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Judgment
O R D E R
Per: Rajasekhar V.K., Member (Judicial)
This Court convened through video conferencing.
Preliminary
IA (IB) No.398/KB/2021 is an application under section 30(6) of the Code after approval of the resolution plan by the Committee of Creditors (CoC).
This application was moved on 30.06.2021 by Mr. Siba Kumar Mohapatra, Resolution Professional of Mackeil Ispat & Forging Limited (CIN: U27109WB2005PLC104575), by invoking the provisions of section 30(6) of the Insolvency and Bankruptcy Code, 2016 (“the Code” or “IBC”) read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) for approval of a Resolution Plan in respect of Mackeil Ispat & Forging Limited (Corporate Debtor).
The underlying Company Petition in CP (IB) No.213/KB/2019 was filed by State Bank of India against Mackeil Ispat & Forging Limited, the Corporate Debtor, under section 7 of the Insolvency and Bankruptcy Code 2016, which was admitted vide order dated 03.02.2020 in CP (IB) No.213/ KB/2019.
Initially, Mr. Siba Kumar Mohapatra the Applicant herein (IBBI Reg. No. IBBI/IPA-001/IP-P00837/2017-18/11421) was appointed as the Interim Resolution Professional (IRP). At the first meeting of the CoC on 03.03.2020, the Applicant was appointed as the Resolution Professional (RP) of the Corporate Debtor.
Constitution of CoC
The IRP made public announcement on 07.02.2020 in Financial Express (English) (Kolkata Edition) and Bartaman (Bengali) (Kolkata Edition) newspapers regarding initiation of Corporate Insolvency Resolution Process (CIRP) and called proof of claims from the financial and operational creditors, workers and employees of the corporate debtor in the specified forms till 17.02.2020.
The CoC was constituted on 25.02.2020 and a report of the constitution of the CoC was filed before the Adjudicating Authority on 26.02.2020. The CoC was further reconstituted on 11.08.2020 and 03.10.2020. The final list of members of the CoC are as under:
Sl No | Name of Creditors | Voting share percentage |
|---|---|---|
| Secured Financial Creditors | ||
| 1. | State Bank of India | 56.07 |
| 2. | Indian Overseas Bank | 16.06 |
| 3. | Andhra Bank | 9.57 |
| 4. | Allahabad Bank (now Indian Bank) | 8.33 |
| 5. | City Union Bank Limited | 7.76 |
| Total (Secured Financial Creditors) | 97.79 | |
| Unsecured Financial Creditors | ||
| 1. | Landmark Commodeal Pvt. Ltd. | 0.77 |
| 2. | Rover Commosales Pvt. Ltd. | 0.72 |
| 3. | Zevit Commotrade Pvt. Ltd. | 0.22 |
| 4. | Mascon Fin Pvt. Ltd. | 0.22 |
| 5. | Reliable Merchandise Pvt. Ltd. | 0.18 |
| 6. | Intime Vintrade Pvt. Ltd. | 0.10 |
| 7. | Blue Chip Financial Consultants Pvt. Ltd. | 0.00 |
| Total (Unsecured Financial Creditors) | 2.21 | |
| Total Secured (97.79%) + Total Unsecured (2.21%) | 100.00 | |
The Applicant states that a total of fourteen CoC meetings have been held during CIRP period, as follows:
| Particulars | Date of CoC meeting |
|---|---|
| 1st CoC Meeting | 03.03.2020 |
| 2nd CoC Meeting | 21.04.2020 |
| 3rd CoC Meeting | 10.07.2020 |
| 4th CoC Meeting | 14.08.2020 |
| 5th CoC Meeting | 22.09.2020 |
| 6th CoC Meeting | 17.10.2020 |
| 7th CoC Meeting | 09.11.2020 |
| 8th CoC Meeting | 24.11.2020 |
| 9th CoC Meeting | 27.11.2020 |
| 10th CoC Meeting | 03.12.2020 |
| 11th CoC Meeting | 14.01.2021 |
| 12th CoC Meeting | 22.01.2021 |
| 13th CoC Meeting | 09.02.2021 |
| 14th CoC Meeting | 19.03.2021 |
Collation of claims
The amounts claimed and admitted are summarised below: (Amount in Rs./crore)
Sl. No. | Particulars | Claim Filed | Claim Admitted |
|---|---|---|---|
| 1. | Secured Financial Creditors | 447.47 | 447.47 |
| 2. | Unsecured Financial Creditors (except related party) | 10.15 | 10.15 |
| 3. | Staff & Workmen | 0.81 | 0.60 |
| 4. | Operational Creditors (statutory dues) | 4.05 | 3.66 |
Sl. No. | Particulars | Claim Filed | Claim Admitted |
| 5. | Operational Creditors (other than staff/workmen & statutory dues except related party) | 6.74 | 6.33 |
| 6. | Related Party (including Unsecured Financial Creditors & Operational Creditor) | 8.53 | 7.73 |
| Grand Total | 477.75 | 475.94 | |
CIRP process and compliances
The Applicant submits that in terms of the provisions of section 25(2)(h) of the Code read with regulation 36A(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, invitations in Form ‘G’ for Expressions of Interest (EoI) from potential resolution applicants were issued. Form ‘G’ was published on 28.07.2020 for submission of resolution plans for the Corporate Debtor. This was published in Financial Express (English) and Bartaman (Bengali) in Kolkata Edition newspapers of 28.07.2020. The last day of submission of EoI was 12.08.2020. The notice was also published on the website of the Insolvency and Bankruptcy Board of India (IBBI).
The Applicant submits that in response to the invitation for EoI, seven EOIs were received and the Resolution Professional submitted the final list of eligible Prospective Resolution Applicants on 06.09.2020. the Information Memorandum, the Request for Resolution Plan and Evaluation Matrix were provided to the Prospective Resolution Applicants on 27.08.2020. The last date for submission of Resolution Plan was 26.09.2020 which was further extended to 16.10.2020. Three Resolution Plans were received till the last date of submission of Resolution Plan from – (1) Samriddhi Metals Private Limited; (2) Rama Overseas Limited; and (3) Amritvani Exim Private Limited.
The Resolution Plans were opened in the 6th CoC meeting held on 17.10.2020 and the RP informed the CoC of the liquidation and fair value of the Corporate Debtor.
