In re Charudutt Marathe (NCLT Ahmedabad)
NCLT Ahmedabad held that resolution plan submitted by Resolution Professional (RP) of the corporate debtor- Safeco Hygiene Films Pvt. Ltd. duly complies with regulations of CIRP Regulations, 2016 as well as IB Code and, the resolution plan is found to be both feasible and viable as held by CoC. Accordingly, the same is approved.
Facts- The present application under Section 30(6) & 31 of Insolvency & Bankruptcy Code, 2016 is filed by Mr. Charudutt Marathe, Resolution Professional (RP) of the corporate debtor- Safeco Hygiene Films Pvt. Ltd. for approval of the Resolution Plan submitted by Mr. Jaydeep Maheshwari.
Conclusion- Held that Regulations 36 to 39 of CIRP Regulations, 2016 have been complied with. We further noted that the resolution plan complies with all requirements under Section 30(2)(b) of the IB Code. We also find that the resolution plan addresses the cause for failure and also contains measures to run the Corporate Debtor in future and that the resolution plan is both feasible and viable as held by CoC and it also contains provisions for its effective implementation. Accordingly, we being satisfied, approve the Resolution Plan.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. This application is filed on 15.06.2023 under Section 30(6) & 31 of Insolvency & Bankruptcy Code, 2016 by Mr. Charudutt Marathe, Resolution Professional (RP) of the corporate debtor-Safeco Hygiene Films Pvt. Ltd. for approval of the Resolution Plan submitted by Mr. Jaydeep Maheshwari.
2. The averments made by the applicant/ resolution professional in the present application and as argued by the learned counsel are summarized as under:-
a) The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (hereinafter referred to as CIRP) by this Adjudicating Authority vide order dated 01.08.2022, in an application filed by Ayodhya Orchards LLP – the Financial Creditor u/s 7 of the IB Code, 2016 wherein moratorium was declared and CIRP was initiated. Mr. Charudutt Marathe was appointed as Interim Resolution Professional (hereinafter referred to as IRP). Thereafter, IRP made a public announcement in Form –A and collated claims and constituted the Committee of Creditors (hereinafter referred to as “CoC” for short) on 18.08.2022 consisting of two Financial Creditors namely M/s. Ayodhya Orchards LLP (having 68% voting share) and Union Bank of India (having 32% voting share).
b) Subsequently, Appeal was preferred against admission order dated 01.08.2022 by M/s. Loganmoy Ltd. Mathesan Trust Company (BVI) Ltd. before Hon’ble NCLAT. The Hon’ble NCLAT vide order dated 07.09.2022 directed the Applicant to ensure that Corporate Debtor is run as a going concern and Resolution Plan if any shall not be put to vote without leave of the court.
c) The CoC in its 1st meeting dated 24.08.2022 resolved to appoint applicant as Resolution Professional and the same was approved by this Adjudicating Authority vide its order dated 24.11.2022.
d) The CoC was reconstituted in terms of admission of new claim from an unrelated Financial Creditor, consisting of the following:-
