Prama Hikvision India Private Limited vs PMS-COM-PRO (India) Private Limited

2.

Amount claimed to be in default and the date on which the default occurred (attach the workings for computation of amount and dates of default in tabular form)(a) The total amount claimed to be in default is Rs. 1,58,30,827/- (Rupees One Crore Fifty-Eight Lacs Thirty Thousand Eight Hundred and Twenty Seven Only) comprising of: (i) Interest of Rs.49,22,239/- (Rupees Forty Nine Lacs Twenty Two Thousand Two Hundred and Thirty Nine Only) calculated at 12% p.a. on Rs.1,09,08,588/- being the total outstanding amount under various invoices (“Annexure-4 Series”) from the date on which each invoice become due to 31^st December 2022; (ii) Pending and outstanding principal amount due of Rs. 1,09,08,588/- (Rupees One Crore Nine Lacs Eight Thousand Five Hundred and Eighty-Eight Only). (b) The amount claimed in default under the aforementioned Invoices first invoice fall due on 29^th July 2019 onwards. (c) The working for computation of default / amount due and the dates of default in tabular form is produced herewith as “Annexure-7”.

Declaration with respect to compliances of provisions under Code and Regulations

I Mohd Nazim Khan hereby certify that-

i.

The said Resolution Plan of Mr. Yogesh Mittal complies with all the provisions of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) including the provisions and Regulations as per the table below:

DECLARATION UNDER SECTION 29A OF I.B Code, 2016

In the matter of Corporate Insolvency Resolution Process of PMS-COM-PRO (India) Private Limited under the provisions of the Insolvency and Bankruptcy Code, 2016

AFFIDAVIT

I, Mr. Yogesh Mittal, son of V.K Mittal aged 53 Resident of H No A-11, Nirman Vihar, east Delhi, Delhi- 110092, the Deponent, do hereby solemnly affirm, state and declare as under:

1.

That I am fully conversant with the facts and circumstances of the matter and I am also duly empowered and competent to swear and affirm this affidavit.

2.

That I have understood the provisions of Section 29A of the Insolvency and Bankruptcy Code, 2016 ("IBC"). I confirm that neither Mr. Yogesh Mittal nor any person acting jointly or in concert with Mr. Yogesh Mittal is ineligible under Section 29A of IBC to submit resolution plan(s) in the Corporate Insolvency Resolution Process of PMS-COM-PRO (India) Private Limited under the provisions of the Insolvency and Bankruptcy Code, 2016.

3.

That I have not been rendered ineligible under the provisions of Section 29A of the Insolvency and Bankruptcy Code, 2016.

4.

That I therefore, confirm that Mr. Yogesh Mittal is eligible under Section 29A of the Insolvency and Bankruptcy Code, 2016 to submit a resolution plan for PMS-COM-PRO (India) Private Limited.

5.

That I confirm that the said declaration and disclosure is true and correct.

6.

That I am duly authorized to submit this document by the UBC.

Yogesh Mittal Deponent

HDFC BANK We understand your world M.S. PMS-COM-PRO (INDIA) PVT LTD A/C CIRP 839 BLOCK-E-16 BAPA NAGAR KAROL BAGH NEW DELHI 110005 DELHI JOINT HOLDERS: Account Branch : EAST PATEL NAGAR MAIN ROAD BRANCH Address : HDFC BANK LTD 2/2 EAST PATEL NAGAR MAIN ROAD EAST PATEL NAGAR City : NEW DELHI State : DELHI Phone no. : 18002600/18001600 OD Limit : 0 Currency : INR Email : [email protected] Cust ID : 295252080 Account No : 5020009658817 BRM A/C Open Date : 30/07/2024 Account Status : Regular RTGS/NEFT IFSC: HDFC0000144 MICR: 110240022 Branch Code : 144 Product Code : 202 Nomination : Not Registered

DECLARATION OF RESOLUTION APPLICANT TO THE EFFECT THAT THE RESOLUTION PLAN IS NOT IN CONTRAVENTION OF THE PROVISIONS OF THE APPLICABLE LAW

1, Resolution Applicant, do hereby declare and confirm that the Resolution Plan contemplated herein is not in contravention of the provisions of the Applicable Law.

