ICICI Bank Limited vs Narayani Steels Limited

  Particulars,Date of CoC meeting,,

1st CoC Meeting,23.04.2021,,

2nd CoC Meeting,18.06.2021,,

3rd CoC Meeting,20.07.2021,,

4th CoC Meeting,17.09.2021,,

5th CoC Meeting,28.09.2021,,

6th CoC Meeting,19.10.2021,,

Section

30(2)(b) &

Regulation

38(1)(a)

Regulation

38(1)(b)","Provides for the payment of the debts of

operational creditors in such manner as may

be specified by the Board which shall notÂ

be less than the amount to be paid  Â

to   the   operational creditors inÂ

the event of a

liquidation       Â

of        the corporate  debt Â

or  under section 53.

Financial  Creditors  who have not voted

in favour of the Plans","Page    Â

No. 188 & 193

Page    Â

No. 195","As    there    are    no

admitted    claims    of

Operational Creditors, no       Â

amount        is allocated/payable.

There is no dissenting Financial Creditor;

the Plan       Â

has        been approved Â

with  100% voting.

Section

30(2)(c)

Regulation

38(2)(b)","Provides  Â

      for         the

management of the affairs

of  the  Corporate  Debtor

after    approval    of    the","Page No.

189","RA      will      appoint

directors      as      per

statutory requirements

or more, who may be

in         executive/non-

,Resolution Plan.,,"executive directors in capacity. TheÂ

RA has informally    identified

people       for       the

constitution    of    the BoardÂ

with regard to Managing     Â

Director, Executive      Director, Non-

Executive Directors, CEO, CFO,

CS     etc.     for     the

company but they will be appointed at a later

stage  by  the  Board. RA will ensure

that all persons  stated  above orÂ

persons working as Managers  or Â

Officers as  defined  under  the

Companies  Act  2013 will  be Â

Section  29A compliant  during  the

implementation        of Resolution

Plan.

Section

30(2)(d)

Regulation

38(2)(a) &

(c)

Section

30(2)(e)","The  implementation  and

supervision       of

       the resolution plan

Does not contravene any of  the Â

provisions  of  the law for theÂ

time being in force","Page   Â

Nos. 189 & 195

Page    Â

No. 192","The implementation of the resolution plan will

be  monitored  by  the Monitoring

Committee.           The

appointment             of

independent    persons

shall  be  at  mutually agreed terms

with CoC members and RA for theÂ

period with effect from    the   Â

date    of approval of Resolution

Plan     by     Hon’ble

NCLT till the upfront

payment       of       the

Resolution Plan.

The    Plan    complies withÂ

provisions of the laws; RA declared to

this effect.

Section

30(3)","The                  Â

Resolution Professional shall present to Â

  the    Committee    of

Creditor  for  its  approval

such     resolution     plans

which       confirm      Â

the conditions  referred  to  in sub-

section (2)","Page    Â

No. 245","The   duly   compliant

resolution   plan   was presentedÂ

to the CoC by RP at its 6th CoC

meeting held on 19th October 2021.

Section

30(4)","Approval   of   Resolution Plan  Â

by   Committee   of Creditors by a

vote of not less than 66% of voting

share   of   the   Financial

Creditors.","Page    Â

No. 260","The Resolution Plan is

approved                Â

by

Committee               of

Creditors  with  100% voting share.

Section

30(6)","The                  Â

Resolution Professional  shall  submit

the   Resolution   Plan   as

approved by the CoC to the Adjudicating

Authority",Yes,"The RP submitted the

Application             on

02.11.2021.

Regulation

37(a) to (l)","A  Resolution  Plan  shall provideÂ

for the measures, as may beÂ

necessary for Insolvency  Resolution Â

of the Corporate Debtor for maximizationÂ

of value of the assets","Page   Â

Nos. 241-243","Upon    approval    of

Resolution  Plan,  the debt obligations of

the CD  get  substantially

reduced.       CD       is

running  as   a   going concern

even now and hence there will not be anyÂ

difficulty for the Resolution   Applicant

to       continue       the

operations     of     the

company.

