In re Manish Bhchasia RP for Superdrawn Wire Industries Pvt Ltd (NCLT Ahmedabad)
NCLT Ahmedabad held that the resolution plan submitted by the Resolution Professional of Superdrawn Industries Private Limited (Corporate Debtor) stands approved at it has been approved with 100% voting share and plan meets the requirement of being viable and feasible.
Facts- The present application is filed U/s 30(6) & 31 of IBC read with Regulation 39(4) of the Insolvency Resolution Regulations, 2016 by the Resolution Professional of Superdrawn Industries Private Limited (Corporate Debtor) seeking to pass an order approving the Resolution Plan dated 19.07.2023 submitted by ASEL Financial Services Limited and duly approved by the CoC with 100% voting in accordance with Section 31(1) of the Code.
Conclusion- The Resolution Plan has been approved with 100% voting share. As per the CoC, the plan meets the requirement of being viable and feasible for the revival of the Corporate Debtor. By and large, all the compliances have been done by the RP and the Resolution Applicant for making the plan effective after approval by this Bench. On perusal of the documents on record, we are also 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.
Held that the Resolution Plan in question is hereby Approved by this Adjudicating Authority, subject to the observations made in this order. The Resolution Plan shall form part of this Order. The Resolution Plan is binding on the Corporate Debtor and other stakeholders.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. IA/933/AHM/2023 is an Application filed U/s 30(6) & 31 of IBC read with Regulation 39(4) of the Insolvency Resolution Regulations, 2016 by the Resolution Professional of Superdrawn Industries Private Limited (Corporate Debtor) seeking the following prayers:
(i) Pass an order approving the Resolution Plan dated 19.07.2023 submitted by ASEL Financial Services Limited and duly approved by the CoC with 100% voting in accordance with Section 31(1) of the Code; and/or
(ii) Pass an order directing that in accordance with Section 31(1) of the Code, the approved Resolution Plan shall be binding on all stakeholders of the Corporate Debtor; and/or
(iii) Pass any such order and or other further relief as the HonȂble Tribunal deems fit and proper in the interest of justice.
2. It is stated that CIRP commenced vide order dated 16.03.2022 on an application under Section 7 filed by Teco Industries and one Mr. Dilip N Jagad was appointed as IRP. Claims were invited by the IRP and CoC was constituted.
3. The CoC resolved to replace the IRP consequent to which this Tribunal, vide order dated 13.06.2022 in IA 488 of 2022, appointed one Dinesh Gopal Mundada as the Resolution Professional.
4. It is stated that IA 573 of 2022 was filed by one of the members of the CoC seeking full admission of its claim. Another IA being IA 682 of 2022 was filed challenging the constitution of the CoC. Vide order dated 23.08.2022 passed in IA 573 of 2022, this Tribunal stayed the CIRP process. The stay was extended from time to time and continued till the passing of the order dated 06.03.2023 in IA 682 of 2022. The operative part of the order is produced below:
“It is further noted that the RP did not inquire on the issue regarding related party even after serious grievance was raised by the Applicant vide mail dated 03.07.2022. Instead of inquiring into the issue of related party, the RP relied upon the confirmation of erstwhile IRP in which it was stated that Respondent No.2 to 4 do not fall under the definition of related party’ under section 5(24) and 5(24A) of IBC, 2016. Hence, we direct to replace the RP and appoint Mr. Manish Santosh Buchasia having registration no. IBBI/IPA-002/IPN00487/2017-18/11449 and mail id [email protected] as the RP of the Corporate Debtor.
We also direct fresh constitution of CoC of the Corporate Debtor in accordance with law. In view thereof, this application stands allowed.”
As such, it is seen that the applicant herein was appointed as the RP in the matter.
5. IA 397 of 2023 seeking extension/exclusion of time period of CIRP was ordered on 02.05.2023 by this Tribunal wherein the CIRP period was extended till 11.06.2023. It is stated that Form-G was published in various newspaper on 01.05.2023. Various entities expressed their interest. There were two Prospective Resolution Applicants on the last day viz. 24.05.2023. They were given time till 25.06.2023 for submission of the Resolution Plan.
6. Another IA being IA 673 of 2023 was filed by the RP seeking extension of CIRP which came to be ordered vide order dated 06.2023 and the CIRP period was extended by 90 days from 11.06.2023.
7. The 11th meeting of CoC was held on 14.07.2023 wherein Resolution Plans of following two entities were discussed and deliberated upon:
(i) ASEL Financial Services Limited
(ii) Serva Shanti Properties Limited
8. The CoC in the 11th meeting requested PRA to improve their respective Resolution Plans and submit revised plans within a week thereafter.
9. The 12thCoC meeting was held on 28.07.2023. The fair and liquidation value was discussed by the RP. In the same meeting, CoC with 100% majority resolved as under:
“RESOVLED THAT subject to the confirmation of National Company Law Tribunal, Resolution Plan submitted by M/s. ASEL Financial Services limited be and is hereby approved under Regulation 3 9(3) of the CIRP Regulations.”
“RESOLVED FURTHER THAT RP Manish Santosh Buchasia Resolution Professional, be and hereby authorized to prepare and submit necessary application to HonȂble NCLT, Ahmedabad Bench and he be and is hereby authorized to appoint Advocate(s), other professionals and to take all steps as may be required.”
And thereafter, the RP has filed the present application.
11. It is seen that under the plan, the Successful Resolution Applicant (SRA) being ASEL Financial Services Limited has proposed
the following: –