Evaluation and voting
The Resolution Plans were discussed in the 7th CoC meeting held on 09.11.2020 and 8th CoC meeting held on 24.11.2020 and the Prospective Resolution Applicants were asked to improve their offer. The Prospective Resolution Applicants submitted their revised plan/addendum and the revised plans were discussed for a final time by the CoC in its 13th meeting held on 09.02.2021. All the three revised plans were put up for e-voting on 18.02.2021 to 19.02.2021 which was extended till 12.03.2021. The CoC raised queries with regard to the Resolution Plan submitted by Samriddhi Metals Private Limited which were clarified vide an addendum submitted on 22.02.2021.
The CoC approved the Resolution Plan filed by Samriddhi Metals Private Limited with 100% voting.1 The Applicant issued the Letter of Intent on 12.03.20212 to the Successful Resolution Applicant which was accepted by the Successful Resolution Applicant on 16.03.2021.
In accordance with regulation 36B(4A) of the CIRP Regulations, the Successful Resolution Applicant has submitted the Performance Bank Guarantee on 19.03.2021.3
Compliance of the approved Resolution Plan with various provisions
The Applicant has filed a Compliance Certificate in prescribed form, i.e., Form ‘H’ in compliance with regulation 39(4) of the Insolvency &
2 Annexure I at Pages 296-297 of the IA Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, which has been annexed to the application as Annexure “L”.4
The Applicant has submitted details of various compliances as envisaged within the Code and the CIRP Regulations which a Resolution Plan should adhere to, which is reproduced hereunder:
I. Submission of Resolution Plan in terms of sub-section (2) of section 30 of the Code (as amended vide Amendment dated 16 August 2019):
| Clause of s.30(2) | Requirement | How dealt with in the Plan |
|---|---|---|
| 1. | Plan must provide for payment of CIRP cost in priority to repayment of other debts of CD in the manner specified by the Board. | Point 3 of Section I at page 10 and Point 6.2 of Section II at page 16 of the Financial Proposal of the Resolution Plan. |
| 2. | (i) Plan must provide for repayment of debts of OCs in such manner as may be specified by the Board which shall not be less than the amount payable to them in the event of liquidationu/s 53; | Point 6.6 & 6.7 of Section II at Pages 22-26 of the Financial Proposal of the Resolution Plan. |
| (ii) Plan must provide for repayment of debts of OCs in such manner as may be specified by the Board which shall not be | Point 6.7.5 at Page 25 of the Financial Proposal of the Resolution Plan. |
| Clause of s.30(2) | Requirement | How dealt with in the Plan |
|---|---|---|
| not less than amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in sub-section (1) of section 53, whichever is higher; | ||
| (iii) provides for payment of debts of financial creditors who do not vote in favour of the resolution plan, in such manner as may be specified by the Board. | Point 5 at Page 10 of the Financial Proposal of the Resolution Plan. | |
| (c) | Management of the affairs of the Corporate Debtor after approval of the Resolution Plan. | Section VA at Pages 35-38 of the Financial Proposal of the Resolution Plan. |
| (d) | Implementation and Supervision | Section VA at Pages 35-38 of the Financial Proposal of the Resolution Plan. |
| (e) | Plan does not contravene any of the provisions of the law for the time being in force. | Point 10 of Section I at page 11 of the Financial Proposal of the Resolution Plan. |
| (f) | Conforms to such other requirements as may be specified by the Board. | --- |
II. Measures required for implementation of the Resolution Plan in terms of Regulation 37 of CIRP Regulations:
| Particulars | Relevant Page of the Revised Resolution Plan dealing aforesaid compliance with Regulation |
|---|---|
| A resolution plan shall provide for the measures, as may be necessary, for insolvency resolution of the corporate debtor for maximisation of value of its assets, including but not limited to the following: - | |
| (a) transfer of all or part of the assets of the corporate debtor to one or more persons; | Not specifically proposed in the Resolution Plan but reference made to Section-VII Point (g) at Page 56 of Financial Plan of the Resolution Plan. |
| (b) sale of all or part of the assets whether subject to any security interest or not; | Not specifically proposed in the Resolution Plan but reference made to Section-VII Point (g) at Page 56 of Financial Plan of the Resolution Plan. |
| (c) restructuring of the corporate debtor, by way of merger, amalgamation and demerger; | Not specifically proposed in the Resolution Plan but reference made to Section-VI point 16 at Page 47 of Financial Plan of the Resolution Plan. |
| (d) the substantial acquisition of shares of the corporate debtor, or the merger or consolidation of the corporate debtor with one or more persons; | Section-II Point 3 at Pages 12-13 of Financial Plan of the Resolution Plan. |
| Particulars | Relevant Page of the Revised Resolution Plan dealing aforesaid compliance with Regulation |
| (e) cancellation or delisting of any shares of the corporate debtor, if applicable; | Delisting – Not applicable Cancellation - Section II Point 3 at Pages 12-13 of the Financial Proposal of the Resolution Plan. |
| (f) satisfaction or modification of any security interest; | Section II Point 6.3.6at Page 18 and Point 6.5.6 at Page 22 of the Financial Proposal of the Resolution Plan. |
| (g) curing or waiving of any breach of the terms of any debt due from the corporate debtor; | Section I Point 9 (vi) at Page 28 of the Financial Proposal of the Resolution Plan and Point 2 at Page 1 of the Addendum dated 22.02.2021. |
| (h) reduction in the amount payable to the creditors; | Section-II Point 5 at Pp 14-15 of the Financial Proposal of the Resolution Plan. |
| (i) extension of a maturity date or a change in interest rate or other terms of a debt due from the corporate debtor; | Section-II Point 9 at Pages 27-29 of the Financial Proposal of the Resolution Plan. |
| (j) amendment of the constitutional documents of the corporate debtor; | Section-III, Point 3.3 at Page 32 of the Financial Proposal of the Resolution Plan. |
| Particulars | Relevant Page of the Revised Resolution Plan dealing aforesaid compliance with Regulation |
