Dhankalash Distributors Private Limited Vs Arena Superstructures Private Limited (NCLT Delhi)
NCLT Delhi subject to the observations, approved the Resolution Plan in respect of Arena Superstructures Private Limited (Corporate Debtor) as the Resolution Plan has been approved by the CoC with 71.11% of the members voting and is in accordance with the law.
Facts- The present interlocutory application was moved on 22.07.2022 by Mr. Ayyagiri Viswanadha Sarma, Resolution Professional of Arena Superstructures Private Limited, under the provisions of Sections 30(6) and 31(1)of the Insolvency & Bankruptcy Code, 2016 read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for approval of the Resolution Plan in respect of Arena Superstructures Private Limited (Corporate Debtor).
Conclusion- Held that the Resolution Plan has been approved by the CoC with 71.11% of the members voting in favour of the Resolution Plan. As per the CoC, the Plan meets the requirement of being a viable and feasible revival of the Corporate Debtor. By and large, there are provisions for making the Plan effective after approval by this Bench.
On perusal of the documents on record, we are satisfied that the Resolution Plan is in accordance with Sections 30 and 31 of the IBC and also complies with regulations 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations,2016.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1.1. The present interlocutory application bearing IA(IB)3392(PB) /2021 was moved on 22.07.2022 by Mr. Ayyagiri Viswanadha Sarma, Resolution Professional (“RP”) of Arena Superstructures Private Limited, under the provisions of Sections 30(6) and 31(1)of the Insolvency & Bankruptcy Code, 2016 (“the Code” or “IBC”) read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”) for approval of the Resolution Plan in respect of Arena Superstructures Private Limited (“Corporate Debtor”).
1.2. The Corporate Debtor is engaged in the business of Real estate activities which includes buying, selling, renting and operating of self-owned or leased real estate such as apartment buildings and dwellings, non-residential buildings, developing and sub-dividing real estate into lots, etc. and also act as an agent and advisors for selling, sub let of lands, houses or building whether multi stored, commercial or residential on commission basis and in the field of interior for house/ city, town planning for civil construction etc.
1.3. The underlying Company Petition CP (IB) 875(PB)/2020 was filed by M/s. Dhankalash Distributors Private Limited (“Financial Creditor”), against Arena Superstructures Private Limited (“Corporate Debtor”) under Section 7of the Code for initiation of Corporate Insolvency Resolution Process (“CIRP”) of the Corporate Debtor was admitted by this Adjudicating Authority vide order dated 29.10.2020 (“Admission Order”). Initially, Mr. Pawan Kumar Singal was appointed as the Interim Resolution Professional (“IRP”) who was later replaced by Mr. Ayyagari Viswanandha as Resolution Professional vide order of this Adjudicating Authority dated 09.06.2021.
2. Collation Of Claims By RP
2.1. The IRP made public announcement on 04.11.2020 in Financial Express (English) (NCR edition) and Jansatta (Hindi regional Language) (NCR edition) newspapers and called for proof of claims from the creditors of the Corporate Debtor and informed lenders to submit their claims as envisaged under the Code. Further it is stated that the COC was constituted on 02.12.2020.
2.2. The list of financial creditors of the Corporate debtor being members of the COC and distribution of voting share among them is mentioned as under:
