ORDER

Per: Prabhat Kumar, Member (Technical)

1. The Bench is convened by videoconference today.

2. This Application under Section 30(6), 31 and 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code) seeks the approval of the Resolution Plan submitted by the Successful Resolution Applicant.

2.1 The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by this Bench by an order dated 25.05.2020 under section 7 of the Insolvency and Bankruptcy Code 2016 (hereinafter referred to as ‘the Code’) (Admission Order) and Mr. Mukesh Verma, was appointed as Interim Resolution Professional, who was appointed as Resolution Professional (RP) of the Corporate Debtor vide resolution passed by CoC in its 2^nd meeting held on 11.07.2020.

2.2 It is submitted that the period of CIRP was extended by 90 days upto 20.02.2021 vide order dated 25.01.2021. It was further extended vide order dated 01.03.2021 for a period of 158 days wherein the period from 26.05.2020 to 30.10.2020 was excluded on account of the Covid Lockdown as stated in form H.

2.3 The IRP published a public announcement as per Section 13 & 15 of the Code, inviting claims from the creditors of the Corporate Debtor.

The RP issued Form-A under Regulation 6 dated 08.06.2020 calling the creditors to submit their claims. The last date for submission of proof of claim was 19.06.2022.

2.4 Furthermore, the Applicant after approval from the CoC in the 3^rd CoC Meeting held on 08.08.2020 published Form G dated 09.08.2020 inviting Expression of Interest from Prospective Resolution Applicants.

2.5 As the said form G did not elicit any response, the Applicant published another Form G dated 03.09.2020. However, the said invitation for expression of interest also did not elicit any response, thus, the Applicant, after instruction from the CoC in its 8^th CoC Meeting held on 12.11.2020 again published Form G dated 21.11.2020 wherein the last date for receipt of Expression of Interest was 06.12.2020 which was further extended by 02 days by the CoC till 08.12.2020 and the last date for submission of Resolution Plan was 01.02.2021.

2.6 In pursuance to the publication of Form G dated 21.11.2020, the provisional list of Prospective Resolution applicants was issued on 16.12.2020 and the Final list of Prospective Resolution Applicants was issued on 27.12.2020.

2.7 The applicant further states that, the Applicant had received two Resolution Plan namely from Steel Line (India) and M/s Puneet Alag; and the financial offers submitted by Both the Resolution Applicants were further revised and enhanced, and subsequently deliberated by the CoC in the meetings held on 08.02.202, 10.02.2021 and 12.02.2021.

2.8 At the 12^th CoC meeting held on 26.02.2021, the Resolution Plans received by the Applicant was to put forth for voting. The Applicant sought vote of the CoC members by electronic voting means, which was kept open for at least 24 hours, in accordance with the Regulation 26 of the CIRP Regulations on 01.03.2021. The said voting window was closed on 30.04.2021 after Multiple extensions.

2.9 Pursuant to this, the Resolution plan submitted by the M/s Steel Line (India) Private Limited was approved unanimously by the CoC as per Voting results of the CoC Members and was declared as Successful Resolution Applicant. The other plan submitted by M/s Puneet Alag was rejected by 100% vote.

2.10 The result of e-voting conducted was as follows:

3. The salient features of the approved Resolution Plan of Successful Resolution Applicant are as follows:

i. The summary of payments proposed to be made under the plan are as follows :  Clause 4.5: Summary Proposal of Resolution Applicant Clause 4.6 Details of Settlement Plan to various Creditors 4c Any other liabilities NA NA Please refer and Contingent Clause 5.3.6