Regulation

38(1A)","A  resolution  plan  shall includeÂ

a statement as to how   it  Â

has   dealt   with interest of all

stakeholders

including            Financial

Creditors and Operational Creditors of CD.","Page    Â

No. 193","The  Resolution  Plan

provided      for      the

interest        of       Â

all

stakeholders.         The

Secured        Financial

Creditors  get  13.71% of their claimÂ

amount and there are no dues

to    the    Operational Creditors,

employees/workers

since  company  is  a going concern.

Regulation

38(3)","A  resolution  plan  shall demonstrate

(a)  It addresses the cause of default;

(b) It   is   feasible   and viable

(c)  It has provisions for

its                 Â

effective

implementation

(d) It has provisions for

approvals       required and Â

the  timeline  for the same; and

(e)Â Â The

            Resolution

Applicant     as     the

capability                Â

to

implement             the

resolution plan","Page    Â

No. 196","The    present    lower capacity is

mainly due to low/non-availability of   Â

gas.    With    the reduced  Â

              debt

obligations,             the

internal generations of funds areÂ

adequate to meet all the operating

expenses    besides    a reasonable

profit.

The              resolution

applicant provided the required detailsÂ

in the resolution plan.

3,"An undertaking by the Resolution

Applicant  that  every  information andÂ

records provided in connection with or in the

Resolution Plan is true and correct andÂ

discovery of any false information andÂ

record at any time   will  Â

render   the   applicant ineligible, Â

forfeit  any  refundable

deposit  and  attract  penal  action","Page   No.   58-59  Â

of   the Resolution Plan",

,under the IB Code.,,

4,"Such other information as may be

necessary  for  assisting  the  COC

valuation of the Resolution Plans.",NA,

Regulation 37,,,

5,"Regulation 37 (a) & (b)- Transfer/

sale of all or part of the assets of the Company to one

or more persons;","No such proposal is made in the

Resolution Plan",

6,"Regulation      37 (ba)- Restructuring ofÂ

the Corporate Debtor, by way of

merger, amalgamation and demerger","No such proposal is made in the

Resolution Plan",

7,"Regulation    37 (c)- The substantial

acquisition    of    shares   Â

of    the Corporate Debtor, or the merger or

consolidation   of   the   Corporate

Debtor with one

more person","Restructuring of the Capital

Structure is at page 26 of the Resolution Plan",

8,"Regulation      37  (ca)- Â

cancellation or  delisting  of  any Â

shares  of  the

corporate debtor, if applicable","Restructuring of the Capital

Structure is at page 26 of the

Resolution Plan",

9,"Regulation      37 (d)- satisfaction or

modification of any security interest","Second para to page 33 of the

Resolution Plan",

10,"Regulation 37 (e)- curing or waiving

of any breach of the terms of any debt

due from the Company","Page  55  of  the Â

Resolution Plan",

11,"Regulation 37 (f)- reduction in the

amount payable to the creditors","Page  55  of  the Â

Resolution

Plan",

12,"Regulation 37 (g)- extension of a

maturity date or a change in interest","Page  55  of  theÂ

 Resolution

Plan",

,"rate or other terms of a debt due from

the Company",,

13,"Regulation 37 (h)- amendment of the

constitutional   documents   of   the

Company","No such proposal is made in the Resolution

Plan",

14,"Regulation  37  (i)  -  Issuance Â

of securities  of  the  Company,  for

cash,  property,  securities,  or  in

exchange for claims or interests or other appropriate

purpose.",Page No. 29 of Resolution Plan,

15,"Regulation 37 (j)- change in portfolio

of  goods  or  services  produced Â

or rendered by the corporate debtor","No such proposal is made in the Resolution

Plan",

16,"Regulation    37    (k)-   Â

change    in technology  used  by Â

the  corporate

debtor","No such proposal is made in the Resolution

Plan",

17,"Regulation     37     (l)-    Â

obtaining necessary approvals from the Central

and  State  Governments  and  other

authorities","No such proposal is made in the Resolution

Plan.",

Sl.No.,Relief and/or Concessions Sought,Orders Thereon,

(i),"Issuance  /  renewal  of  all  kinds  of licenses   /   permission  Â

required   for operation   of   the   business/factory   / project operations","Temporary  license  shall be granted /Â

