Tribunals and CommissionsDivision Bench(2019) 10 NCLT CK 0600

Resolution Professional, A & I Hospitality Private Limited vs Small Industries Development Bank Of India & Ors.

National Company Law Tribunal · Decided on 17 October 2019

HON’BLE JUDGES
Manorama Kumari, Member (Judicial) · Chockalingam Thirunavukkarasu, Member (Technical)
CASE NUMBER
IA 73 of 2019 in C.P. (I.B) No.166/NCLT/AHM/2017

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Judgment

176 paragraphs · 7,566 words

[Per se: Ms. Manorama Kumari, Member (Judicial)]

1.

The instant application (IA) No. 73 of 2018 in CP(IB)No. 166/2017, is filed by the applicant, the Resolution Professional of Corporate Debtor M/s. A & I Hospitality Private, under Section 30(6) read with 31 of the Insolvency and Bankruptcy Code, 2016 (as amended up to date), read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (as amended), for submission and approval of the Resolution Plan submitted by Respondents No. 2 to 5 in respect of the Corporate Debtor with the following prayers:

(a)

allow the present application.

(b)

approve the Resolution Plan dated 15.10.2018 along with addendum dated 30.11.2018 to the Plan with or without such modifications as this Tribunal may deem fit

(c)

Pass such other order/orders as it may deem fit and proper in the facts and circumstances of the case.

2.

For the sake of convenience, it is mentioned herein that:

2.1

CP(IB)No. 166/2017 was filed by Deep Constructions Company, the Operational Creditor (Applicant) under section 9 of the Code read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authorities) Rules, 2016 seeking initiation of Corporate Insolvency Resolution Process against A& I Hospitality (hereinafter referred to as "Corporate Debtor") having registered office at "Ashirwad" Complex, Plot No. 334, Ward 12B, Gandhidham – 370 201.

2.2

The said CP(IB) No. 166/2017 was admitted on 18.01.2018 by this Adjudicating Authority and proposed appointment of Mrs. Hema Manoj Shah, as "Interim Resolution Professional" (hereinafter referred to as "IRP"). This Tribunal also directed listing of the said matter on 22.01.2018 for the purpose of filing of declaration and Disclosure Statement. Since Mrs. Hema Manoj Shah did not take up the assignment as "Interim Resolution Professional", this Adjudicating Authority appointed the Applicant as "Interim Resolution Professional" vide its order dated 24.01.2018 2.3 The Interim Resolution Professional, so appointed, made public announcement as per the provisions of section 15 of the Code in "Times of India", English Newspaper (Rajkot Split Edition) and "Kutch Mitra - Bhuj" having wide circulation at the location of the registered office of the Corporate Debtor on 26.01.2018 and invited claims from creditors till 06.02.2018. 2.4 The Interim Resolution Professional, so appointed, appointed two registered valuers in accordance with Regulation 35 to determine the fair value and liquidation value of the Assets of the Corporate Debtor. 2.5 The Interim Resolution Professional thereafter constituted the Committee of Creditors (hereinafter referred to 'CoC') on 16.02.2018 and prepared Interim Information Memorandum (IM) on the basis of information collected in relation to the financial position and operations of the Corporate Debtor and provided to the CoC.

3.

It is stated that IRP was confirmed as RP in the first meeting of CoC dated 19.02.2018. The second meeting of CoC was convened on 12.03.2018 and it was decided to invite Expression of Interest (In short Eol) through Paper Advertisement in Form G and as per the minimum criteria and evaluation matrix as approved by the CoC on 12.03.2018. The said details were also uploaded on the website of Sun Resolution Professionals Private Limited. As per the publication dated 15.03.2018 and corrigendum published thereto published on 17.03.2018, the last date for submission of Resolution Plan was fixed as 17.04.2018.

4.

It is stated that in response to invitation for EoIs, two EoIs were received one from Mr. Ramesh Sorathia jointly with Mrs. JayshreeSorathia and second joint application from Mr. Ram Issrani, Harshad D Gandhi and HareshBulchandani. However, before the last date of submission of Resolution Plan i.e. 17.04.2018, only one Resolution Plan was received. 4.1 The Resolution Professional convened the third meeting of CoC on 23.04.2018 to discuss the Resolution Plan received as mentioned in Para 4. However, on examination of the Resolution Plan, it was found that though the Resolution Applicant qualified as per minimum criteria so approved by the CoC in its second meeting, the Resolution Plan required several improvements in order to ensure that the Resolution Plan is acceptable to all its stakeholders of the Corporate Debtor. Accordingly, the Resolution Applicant undertook to make the requisite changes and submit the revised Resolution Plan within 10 days. However, the revised Resolution Plan received on 30.04.2018 also suffered from defects that were required to be rectified. The Resolution Applicant was addressed letter dated 01.05.2018 and the revised Resolution Plan received on 12.05.2018 still contained defects. 4.2 In the meantime, the Resolution Professional submitted a Status Report dated 07.05.2018 on CIRP to this Adjudicating Authority. In the said Status Report, the RP stated that he has received many claims even after the last date of receipt of the claims and accordingly, Information Memorandum (IM) is updated with the latest claim position. Since there were material changes in the list of claims, the said list of claims was submitted before this Adjudicating Authority as annexure to Status Report on CIRP. 4.3 It is stated by the RP that with respect to the claim of the Operational Creditor i.e. Deep Constructions Co., who initiated the CIRP of the Corporate Debtor submitted the claim in Form B dated 08.02.2018 for an amount of Rs. 5,82,37,579/- and for interest at 18% per annum amounting to Rs. 2,04,51,432/- and against that claimed amount, the audited accounts of the Corporate Debtor as at 31.03.2018 showed the amount payable as Rs. 2,55,84,059/-.

4.4

It is stated by the RP that another Resolution Plan was received after the last date of submission had passed from Mr. Ram Issrani, Harshad D Gandhi and Haresh Bulchandani, and the same was not considered since it did not meet the criteria as to the last date of submission of the Resolution Plan. 4.5 The fourth meeting of CoC was held on 16.05.2018 to consider the Resolution Plan submitted by Mr. Ramesh Sorathia jointly with Mrs. Jayshree Sorathia. However, it was observed that in spite of two opportunities given, the Resolution Plan submitted by Mr. Ramesh Sorathia jointly with Mrs. Jayshree Sorathia contained several defects. Being unable to recommend any Resolution Plan received from Mr. Ramesh Sorathia jointly with Mrs. Jayshree Sorathia and the other from Mr. Ram Issrani, Harshad D Gandhi and Haresh Bulchandani, for consideration before the CoC, the CoC resolved to issue fresh invitation to call EoIs. 4.6 It is stated that as per the decision of the CoC in its fourth meeting held on 16.05.2018, public advertisements in Times of India, Kutch Mitra and Gujarat Samachar were made in Form G and was also uploaded on the designated website of IBBI and the website of Insolvency Professional Entity viz. www.sunresolution.in. In response to that invitation, two EOIs and thereafter two Resolution Plans were received before the last date fixed for submission of Resolution Plans i.e. 5 PM 18.06.2018 from (a) Mr. Naresh H Bulchandani jointly with Mr. Harshad D Gandhi and Ms. Sapna Ram Issrani named as Plan -1 and (b) Mr. Ramesh Sorathia jointly with Ms. Jayshree Sorathia named as Plan - 2. Thus, second process of calling EoIs was commenced.

4.7

It is stated that being aggrieved for their Resolution Plan not being considered by the CoC in the first process of calling EoIs, Mr. Ramesh Sorathia jointly with Mrs. Jayshree Sorathia filed an Interlocutory Application No. 233 of 2018. However, the same was dismissed by this Adjudicating Authority on 12.10.2018 as withdrawn. 4.8 The fifth meeting of CoC was held on 26.06.2018 when Resolution Plan - I and the Resolution Plan - 2 received in the second process of calling EoIs were discussed. It was observed by the CoC that Resolution Plan -2 submitted by Mr. Ramesh Sorathia jointly with Ms. Jayshree Sorathia was better than the Resolution Plan - I submitted by Mr. Naresh H Bulchandani jointly with Mr. Harshad D Gandhi and Ms. Sapna Ram Issrani. The Resolution Applicant of Resolution Plan - I was conveyed by CoC that certain changes will have to be incorporated by them by way of supplying an addendum by 27.06.2018. The Resolution Applicant of Resolution Plan - I sought permission to file a revised Resolution Plan but the same was rejected by the CoC. The next and the sixth meeting of CoC was scheduled to be held on 29.06.2018. 4.9 The sixth meeting of CoC was held on 29.06.2018 to approve the Revised Resolution Plan - 2 with Addendum received on 27.06.2018. Accordingly, the Resolution Plan - 2 with Addendum was resolved and approved by the CoC. It is stated by the RP that before the start of the sixth CoC meeting, the RP was handed over a letter dated 29.06.2018 by one of the Resolution Applicants Mr. Naresh H Bulchandani and another Resolution Applicant Ms. Sapna R Issrani proposing improvement in the Resolution Plan submitted by them. However, these letters were replied by the RP vide his letter dated 02.07.2018.