| (k) issuance of securities of the corporate debtor, for cash, property, securities, or in exchange for claims or interests, or other appropriate purpose; | Section-II Point 3 at Pages 12-13 of the Financial Proposal of the Resolution Plan. |
| (l) change in portfolio of goods or services produced or rendered by the corporate debtor; | Not proposed in the Resolution Plan |
| (m) change in technology used by the corporate debtor; and | Not proposed in the Resolution Plan |
| (n) obtaining necessary approvals from the Central and State Governments and other authorities. | Section-III Point 2.1.6 at Page 31 of the Financial Proposal of the Resolution Plan. |
III. Mandatory contents of Resolution Plan in terms of Regulation 38 of CIRP Regulations:
| Ref to relevant Reg. | Requirement | How dealt with in the Plan |
|---|---|---|
| 38(1) | The amount due to the operational creditors under a resolution plan shall be given priority in payment over financial creditors. | Section I Point 4 at Page 10 and Section II at page 25 of the Financial Proposal of the Resolution Plan. |
| Ref to relevant Reg. | Requirement | How dealt with in the Plan |
| 38(1A) | A resolution plan shall include a statement as to how it has dealt with the interests of all stakeholders, including financial creditors and operational creditors of the corporate debtor. | Point 6 & 7 of Section-II at Pages 16-27 of the Financial Proposal of the Resolution Plan. |
| 38(1B) | A resolution plan shall include a statement giving details if the resolution applicant or any of its related parties has failed to implement or contributed to the failure of implementation of any other resolution plan approved by the Adjudicating Authority at any time in the past. | Point 2 of Section I at Page 10 of the Financial Proposal of the Resolution Plan. |
| 38(2) | A resolution plan shall provide: | |
| (a) the term of the plan and its implementation schedule; | Section IV at Page 34 of the Financial Proposal of the Resolution Plan. | |
| (b) the management and control of the business of the corporate debtor during its term; and | Section V Pages 35-37 of the Financial Proposal of the Resolution Plan. | |
| Ref to relevant Reg. | Requirement | How dealt with in the Plan |
| (c) adequate means for supervising its implementation. | Point 2 of Section VB at Page 38 of the Financial Proposal of the Resolution Plan. | |
| 38(3) | A resolution plan shall demonstrate that – | |
| (a) it addresses the cause of default; | Section II at Page 21 of the Business plan of the Resolution Plan. | |
| (b) it is feasible and viable; | Section IV at Pages 28-29 of the Business Plan of the Resolution Plan. | |
| (c) it has provisions for its effective implementation; | Section IV at Page 34 of the Financial Proposal of the Resolution Plan. | |
| (d) it has provisions for approvals required and the timeline for the same; and | Section IV at Page 34 of the Financial Proposal of the Resolution Plan. | |
| (e) the Resolution Applicant has the capability to implement the resolution plan. | Section I at Pages 14-17 of the Business Plan of Resolution Plan | |
The Resolution Applicant has submitted affidavit of eligibility under section 29A of the Code, which is annexed to the Supplementary affidavit affirmed on 25.06.2021.
Details of Resolution Plan/Payment Schedule
The Applicant submits that the Resolution Applicant has filed a Resolution Plan on 16.01.2021 in two parts i.e., Business Plan and Financial Proposal, two addendums have been filed 11.02.2021 and 22.02.2021.
The relevant information with regard to the amount claimed, amount admitted and the amount proposed to be paid by the Resolution Applicant, i.e., Samriddhi Metals Private Limited [CIN: U74999WB2010PTC155684] under the said Resolution Plan is tabulated as under:
Sl. No. | Name of Claimant | Claim admitted (in Rs./lakhs) | Amount proposed (in Rs./lakhs) | Amount provided (%) |
|---|---|---|---|---|
| 1. | CIRP Cost | 235.00 | 235.00 | 100.00% |
| 2. | Workmen & Employees Dues | 60.41 | 60.41 | 100.00% |
| 3. | Secured Financial Creditors | 44,747.18 | 3,253.25 | 7.27% |
| 4. | Unsecured Financial Creditors | 1,015.39 | 32.49 | 3.20% |
| 5. | Operational Creditors (Statutory Dues) | 366.42 | 7.33 | 2.00% |
| 6. | Operational Creditors (Other than Statutory dues & Workmen/ Employees ) | 632.80 | 12.66 | 2.00% |
| 7. | Related Party Dues | 772.73 | 3.86 | 0.50% |
Sl. No. | Name of Claimant | Claim admitted (in Rs./lakhs) | Amount proposed (in Rs./lakhs) | Amount provided (%) |
| 8. | Working Capital/Capex | --- | 2,100.00 | |
| Total | --- | 5705.00 |
Summary of the financial proposal/payment under the Resolution Plan dated 16.01.2021, is tabulated hereunder:
| Particulars | Amount |
|---|---|
Admissible Debt to be paid to the CIRP | The Resolution Applicant shall pay the CIRP Cost, upfront i.e., within 45 days of Effective Date. |
| Admissible Debt to be paid to the Workman / Employees (other than related parties of CD) | The RA proposes to pay full amount of ₹60.41 lakh towards settlement of dues against the same, within 45 days of Effective Date. |
| Admissible Debt to be paid to Operational Creditors (Statutory Dues) | The RA proposes to pay an amount of ₹7.33 lakh upfront i.e., within 45 days of Effective Date. |
| Admissible Debt to be paid to Operational Creditors (Other than Workman & Employee and Statutory Dues) | The RA proposes to pay an amount of ₹12.67 lakh upfront i.e., within 45 days of Effective Date. |
| Admissible Debt to be paid to Secured Financial Creditors | The RA proposes to pay an amount of ₹3253.25 lakh in two tranches - ₹2163.00 lakh (i.e., 66% of the settlement amount) will be paid |
| Particulars | Amount |
| upfront i.e. within 45 days of Effective Date. - Balance amount of ₹1090.25 lakh (i.e., 34% of the settlement amount) will be paid between 46 days and 6 months of the effective date. | |
| Admissible Debt to be paid to Unsecured Financial Creditors | The RA proposes to pay an amount of ₹32.49 lakh in two tranches - an amount of ₹21.32 lakh (i.e., 66% of the settlement amount) will be paid upfront i.e., within 45 days of Effective Date. - Balance amount of ₹11.17 lakh (i.e., 34% of the settlement amount) will be paid between 46 days and 6 months of the effective date. |
| Admissible Debt to be paid to Related Party | The RA proposes to pay an amount of Rs.3.85 lakh upfront i.e., within 45 days of Effective Date. |
The Resolution Plan defines “Effective Date” as the date of approval of this Plan by Adjudicating Authority.
