Virtual Business Solutions Pvt. Ltd. Vs Dev Versha Publication Pvt. Ltd. (NCLT Delhi)
NCLT Delhi held that resolution plan of corporate debtor Dev Versha Publication Private Limited submitted by resolution professional is approved since the same was approved by 100% voting share of CoC.
Facts- The present application has been filed u/s. 30(6) read with Section 31(1) of the Insolvency & 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 (‘Regulations’) by Mr. Sanjay Kumar Jha, Resolution Professional (RP) of Dev Versha Publication Private Limited (‘Corporate Debtor’), seeking approval of the Resolution Plan submitted by R.K. Advertising Service , Sole Proprietorship of Mr. Ashok Singhal (‘Successful Resolution Applicant’) as approved by the Committee of Creditors (‘CoC’) in its 9th CoC Meeting held on 11.05.2024.
Conclusion- Held that the Resolution Plan is in accordance with Sections 25(2)(h), 29A, 30(2), 30(4) and 31(1) of the IBC and also complies with Regulations 35A, 36B(4A), 37, 38(1), 38(1A), 38(1B), 38(2), 38(3), 39(1), 39(2) and 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Applicant/RP has filed a Compliance Certificate in the prescribed Form, i.e., Form-H as per the amended Resolution Plan in compliance with Regulation 39(4) of the CIRP Regulations. The Applicant/ RP submits that the Successful Resolution Applicant is not disqualified under Section 29A of the Code to submit the Resolution Plan, as required by Regulation 39(1)(a) of the CIRP Regulations. A separate undertaking has also been submitted along with the EoI by the Successful Resolution Applicant, as mandated in terms of Regulation 39(1)(c) of the CIRP Regulations. Thus, there is no impediment in giving approval to the Resolution Plan. Accordingly, we hereby approve the Resolution Plan which shall be binding on the corporate debtor and its employees, shareholders of corporate debtor, creditors including the Central Government, any State Government or any local authority to whom statutory dues are owed, guarantors, successful resolution applicant and other stakeholders involved.
