The National Company Law Tribunal, Mumbai bench in the case Punjab National Bank vs J-Marks Exim (India) Private Limited observed and has approved the 8.91 crore Resolution Plan of M/s Steel Line (India) Private Limited for the Corporate Debtor, J-Marks Exim (India) Private Limited under section of section 30(6) and section 31 of the Insolvency and Bankruptcy Code, 2016.
In the present case, the company vide order dated May 25, 2020 was admitted into the Corporate Insolvency Resolution Process. Thus, the Resolution Professional initially received and has admitted the claims for an amount of Rs 53.48 crores from Secured Financial Creditor and of 1.07 Lakhs from the Operational Creditors.
The bench observed that after the publication of Form G inviting Expression of Interest from Prospective Resolution Applicants, the resolution plan was received by the Corporate Debtor from M/s Steel Line (India) and M/s Puneet Alag. Therefore, the resolution plan was approved by the Committee of Creditors of M/s Steel Line (India) Private Limited with 100% voting share in its 12th meeting held on February 26, 2021.
Further, the Mumbai bench observed that the Resolution plan offered a 14.9% recovery of 53.48 crores to the Secured Financial Creditor amounting to 7.98 crores. The court further offered an amount of Rs. 18.71 Lakhs in total for claims of operational creditors, the other creditors and the payment made towards statutory duties which includes Income Tax and Service Tax.
Accordingly, the bench approved the Resolution Plan which is being satisfied that it was in compliance of Insolvency and Bankruptcy Code, 2016.