5.

The Resolution Professional, accordingly, submitted application under Section 30(6) read with Section 31 and other relevant provisions of the IBC, 2016 and regulations framed thereunder seeking approval of the Resolution Plan - 2 dated 18.06.2018 along with Addendum dated 29.06.2018 submitted by Mr. Ramesh Sorathia jointly with Ms. Jayshree Sorathia. The said application was numbered as IA 297 of 2018 and listed for hearing on 16.08.2018. On the said date of hearing i.e. on 16.08.2018, this Adjudicating Authority directed the RP to issue a fresh notice to the Suspended Management of the Corporate Debtor and the matter was posted for next hearing on 30.08.2018. However, the matter was further adjourned to 12.10.2018 as the Respondent No. 4 and 5 through their lawyer prayed for some more time. The matter was further adjourned to 15.10.2018. On 15.10.2018, the IA No. 233 of 2018 filed by the Resolution Applicants in the first process of calling EoIs was sought to be withdrawn and a Revised Resolution Plan submitted by all the directors of the Suspended Management was sought for consideration by them by CoC. The matter stood further posted/adjourned to 24.10.2018, 02.11.2018 and finally on 19.11.2018, this Adjudicating Authority directed the RP to place the modified Resolution Plan submitted by the directors of the Suspended Management before CoC for consideration. Accordingly, IA 297 of 2018 stood disposed of.

6.

The seventh meeting of CoC was held on 30.11.2018 to consider the Resolution Plan dated 15.10.2018 submitted jointly by all the directors of the Suspended Management. Since the said Resolution Plan contained some technical defects, the Resolution Applicants assured the CoC of the rectifications and the eighth meeting of CoC was held on 10.12.2018 to consider and approve the Resolution Plan dated 15.10.2018 along with an Addendum dated 30.11.2018 to the Resolution Plan dated 15.10.2018. The said Resolution Plan along with Addendum was approved by the CoC with 100 per cent voting and in view of the aforesaid facts and circumstances of the case, the RP, the applicant preferred this application IA 73 of 2018 before this Adjudicating Authority seeking approval of the Resolution Plan dated 15.10.2018 along with an Addendum dated 30.11.2018 submitted by all the directors of the Suspended Management of the Corporate Debtor, as approved by the CoC in its meeting held on 10.12.2018.

7.

The Resolution Professional has submitted detailed Table showing the compliances of the Resolution Plan with the mandatory requirements under the Code and CIR Regulations. The Table showing the compliances is given hereunder:

