IN RE Vs. DEVENDRA PADAMCHAND JAIN

JUDGEMENT

(1.) This is an Application filed by the Resolution Professional under Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan as approved by the Committee of Creditors in its meeting held on 25.10.2017 with 99.43% voting in favour of the Resolution Plan submitted by the Resolution Applicant.

(2.) The Corporate Debtor, Shirdi Industries Ltd. was put under Insolvency Resolution Process by an order of this Adjudicating Authority dated 18.5.2017, Mr. Devendra Padamchand Jain was appointed as Interim Resolution Professional (IRF) , the said IRP issued Public Announcement inviting the Creditors to submit the proof of their claim on 23.5.2017. The IRP conducted the first meeting of Committee of Creditors on 15.6.2017 wherein the IRP was confirmed as Resolution Professional, a decision was taken to conduct TEV study of the Corporate Debtor and the promt.iter of the Corporate Debtor was permitted to submit the Resolution Plan. On 16.6.2017, the RP appointed ITCOT Consultancy and Services Ltd for conducting TEV study and it was reported by ITCOT that the Corporate Debtor is technically and commercially viable. An advertisement was issued inviting expression of interest seeking investment in terms of Section 25(h) of the IB Code, 2016, for which there was no response.

(3.) The Applicant Resolution Professional further submits that the promoters have submitted their Resolution Plan on 21.6.2017, the same was discussed in the 3rd COC meeting held on 8.9.2017 and the Resolution Applicant was advised to submit revised Resolution Plan in line with restructuring agreement already made with 82% of Financial Creditors with adjustments based on provisions under IB proceedings and the change in timeline for payment.