SREE METALIKS LTD Vs. SREI EQUIPMENT FINANCE LTD

JUDGEMENT

(1.) Shri Kuldeep Verma, insolvency professional, appointed in Insolvency Petition No. 16/KB/2017 has filed resolution plan under section 30(6) of the Insolvency and Bankruptcy Code, 2016 ('the Code') read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ('CIRP Regulations'), as approved by the Committee of Creditors ('CoC') of Sree Metaliks Ltd. for approval of this Tribunal. It is stated in the report that the resolution plan was presented by Mr. Mahesh Kr. Agarwal to the CoC. It is further noted that another resolution plan was submitted by resolution applicant, SREI Equipment Finance Ltd. in the meeting of CoC convened and held, by the relevant provisions of the Code and CIPR Regulations on 11th October, 2017.

(2.) It is further stated in the report that all the financial creditors (representing 100 per cent of the total claims submitted), who had filed the claims were present through their authorised representatives. CoC approved the resolution plan submitted by Mr. Mahesh Kr. Agarwal by 78.53 per cent of the voting share of the financial creditors of Sree Metaliks Ltd. It is further contended that in the meeting of the CoC, SREI objected to the resolution plan by Mr. Mahesh Kumar Agarwal. Sri Mahesh Agarwal also submitted an addendum to its resolution plan. CoC agreed to consider the addition provided by Mr. Mahesh Agarwal.

(3.) It is also stated in the Report that SREI objected to the resolution plan of Mr. Mahesh Kumar Agarwal on various grounds and after that Mr. Mahesh Kumar Agarwal sought modifications in his resolution plan. The CoC approved the resolution plan submitted by Mr. Mahesh Kumar Agarwal with 78.53 per cent voting share.