No.Section/ RegulationNumberCriteriaCriteria is met
1.Section 30(1)A Resolution Applicant may submit a Resolution Plan to the Resolution Professional prepared on the basis of the Information MemorandumPrepared on the basis of information provided into the Information Memorandum
(2)The RP shall examine each Resolution Plan received by him to confirm that each Resolution Plan:
a.Provides for the payment of the IRP costs in the manner specified by the Board in priority to the repayment of other debts of the Corporate DebtorCIRP cost of Rs. 25.00 lakhs along with sources of funds have been provided into the Resolution Plan under part B on Page No. 11
b.Provides for repayment of debts of Operational Creditor in such manner as specified by the Board which shall not be less than the amount to be paid to the Operational Creditors in the event of a liquidation of the Corporate Debtor under section 53Liquidation Value is not known to the Resolution Applicants. However, on the basis of estimation Rs. 231.54 Lakhs has been taken into account as Liquidation Value due to Operational Creditors. Sources of payment is also provided into the Plan under Part on
page no. 14-16.
c.Provides for management of the affairs of the Corporate Debtor after approval of the Resolution PlanResolution Applicant has provided the detail of management of the affairs of the Corporate Debtor after approval of Resolution Plan under Part M on page no. 26
d.The implementation and supervision of the Resolution PlanResolution Applicant has provided for the measure for implementation and supervision of the Resolution Plan under Part N on Page No. 26
e.Does not contravene any of the provisions of the law for the time being in forceThe Resolution Applicants submit that the Resolution Plan does not contravene any of the provisions of the law time being in force.
f.Confirms to such other requirements as may be specified by the BoardNA
2.Reg. 38(1)A Resolution Plan shall identify specific sources of funds that will be used to pay the
a.Insolvency Resolution Process Costs and provide that the Insolvency Resolution Process Costs will be
paid in priority to any other creditor
b.Liquidation Value due to Operational Creditors and provide for such payment in priority to any Financial Creditor which shall in any event be made before the expiry of thirty days after the approval of a Resolution Plan by the AA
c.Liquidation Value due to dissenting Financial Creditors and provide that such payment is made before any recoveries are made by the Financial Creditors who voted in favor of the Resolution PlanAs there is only one Financial Creditor in the Committee of Creditors, this clause will not be applicable.
1A amended on 05.10.2017A Resolution Plan shall include a statement as to how it has dealt with the interests of all the stakeholders, including Financial Creditors and Operational Creditors, of the Corporate DebtorA statement regarding how it has dealt with the interest of all the stake holders have been provided along with Resolution Plan.
(2)A Resolution Plan shall provide:
a.The term of the Plan and its implementation ScheduleTerm of the Plan and its implementation Schedule is provided in the Plan.
b.The management and control of the businessSame has been provided into the
of the Corporate Debtor during its termPlan.
c.Adequate means for supervising its implementationSame has been provided into the Plan.
3 [3rd Amendment 07.11.2017]A Resolution Plan shall contain details of the Resolution Applicant and other connected persons to enable the Committee to assess the credibility of such applicant and other connected persons to take a prudent decision while considering the Resolution Plan for its approval. Explanation: for the purposes of this sub-regulation - (i) 'details' shall include the following in respect of the resolution applicant and other connected person, namely: - ... The word connected person is also defined there.Details of Resolution Applicants and other connected persons are included in the Resolution Plan.
8.

The Resolution Professional has annexed with the IA, number of documents to substantiate that Resolution Plan submitted for approval by this Adjudicating Authority complies with all the mandatory requirements of Insolvency and Bankruptcy Code and CIR regulations and the said Plan has also been approved by the CoC in their seventh meeting having 100.00 per cent of voting in favor of the Resolution Plan. The documents annexed with the IA are as under:

1)

The Resolution Plan dated 15.10.2018 and the Addendum dated 30.11.2018

2)

Minutes of the meeting of the CoC held on 10.12.2018 approving the Resolution Plan dated 15.10.2018 and the Addendum dated 30.11.2018.

3)

Affidavit under section 29A of the Code by all the Resolution Applicants affirming that they meet the mandatory criteria of eligibility as Resolution Applicants.

4)

Confidential Report on compliance of the Resolution Plan dated 15.10.2018 along with the Addendum dated 30.11.2018.

5)

Report by the Resolution Professional on the eligibility of the Resolution Applicants under section 29A of the IBC 2016 read with regulations as amended from time to time till date.

6)

Certificate under section 39(2) of the IBBI (IRP for CP) Regulations 2016.

7)

Affidavit dated 20.10.2018 from the earlier Resolution Applicants Mr. Ramesh Sorathia and Ms. Jayshree Sorathia stating that they have no objection to the Resolution Plan and to consider their EMD of Rs. 120 Lakhs towards the new Resolution Plan submitted by the directors of the Suspended Management of the Corporate Debtor.

8)

Agreement dated 22.10.2018 between the Resolution Professional and the Resolution Applicants for implementation of the Resolution Plan dated 15.10.2018 and the Addendum dated 30.11.2018.

9)

Clarification letters dated 22.10.2018 and 25.10.2018 signed by all the Resolution Applicants on various provisions of the Resolution Plan and as to the date of Resolution Plan.

10)

Affidavit dated 26.10.2018 by Mr. Ramesh Naran Sorathia jointly with Ms. Jayshree Sorathia, partners of Deep Constructions Co., the Operational Creditor giving their consent for waiver of their rights to receive their dues in priority to the Financial Creditors.

11)

Undertaking received on 08.12.2018 from the Unsecured Financial Creditors of the Corporate Debtor stating that the amount considered for payment in the Resolution Plan is as per the consent of all the related Unsecured Financial Creditors.

