TaxTMI 
TaxTMI 
2025 (2) TMI 1965
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....507 of 2024 filed by the Appellant. The Appellant aggrieved by the aforesaid two orders, has come up in these Appeal(s). 2. Brief facts of the case necessary to be noticed for deciding both the Appeal(s) are: (i) The Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor ("CD") - M/s Usha India Ltd. commenced by order dated 05.10.2023. The Committee of Creditors ("CoC") was constituted by the Resolution Professional. The Appellant - Edelweiss Asset Reconstruction Company Ltd. has vote share in CoC of 0.17%. (ii) The RP published Form-G thrice. In pursuance of first publication of Form-G, no Plan was received. However, after second Form-G published Expression of Interests/ Resolution Plans were received from two entities. However, requisite Bank Guarantee being not provided by either of the parties, a decision was taken to publish fresh Form-G. Third Form-G was published on 10.05.2024 with deadline of submitting the Resolution Plan was set as 06.07.2024. (iii) On 01.07.2024, the Adjudicating Authority excluded 60 days period for completion of the CIRP, i.e. upto 31.08.2024. In 16th CoC Meeting held on 12.07.2024, RP informed that ....
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....bmitted that the Adjudicating Authority also committed error in rejecting IA No.507 of 2024 by which liquidation was sought by the Appellant. 5. We have considered the submissions of Learned Counsel for the Appellant and have perused the record. 6. IA No.425 of 2024 was the IA, which was filed by the RP for exclusion of 60 days time, which IA was filed on the basis of 19th Meeting of the CoC held on 23.08.2024. The Appellant has brought on record Minutes of 19th Meeting of CoC. The resolution was passed by the CoC with 95.01 %, which is recorded in the Item No.7, which is as follows: "7. To discuss on the requirement for Exclusion of 45/60 days' time period and appointment of Advocate Gunjan Jadwani for filing of Exclusion Application before Hon'ble NCLT Allahabad Bench The Resolution Professional discussed with the CoC Members at length about the requirement of the Exclusion citing the following major reasons in the completion of the CIRP Period. 1) Pending Outcome of the Writ Petition filed for Fixed Deposit before Delhi High Court 2) Pending receipt of the Improved Resolution Plan from the Resolution Applicant pursuant to pending....
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....rate Insolvency Resolution Process." The Resolution Professional, apprised the CoC Members that as per Regulation 25(3) of IBBI (Insolvency Resolution Process for Corporate Persons), 2016, the Resolution professional shall take a vote of the members of the committee present in the meeting, on any item listed for voting after discussion on the same. Further, as per Regulation 25(4) of IBBI (Insolvency Resolution Process For Corporate Persons), 2016 states that at the conclusion of a vote at the meeting the resolution professional shall announce the decision taken on items along with the names of the members of the committee who voted for or against the decision, or abstained from voting. The Resolution Professional asked the CoC Members to cast their vote through show off hands and the below responses were received from each of the present CoC Members. Authorized Representative from IFCI Limited, Stressed Assets Stabilization Fund & UTI Mutual Fund voted in favour of the Resolution for approval of Exclusion of 60 days' time period and authorization of the RP to file Exclusion Application before NCLT Allahabad Bench. Authorized Represe....
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....osits, maintained in the name of the Corporate Debtor, by Indian Bank was allowed by the Hon'ble Delhi High Court vide order dated 27.08.2024. The relevant portion of the judgment dated 27.08.2024 is reproduced below: - "11. Accordingly) there is no legal hindrance in allowing the relief claimed by the petitioner. Thus ) the present writ petition is allowed. The respondent bank is directed to immediately release the amount in the two Fixed Deposits held under Accounts No. [6274490077 and 6274489584 in the name of 'Registrar DRT-1 A/c Usha India Limited, Upper Ground Floor, Babur Road, New Delhi-110001] in favour of Usha India Limited i.e., the Corporate Debtor company through its IRP." 9. From the facts, as noted above, it is clear that the Resolution Applicant Dr. Mukesh Kumar Agarwal, who had withdrawn his Plan vide email dated 29.07.2024, subsequent to extension of time by CoC for submission of the Plan had submitted its Resolution Plan, which could not be considered on account of expiry of period of CIRP on 30.08.2024. The Adjudicating Authority has further noticed that Resolution Plan, which have been submitted has exceeded the liquidation value, which fact....