provided to operate   the  Â

project   / business      Â

/       factory operations   Â

immediately (without   any   stay  Â

or hindrance)Â Â Â Â Â Â Â Â Â Â Â without

application      for      the

interim period till date of approval       Â

of        such permissions.",

(ii),"Issue of Shares to Resolution Applicant

under     Preferential     Allotment     OR",Granted,

,"Through Transfer / Extinguishment of

Shares of Existing Equity Shareholders",,

(iii),"Further issuance of shares or equivalent instruments under preferential allotment or equity shares

through rights issue for working   capital   /   CAPEX   of   the Corporate Â

Debtor  to  investors  under preferential allotment or rights issue of equity shares Â

to  existing  shareholders upto the tune of Rs 25 Crores at Face Value of Rs 10Â

each to augment / raise working capital / CAPEX requirements of the Corporate Debtor so as to

run the business  operations  of  the  Corporate Debtor within 36 months of the Effective Date.","This is for the New Board of Directors to decide, as

per the law.",

(iv),"Raising of debts in any form or manner for working capital  /  CAPEX  of  the CorporateÂ

Debtor by issuance of any form / kind of debt instruments (Secured

/   Unsecured)   from   any   source   for working capital / CAPEX Requirements of the

Corporate Debtor so as to run the business  operations  of  the  Corporate Debtor within 24 months

of the Effective Date.","This is for the New Board of Directors to decide, as

per the law.",

(v),"Approval for Change in Face Value of the Shares from Rs 10/-per share to Rs 0.50/-Â

per share and then Consolidation

of Face Value from Rs 0.50/- per share","Granted  subject  to  the

condition       that       the

necessary forms shall be

filed with the RoC with",

,to Rs 10/- per share,requisite fees.,

(vi),Waiver  /  Exemption  from  Takeover Code,Granted.,

(vii),"Approvals                                           Â

for

cancellation/extinguishment                 of free/pledged shares",Granted.,

(viii),Approval for Reduction of Quantity of Shares with Existing Shareholders,"Granted  subject  to  the fact that it

complies with the necessary sections of

Companies  Act,  NCLT Rules  and Â

directives  of the SEBI.",

(ix),"Approval of Extinguishment / Payment for   Fraction   of   Shares   to  Â

Existing Shareholders and issuance of new shares in lieu of the same to the RA or its Group /

Associates Companies/Firms",Granted.,

(x),Approval  of  Increase  in  Authorised Capital,"Granted  subject  to  the necessary Â

regulations  to be followed and required

documentation     to     be

completed       along-with requisite fees

to be paid.",

(xi),"Waiver/In-principle      Approval      for Application  of  SEBI/Stock  Exchange

Rules   for   issuance   of   Shares   or equivalent instruments under Preferential",Granted.,

,"Allotment        and        Non-convertible Debentures as well as RightsÂ

Issue for Deferred Payment under this Resolution Plan as well as raising new Capital for Working

Capital / CAPEX",,

(xii),Waiver / Exemption from Shareholder’s Approval,Granted.,

(xiii),Approval  for  Shifting  of  Registered Office of the Corporate Debtor,"Granted    only    if    the

registered office/property belongs to theÂ

Corporate Debtor itself and not to a third party. The

shift shall be as per the prescribed law.",

(xiv),Approval for Change of Name of the Corporate Debtor,"Granted  after  following all  the Â

necessary  rules and  regulations Â

of  the Companies Act, 2013.",

(xv),Changes  to  be  incorporated  in  the MOA/AOA,"Granted  after  following the  Â

procedure   as   laid down in theÂ

Companies Act, 2013",

(xvi),Exemption    from    minimum    public shareholding requirement,"Granted  after  following SEBI ICRDÂ