12)

Letter dated 01.12.2018 signed by all the four Resolution Applicants, being the directors of the Suspended Board of Management of the Corporate Debtor withdrawing unconditionally the complaint of theft made by them vide theirletter dated 22.10.2018.

13)

Letter dated 01.12.2018 addressed to Mr. P. Venugopal appointing him as Supervisor of the Resolution Plan along with his acceptance and his brief profile.

9.

In between the initiation of CIRP proceedings and the approval of the Resolution Plan, following IAs were filed which are as under:

IA233 of 2018 in CP(IB) No. 166 of 2017

IA 297 of 2018 in CP(IB) No. 166 of 2017

IA 161 of 20198 in IA 73 of 2018 in CP(IB) No. 166 of 2017

All the above IAs have been destined to the dust of records of the Registry as either dismissed or withdrawn.

10.

The present application has been filed for approval of the Resolution Plan under section 30(6) read with section 31(1) of the Code (as amended) read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (as amended) for submission and approval of Resolution Plan submitted by the directors of the Suspended Management of the Corporate Debtor M/s. A & I Hospitality Private Limited. However, their eligibility under Section 29A r/w Section 240A(1) of the IB Code has been looked into and the said facts have been clarified by filing a certificate of registration from the Ministry of Micro, Small & Medium Enterprises dated 26.02.2007 stating the Enterprise type as "Micro", and the same is annexed with the IA.

10.1

The Corporate Debtor is an MSME Unit. Therefore, the erstwhile promoters/directors of the Corporate Debtor are made eligible to submit Resolution Plan in respect of the Corporate Debtor by the introduction of Section 240A (Application of the IB Code to Micro, Small and Medium Enterprises enforced w.e.f. 06.06.2018 prescribed therein that in spite of anything to the contrary contained in the IB Code, the provisions of Clause (c) and (h) of Section 29A shall not apply to the Resolution Applicant in respect of Corporate Insolvency Resolution Process of any Micro, Small and Medium Enterprises. As a consequence, the Promoters/Directors are not disqualified from submission of the Resolution Plan of the Corporate Debtor of which they are/were the Promoter/Directors under Section 29A of the IB Code. These Applicants to be considered as eligible as Qualified Resolution Applicants.

10.2

IA 73/2019 was listed for clarifications on 18.06.2019 wherein this Adjudicating Authority granted time to the applicant to provide clarifications regarding the eligibility of the Resolution Applicants to file the aforesaid Resolution Plan dated 15.10.2018 and the addendum dated 30.11.2018 being a MSME.

10.3

In view of the above, it is submitted by the Resolution Applicants that the Corporate Debtor is a Micro Enterprise and hence, under Section 8 of the Micro Small and Medium Scale Enterprise Act, 2006 (hereinafter referred as "MSME Act"), filing of Memorandum is not mandatory.

To make the provision clear, Section 8 of the MSME Act is reproduced hereunder:

8. Memorandum of micro, small and medium enterprises.—

"(1)

Any person who intends to establish,—

(a)

a micro or small enterprise, may, at his discretion, or

(b)

a medium enterprise engaged in providing or rendering of services may, at his discretion; or

(c)

a medium enterprise engaged in the manufacture or production of goods pertaining to any industry specified in the First Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951), shall file the memorandum of micro, small or, as the case may be, of medium enterprise with such authority as may be specified by the State Government under sub-section (4) or the Central Government under sub-section (3):

Provided that any person who, before the commencement of this Act, established—

(a)

a small scale industry and obtained a registration certificate, may, at his discretion; and

(b)

an industry engaged in the manufacture or production of goods pertaining to any industry specified in the First Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951), having investment in plant and machinery of more than one crore rupees but not exceeding ten crore rupees and, in pursuance of the notification of the Government of India in the erstwhile Ministry of Industry (Department of Industrial Development) number S.O.477(E) dated the 25th July, 1991 filed an Industrial Entrepreneur's Memorandum, shall within one hundred and eighty days from the commencement of this Act, file the memorandum, in accordance with the provisions of this Act.

(2)

The form of the memorandum, the procedure of its filing and other matters incidental thereto shall be such as may be notified by the Central Government after obtaining the recommendations of the Advisory Committee in this behalf.

(3)

The authority with which the memorandum shall be filed by a medium enterprise shall be such as may be specified by notification, by the Central Government.

(4)

The State Government shall, by notification, specify the authority with which a micro or small enterprise may file the memorandum.

(2)

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