Amritvani Exim Pvt Ltd Vs Ajanta offset and Packaging Ltd. (NCLT Delhi)
Conclusion: Resolution Plan for corporate debtor (Ajanta Offset and Packaging Limited) was approved under Section 31(1) of the Insolvency and Bankruptcy Code, 2016, holding that it complied with all statutory requirements and was duly approved by the CoC. Accordingly, the plan was binding on all stakeholders, and the moratorium stood lifted.
Held: The present interlocutory application was moved on behalf of Mr. Satya, Resolution Professional (“RP” / “Applicant”) of M/s Ajanta Offset and Packaging Limited under the provisions of Sections 30(6) and 31(1)of IBC, 2016 read with regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”) for approval of the Resolution Plan in respect of M/s Ajanta Offset and Packaging Limited (“Corporate Debtor”). After completion of the process, a Resolution Plan was submitted by the Successful Resolution Applicant (SRA). The Committee of Creditors (CoC) approved the plan with the requisite majority under Section 30(4) of the Insolvency and Bankruptcy Code, 2016. An application under Section 30(6) and Section 31 of the Code was filed by the Resolution Professional seeking approval of the Resolution Plan. Adjudicating Authority examined the Resolution Plan and confirmed compliance with Section 30(2) of the Code. Tribunal held that once the CoC, in its commercial wisdom, had approved the plan, its decision could not be interfered with unless it violated the Code or other laws. It was held that Resolution Plan was approved under Section 31(1) of the IBC, 2016. The plan became binding on the Corporate Debtor, its employees, members, creditors, guarantors, and other stakeholders. The moratorium under Section 14 was lifted. The Resolution Professional was further directed to hand over all records, licences, plans, approvals of premises/ factories/ documents and all other relevant records relating to the Corporate Debtor, available with it to the SRA to finalize and co-operate on the further line of action required for starting the operation and implementation of this Plan. The Resolution Applicant should have access to all the records, documents and the premises through the Resolution Professional to finalize the further course of action required for starting and running the operations of the Corporate Debtor on a clean slate basis.
