The resolution plan approved must comply with statutory requirements and is binding on all stakeholders under the Insolvency and Bankruptcy Code.

ORDER

1. The present Application is filed by Shri Ramakrishnan Sadasivan (“Resolution Professional” / “Applicant”), the Resolution Professional of M/s Terrygold (India) Limited (“Corporate Debtor”), under Sections 30 (6) and 31(1) of the Insolvency and Bankruptcy Code, 2016 (“Code”) read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”), seeking the approval of the resolution plan of M/s CVK Technologies Pvt. Ltd. (“Successful Resolution Applicant”).

2.1 To put precisely, this Tribunal admitted the Company Petition filed by Stressed Assets Stabilization Fund, Mumbai under Section 7 of IBC and ordered commencement of CIRP against the Corporate Debtor on 31.03.2023 and appointed the Applicant herein as Interim Resolution Professional.

2.2 The Interim Resolution Professional in compliance with Regulation 6 made Public Announcement in Form A in Financial Express (All India edition) and Mana Telangana (Telangana edition) on 08.04.2023 inviting claims from creditors of the Corporate Debtor indicating the last date for submission of claims by the creditors as 20.04.2023.

2.3 The Applicant after collating the claims received from the creditors of the Corporate Debtor constituted the Committee of Creditors with the following members:

2.4 The list of claims received and admitted by the applicant are as follows:-

2.5 It is further stated that PF Department had vide mail dated 18.05.2023 (after 28 days from the last date for submission of claims) submitted a demand (not in claim Form) for Rs. 10,06,219/- payable by the Corporate Debtor, for which the RP had sought for certain details in support of their demand. Since there was no response to the reminder mail dated 30.06.2023 their claim was rejected on 18th July, 2023. Subsequently, the PF Department had on 18th August, 2023, submitted a revised demand for Rs. 21,16,039/- as against the earlier demand of Rs. 10,06,219/-. The RP had rejected the demand on the grounds of non-submission of claim form with unstable revision in figures, which has been communicated to the EPFO vide letter dated 25.08.2023. Subsequent to the rejection of PF Claim, a Show Cause Notice has been issued by the PF Department and the hearings are ongoing. As such it is stated that the demand outstanding is yet to be finalized as on the date of filing this application.

2.6 In response to publication of Form-G inviting Expression of Interest on 20.05.2023, the Applicant received interest from 06 Prospective Resolution Applicants, out of which 05 Prospective Resolution Applicants were included in the Final List of the Prospective Resolution Applicants (PRAs) and out of the 05 PRAs, 03 PRAs have submitted their Resolution Plans. After several rounds of negotiations, the Modified Resolution Plans were submitted by the Resolution Applicants and after considering the Feasibility and viability of the Resolution Plans, all the 3 Resolution Plans were put for E-Voting by the CoC Members. However, none of the 3 Resolution Plans secured the requisite majority of 66% of the Voting share of the CoC Members and thus all the 3 Resolution Plans were rejected by the CoC Members.

2.7 It is stated that, CoC Members in the 15^th COC Meeting held on 16.09.2023, resolved to re-run the CIR Process by re- issuing the Form G inviting prospective Resolution Applicants in order to explore the possibility of receiving resolution plans for revival of the CD. Accordingly, Form G was reissued on 25.09.2023 indicating the last date for submission of the Expression of Interest as 10.10.2023. In response to the 2^nd EOI, the Applicant received interest from the following 9 Prospective Resolut