Details on Management/Implementation and Reliefs as per the Resolution Plan – Salient Features
The Resolution Plan also provides for –
a. Management of company after resolution in Section-VA at Pages 35-37 of the Financial Proposal of the Resolution Plan.
b. Term of the resolution plan in Section-IV at Page 34 of the Financial Proposal of the Resolution Plan.
c. Implementation and Supervision of the resolution plan in Section VB at Page 38 of the Financial Proposal of the Resolution Plan.
Relinquishment/Waiver of liabilities and Approvals
The Reliefs, Exemptions and Waivers sought by the Resolution Applicant from the Adjudicating Authority are set out below for the successful implementation of the Resolution Plan. The orders thereon are indicated against each.
| Sl. No. | Relief, concessions and approvals sought | Orders thereon |
|---|---|---|
| 1. | All utility suppliers, including but not limited to DVC, shall commit supplies on and from the Effective Date. No utility supplier, including but not limited to DVC, should withhold / delay supply of utility on the ground of non-payment of dues prior to the Effective Date. The Resolution Applicant proposes to revive the unit and to resume production facilities to achieve the broader objective of the IB Code. It is not feasible to operate the plant without the support & co-operation of utility suppliers, especially DVC. The Resolution Plan, once approved, will be binding on all stakeholders and all the utility | Granted in terms of the Ghanashyam Mishra and Sons Pvt Ltd v Edelweiss Asset Reconstruction Company Ltd, 5 wherein the Hon'ble Supreme Court has held that once a resolution plan is duly approved by the Adjudicating Authority under sub-section (1) of section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Govt, any State Govt or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a |
| Sl. No. | Relief, concessions and approvals sought | Orders thereon |
|---|---|---|
| suppliers, including DVC, should consider approval of this Resolution Plan as direction of Adjudicating Authority to supply respective utilities, including Power. | part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan. The Hon'ble Supreme Court also held that all the dues including the statutory dues owed to the Central Govt, any State Govt or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date on which the Adjudicating Authority grants its approval under section 31 could be continued. | |
| 2. | The Corporate Debtor and the Resolution Applicant (as its shareholder) shall be entitled to modify contracts which: (i) are entered into with parties prior to the Insolvency Commencement Date, and (ii) impose onerous conditions hindering the resolution process / turnaround process, day-to-day operations for the Corporate Debtor. | If there is any such condition in any specific contract, then this should be specifically mentioned in the Resolution Plan. A carte blanche of this nature cannot be granted. |
| 3. | Resolution Applicant and the Corporate Debtor after the successful acquisition by the Resolution Applicant shall not | This shall be in terms of section 32A of the Code. |
| Sl. No. | Relief, concessions and approvals sought | Orders thereon |
| be responsible for any defaults for the period prior to effective date any nature under any law as may be applicable from time to time including but not limited to ED/ RBI/ CBI/ CVC/ PMLA/ FEMA/ FERA, customs, excise, VAT, GST, ST/ CST/ Octroi, Property Tax and any other law/ enforcement agencies even if not mentioned here. | ||
| 4. | The unit of the CD (MIFL) to be treated as new enterprise eligible under the West Bengal Incentive Scheme - Banglashree for MSMEs and/or any other such scheme of the State Govt. Accordingly MIFL should be eligible for all the benefits extended by State Govt like Capital Subsidy, Interest Subsidy, Power Subsidy, SGST, Waiver of Electricity Duty, PF and ESI benefits and/or any other benefits. | Granted, since the objective of the Code is to enable the Corporate Debtor to make a fresh start in business. |
| 5. | The unit of the CD (MIFL) is to be treated as New Enterprise and all the benefits accrued to a new enterprise in terms of the various Central Government Policies including but not limited to Direct and Indirect Taxation policy etc. | Granted, since the objective of the Code is to enable the Corporate Debtor to make a fresh start in business. |
| Sl. No. | Relief, concessions and approvals sought | Orders thereon |
| 6. | From the Information Memorandum and/or Statement of Accounts made available to the Resolution Applicant it is apparent that the Durgapur property is the primary asset of the Corporate Debtor. Accordingly, it is necessary that the title and ownership of the CD in respect of the Durgapur property (around 26.63 acres of land) is good and marketable and free from all Encumbrances and that Mackeil Ispat & Forging Limited has unrestricted right to own, hold, possess, use for any purpose, transfer and deal with the same or any part thereof in any manner whatsoever without any interference or hindrance or requirement of any consent or no objection from any Person. Anything contrary to the above will jeopardize RA’s plan to revive the unit. Accordingly, the RA reserve the right not to implement the Plan in case anything to the contrary is found in the due course. The Refundable Deposit money & Performance Guarantee Money submitted/to be submitted by the RA, should not be withheld in such cases and the RA should not be hold responsible for non- | Not granted. It was really upto the Resolution Applicant to conduct its due diligence and satisfy itself as to whether the title to the land in question was perfect or not. If it has not done so, then it must suffer the consequences thereof. The Resolution Applicant cannot be permitted to withdraw from implementation of the Plan on this ground. This flippant request is, therefore, not acceptable. |
| Sl. No. | Relief, concessions and approvals sought | Orders thereon |
| implementation of the Plan in such cases (sic). | ||
| 7. | The Durgapur Property shall be deemed to be exempted from applicability of any ceiling limit under any Applicable Law and all ceiling limits shall be waived and all necessary permissions, consents, approvals, no objections, applications and compliances required under any Applicable Law for purchasing, owning, holding, using in any manner and transferring the same without any restriction shall be deemed to have been granted and/or complied with by all concerned Persons. | This is not within the jurisdiction of this Adjudicating Authority. |
| 8. | All statutory and other liabilities and dues relating to the Durgapur Property including but not limited to land revenue, khazana, municipal taxes, mutation fees, conversion fees, etc. whether outstanding or demanded till date or not, or whether recorded in the books of accounts or not, including all interest, penalties, fines, etc. as also all other taxes, levies, charges, outgoings, etc. by | Granted in terms of the Ghanashyam Mishra and Sons Pvt Ltd v Edelweiss Asset Reconstruction Company Ltd, 6 wherein the Hon'ble Supreme Court has held that once a resolution plan is duly approved by the Adjudicating Authority under sub-section (1) of section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its |
| Sl. No. | Relief, concessions and approvals sought | Orders thereon |
|---|---|---|
