Jinan K.R, Member - (1.) This is a case in which Berger Paints India Ltd., Operational Creditor has filed for initiating Corporate Insolvency Resolution Process (in short "CIRP") against Precision Engineers & Fabricators Private Ltd., Corporate Debtor under section 9 of Insolvency & Bankruptcy Code, 2016. The application was allowed vide order dated 04.04.2017 and Mr. S.M. Gupta was appointed as the Interim Resolution Professional on 11.04.2017. Thereafter as per order dated 16.08.2017, appointment of I.R.P. was reconfirmed as the Resolution Professional.
(2.) Mr. S. M. Gupta has succeeded in his attempt to have a revival plan for the Corporate Debtor, and that resolution plan was got it approved by the CoC after a long deliberation and discussion by the CoC. It is that Plan submitted before this Adjudicating Authority on 30.01.2018, i.e. on the date of expiry of 270 days of the resolution process. It is that Resolution Plan came up for consideration before me for its approval under section 31(1) of the I.& B. Code. As per section 31(1) of the Code, the Adjudicating Authority, if satisfied that the Resolution Plan as approved by the CoC under sub-section (4) of section 30 meets the requirements as referred to in sub-section (2) of section 30, the Adjudicating Authority has no other go other than to pass an order approving the Resolution Plan.
(3.) Heard the Ld. Resolution Professional, Ld. Counsel for the Resolution Professional and Ld. Counsel on both sides. Perused the report and Resolution Plan.;