- (1.) C.A. No. 371/2017 This is an application filed by the Resolution Professional with a prayer to approve the resolution plan as submitted by JFC Finance (India) Limited which is duly approved with modifications by the Committee of Creditors in its meeting dated 04.09.2017 and modified plan was submitted on 29.09.2017. The approval has been sought in pursuance of Section 31 IBC (Annexure-D) . A further declaration has been sought that the order of moratorium dated 31.03.2017 shall cease to have effect in terms of Section 31(3) (a) of the IBC. As a consequential relief directions have been sought that the shares held by the existing shareholder of Hotel Gaudavan Private Limited shall stand transferred to JFC Finance (India) Limited, for a consideration of Rs. 1 per share and a further direction to JFC Finance (India) Limited to deposit the entire consideration of Rs. 17.38 lacs for transfer of the said shares into a separate account and make payment for the shares held by each of the shareholders from this account in respect of the shares held by such shareholder. It has been prayed that on deposit of the aforesaid amount by JFC Finance (India) Limited in a separate account for payment to the existing shareholder towards consideration for their shares, all the shares held by the said shareholders shall stand cancelled and the said shares shall be issued in favour of the JFC Finance (India) Limited. Prayer for issuance of direction has also been made that the Directors Mr. Harendra Singh Rathore, Mr. Lokendra Singh Rathore, Mr. Dependra Singh Rathore and Ms. Mohan Kanwar Rathore on the Board of Directors of Hotel Gaudavan Private Limited are removed as the Directors of the said company and that the following persons who are proposed to be appointed as Directors of Hotel Gaudavan Private Limited by the Resolution Applicant, JFC Finance (India) Ltd in terms of the Modified Resolution Plan be appointed as Directors of the Hotel Gaudavan Private Limited namely Mr. v. K Chopra (Nominee Director of JFC Finance (India) Ltd.) , Mr. Vinay Khosla (Executive Director) 8b Ms. Meenakshi Sharma (Nominee Director of AARC) . It is also prayed that the erstwhile management of Hotel Gaudavan Private Limited be directed to handover the vehicles namely two Toyota Fortuners and one Toyota Innova to JFC Finance (India) Limited in terms of the order already passed by this Tribunal on the approval of the Resolution Plan, alongwith such other assets, documents, papers etc relating to the Corporate Debtor, which may be in their possession. It is also prayed that directions be issued to Government of Rajasthan to extend the lease period of the land for Hotel Fort Rajwada as per the terms of the lease deed and to direct all the Government Bodies, Statutory Bodies, Financial Creditors, Operational Creditors or any other Shareholder to accept the payments provided as payable to them in terms of the Resolution Plan, on approval of the Resolution Plan by the Adjudicating Authority. It is further prayed that the Financial Creditor be directed to withdraw all suits/applications filed against the Hotel Gaudavan Private Limited on approval of the Resolution Plan, without prejudice to their right to recover their residual dues from the Guarantors/Collaterals (that may be available with them) as per law. A further prayer has also been made to direct the Financial Creditors to release the charge over all assets of Hotel Gaudavan Private Limited, which was provided as security against the loan and any other security on payment of the Resolution Plan and to direct that the Resolution Plan approved by us is binding on the Corporate Debtor, its employees, members/shareholders, creditors, guarantors and other stakeholders involved in the Resolution Plan.
(2.) The proposed resolution plan reads as under:- "5. PROPOSED RESOLUTION PLAN With the objective of expanding its business, the Company proposes to take-over the Corporate Debtor company by acquiring the entire shareholding of the existing shareholders and settling the dues outstanding towards the Financial/Operational Creditors and statutory dues. JFC will induct funds either by way of additional equity capital and/or by way of debt to implement the Resolution Plan. Some of the highlights of our offer, which have been described in detail the section 6 below, are summarized as under: • The outstanding Insolvency Resolution Process Cost would be paid in priority to all other debts of the Corporate Debtor; • All payment to the Financial Creditors would be paid as per the terms of our detailed proposal; • Though the liquidation value of the Corporate Debtor is insufficient even to settle the dues pertaining to the Corporate Debtor, the company proposed to settle the outstanding dues of the Operational Creditors of the Corporate Debtor in the normal course of business without any write off/sacrifice; • The Company further proposes to pay the dues outstanding towards the Statutory Authorities in full in the normal course of business; • The Resolution Plan provides for renovation and continued operations of Hotel Fort Rajwada and continued employment of all the workmen of the Corporate Debtor in the normal course of business."
(3.) The whole resolution plan is added as Annexure-I with this order and be read as part of this Order.;