Jitendra Palande Vs Univastu India Ltd (NCLT Mumbai)
NCLT Mumbai held that the Resolution Plan submitted by Univastu India Ltd. which was approved unanimously by the members of the Committee of Creditors (CoC) and which meets the requirements of law deserved to be approved.
Facts- The Interlocutory Application was filed under Section 30(6) and Section 31, of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional (hereinafter referred as, seeking approval of the Resolution Plan, submitted by the Resolution Applicant – Univastu India Ltd., which was approved unanimously by the members of the Committee of Creditors.
Conclusion- Held that 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. The Resolution Plan is feasible and viable. The Resolution Plan balances the interest of all the stakeholders and thus it deserves to be approved.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. The above captioned Application was filed under Section 30(6) and Section 31, of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “Code”) by the Resolution Professional (hereinafter referred as (“Applicant”), seeking approval of the Resolution Plan, submitted by the Resolution Applicant – Univastu India Ltd., which was approved unanimously by the members of the Committee of Creditors (hereinafter referred to as ‘COC’).
2. The facts leading to the Application are as under:
a. Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated, vide an order dated 03.08.2021, under Section 9 of the Insolvency and Bankruptcy Code 2016 (hereinafter referred to as ‘the Code’) and Mr. Vithal M. Dahake, was appointed as Interim Resolution Professional. The IRP, constituted the Committee of Creditors. The COC in its 2nd meeting held on 18.09.2021 resolved to replace the IRP and appointed the present Applicant, as the Resolution Professional (RP), of the Corporate Debtor. The same was confirmed by this Tribunal vide order dated 28.10.2021, passed in I.A. No. 2195(MB)/2021. The IRP published a public announcement as per Section 15 of the Code, inviting claims from the creditors of the Corporate Debtor.
b. The Applicant made a Public Announcement dated 11.08.2021, in Form A in terms of Section 15 of the Code, read with Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“IBBI Regulations, 2016”) inviting claims against the Corporate Debtor from the creditors.
c. The claims received and admitted by Interim Resolution Professional are as under:
