Rohit Motilal Agarwal Vs Cyperus Multitrade Private Limited (NCLT Mumbai)
In the case of Rohit Motilal Agarwal Vs Cyperus Multitrade Private Limited, the Resolution Professional filed an application seeking approval of the Resolution Plan submitted by M/s. Rishab Enterprises, which was approved by the Committee of Creditors (CoC) with 100% voting. The Resolution Plan involved the wholesale and trading business of electronic items, aiming for business expansion using the available resources of the Corporate Debtor.
The plan included provisions for infusing capital, cancellation of existing equity shares, appointment of new directors, and payment to creditors. The plan also addressed regulatory fees, CIRP costs, and prioritized payments to creditors. It complied with the mandatory requirements of the Insolvency and Bankruptcy Code, 2016, and IBBI regulations.
The National Company Law Tribunal (NCLT) approved the Resolution Plan, emphasizing the paramount importance of the CoC’s commercial wisdom in such matters. The approval included various directions regarding the plan’s implementation, extinguishment of existing shares, reliefs, amendments to MoA and AoA, and cessation of the moratorium.
Ultimately, the Resolution Plan was allowed and approved by the NCLT.
FULL TEXT OF THE NCLAT JUDGMENT/ORDER
1. The above I.A. is filed by Mr. Arun Kishanlal Bagaria, Resolution Professional of Cyperus Multitrade Pvt Ltd (Corporate Debtor) under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (Code) read with Regulation 39(4) of the IBBI (Insolvency Resolution Process of Corporate Debtors) Regulations, 2016 (Regulations, 2016) seeking approval of the Resolution Plan submitted by M/s. Rishab Enterprises (Successful Resolution Applicant) which was approved by the Committee of Creditors (CoC) by 100% voting at its 4th Meeting held on 25.10.2023.