| whatsoever name called and payable to any Government Authority or any other Person under any Applicable Law for the time be waived and/or the liability in respect of the same be fully extinguished upon approval of the Plan by Adjudicating Authority | employees, members, creditors, including the Central Govt, any State Govt or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan. The Hon'ble Supreme Court also held that all the dues including the statutory dues owed to the Central Govt, any State Govt or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date on which the Adjudicating Authority grants its approval under section 31 could be continued. | |
| Sl. No. | Relief, concessions and approvals sought | Orders thereon |
| 9. | Necessary direction be given to complete mutation & conversion process of the Durgapur Property (if pending) in the name of Mackeil Ispat & Forging Limited by the relevant Govt Authorities including the concerned Block Land & Land Reforms Office without requirement of payment of any mutation fees, charges, costs etc. or any past dues on any account and the same be fully waived/exempted. | None of the parties involved – the RP, CoC and the RA – have even done a basic inspection to see whether any such application for mutation or conversion is pending before the authorities concerned. They instead push the onus onto the Adjudicating Authority hoping to take a blank cheque in this regard. In any case, there cannot be a direction to any authority not to take mutation fee and other charges payable, if any under any other statute. This relief is, therefore, refused. |
| 10. | All the original Title Deeds and related documents of MIFL whether mortgaged or unencumbered are to be handed over by Financial Creditors to MIFL on payment of settlement amount as contemplated in this Plan. In case if any Title Deeds are with any other individual or entity other than the Financial Creditors, then RP should ensure that the same is peacefully handed over to MIFL on or before the closing date. | Granted. |
| 11. | The Resolution Applicant seeks the following reliefs and concessions from NCLT and from the other relevant government authorities – | |
| Sl. No. | Relief, concessions and approvals sought | Orders thereon |
| A. In terms of the third proviso to sec. 79 of the Income Tax Act, 1961, the resolution applicant is not required to comply with the provisions of sec. 79 for carry forward and set off of loss of the corporate debtors. Reasonable opportunity of being heard may be provided to the jurisdictional Principal Commissioner or Commissioner of Income Tax as required under the said provisions of the IT Act. | The reliefs at 11A to 11F are for the Income Tax authorities to consider, keeping the spirit of the IBC in view. | |
| B. Allow setting off of losses and unabsorbed depreciation for the purpose of computation of book profit as permitted under sec. 115JB of Income Tax Act, 1961. | ||
| C. Exemption from any tax liability arising due to implementation of the Resolution Plan both in computing total income under the normal provisions of the IT Act and in the computation of book profit under sec. 115JB of the IT Act. | ||
| D. Allow filing return of income and/or revised return of income, for the Assessment Years prior to the Effective Date, if the said returns have | ||
| Sl. No. | Relief, concessions and approvals sought | Orders thereon |
| not been filed within the due date of filing the said returns; or have been filed on the basis of financial statements prepared by the Corporate Debtor in violation of the provisions of sec. 129 and sec. 134 of the Companies Act, 2013. | ||
| E. Allow the benefit of carry forward of losses quantified in the returns and/or revised returns filed as per D above. | ||
| F. The brought forward Business Loss as on the Effective Date shall be deemed to be the Business Loss for the previous year in which the Effective Date falls. | ||
| G. Waiver of any income-tax and Minimum Alternate Tax (MAT) liability or consequences (including interest, fine, penalty, etc) on MIFL., Resolution Applicant and its shareholders on account of various steps as proposed in the Resolution Plan, including but not limited to liabilities if any under Section 41 (1), Section 56, Section 43, Section 43 B, | In Ghanashyam Mishra & Sons Pvt Ltd v Edelweiss Asset Reconstruction Company Ltd, 7 the Hon'ble Supreme Court held that once a Resolution Plan is approved, a creditor cannot initiate proceedings for recovery of claims which are not part of the Resolution Plan. | |
| Sl. No. | Relief, concessions and approvals sought | Orders thereon |
|---|---|---|
| Section 28, Section 115JB and Section 79 of the Income-tax Act, 1961, including, without limitation waiver of MAT and income tax implication arising due to write back/write off of liabilities in the books of accounts of MIFL without any impact on brought forward tax and book loss / depreciation, pursuant to this Resolution Plan. | ||
| 12. | Any requirements to obtain waivers from any Tax Authorities including in terms of section 79 of the IT Act is deemed to have granted upon approval of this Resolution Plan on the Closing Date. | This is for the Income Tax authorities to consider, keeping the spirit of the IBC in view. |
| 13. | Any approvals that may be required from Governmental Authorities (including tax authorities) in connection with the implementation of the Resolution Plan including on account of change in ownership / control of MIFL. shall be deemed to have been granted on the Effective Date. | Unless specific reliefs are identified and placed for decision, it is not possible for the Adjudicating Authority to exercise its mind on the matter, especially in a situation where the Resolution Applicant is not sure of the approvals that would be required. |
| 14. | The Corporate Debtor & Resolution Applicant be allowed to re-build the Human Capital as per the requirement without any | Granted, so long as any such act is not in violation of any labour laws, since no resolution plan which is in violation of any |
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| obligations. | existing law can be approved by this Adjudicating Authority. | |
| 15. | All Government Authorities to waive the Non-Compliances of the Corporate Debtor prior to the effective date. | Unless specific cases of non-compliances are identified, it is difficult to grant reliefs of this nature. |
| 16. | Post-acquisition of CD, the new management shall require 12 months for appointment of Auditors, Company Secretary and other Statutory Compliances. The RA should therefore be allowed 12 months’ time from the effective date to comply with all statutory approval and requirements including but not limited to filing of Balance Sheet, without any charges, penalties, interest, etc. | Section 31(4) of the Code allows a period of one year from the date of approval of the resolution plan by the Adjudicating Authority to obtain all necessary approvals required for the business of the corporate debtor. All actions should be consistent with the provisions of the Code. |
| 17. | Since the Resolution Applicant has been provided with limited information in relation to the Business Permits and their current status, it is probable that certain of the Business Permits / Statutory Approvals of the Corporate Debtor have lapsed, expired, suspended, cancelled, revoked or terminated or the Corporate Debtor has Non-Compliances in relation thereto. Accordingly, all Government Authorities (i) to provide | It is incredulous that the resolution applicant claims to have been provided with “limited information” about the business permits etc. If so, it was for the Resolution Applicant to undertake proper due diligence, and not thrust its own carelessness on the Adjudicating Authority and expect concessions in this regard. Having said that, it is up to the Resolution Applicant to make necessary applications to |