Agreed by Yogesh Mittal

Yogesh Mittal

Yogesh Mittal Resolution Applicant

Place: New Delhi Date: 05/09/2024

2.4

Present status of Corporate Debtor, Reasons for Distress, Causes for Default and address thereof

As per our understanding and detailed in Information memorandum, the reason for the present position of the Corporate Debtor is attributed to the following factors:

As per our research and based on the information provided by the Resolution Professional, the reason for the present position of the Corporate Debtor is the Financial Crises of the Corporate Debtor. The bad shape of the economy, demonetization, harmful impacts of Goods and Services Tax, poor market conditions and the impact of pandemic Covid-19 leads to the financial crises of the Corporate Debtor.

8.13. Feasibility and Viability of the Resolution Plan

The Resolution Plan proposed by Resolution Applicant is in compliance with IB Code and its regulations. Resolution Applicant has proposed the upfront payment to the stakeholders which has been discussed in the chapter V (financial proposal).

The resolution applicant is quite experienced and have enough business acumen and will appoint technically capable professional to handle and revive the Corporate Debtor in the best interest of all the stakeholders. The Resolution Plan also states the process of its implementation and management to make it feasible and viable.

5.11.27

That the Resolution Applicant shall unconditionally and irrevocably implement the Resolution Plan and shall not back out at any time from implementation of Resolution plan during its tenures if any relief or concession as asked for in the resolution plan is not granted by the Hon'ble National Company Law Tribunal in pursuant to the provision of the Insolvency and Bankruptcy Code, 2016.

5.10 INDICATIVE TIMELINE FOR IMPLEMENTATION/ IMPLEMENTATION SCHEDULE

The Resolution Plan shall be implemented in the following manner, as per the timelines stated below or as per applicable laws:

TO WHOM IT MAY CONCERN

On the basis of information and explanation produced before us for our verification by Mr. Yogesh Kumar Mittal (PAN: AADPM3343B) S/o Vijendra Kumar Mittal R/o B-2, Preet Vihar Delhi – 110092, we hereby certify that the total Net Worth of Mr. Yogesh Kumar Mittal is Rs.561.29 Lakhs as on 07.08.2024, the details of which is given below:-

S No.	Particulars	Amount(In Lacs)
1.	Investment in Share Capital of Company	53.54
2.	Investment in LIC policies	14.52
3.	Investment in securities of Company	483.23
4.	Investment in silver	10.00
	Total	561.29

We, further confirms that the other assets and the liabilities if any have not been taken into account in preparing this net worth certificate. And any loan taken against the above assets is not known to us.

This certificate is issued on the request of Mr. Yogesh Kumar Mittal.

For J S Bedi & Associates Chartered Accountants Firm's reg. No.: 032397N

CA Jugraj Singh Bedi M. No. 097001 UDIN: 24097001BKATTV6916

Place: New Delhi Date: 07/08/2024

'46. ... Thus, it is clear that when the Committee of Creditors exercises its commercial wisdom to arrive at a business decision to revive the corporate debtor, it must necessarily take into account these key features of the Code before it arrives at a commercial decision to pay off the dues of financial and operational creditors. There is no doubt whatsoever that the ultimate discretion of what to pay and how much to pay each class or subclass of creditors is with the Committee of Creditors, but, the decision of such Committee must reflect the fact that it has taken into account maximising the value of the assets of the corporate debtor and the fact that it has adequately balanced the interests of all stakeholders including operational creditors. This being the case, judicial review of the Adjudicating Authority that the resolution plan as approved by the Committee of Creditors has met the requirements referred to in Section 30(2) would include judicial review that is mentioned in Section 30(2)(e), as the provisions of the Code are also provisions of law for the time being in force. Thus, while the Adjudicating Authority cannot interfere on merits with the commercial decision taken by the Committee of Creditors, the limited judicial review available is to see that the Committee of Creditors has taken into account the fact that the corporate debtor needs to keep going as a going concern during the insolvency resolution process; that it needs to maximise the value of its assets; and that the interests of all stakeholders including operational creditors has been taken care of. If the Adjudicating Authority finds, on a given set of facts, that the aforesaid parameters have not been kept in view, it may send a resolution plan back to the Committee of Creditors to re-submit such plan after satisfying the aforesaid parameters. The reasons given by the Committee of Creditors while approving a resolution plan may thus be looked at by the Adjudicating Authority only from this point of view, and once it is satisfied that the Committee of Creditors has paid attention to these key features, it must then pass the resolution plan, other things being equal."