ORDER

Per: Kuldip Kumar Kareer, Member Judicial

1. The present Interlocutory application is filed by Mr. Hasti Mal Kachhara the Applicant, Resolution Professional of Steamline Industries Limited, the Corporate Debtor seeking approval of the resolution plan under section 30(6) 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 jointly submitted by Invent Assets Securitisation & Reconstruction Company Private Limited and GMT Pipes & Tubes Private Limited. The Plan was duly approved by 100% of the Committee of Creditors (CoC).

2. The Applicant submits that the Financial Creditor, Oriental Bank of Commerce, initiated the Corporate Insolvency Resolution process (CIRP) against the Corporate Debtor under Section 7 of the Code on 13.03.2019 and appointed Mr. Hasti Mal Kachhara as the Interim Resolution Professional (IRP).

3. The IRP made public announcements on IBBI website on 09.04.2019 and in the newspapers viz Free Press Journal and Navshakti on 10.04.2019.

4. There were two Financial Creditors and the total claim admitted of the Financial Creditors was Rs. 139,33,41,077.42/-. Further there were 9 Operational Creditors other than Employees and Workmen and the total claim admitted was Rs. 1,45,48,488/-. Further, no claims had been received from any of the employees and workers of the Corporate Debtor, since the same were fully paid by the Insolvency Professional during the CIRP period.

5. The CoC was constituted on 26.04.2019 and the IRP was appointed as the Resolution Professional (RP) on 08.05.2019.

6. The Applicant appointed two registered valuers namely M/s Adriot Valuation Services Pvt. Ltd. & M/s. Kanti Karamsey & CO. Advisors LLP to conduct valuation of assets of the Corporate Debtor.

7. In the 2^nd CoC meeting held on 11.06.2019, the RP invited Expression of Interest (EoI) for the purpose of submission of the Resolution Plan. The first advertisement for inviting EoI was published in Free press Journal, Navshakti and Sandesh (Gujarati Eidtion) on 14.06.2019 and for receipt of EoI by 04.07.2019 and receipt of Resolution Plan 15 days prior to the last date of the CIRP. Later the last date for invitation of EoI was extended from 04.07.2019 to 15.07.2019.

8. Seven Prospective Resolution Applicants (PRAs) showed interest and the said was recorded in the 3^rd CoC meeting held on 17.07.2019. Further, in the 4^th COC meeting held on 07.09.2019, the RP had received only three Resolution Plans and the RP informed the PRAs that the Plan submitted by them will be evaluated as per the Evaluation Matrix as approved by the members of the CoC. In the 6^th CoC meeting held on 22.10.2019, the PRA’s were asked to submit revised Resolution Plans along with the clarifications/replies as raised by the RP. The RP discussed the terms and conditions of the respective Resolution Plans and thereafter the members of the CoC asked the three bidders to revise their bid. Accordingly, one M/s Invent Assets Securitization and Reconstruction Pvt. Ltd. revised its bid and the members of the CoC also asked other 2 bidders to revise their bids. However, the other two PRA’s confirmed that the bid which they had provided earlier was the final one and they would not outbid the highest bidder i.e. M/s Invent Assets Securitisation and Reconstruction Pvt. Ltd.

9. In the 7^th CoC meeting held on 22.11.2019, the RP informed the PRA’s, that the bids have been shortlisted for Resolution based on evaluation and to submit their Resolution Plans, if any. Further, the RP informed the members of the CoC that one PRA i.e. M/s Invent Assets Securitization and Reconstruction Pvt. Ltd. submitted an addendum dated 25.10.2019 and 19.11.2019 and proposed to pay Rs. 2752.28 Lakhs against the admitted dues of all the Creditors of the Corporate Debtor.

10. In the 8^th CoC meeting held on 04.12.2019, Joint Resolution Plan submitted by M/s Invent Assets Securi