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reasonable time period of at least 12 months after the effective Date in order to enable Resolution Applicant to assess the status of these Business Permits / Statutory Approvals and ensure that the Corporate Debtor is compliant with the terms of such Business Permits / Statutory Approvals and Applicable Law (ii) should not initiate any investigations, actions or proceedings in relation to such Non-Compliances (iii) should co-operate with the CD to renew / obtain for such permits / approvals, (iv) permit the Resolution Applicant to continue to operate the business of the Corporate Debtor pending such permits / approvals at least till a period of 12 months from the Effective Date & (v) not to charge any charges, penalty, interest, etc till the time such Permits / Approvals are received. The Resolution Applicant shall, pursuant to approval of the resolution plan by the Adjudicating Authority obtain the necessary approvals required under any law for the time being in force within a period of one year from the date of such | the concerned regulatory or statutory authorities for renewal of such business permits in terms of section 31(4) of the IBC, and such authority shall also consider the same keeping in mind the objectives of the Code. The actions of such authorities shall also be consistent with the provisions of section 32A of the Code. | |
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| approval or within such period as provided for in such law, whichever is later. | ||
| 18. | Neither the Resolution Applicant, nor any of its Affiliates or connected persons, will be disqualified from or considered ineligible under the Code for proposing and/ or implementing a plan in relation to the insolvency resolution of any Person (other than the Corporate Debtor), merely on account of the implementation of this Plan by the Resolution Applicant. | It is not clear as to which law debars the Resolution Applicant or indeed its affiliates or connected persons from proposing or implementing any resolution plan of person. |
| 19. | It is assumed from the effective Date, all accounts of the Corporate Debtor shall stand regularised and their Asset Classification is “Standard” for the purpose of Applicable RBI Laws. | No orders can be passed on the assumptions of the Resolution Applicant. |
| 20. | On discharge of all the liabilities to the secured financial creditors, all the charges registered with ROC to be satisfied. | Granted. |
| 21. | The Central Board of Direct Taxes to - (i) not void or take any other actions with respect to the transactions contemplated under this Plan under Section 281 of | Granted, since the object of the Code is to enable the Corporate Debtor to have a fresh start in business. |
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| the IT Act; (ii) exempt the Resolution Applicant from any liability pursuant to Sections 56 and 170 of the IT Act; and (iii) not levy any Tax (including minimum alternate tax) arising as a result of giving effect to, or otherwise in relation to, the Plan, in the hands of Corporate Debtor or the Resolution Applicant. The Central Board of Excise and Customs to not void or take any other actions with respect to the transactions contemplated under this Plan (including the Merger and the sale of Collateral) under section 81 of the Central Goods and Services Tax Act, 2017 and not to impose any successor liability on the Resolution Applicant and the Corporate Debtor | ||
| 22. | Neither the Resolution Applicant nor MIFL, nor their respective directors, officers and employees appointed as on or after the Effective Date shall be liable for any violations, liabilities, penalties, interests on statutory payments and/ or fines with respect to or pursuant to any order of any Governmental Authority or on account of non-compliance of Applicable Laws by MIFL or due to MIFL not | Any resolution plan should be consistent with extant law. Therefore, there is no question of grant of any immunity on or after the Effective Date in respect of violation of any law applicable for the time being in force. The authorities concerned are free to take any action, so long as the same is consistent with section 32A of the Code. |
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| having in place requisite approvals and licenses (excluding the Pollution Control Board approval for which the necessary steps will be taken by RA) to undertake its business as per Applicable Law. | ||
| 23. | All Government Authorities (including the RBI) to grant any relief, concession or dispensation as may be required for implementation of the transactions contemplated under the Plan in accordance with its term and conditions. | This is for the appropriate authorities to consider. |
| 24. | The jurisdictional Registrar of Companies to take on record and implement the Plan, upon approval of the Plan by NCLT, without any further compliances. | The duties of the Registrar of Companies do not include taking on record and implementing the Plan. In so far as compliances are concerned, all necessary forms along with filing fees shall be filed with the Registrar of Companies to enable him to take the same on record. |
| 25. | All Designated Authorised Dealer Category-I Banks to grant any approval or dispensation as may be required for actions contemplated under the Plan in accordance with its terms and conditions. | No specific orders are necessary in this regard. |
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| 26. | All creditors of the Corporate Debtor to withdraw all legal proceedings commenced against the Corporate Debtor in relation to claims, including all criminal proceedings, proceedings under section 138 of the Negotiable Instruments Act, 1881 and proceeding under SARFAESI and RDDBFI, within 30 (thirty) days of the Closing Date. | Whatever protection is available to the corporate debtor in terms of section 32A of the Code will in any case continue to be available. Therefore, no specific orders are necessary in this regard. |
| 27. | In terms of sec. 32 A of the Code, notwithstanding anything to the contrary contained in this code or any other law for the time being in force, the liability of a corporate debtor for an offence committed prior to the commencement of the corporate insolvency resolution process shall cease, and the corporate debtor shall not be prosecuted for such an offence from the date the resolution plan has been approved by the AA. The criminal proceedings of the company shall not continue after the approval of the resolution plan according to section 32A. Accordingly, all enquiries, investigations, notices, causes of action, suits, claims, liabilities, demand, obligations, penalties, disputes, litigations, arbitrations | |
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| or other judicial, regulatory or administrative proceedings against, the CD or the affairs of the CD, pending or threatened, present or future (including without limitation, any investigation by Central Bureau of Investigation or the Serious Fraud Investigation Office), whether or not on account of acts or omissions in breach of applicable law (including but not limited to environmental laws, foreign exchange laws and regulations, labour and employment laws, and laws relating to anti-corruption and prevention of money laundering) and including but not limited to the proceedings specifically set out in point no.v of Section II of Part A of this Plan (Details of Pending Litigation) in relation to any period prior to the Effective Date shall stand extinguished and accordingly, all such proceedings, inquires, investigations, etc. shall be disposed of and all liabilities or obligations in relation thereto, whether or not set out in the Provisional Balance Sheet, the balance sheet of the CD or the profit and loss account statements of the CD or the List of Creditors, shall, in accordance with Regulation 37 of the CIRP | ||
