TaxTMI 
TaxTMI 
2023 (3) TMI 1640
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....sults dated 06.10.2022 consequent to the CoC meeting of even date. 2. The brief submissions on behalf of the Applicant is as under: 2.1 Vide order dated 19.01.2022, this Tribunal admitted the Company Petition No. 1224 of 2019 filed by the Financial Creditor and appointed the Mr. Sanjay Shrivastava as the Interim Resolution Professional ("IRP") in the matter. Subsequently the Applicant was appointed as the Resolution Professional vide order dated 01.04.2022 in IA No. 757 of 2022 filed by sole CoC member of the Corporate Debtor. 2.2 Pursuant to the admission order of this Tribunal, the erstwhile IRP had issued a Public Announcement under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations 2016, thereby inviting Claims of the Creditors of the Corporate Debtor. 2.3 The COC consists of the following members: 1. Centre for Economic and Social Inclusion Private limited (Financial Creditor) 100% 2. Opulence Global Purveying Private Limited (Operational Creditor having more than 10% of aggregate claim) - 3. Spectacular Media Marketing Private Limited (Operational ....
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....d and Resolution Applicant who was also invited to present and discuss. 2.10 The Applicant apprised the CoC about the latest Judgement of the Hon'ble Supreme Court dated 06.09.2022 in the matter of Rainbow Papers Limited and further discussed on the findings including treatment of Government Dues as Secured Creditors and verdict of Hon'ble Apex Court that, the Committee of Creditors, which might include Financial Institutions and other Financial Creditors, cannot secure their own dues at the cost of Statutory Dues owed to any Government or Governmental Authority or for that matter, any other dues. 2.11 In the 7th CoC meeting, Resolution Applicant (representative Mr. Rakesh Lahoti) presented the brief terms of Resolution Plan and every participant appreciated the fact that, the Admitted Claim of Government Department has been paid in FULL along with the admitted claim of Operational Creditors as on date of submission of the said plan. The RA also briefed that the priority of payment to Operational Creditors is also ensured. He also discussed that all the claim of Government Dues, Operational Creditors and Financial Creditors is to be paid within 25 days of ....
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.....13.17 Resolution Plan has proposed that if any recovery takes place before the NCLT approval date, it will go solely to the benefit of Resolution Applicant. 2.18 The monitoring committee will comprise of total 3 members, which will consist of one member Nominated by CoC; one member Nominated by Resolution Applicant and the Resolution Professional himself, who shall also be the chairperson of Monitoring Committee. 3. The Applicant submitted that the Compliance Certificate in revised Form - H under Regulation 39(4) of the Regulations showing the compliances of the Plan as mandatorily required under the Code and Regulations and that the Plan had been approved by the CoC. Revised Form H was filed to incorporate the modification in distribution of resolution plan amount consequent to query raised by this Bench. He has also certified therein that: i. The said Resolution Plan complies with all the provisions of the Insolvency and Bankruptcy Code 2016 (Code), the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) and does not contravene any of the provisions of the law for the time being ....
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....; 3.2 The Plan provides for 100% cancellation of existing shares. 3.3 The applicant has further submitted in Form H that - a. The Resolution Applicant meets the criteria approved by the CoC having regard to the complexity and scale of operations of business of the Corporate Debtor; b. The Resolution Applicant is eligible to submit resolution plan as per final list of Resolution Professional or Order, if any, of the Adjudicating Authority; c. The Resolution Applicant has submitted an affidavit stating that it is eligible; d. The Resolution Applicant or any of its related parties has not failed to implement or contributed to the failure of implementation of any resolution plan approved under the Code; e. The resolution applicant has the capability to implement the resolution plan; f. The Resolution Plan provides for: i. payment of insolvency resolution process costs, ii. the payment to the operational creditors, iii. the payment to the financial creditors who did not vote in favour of the resolution plan, iv. the management of the affairs of the corporate debtor, v. the implementa....
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....s disputed demand of Rs. 18,41,92,933/- raised by department of GST, Government of Maharashtra, no claims have been filed by such Department, hence, no sum is payable to the Department in the absence of claim as required under amended provision of Regulation 12 (2) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation, 2016 as applicable from 04.07.2018. It is also submitted as regards claim of one of Operational Creditor pending before this Tribunal under IA No. 3772 of 2022, the same shall be treated as per Resolution Plan under category of Operational Creditor in case it is allowed by this Bench. Further, the claim of another Operational Creditor filed on 11.11.2022 is not maintainable as the same has been filed after filing of present Application. 4.2 In view of the discussions and the law, the instant Resolution Plan meets the requirements of Section 30(2) of the Code and Regulations 37,38,38(1A) and 39 (4) of the Regulations. The Resolution Plan is not in contravention of any of the provisions of Section 29A of the Code and is in accordance with law. Therefore, the present application deserves to be allowed. ....