BVC Tradeport Private Limited Vs M/s Salebhai Internet Limited (NCLT Ahmedabad)
1. This application is filed on 21.11.2022 under Section 30(6) of Insolvency & Bankruptcy Code, 2016 by Mr. Vinod Tarachand Agrawal – Resolution Professional (RP) of the corporate debtor- M/s Salebhai Internet //Limited for approval of the Resolution Plan submitted by Mr. Smeet Dineshkumar Chaudhari.
2 .The averments made by the applicant/ resolution professional in the present application and as argued by the learned counsel are summarized as under:
(i) The corporate debtor was admitted in Corporate Insolvency Resolution Process (CIRP) on 08.12.202 1. Mr. Krunal Ramanbhai Tanna was appointed as Insolvency Resolution Professional (IRP). On 29.12.2021 the IRP made a public announcement of the CIRP of the corporate debtor thereby calling upon its creditors to submit their claim with requisite proof. The Committee of Creditors (CoC) was constituted with the sole operational creditor i.e. BVC Tradeport Private Limited having 100% voting percentage based on their debt
The said IRP was confirmed as RP, however in the 5th CoC meeting the CoC resolved to replace the RP and to appoint Mr. Vinod Tarachand Agrawal as RP. The same was approved by this Adjudicating Authority.
(ii) Meantime, the CIRP period of 180 days was about to get over, the RP, as per the resolution passed by the CoC requested this Adjudicating Authority to extend the CIRP period by 90 days and accordingly, the CIRP period was extended by this Adjudicating Authority vide its order dated 12.09.2022.
(iii) The CoC instructed the RP to publish Form-G calling upon the prospective resolution applicants to submit the EoI/Resolution Plans for the corporate debtor.
(iv) The RP published Form-G on 29.07.2022 in widely circulated English as well as local language newspapers. In response thereto, he received only two resolution plan of Mr. Smeet Dineshkumar Chaudhari & M/s Raj Radhe Finance Limited.
(v) The CoC discussed the proposal, which was received in the form of a Resolution Plan, in its 8th CoC meeting. Subsequent to the discussions and revisions in the plan, both plans were put to vote on 10.2022. The CoC approved the resolution plan submitted by Mr. Smeet Dineshkumar Chaudhari by 100% votes.
(vi) The resolution applicant- Mr. Smeet Dineshkumar Chaudhari has proposed to pay a sum of Rs.22,78,000/-. The details are as follows:
(Rs. in lacs)
