In re Kamal Rajkumar Sharma (NCLT Mumbai)
NCLT Mumbai held that resolution plan submitted by M/s. Amphitrite Subsea Pvt. Ltd. for Dunnimaa Engineers and Divers Enterprises Pvt. Ltd., (Corporate Debtor) meeting requirements of section 30(2) of IBC and Regulations 37, 38, 38(1A) and 39(4) of the CIRP Regulations stands approved.
Facts- This application has been filed by Mr. Kamal Rajkumar Sharma, the Resolution Professional (Applicant/RP) of Dunnimaa Engineers and Divers Enterprises Pvt. Ltd., (Corporate Debtor) under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC/Code). The Application seeks approval of the Resolution Plan, submitted by ‘M/s. Amphitrite Subsea Pvt. Ltd’., the Successful Resolution Applicant (SRA), which was approved by 100% of the voting share of the members of the Committee of Creditors (CoC).
Conclusion- In Essar Steel India Limited v. Satish Kumar Gupta and Ors [(2020) 8 SCC 531], the Hon’ble Supreme Court clearly laid down that the Adjudicating Authority would not have the power to modify the resolution plan, which the CoC, in their commercial wisdom, have approved.
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 CIRP 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 same deserves to be approved.
