In The National Company Law Tribunal Hyderabad Bench - 1: ASREC (India) Limited
In The National Company Law Tribunal Hyderabad Bench - 1: ASREC (India) Limited
In The National Company Law Tribunal Hyderabad Bench - 1: ASREC (India) Limited
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IN THE NATIONAL COMPANY LAW TRIBUNAL
HYDERABAD BENCH – 1
ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON
13-12-2023 AT 10:30 AM
VS
C O R A M:-
DR. VENKATA RAMAKRISHNA BADARINATH NANDULA, HON’BLE MEMBER (JUDICIAL)
SH. CHARAN SINGH, HON’BLE MEMBER (TECHNICAL)
ORDER
IA(IBC) 1830/2023
Orders pronounced. In the result, this application is allowed, subject to the
terms mentioned therein.
Sd/- Sd/-
MEMBER (T) MEMBER (J)
Swapna
NATIONAL COMPANY LAW TRIBUNAL
HYDERABAD BENCH-1
APPLICATION FILED U/S 30(6) AND U/S 31 OF I&B CODE, 2016 R/W REG
39(4) OF THE IBBI (INSOLVENCY RESOLUTION PROCESS FOR
CORPORATE PERSONS) REGULATIONS, 2016 R/W RULE 11 OF THE
NCLT RULES, 2016.
IN THE MATTER OF
Filed By
Ganesh Venkata Siva Rama Krishna Remani
RP of M/s Balaji Stake Rice Industries Ltd
Reg No. IBBI/IPA-001/IP-P01386/2018-20/12176
Ph# 9967500010; email: [email protected]
… Applicant/RP
Appearance:
PER: BENCH
ORDER
under section 7 of the IBC, 2016 which was filed by the Financial
Debtor i.e., Balaji Stake Rice Industries Ltd. and appointed Shri
Ganesh Venkata Siva Rama Krishna Remani, with IBBI Regn. No.
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2.2 Pursuant to the above order, the Applicant herein made public
2.3 On the basis of the claims received, verified and collated, IRP
lacs
Rs. in lakhs
Type of Valuer's Fair Liquidation
SNo Asset Name Value Value
1A Arun Rajanala 420.67 252.40
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Plant and
1B Machinery V L N Murthy 417.00 250.00
Average
Values 418.83 251.20
2.5 The IRP conducted a total of 7 meetings with the members of the
2.6 As per the decision taken in the 3rd COC meeting held on
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2.8 In the 6th COC meeting on 12.10.2023, the RP informed the PRAs
2.9 At the 7th COC meeting, after due negotiations and deliberation the
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Date of Order:13.12.2023
rice mill sheds and go downs. His father has been cultivating paddy
for almost 30 years and has extensive knowledge about rice mills
(b) The CoC comprised of sole financial creditor i.e. ASREC (India) Ltd
with 100% voting share who voted in favour of the Resolution Plan.
(c) FINANCIAL PROPOSALS: The amount provided to the
stakeholders of the Corporate Applicant is tabulated below: -
Amount in Lakhs
Sub-Category of Amount
Amount
Stakeholder provided
provided
S. Category of Amount Amount to the
under the
No Stakeholder claimed Admitted amount
Resolution
admitted
plan
%
(Asrec (India)
Secured
Limited)
1 Financial
(b) Other than (a)
Creditors
above:
(i) who did not vote in
favour of the 0 0 0 0%
resolution Plan
(ii) who voted in
favour of the 0 0 0 0%
resolution plan
Total[(a) + (b)] 1786.27 1786.27 365.00 20.43%
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Within
b Secured FC 1 1786.27 365.00 20.43% 60days
Within
e OCs (Govt) 1 2.39 2.39 100.00% 30days
Total 392.39
Board of Directors.
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Code and CIRP Regulations. The fair value and Liquidation value as
respectively.
the assets owned by the CD. This has been explained in the
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There are two land parcels in the name of the corporate debtor M/s
Offence Wing that they have attached the above land parcels
22.11.2023
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order, restrained the legal heirs of Late Mr. Sampath Rao from
said order.
Code, as under: -
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4.1 Compliance of Section 30 (2) (a): The resolution Plan provides for
Clause 12)
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by the petitioner in the said IA, and the objections of the Resolution
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rounds and till 19 rounds of the process, and the petitioner was
declared as H1 Bidder, but on the last date i.e. on the 5th day of the
disconnected the zoom call and was informed that the challenge
mechanism was over and CoC intend to meet all the PRAs at its
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be decided by COC)”.
also submitted that All audio and video recording of the COC
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viability during the 7th CoC meeting before putting the plans for
voting. The discussion points as per the minutes of the 7th CoC
reproduced below: -
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PRA was also referred to the existing legal attachments on the site,
as described in the information memorandum to which he
acknowledged the same.
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11 Finally, the voting was done and Resolution Plan of the Applicant
himself has participated in the process till the last moment and
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Appeal No. 10673/2018) the Hon’ble Apex Court held that, “if
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Steel India Limited Vs. Satish Kumar Gupta & Ors, held that “the
the CoC. As such the Adjudicating Authority would not have power
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21. This Court has consistently held that the commercial wisdom of the
CoC has been given paramount status without any judicial intervention
for ensuring completion of the stated processes within the timelines
prescribed by the IBC. It has been held that there is an intrinsic
assumption, that financial creditors are fully informed about the
viability of the corporate debtor and feasibility of the proposed
resolution plan. They act on the basis of thorough examination of the
proposed resolution plan and assessment made by their team of
experts. A reference in this respect could be made to the judgments of
this Court in the cases of K. Sashidhar v. Indian Overseas Bank and
Others, Committee of Creditors of Essar Steel India Limited
through Authorised Signatory v. Satish Kumar Gupta and Others,
Maharashtra Seamless Limited v. Padmanabhan Venkatesh and
Others, Kalpraj Dharamshi and Another v. Kotak Investment
Advisors Limited and Another, and Jaypee Kensington Boulevard
Apartments Welfare Association and Others v. NBCC (India)
Limited and Others.
27. This Court has, time and again, emphasized the need for minimal
judicial interference by the NCLAT and NCLT in the framework of IBC.
We may refer to the recent observation of this Court made in the case
of Arun Kumar Jagatramka v. Jindal Steel and Power Limited and
Another:
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the aforesaid facts and the rulings, we are of the view that the
of the Code and Regulations 37, 38, 38 (1A) and 39 (4) of the
Code.
(i) The Resolution Plan along with annexures and schedules forming
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law for the time being in force is due, guarantors and other
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under this plan is fully paid off and the plan is fully implemented.
the Plan, shall obtain all necessary approvals, under any law for
(vii) The moratorium under Section 14 of the Code shall cease to have
(viii) The Applicant shall forward all records relating to the conduct of
the CIRP and the Resolution Plan to the IBBI along with copy of this
(ix). The Applicant shall forthwith send a copy of this order to the CoC
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(x). The Registry is directed to furnish free copy to the parties as per
-SD- -SD-
Charan Singh Dr. Venkata Ramakrishna Badarinath Nandula
Member Technical Member Judicial
Binnu/pavani
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