoC meeting held on 24.02.2022, the PRA's presented their Resolution Plans. The Applicant informed the CoC that the la....
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....ores Only) for Insolvency Resolution of the Corporate Debtor. 2. As per the list of creditors as on 07.05.2021, there were no claims submitted by the Operational Creditors including workmen, employees of the Corporate Debtor and no corresponding liabilities have been disclosed in the Information Memorandum. Further, the Applicant states that there were two employees associated with the Corporate Debtor. However, they never reported to the Applicant during the CIRP nor filed any proof of claim. 3. The Resolution Applicant has liquid investment of over Rs. 20,00,00,000/- (Rupees Twenty Crores Only) largely in form of value of the marked listed equity shares and mutual funds. 4. Further, the Resolution Applicant proposes that it will either through itself or through SPV bring in and utilize an amount of Rs. 50 Crores within 30 days from the date of approval of the Resolution Plan by the NCLT in following terms :- Sr. No. Amount Instruments for infusion 1. Rs. 1 Crore Subscription to Equity Shares of the Corporate Debtor 2. Rs. 49 Crores By way of debt through party lending a similar of funding at the discretion of the Reso....
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....the Resolution Professional to examine each Resolution Plan received by 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 subsection (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 - (....
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.... Plan by the RP and the CoC as specified u/s 30(2)(d) of the Code. 16. The 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. 4,518.02 Lakhs and that of the Liquidation Value of all the assets is Rs. 3,608.28 Lakhs. 17. 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. 18. The RP has complied with the requirements 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. 19. 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 R....
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....in the following terms. ORDER (i) The Application IA No. 1415 of 2023 in CP 1474 of 2019 be and the same is allowed. The Resolution Plan submitted by Mr. Atul Richard Rawat (Metro Realty Group) is hereby approved. It shall become effective from this date and shall form part of this order. It shall be binding on the Corporate Debtor, its employees, members, creditors, including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force is due, guarantors and other stakeholders involved in the Resolution Plan. (ii) no person will be entitled to initiate or continue any proceedings in respect to a claim which is not a part of the Resolution Plan. (iii) The approval of the Resolution Plan shall not be construed as waiver of any statutory obligations/liabilities of the Corporate Debtor and shall be dealt by the appropriate Authorities in accordance with law. Any waiver sought in the Resolution Plan, shall be subject to approval by the Authorities concerned. (iv) This Tribunal will not deter such authorities to deal with any of the issues aris....