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Regulations, be deemed to have been written off in full and permanently extinguished by virtue of the order of NCLT approving this plan and the Resolution Applicant, shall at no point of time be, directly or indirectly, held responsible or liable in relation thereto. By virtue of the order of the NCLT approving this Resolution Plan, all new inquiries, investigations, notices, suits, claims, disputes, litigations, arbitration or other judicial, regulatory or administrative proceedings will not be initiated or admitted if these relate to any period prior to the Effective Date or on account of the acquisition of control by Resolution Applicant over the CD pursuant to this Resolution Plan, against the CD or any of its employees or directors who are appointed or who remain in employment or directorship after the Effective Date or pursuant to the implementation of the Resolution Plan. In case approval of Plan does not mean automatic abatement etc. and for those cases which are subject matter of concerned competent authority having its own jurisdiction, RA will take up | ||
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| the matter with respective authorities for abatement of the same upon NCLT approving the Plan and pursuant to the NCLT Order. | ||
| 28. | It is clarified that the existing promoters, shareholders, managers, directors, officers or such other person in charge of the affairs and management of the CD (including any person who was an ‘officer in default’ or ‘occupier’) prior to the Effective Date shall continue to be responsible and liable for all the liabilities, claims, demand, obligations, penalties etc. arising out of any – (i) proceedings, inquiries, investigations, orders, show causes, notices, suits, litigation etc. (including those arising out of any orders passed by the NCLT pursuant to sections 43, 45, 49, 50, 66, 68, 70, 71, 72, 73, 74 of the IBC (including without limitation, any investigation by Central Bureau of Investigation or the Serious Fraud Investigation Office) or any acts or omissions in breach of applicable law (including but not limited to environmental laws, foreign exchange laws and regulations, labour and employment laws, and laws relating to anti-corruption and | Whatever protection is available to the corporate debtor in terms of section 32A of the Code will in any case continue to be available. Therefore, no specific orders are necessary in this regard. |
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| prevention of money laundering or diversion of funds) which occurred prior to the Effective Date, whether civil or criminal, pending before any authority, court, tribunal or any other forum prior to the effective Date or (ii) that may arise out of any proceedings, inquiries investigations, orders, show cause, notices, suits, litigation etc. (including any orders passed by the NCLT pursuant to Sections 43, 45, 49, 50, 66, 68, 70, 71, 72, 73, 74 of the IBC), whether civil or criminal, that may be initiated or instituted post the approval of the Resolution Plan by the NCLT on account of any transactions entered into, or decisions or actions taken by, such existing promoters, shareholders, managers, directors, officers, employees, workmen or other personnel of the CD, and the Resolution Applicant shall at no point of time be, directly or indirectly, held responsible or liable in relation thereto. | ||
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| 29. | There might be certain litigations/proceeding against the CD regarding the CD may have conducted its business in breach of certain applicable laws; and (b) an adverse outcome of such proceedings would interrupt the business of the CD as a going concern. Accordingly, all such proceedings should be extinguished/dropped immediately on approval of the Plan by the Adjudicating Authority. | The Adjudicating Authority cannot exercise its mind upon speculation of the Resolution Applicant, without any specific cases being placed for judicial consideration. |
| 30. | All domain names, servers, being currently used by the CD to the extent not owned shall continue to be available for use by the CD for a period of 3 months for the Effective Date. | All of these shall be strictly in terms of the underlying contracts entered into, nothing more and nothing less. |
| 31. | There is no adverse effect on the rights of the CD over its immovable properties. | The implication of this waiver is not clear. |
| 32. | Upon approval of this Resolution Plan by NCLT, the rights of any person (whether exercisable now or in the future), either directly or indirectly, and whether contingent or not, to call for the allotment, issue, sale or transfer of shares of the CD or whether through any exchange or otherwise, shall stand | Granted. |
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| unconditionally and irrevocably extinguished. All employee stock options shall stand extinguished. | ||
| 33. | All concerned state revenue or stamp authorities to waive penalties for non-registration and inadequate or non-stamping of documents executed by the Corporate Debtor. | Not granted. The Resolution Plan cannot be in violation of any law for the time being in force. Therefore, if there are any documents on which stamp duty is required to be paid, or in respect of which non-registration will have adverse consequences, they shall apply with full force and no waiver can be granted in this regard. |
| 34. | If Corporate Debtor applies for credit rating / grading with any agency/bank/financial institutions etc., past performance (during the closure period for around 3 years) should not be considered for fiscal fillip. The New Promoters or New Promoters Group and its controlled company/concerns who are proposed to be the shareholders of corporate debtor has got certain synergy with corporate debtors as has been mentioned in Resolution Plan. Therefore, it is possible that some of the products of Resolution Applicant or its associate concern may be | Granted, since the object of the Code is to enable the Corporate Debtor to have a fresh start in business. |
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| common with the products of the corporate debtor. Therefore, to attain the financial stability of the corporate debtor, exemption will be available to the Resolution Applicant and its members/associates as well as Corporate Debtor with regard to provisions of the conflict of Interest due to common shareholding of the corporate debtor and Resolution Applicant including its associates from all the customers- – including but not limited to Government/ Semi- Government / PSUs/ Non-Government/ Research & Development Centres / Subsidiaries / Division/ Zones/ Workshop/ Sheds or any other entities not mentioned here. | ||
| 35. | All Departments and authorities, including but not limited to Government/ Semi-Government / PSUs/ Non-Government/ Research & Development Centres / Subsidiaries / Division/ Zones/ Workshop/ Sheds or any other entities not mentioned here, shall allow the Corporate Debtor to submit their offers / Proposal / tenders etc., for the period of 3 (three) years from the date of NCLT order, without insisting | Granted, since the object of the Code is to enable the Corporate Debtor to have a fresh start in business. |