Regulations

2018Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â

(‘ICDR

Regulations’)",

(xvii),Waiver of valuation of pricing of shares,Granted  subject  to  the,

,by Registered Valuer,"condition that no shares will be undervalued

and a fair price be given to the same.",

(xviii),Waiver/exemption from requirement of No-Objection Certificate,No specific direction can be given.,

Waiver of Liabilities,,,

(xix),Liabilities     claimed     by     Financial Creditors,"Strictly    as    envisaged under the

Code.

On the date of approval of resolutionÂ

plan by the Adjudicating   Authority, all

such claims, which are not part of the

resolution plan       Â

shall        stand extinguished. Â

All  other claims shall be dealt with in Â

accordance  with  the resolution plan.",

(xx),Liabilities  claimed  by  workmen  and employee.,Granted.,

(xxi),Litigations before various courts,Granted.,

(xxii),Liabilities  claimed  by  the  erstwhile promoters,Granted.,

(xxiii),Liabilities accrued/dues under statutory dues,Granted,

(xxiv),Liabilities    claimed    by    Operational Creditors,Granted.,

(xxv),Liabilities  /  Litigations  /  Disputes  / Appeals with Income Tax Dept,"This is for the authorities concerned  Â

to   consider keeping   in

   view   the scheme of the Code.",

(xxvi),"Liabilities  /  Litigations  /  Disputes  / Appeals with Sales Tax / VAT / Service Tax / GST / Excise

/ Customs / Octroi / Entry Tax Dept","This is for the authorities concerned  Â

to   consider keeping   in

   view   the scheme of the Code.",

(xxvii),Removal  of  Corporate  Debtor  Name from Blacklisted or Barred Vendor List,Granted,

(xxviii),"Liabilities   that   may   accrue   under Various Corporate Laws and Acts, Rules and

Regulations",This is for the authorities concerned to consider.,

(xxix),Liabilities accrued to SEBI / BSE,This is for the authorities concerned to consider.,

(xxx),Liabilities  accrued/may  accrue  under Various Acts & Laws,This is for the authorities concerned to consider.,

(xxxi),Liability which may accrue to Provisions of MAT and Other Sections of Income Tax Act,This is for the authorities concerned to consider.,

(xxxii),Corporate     Guarantees     issued     by Corporate Debtor,Granted.,

(xxxiii),Contingent      Liabilities      /      Legal,Granted.,

,Proceedings   pursuant   to   Resolution Approval,,

(xxxiv),"Legal  Proceedings  pending  action  / initiated    against    Corporate   Â

Debtor pursuant to Resolution Approval",Granted.,

(xxxv),Contracts made prior to Effective Date,Granted in terms of the resolution plan.,

(xxxvi),Claims / Rights of Existing Promoter and Promoter Group,Granted.,

(xxxvii),Claims  by  Government  Authorities  / Public Sector Authorities,This is for the authorities concerned to consider.,

(xxxviii),Termination      of      any      Negotiable Instruments,Granted.,

(xxxix),Corporate Guarantee / Indemnities by Corporate Debtor,Granted.,

(xl),Revocation of Power of Attorneys,Granted.,

(xli),Extinguishment     /     Revocation     of Workmen Contract,Granted.,

(xlii),Power to appoint new  Workmen and Employees,Granted.,

(xliii),"Approved    Resolution    Plan    to    be considered  as  Proof  for Â

Waiver  of Liabilities",Granted.,

(xliv),Removal of Lien / Charge or any action,Strictly    as    envisaged,

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 in the Office of 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 the operation. The Resolution Applicant shall have access to all the records/premises/factories/documents through the Resolution Professional to finalise,,,

the further line of action required for starting of the operation.,,,

IA (IB) No. 955/KB/2021 and the main Company Petition i.e., CP (IB) No. 986/KB/2020 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.,,,