Union Bank of India Vs Era Infra Engineering Limited (NCLT Delhi)
1. The Present application i.e., I.A/1334/2023 has been filed under Section 30(6) read with section 31(1) of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (‘CIRP Regulations’) on behalf of Mr. Rajiv Chakraborty, Resolution Professional (‘Applicant’) of M/s Era Infra Engineering Limited (‘Corporate Debtor’), seeking approval of the Resolution Plan submitted by SA Infrastructure Consultants Private Limited (‘Successful Resolution Applicant’) and approved by the Committee of Creditor (‘CoC’) in its 32nd meeting through e-voting on 25.01.2023 with 87.08% voting in favor.
2. Facts as averred by the Applicant in I.A./1334/ND/2023
a) The Applicant submits that the Corporate Insolvency Resolution Process was initiated against M/s Era Infra Engineering Limited (‘Corporate Debtor’) by this Adjudicating Authority vide order dated 08.05.2018 in C.P IB-190/PB/2017, an application filed by Union Bank of India under Section 7 of the Code and Mr. Rajiv Chakraborty was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor. This Adjudicating Authority vide its order dated 18.12.2018 confirmed the appointment of the IRP as the Resolution Professional of the Corporate Debtor.
b) The Applicant submits that a public announcement was made by the IRP inviting claims from all the creditors of the Corporate Debtor in Form A under Regulation 6 of the CIRP Regulations, in the manner prescribed under the Code and was published on 15.05.2018. The last date for submission of the claims by the creditors was 28.05.2018.
c) The Applicant submits that pursuant to its appointment, the Applicant appointed two Registered Valuers namely GAA Advisory LLP and BDO India LLP as per Regulation 27 of the CIRP Regulations, to carry out the process of determining the fair value and liquidation value of the assets of the Corporate Debtor. The report given by the registered valuers is as under: –
