Maximaa : Approval of resolution plan

IN THE NATIONAL COMPANY LAW TRIBUNAL

AHMEDABAD

DIVISION BENCH

COURT - I

ITEM No.303

IA/1005(AHM)2023 in CP(IB) 407 of 2020

Proceedings under Section 30(6) r.w 31(1) IBC Reg. 39(4) of IBBI (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

IN THE MATTER OF:
Kamal Kishor Gurnani RP of Maximaa Systems Ltd	........Applicant
		........Respondent
		Order delivered on 19/04/2024
Coram:
Mr. Shammi Khan, Hon'ble Member(J)
Mr. Sameer Kakar, Hon'ble Member(T)
PRESENT:
For the Applicant	:
For the Respondent	:

ORDER

The case is fixed for pronouncement of the order. The order is pronounced in the open court, vide separate sheet.

-sd-	-sd-
SAMEER KAKAR	SHAMMI KHAN
MEMBER (TECHNICAL)	MEMBER (JUDICIAL)

BEFORE THE ADJUDICATING AUTHORITY

NATIONAL COMPANY LAW TRIBUNAL

AHMEDABAD BENCH

COURT-I

IA/1005(AHM)2023 in CP (IB) 407 of 2020

(An application under Section 30 (6) r/w. Section 31 (1) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 39 (4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016 for submission and approval of the resolution Plan)

In the matter of Maximaa Systems Limited.

MR. KAMAL KISHOR GURNANI

Resolution Professional of

Maximaa Systems Limited

101, Kanakia Atrium, Chakala MIDC,

Andheri (E), Mumbai-400093.

……..Applicant/Resolution Professional

VERSUS

Maximaa Systems Limited

B-1, Yashkamal Tithal Road,

Valsad, Gujarat-396001.

……Respondent/Corporate Applicant

Order pronounced on 19.04.2024

CORAM:

SH. SHAMMI KHAN, HON'BLE MEMBER (JUDICIAL) SH. SAMEER KAKAR, HON'BLE MEMBER (TECHNICAL)

APPEARANCE:
For the Applicant / RP	: Mr. Kuldeep Adesara, Advocate
For the SRA	: Mr. Atul Sharma, Advocate a/w.
	: Mr. Prasanna Sai Raghuveer
	Kandula, Party in Person

__________________________________________________________________________________

IA/1005(AHM)2023 in CP 407 of 2020

Mr. Kamal Kishor Gurnani Vs. Maximaa Systems Limited.

Page 1 of 41

For the Respondent	: Mr. Jaimin Dave, Advocate a/w.
	: Ms. Hirva Dave, Advocate for R-1 & 3
	in (IA/256(AHM) 2023)
For Maxima Industries	: Mr. Kamal Gurnani, RP
	O R D E R
	[Per Bench]

1. The present application is filed U/s 30(6) r.w. Section 31(1) of IBC, 2016 and Regulation 39(4) of IBBI Regulations, 2016 by the Applicant / RP for approval of the resolution plan with seeking following prayers:-
2. 1. allow the present Application and approve the resolution plan submitted for the Corporate Debtor by the Successful Resolution Applicant in terms of Section 31(1) of the Code;
   2. direct that the Successful Resolution Plan approved/ sanctioned by this Hon'ble Tribunal shall be binding on the Corporate Debtor, its employees, members/ shareholders, all creditors, guarantors and other stakeholders in the CIRP of the Corporate Debtor;
   3. pass such other orders as this Hon'ble Tribunal deems fit in the facts and circumstances of the case.
3. It is stated that CIRP commenced in the matter vide order dated 28.11.2022 in CP (IB) 407 of 2020 on an application filed by the Corporate Debtor under Section 10 of IBC, 2016 and one Mr. Ajit Gyanchand Jain was appointed as IRP.
4. It is stated that the IRP invited claims and published public announcement (Form A) 03.12.2022 in Financial Express, Ahmedabad Edition.

__________________________________________________________________________________

IA/1005(AHM)2023 in CP 407 of 2020

Mr. Kamal Kishor Gurnani Vs. Maximaa Systems Limited.

Page 2 of 41

1. Post receipt of the claims, the IRP constituted the Committee of Creditors.
2. The 1st meeting of the CoC was held on 28.12.2022 where the IRP apprised CoC about the developments in the CIRP. The CoC of the Corporate Debtor comprised of one single financial creditor being Bank of India. The CoC in the 1st meeting unanimously approved the resolution proposing, Mr. Kamal Kishor Gurnani as Resolution Professional.
3. 2nd meeting of the CoC was held on 01.02.2023 where the CoC with 100% majority approved the contents of Form - G and registered valuers were appointed.
4. On an application being IA 112 of 2023 for change of the IRP, this Tribunal appointed, Mr. Kamal Kishor Gurnani as the Resolution Professional (RP) vide order dated 01.02.2023.
5. 3rd meeting of the CoC was held on 17.02.2023, where the CoC passed a resolution to appoint Mr. Raju N. Prasad Transaction Auditor and Company Secretary.
6. Form - G was published on 08.02.2023 in Loksatta Jansatta and Business Standard in Ahmedabad edition. The last date for receipt of EOI was 23.03.2023. The last date for submission of EOI was extended to 25.03.2023.
7. Post extension of the last date for submission of EOI, RP

received 35 inquiries and 8 Expression of Interest. Each

__________________________________________________________________________________

IA/1005(AHM)2023 in CP 407 of 2020

Mr. Kamal Kishor Gurnani Vs. Maximaa Systems Limited.

Page 3 of 41