IBC Case Law
NATIONAL COMPANY LAW TRIBUNAL (I.B.C.) LANDMARK CASE
CASE: 3
NATIONAL COMPANY LAW TRIBUNAL,
PRINCIPAL BENCH, DELHI
M.A.544/2017 in
(CP No.
1032/I&BC/MB/MAH/2017)
IN THE
MATTER OF:
Pratik Ramesh Chirania …Petitioner
Vs.
Trinity Auto Components Ltd. …Respondent
Case
Filing Purpose:
Application has been filed under
Section 30(1) & (6) and an Order under Section 31, Under Section 60(5) of
I&B Code, 2016.
On receiving the Petition under
Section 10 of the Code filed on 18.05.2017 an order was passed on 25.05.2017
“admitting” the Petition by appointing IRP with an order for Commencement of
“Moratorium” as well as “CIRP”. The Corporate Debtor i.e. Trinity Auto itself moved the Petition to
commence the insolvency proceeding in respect of debts :
(i)
Financial debt of Axis Bank of rs.3.838 Cr.;
(ii) Secured
& unsecured Creditors rs.16.58 Cr.; &
(iii)
Operational debt of Rs.9.95 Cr.
The
appointed IRP had followed the procedure laid down by making public
announcement on 31.05.2017 inviting “Expression of interest for Submitting
Resolution Plan” constituting COC.
Thereafter,
in response one resolution plan was received , submitted by M/s Traini Steel
through Mr.Santosh Agrawal, one of the Director of Corporate debtor. In term of
Section 30(4), the COC approved the Resolution Plan by a vote of 96.45% of
voting shares of financial creditors.
Order of Tribunal:
1. NCLT
suggested few changes in the Resolution plan which are recognized as
inconsistency in Clause A of
Resolution Plan.
2. Tribunal
declared that Promoters are not willful defaulters. Hence their proposal is
acceptable as per latest amendment (I&B (Amendment) Act, 2017)
3. The resolution plan is approved
subject to the modification is suggested which is binding on the C.D. and
others involved in Resolution plan so that revival of the Company shall come
into force w.i.e. and Moratorium imposed shall be ceased.
CASE: 4
NATIONAL COMPANY LAW TRIBUNAL,
HYDERABAD BENCH, HYDERABAD
C.P. (IB) No. 11/10/HDB/2017
IN THE MATTER OF:
Kamineni Steel & Power India Pvt. Ltd. …Petitioner
Vs.
Kamineni Steel & Power India Pvt. Ltd. …Respondent
Order dated 27.11.2017
Order dated 27.11.2017
Provision:
Application
has been filed u/s 10 read with Rule 7 of (Application to Adjudicating Authority)
Rule, 2016
Facts of the Case:
1. The present application is filed by Kamineni Steel
& Power India Pvt. Ltd, corporate debtor represented by its K. Sashidhar,
Managing Director, under Section 10 of I&B Code, 2016.
2. NCLT admitted
vide order dated 10.02.2017 admitted the company petition and appointed Shri
C.B. Mouli as interim Resolution Profession(IRP) and director him to constitute
a COC.
3. Since the CIRP
could not be completed within the stipulated time of 180 days, an application
is filed by the Resolution Professional by seeking extension 90 days. Extension
has been allowed in CA 139 of 2017 vide order dated 27.07.2017.
Order of Case:
In
the aforesaid facts, provison of IBC and law, taking apractical approach
considering the place in which the unit is situated, to meet the ends of
justice by exercising power conferred upon this Adjudicating Authority, under
section 31(1) of IBC, 2016. We hereby
allowed the Company Petition C.P. (IB) No. 11/10/HDB/2017 with the
following direction:
We hereby approved the
resolution Plan /Revised OTS scheme as submitted by the Resolution Professional
vide affidavit dated 03.11.2017.
We hereby declared that the
moratorium imposed on 10.02.2017 in this case ceased to have effect from the
date of receipt of copy of this order.
We hereby direct that the
Resolution Plan/revised OTS Scheme of the Corporate debtor shall be binding on
the Corporate debtor and all stakeholders connected with resolution plan.
We also hereby direct the
Corporate debtor as promised by the Managing Director to reinstate all 450
employees who were on the roll of the Company before stopping the operation of
the company
We direct the Corporate debtor
to pay the amount of Rs. 0.13 crore to other Operational Creditors at the time
of making initial payment of 5% of OTS Scheme and the balance amount towards the
electricity dues.
The parties are at liberty to
make miscellaneous Company Application in order to seek clarification, if any,
required in implementation of the resolution Plan.
DISCLAIMER: The information given in this document has been made on the basis of the judicial order by adjudication authority. It is based on the analysis and interpretation of order. Under no circumstances whatsoever, the blogger shall be responsible for any loss, claim, liability, damage(s) resulting from the use, omission or inability to use the information provided in the document.
CS Diwakar Agrawal
PH: +91-9911746549
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