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| for the details on past revenue, profitability records, net worth and supply and performance records or any other credentials, as Resolution Applicant will be starting the business for the Products of the Corporate Debtor afresh as there had been discontinuity in the business for past few years. | ||
| 36. | All Government Authorities to waive non-compliance of the Corporate Debtor prior to the Effective Date. | Not granted. |
| 37. | Resolution Applicant shall not be liable and will be kept indemnified financially or otherwise against any of the negative impact / observation / findings of Forensic Audit and/or transaction audit. Further neither the Corporate Debtor nor any member of the New Promoters or New Promoters group shall be made party to any of the legal cases arising out of such forensic audit. | Generally, the principles enunciated in section 32A of the Code will apply. |
| 38. | It is further clarified that the approval of the NCLT shall constitute adequate approval for issuance of New Equity Shares and cancellation of existing equity shares of the CD issued to | As far as meetings of shareholders for issue of such new equity shares and for cancellation of existing equity shares of the corporate debtor are concerned, approval to the |
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| the existing promoter group & others, if any, in accordance with applicable law and accordingly, no approval or consent shall be necessary from any other Person / Government Authority in relation to either of these actions under any agreement, the Constitutional documents of the Corporate Debtor or under any Applicable Law. | Resolution Plan accorded by this Adjudicating Authority shall be deemed to be requisite approval for all such meetings or dispensation from conducting meetings of shareholders. However, all regulatory compliances such as filing with the RoC, payment of filing fees on documents etc. will have to be complied with. RoC cannot be expected to grant automatic approval for such activities without the forms being filed on behalf of the corporate debtor. This fact has also been recognised to be so by the Ministry of Corporate Affairs vide General Circular No.IBC/01/2017 dated 25.10.2017 issued under File No.30/14/2017-Insolvency. |
The Applicant further states that the Resolution Applicant in the addendum filed on 11.02.2021 has stated as follows:
“1.B. The following shall be inserted as new paragraph in Financial Plan at page 19 of Financial Plan:
“6.3.9As informed by RP, an application with respect to preferential transactions made by the CD aggregating to Rs. 157.47 lakhs has been filed with the Hon’ble NCLT on the 22nd October 2020 which is still pending. If recoveries are made against such preferential transactions, then the same may be distributed to the secured financial creditors to the limit of their admitted claims and not in excess. Further, in case, no recoveries are made and /or no amount is received against such preferential transactions, RA shall not, in any manner, be liable and/or responsible for any payment against such transactions.”
The Applicant has filed an applicant under section 43 of the Code, which has been registered and numbered as IA (IB) No.101/KB/2021. Necessary orders will be passed thereon separately.
Orders
On hearing the submissions made by the Ld. Counsel for the Resolution Professional, and perusing the record, we find that the Resolution Plan has been approved with 100% voting share. As per the CoC, the plan meets the requirement of being viable and feasible for revival of the Corporate Debtor. By and large, all the compliances have been done by the RP and the Resolution Applicant for making the plan effective after approval by this Bench.
We are, however, constrained to observe that many of the waivers, reliefs and concessions sought are without any application of mind. The RP would have been well-advised to look into these aspects and advise the CoC in this regard. For example, Sl No.24 at page 31 supra seems to cast a duty on the RoC to “take on record and implement the Plan, upon approval of the Plan by NCLT, without any further compliances.” How the RoC can be thrust with this duty is baffling, to say the least. Second, Sl No.6 at pages 20-21 supra plans for an exit route without any implications or penalties for the Resolution Applicant even when the Resolution Applicant is expected to do the most basic due diligence. A condition such as this one should never have passed muster. Third, even though section 32A of the Code grants immunity in respect of the corporate debtor and its property in a case where there is a fresh start through a resolution plan resulting in change of management, there are innumerable clauses under the waivers, concessions and reliefs section stating the same thing. These are quite unnecessary and involves wastage of resources on the part of the Adjudicating Authority, which can otherwise be profitably employed in disposing of other applications which are in crying need of attention. These have been routinely observed in previous cases involving approval of resolution plans. Therefore, the IBBI may like to think of issuing appropriate directions to the insolvency professionals in this regard.
On perusal of the documents on record, we are satisfied that the Resolution Plan is in accordance with sections 30 and 31 of the IBC and also complies with regulations 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
As far as the question of granting time to comply with the statutory obligations or seeking approvals from authorities is concerned, the Resolution Applicant is directed to do so within one year from the date of this order, as prescribed under section 31(4) of the Code.
In case of non-compliance of this order or withdrawal of Resolution Plan, the payments already made by the Resolution Applicant shall be liable for forfeiture.
Subject to the observations made in this Order, the Resolution Plan is hereby APPROVED by this Bench. The Resolution Plan shall form part of this Order. The Resolution Plan thus approved shall be binding on the Corporate Debtor and other stakeholders involved so that revival of the Debtor Company shall come into force with immediate effect.
The Moratorium imposed under section 14 of the Code shall cease to have effect from the date of this order.
The Resolution Professional shall submit copies of the records collected during the commencement of the proceedings to the Insolvency & Bankruptcy Board of India for their record and also return to the Resolution Applicant or New Promoters.
Certified copy of this Order be issued on demand to the concerned parties, upon due compliance.
Liberty is hereby granted for moving any application if required in connection with implementation of this Resolution Plan.
A copy of this Order is to be submitted to the Registrar of Companies, West Bengal.
The Resolution Professional shall stand discharged from his duties with effect from the date of this Order.
The Resolution Professional is further directed to handover all records, premises/factories/documents to the Resolution Applicant to finalise the further line of action required for starting of the operation. The Resolution Applicant shall have access to all the records and premises of the corporate debtor through the Resolution Professional to finalise the further line of action required for starting of the operation.
IA (IB) No.398/KB/2021 and the main Company Petition, i.e., CP (IB) No.213/KB/2019 shall stand disposed of accordingly.
The Registry is directed to send e-mail copies of the order forthwith to all the parties and their Ld. Counsel for information and for taking necessary steps.
Certified copy of this order may be issued, if applied for, upon compliance of all requisite formalities.
File be consigned to the record.